ROLE OF MASS MEDIA TO THE GROWTH OF SMES
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ROLE OF MASS MEDIA TO THE GROWTH OF SMES
ABSTRACT
This study focuses on the role of mass media in the growth of SME in Benin City. The study’s total population is 200 employees from chosen radio and television stations in Benin City. The researcher employed questionnaires to collect data.
The descriptive survey research design was used for this investigation. The survey included 133 respondents who worked as editors, broadcasters, senior staff, and junior staff. The acquired data were displayed in tables and analysed with simple percentages and frequencies.
Chapter one
INTRODUCTION
Background of the study.
Information is the cornerstone to efficient market functioning, hence it is vital in all aspects of SME, commerce, and industry. An effective and rich information environment enables economic actors to make informed decisions, provides channels for SMEs to reach existing and potential customers, and fosters an inclusive public-private dialogue that allows the development of relevant business environment reform strategies.
In an environment where information is so vital for economic and public efficiency, mass media has piqued the interest of development practitioners across a wide range of disciplines.
Some economists argue that direct and sometimes untargeted financial help from Western countries is damaging African economies by diminishing entrepreneurship, disconnecting masses from their own path out of poverty.
Developing the mass media business is an innovative technique to facilitating SME improvement, and it is part of a shift in how development practitioners undertake poverty reduction projects.
Whereas mass media has generally been considered as a public information dissemination medium, the new view should be of a channel for a diverse and dynamic two-way flow of information, allowing informal economy operators to influence SME change that will eventually effect them.
The mass media are major actors in the development process and significant agents of social and economic change, both in the official and informal economies.
Mass media are public communication tools distinguished by their mass reach capabilities. The most common types of mass media are newspapers, magazines, television, and radio, but the phrase also refers to new information and communication technologies such as the Internet and telephone messaging.
Although these new communication methods have many advantages (global reach, easy and instant interactivity, multimedia features, etc.), their use is still very limited in Africa, where 20% of the African population subscribed to a mobile service in 2006 and only 3.6% used the Internet.
The more traditional media, notably broadcast media, have the greatest potential to reach the poor and marginalised. Because of the significant disparity in access to mass media between developed and developing countries
a considerable section of the world’s population has limited or no access to major information sources. Literacy, affordability, accessibility, and language all contribute to a separation between wealthy/urban and poor/rural communities.
Mass media, particularly the Internet, has a substantial impact on the operations of SMEs and is regarded as critical to the growth of national economies in general and SMEs in particular (Guba, 2010). According to Loretta (2008), mass media is transforming the economy, making traditional businesses more reliant on new technologies.
Compared to traditional business, modern technologies provide for enhanced interaction, flexibility, and low-cost business transactions, as well as improved interconnection with business partners and customers.
Mass media has a considerable impact on the sector of Small and Medium-Sized Enterprises (SME), particularly in industries in decline or with high unemployment rates.
Statement of the Problem
Failure to make changes may affect the organisation by causing stagnation, negative growth, customer loss, and failure to develop new goods, potentially leading to business closure (Churchill and Lewis 1983). This belief in the need for a business to implement change has resulted in a reliance on mass media as one of the tools for promoting commercial growth.
Increased spending on mass media has raised the question of whether there is any value for money in mass media for businesses, as everyone appears to be compelled to use it.
Most organisations place such a high value on the usage of mass media that they overlook essential business concepts in order to focus on mass media use (Carr, 2003).
With increased emphasis and focus on the survival and expansion of Small and Medium Enterprises (SMEs) in Benin City as an important sector that can drive long-term economic growth, it is critical that the growth of Small and Micro Enterprises continue.
OBJECTIVE OF THE STUDY
The study’s aims are:
To determine the role of mass media on the growth of SMEs in Benin City.
To determine the character of mass media in SMEs.
To determine the negative and positive effects of mass media on SMEs in Benin City.
Research Hypotheses
To ensure the study’s success, the researcher developed the following research hypotheses:
H0: mass media plays no role in the growth of SMEs in Benin City.
H1: Mass media has a role in the growth of SMEs in Benin City.
H02: mass media has a negative influence on SMEs in Benin City.
H2: Mass media has a favourable effect on SMEs in Benin City.
Significance of the Study
The findings will be important to students, company owners, and the general public. The study will provide a thorough understanding of the influence of mass media in the growth of SMES in Benin City. The work will also act as a reference for future scholars who may engage on this topic.
Scope and Limitations of the Study
The study’s scope includes the impact of mass media on the growth of SMES in Benin City. The researcher faces various constraints that limit the scope of the investigation;
a) AVAILABILITY OF RESEARCH MATERIAL: The researcher has insufficient research material, which limits the investigation.
b) TIME: The study’s time frame does not allow for broader coverage because the researcher must balance other academic activities and examinations with the study.
c) Organisational privacy: Limited access to the chosen auditing firm makes it impossible to obtain all necessary and required information about the activities.
1.7 Definition of Terms
MASS MEDIA: Mass media refers to a wide range of media technologies that reach a large audience through mass communication. This contact takes place through a multitude of sources. Broadcast media transmits information electronically through media such as cinema, radio, recorded music, or television.
GROWTH is the process of increasing in size.
SME: Small to Medium Enterprise. However, what constitutes a SME (Small to Medium Enterprise) varies on who defines it. Depending on the country, the size of the firm can be determined by the number of employees, yearly sales, assets, or a mix of these.
1.8 Organisation of the Study
This research study is organised into five chapters for simple understanding, as follows:
The first chapter is concerned with the introduction, which includes the (overview of the study), historical background, statement of problem, objectives of the study, research hypotheses, significance of the study, scope and limitation of the study, definition of terms, and the study’s historical context.
The second chapter focuses on the theoretical framework that underpins the study, as well as a review of relevant literature. Chapter three discusses the research design and technique used in the study.
Chapter four focuses on data gathering, analysis, and presenting of findings. Chapter 5 provides a summary, conclusion, and suggestions from the study.
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