Business Turnaround in the Technological Era: The Study of Selected Manufacturing Industries in Nigeria

Abstract

Obsolesces has taking many products un-aware and as such, been wiped out of the market by their competitors who are environmental scanner, creative and innovators. However, this study examined the relationship between product change and the performance of manufacturing industries in Nigeria.The study employed a descriptive survey design methods of sample size technique to determine the study sample from thirty (30) selected manufacturing industries in Nigeria. This makes the study sample size to be twenty-two (22). The collected data were analyzed using an inferential and statistical equation with the aid of statistical packages for social sciences (SPSS). The findings reviewed that the inferential results indicates a significant correlation between independent and dependent variables of R-Square (R2) which is computed as 95% of the variations in return on assets (ROA) which can be explained by firm size (FSZ), Leverage (LEV), Tangible assets (TGA), Liquidity (LIQ) and Growth (GRTH). It inculcate that turnaround nature in business through technological advancement has called on organizations to go for deep environmental scanning and be up to date in consumer taste.It recommends that organizations are to streamline their processes so as to reduce costs, lead time and improve performance. Finally, it also called for originality inculcation for organizational survival.

Keywords: Competitors, Creativity, Manufacturing industries and Product Change

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