CHAPTER ONE: INTRODUCTION
1.1 Background to the Study
Small and Medium Enterprises (SMEs) play a vital role in driving economic growth and development in Effurun and its environs, Nigeria. Operating across various sectors such as agriculture, manufacturing, and services, SMEs make significant contributions to job creation, income distribution, and poverty reduction. Despite this, they frequently encounter challenges related to market competition, limited resources, and evolving consumer preferences. In this regard, marketing research is essential for supporting business growth and ensuring long-term sustainability (Sinebe, 2022).
Marketing research entails the systematic collection, analysis, and interpretation of data concerning markets, customers, and competitors. Through the use of various research techniques such as surveys, interviews, and data analytics, SMEs can acquire valuable insights into consumer preferences, market trends, and competitive landscapes. These insights empower SMEs to make informed decisions on product development, pricing strategies, distribution channels, and promotional efforts (Alexandra, 2024).
Business growth refers to the expansion of a company's operations, revenue, market share, and overall scale over time. It encompasses various aspects of a business's development, including increases in sales, profitability, workforce size, market presence, and geographical reach (Ella, 2023). Effective utilization of marketing research can positively impact various aspects of SMEs' business operations and contribute to their growth and competitiveness. For instance, understanding customer preferences and feedback allows SMEs to tailor their products and services to meet market demand, thereby enhancing customer satisfaction and loyalty (Murat & Müge, 2021). Moreover, conducting competitive analysis helps SMEs identify their strengths and weaknesses relative to competitors, leading to improved market positioning and strategic decision-making (Jyoti & Bhaskar, 2019).
In recent years, the advent of digital marketing research tools has further revolutionized the way SMEs conduct market research. Tools such as social media analytics, web tracking software, and online surveys provide SMEs with real-time data and actionable insights, enabling them to adapt quickly to changing market conditions and consumer behavior. By integrating digital marketing research tools into their operations, SMEs in Effurun and its environs can enhance their sales performance, target specific customer segments, and expand their market reach.
Overall, marketing research plays a vital role in driving business growth and competitiveness for SMEs in Effurun and its environs. By embracing innovative research methodologies and leveraging digital technologies, SMEs can overcome market challenges, capitalize on emerging opportunities, and contribute to the economic development of the region.
1.2 Statement of the Problem
Marketing research provides valuable insights that inform strategic decision-making and drive business growth.
However, in the context of SMEs in Effurun and its environs, there is a lack of understanding regarding the importance and practical application of marketing research in fostering business growth. Many SMEs in Effurun and its environs lack awareness of the benefits of marketing research or have a limited understanding of its relevance to their business growth objectives. SMEs often operate with limited financial resources, manpower, and infrastructure, making it challenging to allocate resources towards marketing research initiatives. SME owners and managers may lack the necessary skills and expertise to conduct effective marketing research or interpret research findings accurately. Access to reliable market data and information sources may be limited, particularly in rural areas of Effurun and its environs, thereby hindering SMEs' ability to make informed business decisions (Jyoti & Bhaskar, 2019)
As a result of these challenges, this research is seeks to examine marketing research and business growth in small and medium scale enterprise in Effurun and its environs.
1.3 Research Questions
The research seeks to answer the following
1.Does focus group research influence competitive performance of SMEs?
2.Does survey research influence sales growth?
3.Does interview research affect customer satisfaction ratings
4.Does competitive analysis affect market share?
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