EFFECTS OF INNOVATION STRATEGIES ON THE FINANCIAL PERFORMANCE  OF THE FOOD AND BEVERAGE BUSINESSES IN THIKA, KENYA

MWENGI, EDNA MAITHA

dc.contributor.author	MWENGI, EDNA MAITHA
dc.date.accessioned	2025-03-04T08:18:14Z
dc.date.available	2025-03-04T08:18:14Z
dc.date.issued	2024
dc.identifier.uri	https://ir.gretsauniversity.ac.ke/xmlui/handle/20.500.12736/4221
dc.description.abstract	Innovation strategies play a critical role in enhancing the competitiveness and financial performance of businesses, particularly in the food and beverage business. Thika is known for its vast food and beverage sector and this study can provide valuable insight for business owners or individuals seeking to venture into the food and beverage industry. This research paper investigated the dynamic relationship between innovation strategies and the financial performance of food and beverage businesses in Thika. It aimed to evaluate the effect of new production processes on the financial performance of food and beverage businesses, to analyze the impact of market diversification on the financial performance of these businesses and to analyze the impact of adoption of the state of art food processing technology and use of ARTIFICIAL INTELLIGENCE[AI] on the financial performance of food and beverage businesses in Thika. It focussed on three key dimensions of innovation: Product Innovation, Market Innovation, and Process Innovation. This study employed a qualitative approach, using qualitative insights from interviews and surveys from the important industry stakeholders. The research assessed the adoption and implementation of innovation strategies like product innovation, process innovation and market innovation from a sample of food and beverage businesses in Thika. The findings from existing research articles indicate a positive correlation between the innovation strategies and the financial performance of food and beverage businesses in other areas both locally and globally, for businesses that prioritize innovation leading to higher profitability and creating room for growth and expansion. This research furthermore identified the barriers, giving light to the challenges these businesses face in pursuing innovation initiatives. It also offers a practical recommendation for businesses seeking an improvement in their financial performance through various innovation strategies. This study concluded that food and beverage businesses in Thika should prioritize innovation as a strategic tool to navigate market challenges and drive financial success.	en_US
dc.publisher	Gretsa university	en_US
dc.subject	Research project	en_US
dc.title	EFFECTS OF INNOVATION STRATEGIES ON THE FINANCIAL PERFORMANCE OF THE FOOD AND BEVERAGE BUSINESSES IN THIKA, KENYA	en_US