Shitindi Emmanuel Igba

Department of General Studies, Akperan Orshi Polytechnic, Yandev-Gboko, Benue State, Nigeria

DOI : https://doi.org/10.58806/ijsshmr.2024.v3i12n25

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ABSTRACT

The main objective of this study is to examine the effect of market penetration strategies on the performance of Small and Medium Enterprises (SMEs) in Benue State. Anchored on the Resource Based Theory, the study has a sample of 361 SMEs owners/managers purposively sampled from a population of 3740 using Taro Yamene’s formula. Multiple regression statistical tools are used in analyzing data while the standard error is used in testing the three hypotheses or objectives of the study. The result of analysis and test is expected to should that market penetration strategies have significant effect on the performance of SMEs in Benue State with its proxies as market segmentation, product packaging and sales promotion. The submission of the study is that market segmentation, product packaging and sales promotion which are the various dimensions of market penetration strategies collectively increase the performance of SMEs in Benue State. It is thus, significant for the owners and managers of SMEs to always be conscious of the business environment to be proactive in creating market segments, uniquely packaging products and adopting advanced sales promotion methods that will always give them competitive advantage and enhance firm’s performance.

KEYWORDS:

SMEs, Market Penetration, Performance & Economic Growth

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VOlUME 03 ISSUE 12 DECEMBER 2024