Applying Blue Ocean Strategy To Achieve Sustainable Turnaround Through Strategic Innovation Management

Abstract

The aims to assess the relationship between strategic innovation management and the creation of new market space in a turnaround using the Nigerian Petroleum Regulatory Authority (NPRA) in South-South, Nigeria. The study adopted a survey design and questionnaire as instruments for data collection. The total population of the study comprised 497 staff of the organization. A calculation of the sample size using the Taro Yamane method produced a result of 222. A proportional allocation formula was applied in the distribution of the survey in the following states: Rivers State, Bayelsa State, Akwa Ibom State, Delta State, and Edo State, Nigeria.  Out of 222 copies of a questionnaire sent to the participants, only 207 were returned and utilized for the study (93% response rate), while the remaining 15 copies were not used. The hypotheses were statistically tested and analyzed using ordinary least squares and Pearson correlation methods at a 5% level of significance. The findings of research hypothesis indicate that flexible resource allocation (FRA) positively contributes to creation of new market space for organizational turnaround (OT). This result confirms a positive result with the value of (p .000, r = .990, N = 207). Firms are encouraged to adopt blue ocean strategies that prioritize value innovation and the development of uncontested market spaces, thereby enabling access to untapped customer segments while simultaneously enhancing organizational value creation and strategic differentiation. This study adds to the growing extant literature on strategic innovation management by demonstrating how flexible resource allocation serves as a pivotal mechanism in facilitating new market space for organizational turnaround of the Nigerian Petroleum Regulatory Authority (NPRA). The study is context-specific on the Nigerian Petroleum Regulatory Authority (NPRA) and may not necessarily be generalizable to other sectors or regulatory environments.  The study does not fully control external macroeconomic and political variables that may have also impacted the organizational turnaround trajectory.