EXTENT OF UTILIZATION OF PRODUCT MARKETING STRATEGIES BY OWNERS OF SMES FOR BUSINESS SUCCESS IN ANAMBRA STATE

EXTENT OF UTILIZATION OF PRODUCT MARKETING STRATEGIES BY OWNERS OF SMES FOR BUSINESS SUCCESS IN ANAMBRA STATE

Abstract:
This study aims to examine the extent to which owners of Small and Medium Enterprises (SMEs) in Anambra State, Nigeria, utilize product marketing strategies for achieving business success. SMEs play a crucial role in the economic development of any region, and effective marketing strategies are essential for their growth and survival in today's competitive marketplace.

The research will employ a mixed-methods approach, combining quantitative surveys and qualitative interviews with SME owners in Anambra State. A structured questionnaire will be administered to a sample of SME owners, targeting various sectors and industries. The survey will gather data on the types of product marketing strategies employed, their perceived effectiveness, and the challenges faced by SMEs in implementing these strategies.

Additionally, in-depth interviews will be conducted with a subset of SME owners to gain a deeper understanding of their experiences, perspectives, and insights regarding product marketing strategies. The qualitative data will provide rich contextual information and offer valuable insights into the reasons behind the adoption or non-adoption of specific strategies.

The study's findings will shed light on the current state of product marketing strategies utilized by SME owners in Anambra State and their impact on business success. The research outcomes will contribute to the existing body of knowledge on SME marketing in Nigeria and provide practical recommendations to assist SME owners, policymakers, and stakeholders in enhancing marketing practices.

The results will be analyzed using statistical techniques such as descriptive statistics, correlation analysis, and regression analysis. The qualitative data will be thematically analyzed to identify common themes, patterns, and emerging trends.

The study's significance lies in its potential to inform SME owners in Anambra State about the importance of effective product marketing strategies and their role in achieving business success. The findings can help entrepreneurs identify gaps in their current marketing practices and explore new approaches that align with their business objectives.

Furthermore, policymakers and support institutions can utilize the research outcomes to design targeted interventions, training programs, and policy frameworks that encourage the adoption and implementation of effective product marketing strategies among SMEs.

Overall, this research will contribute to a better understanding of the extent of product marketing strategy utilization by SME owners in Anambra State and provide actionable insights to enhance their competitiveness and overall business performance.

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