IMPACT OF MARKETING ORIENTATION ON SMALL SCALE INDUSTRY IN NIGERIA
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IMPACT OF MARKETING ORIENTATION ON SMALL SCALE INDUSTRY IN NIGERIA
ABSTRACT
This research is intended to examine the various aspects of market orientation practices in small business enterprises, with a primary focus on the question of “whether or not” inadequate market orientation might contribute to small business failure.
It also discussed the importance of market orientation, its performance, and other related industrial issues, and then made recommendations where and when necessary to help reduce or eliminate the issue of business collapse or failures, as well as increase the overall performance and turnover of small-scale businesses in Nigeria.
For the purposes of this study, the primary source of data collection was the use of questionnaires to gather and synthesise information in order to reach a thorough conclusion on the research topic.
A hundred and fifty questionnaires were printed and distributed to diverse responders, of which only 60% could be retrieved.
Twenty (20) questionnaires were selected at random from the 60% (90) representing various industries of business and used for the Project’s computation and analysis.
The findings and conclusions of this investigation suggest that market orientation improves profitability, organisational performance, customer retention, and marketing innovation in small businesses.Chapter one
INTRODUCTION
BACKGROUND FOR STUDY
Ten percent of the profit before tax generated by the incentive is put towards financing Small and Medium Scale Industries in Nigeria (SMES) as mandated by the Federal Government through the country’s apex financial institution, the Central Bank of Nigeria (CBN).
This has become a policy as a result of the overwhelming impact of this sector on a country’s economic development, as proven by the examples of Brazil, Argentina, India, China, and Malaysia, among others.
These countries’ economic progress has been aided by proper financing of this industry. Newly industrialised economies (NIEs) were essentially shown the way forward by putting their weight behind small and medium-sized industries.
Different administrations have passed numerous programmes to boost this sector. Recently, we’ve seen economic reform: National Empowerment for Economic
The Obasanjo Administration’s Development Strategies (NEEDS) include the development of SMEs as one of its primary goals.
Nonetheless, not every small business founded either independently or with government assistance has survived, as a lack of marketing skills and market orientation, among other things, is threatening its long-term viability.
Small businesses will continue to rise and go over time unless essential concerns such as marketing orientations are analysed and actively incorporated into the thinking of business managers and entrepreneurs. This skill would help to keep the industry alive and, if possible, prevent its early collapse.
STATEMENT OF PROBLEM
How can poor market orientation contribute to small business failure?
PURPOSE OF STUDY:
Generally, the objectives of this study are:
I). To demonstrate the importance of market orientation in the effective operation of businesses.
ii). To provide guidance to business owners.
Specifically, the purpose includes:
i. The study would help existing small-scale firms run more effectively.
ii. This study will also equip prospective small-scale business entrepreneurs in terms of skill acquisition and market orientation prior to startup.
iii. It would also help other researchers perform comparable research.
iv. It would also contribute to the body of knowledge regarding information sourcing.
RESEARCH QUESTIONS:
The following questions are being asked:
i) Is it because market orientation determines profitability?
ii) Is it because market orientation influences performance?
iii) Does market orientation influence innovativeness?
iv) Is client retention related to market orientation?
Research Hypotheses
Regarding the formulation of problem and research questions, I offer the following hypotheses:
i) Market orientation determines profitability: H1
ii) Market orientation influences performance: H2
iii). Market orientation determines innovativeness. H3
iv). Customer retention depends on market orientation. H4
SCOPE OF THE STUDY
This study is exclusively open to small enterprises based in Lagos State. Lagos State was chosen due to its proximity and convenience for the researcher.
Significance of the Study
This research would help small business managers, the government, and policymakers assess small-scale businesses, evaluate their performance, and develop policies to support them.
LIMITATIONS
This research does not include all states of the federation, but is limited to Lagos due to constraints in my working environment.
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