Development of Structural Equation Model for Innovative Product Packaging for Effective Market Performance with Special Reference to Food Products
DOI:
https://doi.org/10.58260/j.mas.2305.0112Keywords:
Innovative Product Packaging, Effective Market Performance, Structural Equation ModelAbstract
In today's market, creative product packaging plays an immense role in attracting customers and building a strong brand. Customized packaging has a great chance to succeed, especially when entering new markets with diverse cultural preferences. This study uses a Structural Equation Model (SEM) to comprehend, how innovative packaging can help food products to enter new markets effectively. Initially pilot study was conducted followed by a survey, based on gaps identified from scholarly national and international journals. The researcher has, used both qualitative and quantitative methods of approach to collect and analyze data from 326 samples After eliminating incomplete responses, final sample size was arrived at 300 numbers, after rejecting incomplete information’s. Using JMP software, the data analysis was carried out, which involved tests like Reliability, Validity, Correlation, and Factor analysis to develop SEM model. The findings show good reliability, with a Cronbach's Alpha value of 0.868 and a Kaiser-Meyer-Olkin (KMO) test value of 0.793. It was noted that the model fits well, with Goodness of Fit indices values of 0.98 and a Comparative Fit Index of 0.90. It was suggested that innovative packaging should be designed with demographics and consumer preferences in mind, being visually appealing, informative, and emotionally engaging, to build relationship for lifetime value with consumers
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