Influence of Product Development Strategy on Economic Self-Reliance of Entrepreneurs in Art and Culture Industry in Osun State
Keywords:
Small Scale Entrepreneur, Product Development Strategy, Economic Self-Reliance, Art and CultureAbstract
Abstract—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 is 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 that entrepreneurs 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 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. Further to this, stakeholders in entrepreneurship education should include the significance of product development strategy to the financial viability and independence of enterprises in the formal and informal training programs for aspiring entrepreneurs.
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