Industry Factors and Adoption of Market Orientation Practices in Nigerian Small Business Enterprises

Abstract

Industry Factors and Adoption of Market OrientationPractices in Nigerian Small Business Enterprises 1. Introduction Small Business Enterprises (SBEs) world-wide have contributed enormously to the growth and development of theeconomy of nations. According to OECD (2000) in Egwushi ( 2009), SBEs make-up the largest proportion of businesses all over the world and play tremendous roles in employment generation, provision of goods and services, creating a better standard of living, as well as immensely contributing to gross domestic products (GDP) of many countries. In Nigeria, the SBEs sector provides an average of 50% of Nigeria's employment, and 50% of its industrial output (Ariyo, 2005 in Muritala, Awolaja andBako, 2012).In the United States of America (USA) and Europe, SBEs constitute about 95% and 98.8% of their existing businesses respectively (Day, 2000). In Malaysia, SMEs represented approximately 99.2% of the entire business formations in 2010 (Krishna et al., 2012). In South Africa, SMEs contribute 56% of private sector employment and 36% of the gross domestic product (Ntsika, 2002 in Fatoki andGarwe, 2010). In the Ghanaian economy, SMEs have been identified as the catalyst for the economic growth ofthe country due to their contribution to employment generation and poverty reduction.The Small Business Enterprises (like all businesses) operate within a complex, continually evolving, turbulent and ever-dynamic business environment which imposes threats as well as offers opportunities (Lancaster & Massingham, 2001;Kotler & Armstrong, 2004). The practice of marketing is done within this business environment. The internal environment of organizations (that is, their resources) when viewed on the basis of their success, availability and usefulness significantly affect corporate value-added, competitive advantage and profitability (Awodun, 2009). Again, the impact of changes in their external environments (direct and indirect), is felt by all organizations (Pettigrew & Whipp, 1991;Idris, 2012). Mahmoud (2011) observed that adopting a market-orientated strategy is a way of successfully managing the impact of these changes in the SMEsdomain on their operations.The environmental forces definitely impinge on the marketing practices and/or orientation of SBEs.These have been known to determine the strategic marketing management orientation/approach of firms and hence their marketing practices (Osuagwu, 2006

Pengaruh Rasio Keuangan, Ketersediaan Modal, dan Kebijakan Pemasaran terhadap Pertumbuhan Usaha Kecil

“…Namun, ada juga faktor-faktor lain yang dapat menghambat pertumbuhan usaha kecil, seperti lingkungan kelembagaan yang tidak stabil, kurangnya akses terhadap kredit, kurangnya akses terhadap tenaga kerja yang berkualitas, dan kurangnya dukungan dari negara (Kuzmina, 2022) (Kusi et al, 2015). Usaha kecil juga mungkin menghadapi tantangan dalam menghadapi pasar komersial dan mengidentifikasi peluang pasar (Peterson et al, 1994) (AbiodunIdris, 2021.…”

The Influence of Marketing Orientation on the Formation of Unique Value Propositions of Food Processing Companies in Southwest, Nigeria

“…Marketing Orientation can be described as the knowledge and understanding of an enterprise's managers and operators of the prevailing market realities and trends as relates to the tastes & preferences of customers, fashion, unmet needs as well as the strengths, weaknesses and prevalence of business competitors. Acquiring marketing orientation is one of the means through which an enterprise can beat competition, win customers' loyalty and achieve business performance and scalability (Adeniyi and Adeeko, 2024). The unique value proposition formulation of an enterprise is the method an enterprise adopts while designing the benefits customers are meant to gain for their patronage with an enterprise.…”