Understanding the Dynamics of Eco-Product Labeling Strategy for Marketing Success in Quoted Food and Beverages Firms in Nigeria
Vol.3 Issue 1
The quest to be environmentally friendly has remained a growing concern in the management and sustainability of our environment. As a response, this study aims at unraveling the dynamics of eco-product labeling in ascertaining marketing success of food and beverages firms in Nigeria. The study was guided by two research objectives and hypotheses. The study adopted descriptive survey and cross-sectional research designs. The population and sample size comprised all 15 quoted food and beverages firms in Nigeria as at 2016. Data on eco-labeling was obtained through a structured questionnaire while panel data was obtained on marketing success through the annual reports and accounts of the sampled firms over a 5-year period from 2012 to 2016 and both were analyzed using descriptive statistics and multiple pool regression techniques. The research instrument was validated by experts, its reliability was ascertained using Cronbach Alpha and obtained a reliability coefficient above 0.7 on eco-product labeling only. The study results indicate that eco-product labeling has positive and highly significant influence on market share but has negative and insignificant influence on sales growth of food and beverages firms. On this basis therefore, the study concludes that eco-product labeling is a dynamic strategy that ensures marketing success of food and beverage firms in Nigeria. This implies that the adoption of eco-product labeling guarantees marketing success as environmental production. The study recommends that management of food and beverages firms should make labels that communicate safety about their products by guarantying that their products are not harmful and toxic but environment friendly in order to enhance their marketing success.
Keywords: Eco-product labeling, marketing success, market share, sales growth.
