Int. J. Bus. Manag. Soc. Res. | Volume 09, Issue 01, 508-515 | https://doi.org/10.18801/ijbmsr.090120.52
Article type: Review paper, Received: 22.04.2020; Revised: 03.05.2020 and Published online: 15 August 2020.
Article type: Review paper, Received: 22.04.2020; Revised: 03.05.2020 and Published online: 15 August 2020.
Effect of market penetration on the performance of small and medium scale enterprises in Makurdi metropolis, Benue State, Nigeria
Adamu, G.
Department of Business Administration, Nasarawa State University, Keffi, Nasarawa State, Nigeria.
✉ Corresponding author: krisik25@gmail.com (Adamu, G.)
Department of Business Administration, Nasarawa State University, Keffi, Nasarawa State, Nigeria.
✉ Corresponding author: krisik25@gmail.com (Adamu, G.)
Abstract
The study examined the effects of market penetration on the performance of small and medium scale enterprises in Makurdi Metropolis, Benue State, Nigeria from a population of 512 and a sample of 225 and were randomly selected. Multiple regression analysis was used as method of data analysis. Market segmentation, product packaging and product pricing all had a positive effect on performance of small and medium enterprises in Makurdi Metropolis, Benue State and the effect is statistically significant (p<0.05). Sales Promotion was negatively related to performance of small and medium enterprises in Makurdi Metropolis, It was concluded that in other to penetrate the market, entrepreneurs can use each or a combination of the market penetration strategies into an existing market. It was recommended among others that entrepreneur should ensure that effective promotion is carried out to create a good image of the products and services of the enterprise to the eyes of the customers.
Key Words: Pricing, Penetration, Market, Bonus, Promotion, Performance and Nigeria
The study examined the effects of market penetration on the performance of small and medium scale enterprises in Makurdi Metropolis, Benue State, Nigeria from a population of 512 and a sample of 225 and were randomly selected. Multiple regression analysis was used as method of data analysis. Market segmentation, product packaging and product pricing all had a positive effect on performance of small and medium enterprises in Makurdi Metropolis, Benue State and the effect is statistically significant (p<0.05). Sales Promotion was negatively related to performance of small and medium enterprises in Makurdi Metropolis, It was concluded that in other to penetrate the market, entrepreneurs can use each or a combination of the market penetration strategies into an existing market. It was recommended among others that entrepreneur should ensure that effective promotion is carried out to create a good image of the products and services of the enterprise to the eyes of the customers.
Key Words: Pricing, Penetration, Market, Bonus, Promotion, Performance and Nigeria
Article Full-Text PDF:
| 52.01.09.20_effect_of_market_penetration_on_the_performance_of_small_and_medium_scale_enterprises_in_makurdi_metropolis_benue_state_nigeria.pdf |
|
Share This Article:
|
|
Citations of This Article:
MLA
Adamu. “Effect of market penetration on the performance of small and medium scale enterprises in Makurdi metropolis, Benue State, Nigeria”. International Journal of Business, Management and Social Research, 09(01) (2020): 508-515.
APA
Adamu, G. (2020). Effect of market penetration on the performance of small and medium scale enterprises in Makurdi metropolis, Benue State, Nigeria. International Journal of Business, Management and Social Research, 09(01), 508-515.
Chicago
Adamu, G. “Effect of market penetration on the performance of small and medium scale enterprises in Makurdi metropolis, Benue State, Nigeria”. International Journal of Business, Management and Social Research, 09(01) (2020): 508-515.
Harvard
Adamu, G. 2020. Effect of market penetration on the performance of small and medium scale enterprises in Makurdi metropolis, Benue State, Nigeria. International Journal of Business, Management and Social Research, 09(01) pp. 508-515.
Vancouver
Adamu, G.. Effect of market penetration on the performance of small and medium scale enterprises in Makurdi metropolis, Benue State, Nigeria. International Journal of Business, Management and Social Research, 2020 August 09(01), 508-515.
Adamu. “Effect of market penetration on the performance of small and medium scale enterprises in Makurdi metropolis, Benue State, Nigeria”. International Journal of Business, Management and Social Research, 09(01) (2020): 508-515.
APA
Adamu, G. (2020). Effect of market penetration on the performance of small and medium scale enterprises in Makurdi metropolis, Benue State, Nigeria. International Journal of Business, Management and Social Research, 09(01), 508-515.
Chicago
Adamu, G. “Effect of market penetration on the performance of small and medium scale enterprises in Makurdi metropolis, Benue State, Nigeria”. International Journal of Business, Management and Social Research, 09(01) (2020): 508-515.
Harvard
Adamu, G. 2020. Effect of market penetration on the performance of small and medium scale enterprises in Makurdi metropolis, Benue State, Nigeria. International Journal of Business, Management and Social Research, 09(01) pp. 508-515.
Vancouver
Adamu, G.. Effect of market penetration on the performance of small and medium scale enterprises in Makurdi metropolis, Benue State, Nigeria. International Journal of Business, Management and Social Research, 2020 August 09(01), 508-515.
References:
- Aremu, M. A. and Adeyemi, S. L. (2011). Small and medium scale enterprises as a survival Strategy for employment generation in Nigeria. Journal of Sustainable Development, 4(1), 200-206. https://doi.org/10.5539/jsd.v4n1p200
- Ansoff, H. I. (1965). Corporate strategy: An analytic approach to business policy for growth and expansion, New York: McGraw Hill.
- David, F. R. (Eds.) (2009). Strategic Management – Concepts and Cases, 12th ed. Pearson Inc. Upper Saddle River, New Jersey 07458, USA.
- Egwu, K. and Autar, K. (2008). Introduction to Regression. Online at http://mathforcollege.com/nm/mws/gen/06reg/mws_gen_reg_bck_regressionintro.pdf
- Hair, J. F., Anderson, R. E., Tatham, R. L. and Black, W. C. (1995). Multivariate data analysis. Englewood Cliffs, NJ: Prentice-Hall.
- Kotler, P. (Eds) (2009). Marketing Management. Pearson International.
- Ooga, P. G., Kuria, J. T. and Byaruhanga, J. (2016). Market penetration strategy and competitiveness of mobile telecommunication service providers in Kenya. IJRDO-Journal of Business Management, 2(12). http://www.ijrdo.org/index.php/bm/article/view/1539
- Onaolapo, A. A, Salami A. O. and Oyedokun A. J. (2011). Marketing Segmentation Practices and Performance of Nigerian Commercial Banks. European Journal of Economics, Finance and Administrative Sciences, 29, 33-39.
- Uslay, C. (2005). The Role of Pricing Strategy in Market Defense. A published dissertation in the Georgia Institute of Technology. Georgia. https://smartech.gatech.edu/bitstream/handle/1853/10578/uslay_can_200505_phd.pdf
- Yogo, N. A. (2013). Growth strategies adopted by small and medium business enterprises in oyugis town, homa bay county, Kenya. A research project submitted in the department of business administration school of business, university of Nairobi. https://pdfs.semanticscholar.org/83af/09393590ad1d9f6eb428289fd9dc2ac316d6.pdf
© 2020 The Authors. This article is freely available for anyone to read, share, download, print, permitted for unrestricted use and build upon, provided that the original author(s) and publisher are given due credit. All Published articles are distributed under the Creative Commons Attribution 4.0 International License.
International Journal of Business, Management and Social Research, EISSN 2412-8279.