ENTREPRENEURIAL MARKETING STRATEGIES AND PERFORMANCE OF SMALL AND MEDIUM SCALE ENTERPRISES IN ONDO STATE, NIGERIA
Abstract
Marketing strategies like other business strategies are identified by Resource Based theory as unique resources which cannot be copied and which gives the business competitive advantage. However, Small and Medium Enteprises (SMEs) are constrained by resources and therefore find it difficult to adopt sophisticated marketing strategies. As a result, they rely on innovative, cost efficient and marketing strategies that utilizes networks called Entrepreneurship Marketing strategies (EMs). However, the link between EMs and SMEs performance in Ondo State has not been adequately studied. Consequently this study investigated entrepreneurship marketing strategies and SMEs performance in Ondo Stat, Nigeria. The specific objectives of the study were to determine the effects of product innovation marketing strategy, digital marketing strategy and relationship marketing strategy on SMEs performance in Ondo State, Nigeria. Survey research design was utilized in the study. The population of the study comprised all the 158,350 registered SMEs in Ondo State (SMEDAN, 2024). Data were collected through a structured questionnaire from 399 SMEs (owners / managers). The sample size was determined through Taro Yamane formula while stratified sampling technique was adopted. Data collected was analyzed through multiple regression analysis. Results revealed that product innovation marketing strategy, digital marketing strategy and relationship marketing strategy have significant positive effects on SMEs performance though with different magnitudes. Based on the findings, the study concluded that entrepreneurship marketing strategies improved the performance of SMEs in Ondo State, Nigeria. The study recommended among others that SMEs entrepreneurs / owners in Ondo State, Nigeria should increase the level of adoption of product innovation, digital marketing strategies and relationship marketing strategies for optimal performance in the sector.
