ADOPTABLE STRATEGIES IN MARKETING AND MARKET OUTCOMES: EXAMINING THE PERFORMANCE OF SMALL AND MEDIUM ENTERPRISES IN KOGI STATE
Abstract:This
study focused on adoptable strategies in marketing and market reaction with
reference to Small and Medium Enterprises in Kogi State. The study examined
marketing strategies, customer’s satisfaction and the market share of SMEs in
Kogi State. Descriptive research design was employed. The study’ universe was
1,027 SMEs; from which the sample size of 142 was drawn. Multistage random
sampling technique was applied. For data analysis, descriptive statistics,
Multiple Regression and Correlation Matrix were used. Finding showed that
specialization strategy (promotion strategy and price strategy) has significant
effect on market share of SMEs in Kogi State. Finding further showed that
relationship exists between differentiation strategy and customer’s
satisfaction. The study concluded that specialization strategy takes care of
how the best price is tagged, and that when SMEs focus on differentiation
strategy (product quality, product content, operation process, and innovation)
customers’ expectations will be met. The study recommended among others that
SME owners should ensure that both promotion strategy and price strategy are
not combined together as this can cause varying performance outcomes.