The Impact of Product Innovation on Sales Volumes of Consumer Goods

TL;DRAbstract

Studies have shown that application of innovation in products and marketing as strategy is important to the survival of a firm. However, only few companies are adopting this concept as a major strategy due to their obliviousness to its imminent contribution to the corporate goal. Many of the early adopters of this concept are also failing to achieve the most from it due to their lack of proper understanding of its fundamental and benefits. This study analysed empirically the impact of product innovation on sales volume of consumer goods using Philips consumer electronics, a division of Philips B.V as a case study. Identified hypothesis concerning the relationship between product innovation and the company corporate goal were tested with the use of telephone interviews and questionnaire to stimulate responses from staff of the firm and the consumer of its products. Analysing of the responses obtained from the field study showed that lack of product innovation could affect the organisati

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