Market Orientation and the Performance of Small and Medium-Sized Manufacturing Enterprises in the Accra Metropolis

Abstract

The importance of small and medium-sized manufacturing enterprises as an engine of economic growth has been widely recognized. However, despite their invaluable contribution in the Ghanaian economy, their performance has not been impressive due to the orientation of their marketing strategies. This study, therefore, sought to investigate the relationship between market orientation and the performance of small and medium-sized manufacturing enterprises in the Accra metropolis of Ghana. Given the purpose and nature of this study where most of the analyses were quantitative in nature, quantitative research approach was deemed the most appropriate and, therefore, adopted. The descriptive and correlational study designs, too, were adopted for this study. Simple random sampling technique, specifically lottery method, was used to select 346 small and medium manufacturing enterprises in the Accra metropolis. Regression analysis was used to test the hypotheses postulated. It was observed from the findings that positive relationship exists between market orientation and small and medium-sized manufacturing enterprises performance. This means that market orientation contribute positively to the well being of small and medium-sized manufacturing enterprises. The study recommends that policy makers as well as National Board for Small Scale Industries should sensitize owners/managers of small and medium-sized manufacturing enterprises about the importance of employing market orientation practices in their business operations.

Market Orientation in Small and Medium Enterprises: Determinants and Implications for Enterprise Development (Evidence from Addis Ababa, Ethiopia)

“…In other words, the results of the analyses suggested that the items under each variable are highly related to each other to measure their respective or the same underlying concept. This is in line with studies conducted elsewhere in Africa (e.g., Boachie-Mensah & Issau, 2015) and shows the reliability of the instrument.…”

“…Customer orientation and overall market orientation had slightly higher correlation with the performance indicators used in the study. These results are in agreement with the hypotheses set and previous empirical findings indicated in the literature review (Boachie-Mensah & Issau, 2015;Boohene et al, 2012).…”

The Effect of Market and Entrepreneurship Orientation on SME’s Business Performance: The Role of Entrepreneurial Marketing in Indonesian Batik Industries

“…Market orientation, s one of the intangible organizational assets, especially those that are difficult for competitors to imitate these assets, create a competitive advantage that is sustainable and improves company performance (Lonial, 2015). Market orientation can e viewed from two perspectives, namely culture and behavior (Boachie-Mensah, 2015).…”

“…Company performance is a multidimensional construct that does not merely include financial performance (Liao, 2011). Company performance is a measure of how well the organization or entity achieves its objectives (Boachie-Mensah, 2015). The performance is the ability to assess the level of success of a business organization both on a small and large scale.…”

“…In general, it is difficult to determine a single measure for company performance. Measurement of company performance can be en as two perspectives, namely objective and subjective (Boachie-Mensah, 2015). It measures the performance of Small and Medium Enterprises with an objective approach measured through economic performance or financial performance, such as ROI, profit, sales, revenue growth, market share (Taleghani, 2013); (Dublhlela, 2014).…”