Value creation and business sustainability of fast-food industry in Rivers state

Abstract

This study investigated the relationship between value creation and business sustainability of fast-food industry in Rivers State. Specifically, the objectives of the study were to determine how innovativeness and product packaging relates with sales volume growth and market share growth. The research design adopted was the correlational research design and the chosen population for this study comprised of thirty-eight (38) registered fast-food firms in Rivers State. The census approach was adopted to select our respondents for the study and the researcher purposively selected one hundred and fifty-two (152 respondents for the study, in a frame of four (4) respondents per firm. However only one hundred and twenty-three (123)
respondents provided information for the analysis of the data. Spearman Correlation Coefficient (rho) was used to test four hypotheses. From results of the analysis, it was revealed that both innovativeness and product packaging which are the dimensions of value creation positively and significantly relate with sales volume growth and market share growth which are measures for business sustainability. Based on these findings, it was concluded that both these dimensions of value creation are significantly and positively associated with increases in sales volume and market share growth. This highlights the importance of continual innovation and effective packaging strategies in gaining competitive advantage and achieving sustained growth in this sector.Therefore, the study recommended amongst others that fast-food businesses should allocate resources to R&D to continuously innovate their product offerings. This could involve developing new menu items, enhancing the nutritional value of existing products, or adopting new cooking technologies that improve efficiency and product quality.