Interplay of Customer Satisfaction, Innovation, and Product Quality: Key Determinants of Company Performance

Jorge Aníbal Restrepo-Morales; Marisol Valencia-Cárdenas; Diego Alejandro López Cadavid

doi:10.4067/S0718-27242024000200028

Authors

Jorge Aníbal Restrepo-Morales Administrative and Economic Sciences Faculty, Tecnológico de Antioquia Institución Universitaria, Medellín, Colombia
Marisol Valencia-Cárdenas Administrative and Economic Sciences Faculty, Tecnológico de Antioquia Institución Universitaria, Medellín, Colombia
Diego Alejandro López Cadavid Administrative and Economic Sciences Faculty Tecnológico de Antioquia Institución Universitaria Medellín, Colombia

DOI:

https://doi.org/10.4067/S0718-27242024000200028

Keywords:

innovation, SME performance, innovation strategies, product innovation, research and development.

Abstract

Customer Satisfaction, Innovation, and Product Quality stands as a cornerstone for micro, small, and medium-sized enterprises (MSMEs) seeking growth, competitiveness, and long-term sustainability. This study delves into the intricacies of Customer Satisfaction, Innovation, and Product Quality's influence on MSME performance within the dynamic Iberoamerican business landscape. Adopting a quantitative research approach, we investigate the relationship between Customer Satisfaction, Innovation, and Product Quality and MSME performance across Iberoamerican. A composite index derived from self-reported data was employed to gauge MSME performance, drawing upon a comprehensive survey of 9,300 Iberoamerican MSMEs. Our findings reveal that factors such as company origin, size, and age significantly impact the level of innovation achievable by MSMEs. Notably, younger, medium-sized companies exhibit a proclivity for higher innovation compared to older firms and micro-enterprises. The study's implications for theory and practice extend to policymakers, business owners, and stakeholders invested in fostering MSME growth and development.

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