An Examination of Market Expansion Strategies for Local Businesses: A Case Study of Retail Firms in Adamawa State
- Project Research
- 1-5 Chapters
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- Table of Content: Available
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- NGN 5000
Background of the Study
Market expansion involves strategies aimed at increasing a company's market presence by targeting new customer segments or geographical areas. For local businesses, market expansion is critical for improving profitability and competitiveness, especially in rapidly evolving markets (Adeyemi & Hassan, 2023).
In Adamawa State, retail firms face challenges such as limited access to new markets, inadequate infrastructure, and competition from larger firms. Strategies such as diversification, franchising, and digital marketing have proven effective in expanding market reach. However, the extent to which these strategies are adopted by local retail firms in Adamawa State remains unclear. This study evaluates market expansion strategies employed by retail firms and their impact on business growth.
Statement of the Problem
Despite the potential benefits of market expansion, many local retail firms in Adamawa State struggle to implement effective strategies due to resource constraints, lack of expertise, and limited market research. These challenges hinder their ability to compete and grow in a dynamic market environment.
Research by Bello and Yusuf (2024) highlights that adopting market expansion strategies aligned with market trends can enhance competitiveness. However, there is limited localized research on market expansion strategies in Adamawa State's retail sector. This study addresses this gap by examining the strategies employed and their effectiveness.
Objectives of the Study
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To evaluate market expansion strategies used by retail firms in Adamawa State.
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To identify challenges faced by retail firms in implementing market expansion strategies.
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To recommend effective strategies for market expansion in the retail sector.
Research Questions
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What market expansion strategies are used by retail firms in Adamawa State?
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What challenges do retail firms face in implementing market expansion strategies?
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What strategies can enhance market expansion in the retail sector?
Research Hypotheses
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Market expansion strategies significantly enhance business growth.
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Resource constraints negatively affect the implementation of market expansion strategies.
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Effective market expansion strategies improve competitiveness and profitability.
Scope and Limitations of the Study
The study focuses on retail firms in Adamawa State, analyzing their market expansion strategies and outcomes. It excludes firms outside the retail sector or other states. Limitations include variations in firm size and market dynamics.
Definitions of Terms
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Market Expansion: Strategies aimed at increasing a company's customer base or geographical reach.
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Local Businesses: Small or medium-sized enterprises operating within a specific locality.
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Retail Firms: Businesses that sell goods directly to consumers.
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