Effect of Blue Ocean Strategy on Market Innovation of Quoted Commercial Banks in Nigeria

Abstract

This paper investigates effect of Blue Ocean Strategy on Market Innovation of quoted commercial banks in Nigeria. The research design adopted for this study was descriptive design. Data relating to the study were obtained from research questionnaire distributed to 150 staff of Zenith bank, first bank, Guaranty Trust Bank, Access Bank and United Bank for Africa using systematic sampling technique. Creating an unrivaled market atmosphere, making competition meaningless, creating and capturing of new demand sources were used as the independent proxies, while market innovation was considered as the dependent variable. Ordinary least square regression analysis was used to analyze the data collected. It was found that blue ocean strategy has significant effect on market innovation of quoted commercial banks in Nigeria. Based on this it was recommended that there is need to fully entrench the concept by ensuring that managers are well trained on blue ocean strategy. Also, the government should come up with stringent policies to curb unfair and unethical competition or market practices in the banking sector; including product identity protection laws.