Influence of Marketing Strategies on the Performance of SMEs: Evidence from Abuja SMEs

Abstract

Marketing strategy has been an operational focus and a method for achieving an all-inclusive business success. The aim of this scholarly work was to determine the influence of marketing strategies on the performance of SMEs in Abuja. Specifically, the objectives selected to achieve the aim of the study were to examine the influence of promotion marketing strategy on the business performance, assess the impact of price marketing strategy on the business performance of SMEs, determine the influence of place marketing strategy on business performance of SMEs, evaluate the effect of product marketing strategy on the business performance of SMEs in Abuja. Sample size of 339 was drawn from a population of 2825 which comprised of all the SMEs in Abuja registered by SMEDAN. Regression analysis was used and results presented in tables and figures. The findings obtained revealed that the most adopted marketing strategy was product strategy which contributed the most to the model. There was a positive relationship between the study variables,( promotion, pricing, place and product strategies), implying that the application of marketing strategies positively influenced SME performance in Abuja. The research concluded that the performance of SMEs in Abuja was positively influenced by marketing strategies. Recommendations were made which stated that SMEs should produce quality products, charge equitable price, position suitably, and promote extensively to the final consumers.

Determinants of the Business Performance of Small and Medium Enterprises in an Emerging Market Economy

“…These strategies are the various business activities that are planned and produced and are related to pricing and the eventual formation of SMEs competitive policies (Dzisi & Ofosu, 2014;Keh, Nguyen, & Ng, 2007). Marketing strategies aid in the achievement of business successes, hence, its influence on performance of SMEs cannot be over-emphasized (Amin, 2021). How firms frame and implement their marketing strategies impact the extent to which they can be successful or unsuccessful (Finoti et al, 2017).…”