Influence of Product Development Strategy on Economic Self-Reliance of Entrepreneurs in Art and Culture Industry in Osun State
Keywords:
Art and Culture, Economic Self-Reliance, Product Development Strategy, Small Scale EntrepreneurAbstract
This study is premised on investigating the influence of product development on the economic self-reliance of entrepreneurs in the art and culture industry. The study made use of descriptive survey design. The population size is estimated to be 809 artists and players in the cultural industry registered with the Ministry of Culture and Tourism. A structured questionnaire was administered on a sample size of 268 respondents. Researchers were able to retrieve 242 filled copies of questionnaire, this represents a return rate of about 90%. Therefore, 242 stood to be the sample size of the study. Mean rating and standard deviation were used to analyze the tabulated data. An Independent sample t-test was used to test the hypotheses at 0.05 level of significance. Results show thatentrepreneurs in Osun State employ product development strategy at the exclusion of screening of new product ideas and test marketing of the new products and that both male and female entrepreneurs differ statistically significantly in their responses on product development strategies. The result further revealed that product development strategy is perceived to influence the economic self-reliance of entrepreneurs in the art and culture industry, both urban and rural entrepreneurs differ statistically significantly in their responses. The study recommended that entrepreneurs should always test the marketing phases of the product development plan and give careful consideration to the screening of new product ideas.
Downloads
References
Anyanwu, C. (2012). Community development: The Nigerian perspective. Ibadan: Gabesther Educational Publishers.
Bhuiyan, N. (2011). A framework for successful new product development. Journal of Industrial Engineering and Management, 1v(4), 746-770.
Bloom, L. (2018). Social science Africa: Problems and prospects. Journal of Social Development In Africa., 55-69.
Booz, A., Allen, T., & Hamilton, S. (2012). New product management (7th ed.). New York: Booz, Allen & Hamilton, Inc.
Brands, R. (2013, May 21). Innovation Coach. Retrieved November 11, 2017, from www.innovationcoach.com/2013/05/8-step-process-perfects-product-development/: http://www.innovationcoach.com/2013/05/8-step-process-perfects-product-development/
Capfens, H. (2009). Community development around the world: Practice, theory, research and training. Toronto: University of Toronto.
Hauser, J., & Dahan, E. (2008). New product development. In R. Grover, & N. Malhotra, Marketing management: Essential marketing knowledge and practice (pp. 179-222). Columbus Ohio: McGraw Hill, Inc.
Hooley, G., Piercy, N.F. & Nicoulaud, B. (2008). Marketing strategy and competitive positioning. Glasgow: Pearson Education Limited.
Iheanachor, N., Umukoro, I. O., & David-West O. (2021). The role of product development
practices on new product performance: Evidence from Nigeria's financial services providers. Technol Forecast Soc Change. 164 doi: 10.1016/j.techfore.2020.120470.
Ikoku, E. U. (2008). Self-reliance: Africa's survival. Enugu: Fourth Dimensions Publisher.
Mansour, F. (2009). Third-world revolt and self-reliant auto-centered strategy of development towards a new strategy for development. New York.: Pergamon Press.
Martiz, A. (2018). Entrepreneurial services marketing initiatives facilitating small business growth. Journal of Small Business Entrepreneur, 214(4), 493 – 504.
Meziou, F. (2011). Areas of strength and weakness in the adoption of the marketing concept. Journal of Small Business Entrepreneur, 205(11), 71 - 78.
Ojameruaye, E. O. (2014). Strategies for self-reliant economic development of urhoboland. Effurun: Urhobo Historical Society.
Rogalska, I. (2020). Perception of location factors by entrepreneurs and representatives of
business environment institutions. European Research Studies Journal. XXIII. 600-613. 10.35808/ersj/1780.
Scheuing, E. (2014). New product management. Hinsdale: The Darden Press.
The Chartered Institute of Marketing. (2005). Marketing management in practice. Burlington,: Elsevier Butterworth-Heinemann.
The Chartered Institute of Marketing. (2016). Marketing fundamentals. London: Butterworth-Heinemann.
Toghraee, M. T., Rezvani, M., Abad, A., & Moghadam, F. (2017). Entrepreneurial marketing in creative art-based businesses. International Journal of Management Practice, 78-90.
Ulrich, K., & Eppinger, S. (2011). Product design and development. UK: McGraw-Hill.
Umoru, T. A. (2013). Value-based business education for empowerment, self-reliance and poverty reduction in Nigeria. World Journal of Education, 3(4), 35-40.
UNDESA. (2018). World economic situation and prospect:2019. NY: UNited Nation Publication.
Wind, Y. (2014). Product policy: Concepts, methods, and strategy. (5th ed.). New Jersey: Addison-Wesley.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Academic World Journal of Scientific and Engineering Innovation
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors retain copyright and grant the Academic World Journal of Scientific and Engineering Innovation the right of first publication. Published articles are distributed under the Creative Commons Attribution 4.0 International Licence, which permits use, sharing, adaptation, distribution and reproduction, provided appropriate credit is given to the original author(s) and source.
