GREEN OCEAN STRATEGY AND SUSTAINABILITY OF AUTOMOBILE INDUSTRY:
A STUDY OF INNOSON VEHICLES MANUFACTURING COMPANY LIMITED, NNEWI
Keywords:
As the automobile industry grapples with the imperative of sustainability, the risk of obsolescence looms large for organizations that have not embraced innovative production processes. This challenge necessitated search for viable strategy that led to the discovery of the novel green ocean strategy. The study examined the relationship between green ocean strategy and sustainability within the automotive industry. Specifically, the study examined the critical nexus between market differentiation and economic viability; and between lifecycle thinking and environmental conservation. Descriptive survey method was adopted in gathering the data for the research and Pearson Product Moment Correlation Coefficient on Statistical Packages for Social Sciences (Version 27) at 5% level of significance was utilized in analyzing the data obtained from 92 respondents from Innoson Vehicles Manufacturing Company Limited, Nnewi, Anambra State, Nigeria. Results from the first hypothesis indicated a strong correlation coefficient (r = 0.923) with a p-value of 0.026. This indicated that IVM should continue to prioritize and invest in market differentiation strategies. Result from the second hypothesis displayed positive relationship between technological advancement and environmental conservation in IVM, as evidenced by a correlation coefficient (r) of 0.748 with a p-value of 0.030. Conclusively, findings from the statistical analyses of the two hypotheses provided clear evidence that embracing GOS plays significant role in the sustainability efforts of automobile manufacturers. The study recommended amongst others that IVM has to tailor their products and services to meet specific market demands and preferences in order to enhance their economic viability and competitiveness in the automotive industry; to prioritize integrating lifecycle assessment into their production processes and implement strategies to extend product lifespan, alongside fostering partnerships for sustainable resource management. This research contributes to knowledge by way of enriching automobile’s industry journal. It also helps to bring to open, the contents of United Nations Sustainable Development Goals 7, 9, and 11, and human obligations.Abstract
As the automobile industry grapples with the imperative of sustainability, the risk of obsolescence looms large for organizations that have not embraced innovative production processes. This challenge necessitated search for viable strategy that led to the discovery of the novel green ocean strategy. The study examined the relationship between green ocean strategy and sustainability within the automotive industry. Specifically, the study examined the critical nexus between market differentiation and economic viability; and between lifecycle thinking and environmental conservation. Descriptive survey method was adopted in gathering the data for the research and Pearson Product Moment Correlation Coefficient on Statistical Packages for Social Sciences (Version 27) at 5% level of significance was utilized in analyzing the data obtained from 92 respondents from Innoson Vehicles Manufacturing Company Limited, Nnewi, Anambra State, Nigeria. Results from the first hypothesis indicated a strong correlation coefficient (r = 0.923) with a p-value of 0.026. This indicated that IVM should continue to prioritize and invest in market differentiation strategies. Result from the second hypothesis displayed positive relationship between technological advancement and environmental conservation in IVM, as evidenced by a correlation coefficient (r) of 0.748 with a p-value of 0.030. Conclusively, findings from the statistical analyses of the two hypotheses provided clear evidence that embracing GOS plays significant role in the sustainability efforts of automobile manufacturers. The study recommended amongst others that IVM has to tailor their products and services to meet specific market demands and preferences in order to enhance their economic viability and competitiveness in the automotive industry; to prioritize integrating lifecycle assessment into their production processes and implement strategies to extend product lifespan, alongside fostering partnerships for sustainable resource management. This research contributes to knowledge by way of enriching automobile’s industry journal. It also helps to bring to open, the contents of United Nations Sustainable Development Goals 7, 9, and 11, and human obligations.
