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Factors Affecting the Success of Product/Service Innovation Among SMEs in Ghana: The Moderating Role of Functional Diversity and Strategic Alignment

In: Corporate Management Ecosystem in Emerging Economies

Author

Listed:
  • John Ampontuah Kumah
  • Fred A. Yamoah

    (Birkbeck, University of London)

  • Adnan ul Haque

    (Yorkville University)

Abstract

The study examined the factors that affect the success of product/service innovation among small and medium-scale enterprises (SMEs) in Ghana as well as the moderating role of functional diversity and strategic alignment in the relationship between the factors affecting product/service innovation success among SMEs in Ghana. A sample of 500 respondents involved in the innovation activities of their firms were drawn using a purposive sampling method. The reliability and validity of the constructs were met. The results showed that organizational capabilities and product/service characteristics were positively related to innovation success, while the competitive environment influenced innovation success negatively. The moderating role of functional diversity and strategic alignment played a significant role in the factors affecting the innovation–success relationship. Furthermore, the positive moderating role of strategic alignment in the relationship between innovation factors and the success of product/service innovation means that SMEs can align all their strategies, which gives them a competitive advantage. As a result of the findings, the study recommended the need for firms to strengthen the capabilities of the organization, capitalize on product/service characteristics, and customize the implementation of best innovation practices in their own organization.

Suggested Citation

  • John Ampontuah Kumah & Fred A. Yamoah & Adnan ul Haque, 2023. "Factors Affecting the Success of Product/Service Innovation Among SMEs in Ghana: The Moderating Role of Functional Diversity and Strategic Alignment," Springer Books, in: Fred A. Yamoah & Adnan ul Haque (ed.), Corporate Management Ecosystem in Emerging Economies, pages 345-365, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-41578-4_19
    DOI: 10.1007/978-3-031-41578-4_19
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