STRATEGIC MARKETING PRACTICES AND CORPORATE PERFORMANCE OF SELECTED SMALL BUSINESS ENTERPRISES IN IMO STATE

Abstract

This paper investigated the influence of strategic marketing on the corporate performance of selected small business enterprises in Imo State. Specifically, this study was set out to find out the nature of relationship between Strategic Marketing tools such as Product, Price, Promotion, Place (Distribution), Packaging and After Sales Services and the Performance of SBEs. The population of this study consists of SBEs owners and managers across all levels who have successfully engaged in small business activities in Imo State, Nigeria. The firms were selected based on the criteria that they started and/or expanded their businesses with the help of strategic management practices in Imo, Nigeria which is 103, according to the Imo State Ministry for Commerce, Industry and Cooperative. The Likert Scale Method of Summated Ratings was used in the assessment of the Population of the Study. It contains the respondents’ marketing strategies on a five-point scale going from Strongly Agree to Disagree. Findings show that there was a significant positive relationship between marketing strategy and corporate performance as follows: (r=0.422; df=6, 97; p.05; r=0.449, df=6, 97, p.01; r=0.603, df=6, 97, p.01; r=0.603, df=6, and a huge negative connection between strategic marketing and SBEs (r=-0.030; df=6, 97; p.01). Following that, it was recommended that SBEs should produce quality goods; charge competitive prices based on consumers ability to pay, place (distribute) accordingly, ensure that products have attractive package, participate in after-sales services and provide the consumer with other distinctive operational benefits.