ProjectClue.com We're Ready, Call Us

(+234) 07030248044

Project Topic:

THE IMPACT OF INNOVATIVE MARKETING STRATEGY ON SMALL FIRMS PERFORMANCE IN NIGER STATE

Project Information:

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 49 ::   Attributes: Questionnaire, Data Analysis,Abstract  ::   2,106 people found this useful

Project Department:

MARKETING UNDERGRADUATE PROJECT TOPICS, RESEARCH WORKS AND MATERIALS

Project Body:

CHAPTER ONE

INTRODUCTION

1.1   BACKGROUND TO THE STUDY

A driving force for competitive scuffle in the present chaotic environment is innovative marketing strategy. Introducing new products and services are at the nucleus of economic growth and development. The ability to innovate has caused researchers to study activities leading to initiative advancement of individuals and organizations. Small firms all over the world furnish a strong increase to employment and economic growth specifically due to their innovative activities which becomes a main force of explaining competitive advantage and firm performance (Ussahawanitchakit, 2012). Accordingly, the values fashioned by innovative marketing strategy shows potential circumstances that uncovered new ways of doing things or new products and processes that add benefits to economic fortunes.

A firm performance is related to the ability of the firm to gain profit and growth in order to achieve its general strategic objectives (Neu& brown, 2005). It is a consequence of the interaction between actions taken in relation to competitive forces that allow the firm to adapt to the external environment, thereby integrating competence and usefulness In both developed and developing countries of the world, small companies have proofed to be prominent in terms of employment and added values to gross domestic product, ‘yet their full potential remains untapped’ Schlogl, (2004). The support given for the start up of small firms, necessitate them to becoming important engines for innovation and technological advancement especially in the field of marketing. In 2007, The World business council for sustainable development gave a summary of the weight small firms in general lend to government and individuals.Small firms that are properly supervised become means of employment prospect and affluence creation. They aid in the generation of revenue and create communal solidity. Bigger organizations are provided with local services and supplies and communities have access to affordable goods and services at lower costs. Furthermore, ‘by working closely with small firms, large corporations can develop a new customer base that may not be accessible to the traditional distribution networks of these corporations’ (Menna, 2013). Thus small firms are a reliable source of supply and have understanding of the pattern of procurement.

Small firms, world over have been found to provide jobs for about 75% of the workforce of any country. In periods of liberalization and privatization small firms especially in emerging economics, has become vital economic tools and bedding seeds for entrepreneurship development and indigenous technology that create employment and are better positioned over bigger firms in their capacity to be innovative. However there are barriers to the activities of innovative marketing strategy in small firmswhich according to Menna (2013) include a lack in capital investment, infrastructure, education and training systems, encumber regulations, and in general deficiencies in know-how and skills acquisition. Other barriers include constrained managerial capabilities, difficulty in utilizing technology which results in low productivity among others. Consequently, investing in innovative marketing strategy strengthens the profit base, knowledge of employees and individuals that drive resilience of the organizations to create new products, processes, and new behaviour of working that generates improve competitiveness and achievement of necessary goals to shape performance.

Existing literature has described innovative marketing strategy differently. For example Aremu (2010) affirmed there are three types of innovative marketing strategy, product, process and strategy or business model innovation. Hussien (2010)explains innovative marketing strategy to include five types: new products, new methods of production, new sources of supply, the exploitation of new markets, and new ways to organize business. ForAllocca& Kessler (2006), innovative marketing strategy will only be effective when there is a process of equipping in new, improved capabilities or increased utility. The present study seeks to examine the effect of innovative marketing strategy on small firm’s performance.

1.2   STATEMENT OF THE PROBLEM

It is understood that innovative marketing strategy has become a key driver for better competitiveness of firms. Some studies have found that innovative marketing strategy is closely associated with firm performance (Rosliet al., 2012; Mukhamadet al., 2011; Pla-Barber &Alegre, 2007; Gundayet al., 2011; Gary et al., 2008; Nada et al., 2008; Morgadoet al., 2008; Gunnar et al., 2009). Others suggested that the effect of process involved in innovative marketing strategy to have produced different results for firm performance (Geroski&Machin, 1993). Mark (2004) further argued that innovative marketing strategy did not explain performance, whereas others discovered that the process improvement did influence sales growth of small firms (Wolff &Pett, 2006). However, this study is conducted on the innovative marketing strategy of small firms to find out if innovative activities in the marketing strategy have impact on firm performance. This study attempts to gauge how strong that innovative marketing strategy affects the performance of small firms, with special reference to the mediating effect of organizational productivity and effectiveness.

1.3   OBJECTIVES OF THE STUDY

        The general objective of this study is to analyze the impact of innovative marketing strategy on small firm’s performance in Niger State while the following are the specific objectives:

  1. To examine the impact of innovative marketing strategy on small firms performance in Niger State.
  2. To identify the types of innovative marketing strategy that can promote small firm’s performance.
  3. To determine the factors limiting small firm’s performance in Niger state.

1.4   RESEARCH QUESTIONS

  1. What is the impact of innovative marketing strategy on small firm’s performance in Niger State?
  2. What are the types of innovative marketing strategy that can promote small firm’s performance?
  3. What are the factors limiting small firm’s performance in Niger state?

1.5   HYPOTHESIS

HO: Innovative marketing strategy does not enhance small firm’s performance

HA: Innovative marketing strategy does enhance small firm’s performance

1.6   SIGNIFICANCE OF THE STUDY

        This study on the impact of innovative marketing strategy on small firm’s performance in Niger State will educate stakeholders in business sector especially the marketers and the management team on the benefits of innovative marketing strategy emphasizing how it can enhance the customer base of an organization leading to improved firm’s performance.The study may also contribute to the existing body of knowledge on the impact of innovative marketing strategy on small firm’s performance. The study will be a good reference material to students who may wish to use this study as a springboard to undertake their own research.

1.7   SCOPE/LIMITATIONS OF THE STUDY

This study on the impact of innovative marketing strategy on small firm’s performance in Niger State will cover all the small firms in Niger State by examine howinnovative marketing strategy has improved their performance. This study will also cover different types of innovative marketing strategy and other factors limiting small firm performance in Niger state.

1.8   DEFINITION OF TERMS

Performance: The accomplishment of a given task measured against preset known standards of accuracy, completeness, cost, and speed. In a contract, performance is deemed to be the fulfillment of an obligation, in a manner that releases the performer from all liabilities under the contract.

Strategy: A method or plan chosen to bring about a desired future, such as achievement of a goal or solution to a problem.

Innovation: The process of translating an idea or invention into a good or service that creates value or for which customers will pay.

Get the complete project »

Instant Share On Social Media:

OTHER SIMILAR MARKETING PROJECTS AND MATERIALS

MARKETING ACTIVITIES AND FAITH BASED ORGANIZATIONS

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 75 ::   Attributes: Questionnaire, Data Analysis,Abstract  ::   9012 engagements

Chapter one Introduction 1.1. Background of the study Marketing is an integral part of any organization. This would help increase customer base and make an organization very popular if adequately a...Continue reading »

THE EFFECT OF ADVERTISEMENT ON CONSUMER BRAND PREFERENCE

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 67 ::   Attributes: Questionnaire, Data Analysis,Abstract  ::   23285 engagements

CHAPTER ONE 1.1. INTRODUCTION Advertiser’s primary mission is to reach prospective customers and influence their awareness, attitudes and buying behaviour. They spend a lot of money to keep in...Continue reading »

A STUDY INTO THE PROCESS OF PRODUCT PLANNING AND DEVELOPMENT IN MARKETING

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 73 ::   Attributes: Questionnaire, Data Analysis,Abstract  ::   7338 engagements

CHAPTER ONE INRODUCTION Marketing concentrate on the buyers or consumers determining their needs and desires, educating the regard to the availability of products and to important products features ...Continue reading »

ADVERTISING: AN EFFECTIVE PROMOTIONAL TOOL FOR MARKETING NEW PRODUCTS ( A CASE STUDY OF NASCO MARKETING COMPANY)

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 71 ::   Attributes: Questionnaire, Data Analysis,Abstract  ::   7057 engagements

ABSTRACT Promotional mix variables differ in effectiveness in generating consumer interest and influencing purchase decision. In this study, an attempt is made to evaluate the effectiveness of adverti...Continue reading »

ANALYSIS OF PROMOTION MIX AS A TOOL OF MARKETING COMMUNICATION

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 75 ::   Attributes: Questionnaire, Data Analysis,Abstract  ::   5983 engagements

The article on this topic (analysis of promotion mix as a tool of marketing communication) is an extract from literature review of the project material. The complete project work would be made availab...Continue reading »

EFFECT OF PERSONAL SELLING AND MARKETING ON SALES GROWTH

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 75 ::   Attributes: Questionnaire, Data Analysis,Abstract  ::   8337 engagements

CHAPTER ONE INRODUCTION Personal selling is an important component of the overall marketing strategy of an organization. According to Adamu (200) personal selling is the presentation of a persuasive...Continue reading »

What are looking for today?

WHAT OUR CUSTOMERS ARE SAYING:
  • 1. Jeremiah Oboite from University of Lagos said "Thank you for such a good work, I have gone through it and it is really good. I appreciate the effort. God bless. Regards".
    Rating: Excellent
  • 2. Maduka Austin from University Of Nigeria Nsukka said "Thank you for your sincerity and prompt delivery, i tell you, you guys will go places if you maintain your sincerity and continue like this. I will recommend anyone to patronize you. God bless you guys ".
    Rating: Excellent
  • 3. Hassan Dardisu from Maryam Abacha American University Niger said "This’s very wonderful experience. ".
    Rating: Excellent
  • 4. Hassan Dardisu from Maryam Abacha American University Niger said "This’s very wonderful experience. ".
    Rating: Excellent
  • 5. Jamilu Idris Muhd from Sule Lamido University Kafin Hausa said "very wonderful effort".
    Rating: Excellent
  • 6. Abubakar Khalifah @Pkhal_Official from Bayero university kano (BUK) said "Indeed very knowledgeable and helpful. EXCELLENT!!!".
    Rating: Excellent

Leave a comment: