INVESTIGATION OF MARKETING STRATEGIES AND ITS SIGNIFICANCE ON THE PERFORMANCE OF SMALL SCALE AND MEDIUM ENTERPRISE IN LAGOS STATE, NIGERIA
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- NGN 3000
Background of the Study
The practice of marketing goods and services is nearly as old as commerce itself; however, the marketing of small-scale products in the form in which it is practiced today has had an impact on a sizable portion of the economy. This is due to the significant position and role played by small and medium-sized businesses. But despite the fact that SMEs have been given recognized status and alternative marketing tactics have been used, surplus capabilities and fulfilled cravings are still only a fantasy. According to Trivedi (2016b) the difficulty of marketing for small-scale businesses is very much a product of our current era; it is a byproduct of the standard of timing enjoyed by sophisticated societies and the methods in which such communities arrange their resources to achieve the standard of timing
Adesua (2018). asserts that the optimum marketing tactics for small-scale enterprises should focus on creating sufficient demand in the target market to cover the work of convincing customers to make purchases. The persuasion of the customer ought to be at the center of an entire complex of activities ranging from the conception of the products all the way through to a point beyond the sale of the products, where every effort is made to maintain the good will of the customer towards the product and its clearly identified producer. These activities can range from the conception of the products to a point beyond the sale of the products.
A marketing strategy can therefore be defined as adjusting the whole activity of a business to the needs of the customer or potential customer and to give such product (Small Scale Product) and advantage over its competitors in order to cover this spectrum of activities and to expand the success rate and the performance of the economy through the small and medium scale enterprises. This is done to cover this spectrum of activities and to expand the success rate and the performance of the economy through the small and medium scale enterprises. This is really a definition of an attitude that exists within SMEs, and it requires absolute customer orientation, the generation of market intelligence pertaining to current and future customer need across the organization as a whole, dissemination of the intelligence across departments, and organization-wide responsiveness to it (Crawer 2015).
The most effective plan for the marketing of a small size business takes into account every action taken by the company and its workers that, in any way, has the potential to influence how customers feel about the company and the goods or services that it provides. The success of marketing SMEs in today's world is influenced by factors such as the allocation and use of resources to develop new products, the design of products, the efficiency of production, packaging advertising credit, branding, the method of personal selling distribution, the ability to deliver, and after sales services. According to Trivedi (2016b), marketing eliminates the distinction between mailing and selling because both of these activities have an effect on customer attitudes. However, whereas marketing is a comprehensive relationship to the market, selling is specifically concerned with affecting customer attitudes so that they favor a particular product or service. According to him, initial investment decisions should be based on marketing, and the ongoing profitability of such investments should be based on marketing as well.
Conversely, the majority of developing countries, including Nigeria, are currently undergoing reforms that are opening their economies to greater international competition. In the meantime, the domestic factor markets are not adequately developed to ensure the successful adoption of SMEs to this new competitive environment. In contrast to large firms, SMEs are at a disadvantage and require efficient and effective marketing strategies in order to survive and raise their level of profitability. The significance of small and medium-sized enterprises (SMEs) to the long-term health of the economy may be deduced from their size and structure, both of which, provided that proper marketing conditions are met, provide them the flexibility and capacity to withstand poor economic conditions. Small and medium-sized businesses (also known as "SMEs") play an important part in the promotion of income stability, growth and development, as well as employment in modern economies, which operate as a complex network of firms in which a firm's competition position depends, in part, on the efficiency of its suppliers. Therefore, the level of competitiveness of SMEs has an effect on the level of competitiveness enjoyed by the economy as a whole. In addition, implementing the most effective marketing strategy for small and medium-sized businesses (SMEs) boosted the efficiency of domestic markets and made efficient use of scarce resources, such as capital, which facilitated the expansion of the economy over the long run.
Despite the fact that SMEs have this benefit to provide, they have limited access to capital markets, both locally and globally. This is in part due to higher risk informational hurdles as well as the higher cost of intermediation for smaller businesses. As a direct consequence of this, small and medium-sized enterprises (SMEs) frequently find themselves unable to obtain long-term financing in the form of term debt and equity. As a consequence of this, it is essential for SMEs in Nigeria to have an understanding of the complexity, modernity, and intensity of modern marketing strategy, the goal of which is to maintain the maximum possible profitability of capital equipment in buyer markets that are saturated with competition. A successful marketing strategy for small businesses needs to be an amalgamation of design, packaging, branding, advertising, and pricing policy, all of which should be used to create the image of a unique product. Only then will these small businesses be able to distinguish themselves from the rest of the competition.
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