The Impact of Continuous Innovation on Breaking Monopolies in Retail Industry in Libya

Abstract

The tendency towards Libyan monopolies by large private and public companies in various industries is becoming common. Most monopoly companies make unfair profits in the industry resulting in unequal competition. Consumers are also affected and experience negative returns from these monopoly activities. This research aims to explore social realities by understanding the concept of continuous innovation that can break monopolies in the market. A quantitative survey was conducted as the main method in data collection in this research. Quantitative surveys are appropriate for use in such cross -sectional studies, where data are collected only once from the researcher population. Researchers have identified a total of 377 individuals as a sample in this study. SPSS was used in the study to test the relationship between the independent variables and the dependent variables. The results of this study have confirmed that there is a positive and significant relationship between continuous innovation towards breaking the monopoly in the retail industry in Libya. This research is limited to the Libyan retail industry. In conclusion, a business or entrepreneur needs to develop a strategy that includes an understanding of continuous innovation and implementing it successfully in order to survive in a highly competitive industry environment.