Impact of marketing practices on the performance of small business enterprises: Empirical evidence from Nigeria
European Journal of Economics, Finance and Administrative Sciences
Department of Business Admin. and Management Technology, Lagos State University, Ojo, Lagos, Nigeria
This study investigated the impact of marketing practices on organizational performance of small business enterprises (SBEs) in Lagos State, Nigeria. The purpose of the study is to contextually validate recent findings as to the efficacy of marketing practices in developing economies. Within a survey design, data were obtained from 545 business owners and senior marketing personnel using structured questionnaire and analyzed using factor analysis, ANOVA and other relevant statistical tools in the predictive analysis software (version 19). The findings implicated marketing mix factors and product strategy issues as the most important and impacting factors in the marketing practices of small businesses in Nigeria while advertising and marketing research appears neglected. The study found a strong positive relationship between the marketing practices of Nigerian SBEs and organizational performance indicants. The paper proposes a model that can be used to explain the influence of marketing practices on the performance of small business enterprises. It also makes some recommendations for marketing practitioners and suggests areas for future research. © EuroJournals, Inc. 2012.