An Evaluation of Business Promotional Strategic and Small Enterprise Growth
Chapter One
Objective of the study
- To examine the Relationship Between Promotional Strategies and Small Enterprise Growth
- To assess the Influence of Resource Constraints on Promotional Strategy Effectiveness
- To investigate the Impact of Changing Consumer Preferences on Promotional Effectiveness
CHAPTER TWO
REVIEWED OF RELATED RELITERATURE
Strategic Management
The concept “strategic management” deals with how enterprises develop sustainable competitive advantages resulting in the creation of value (Ramachandran, Mukherji&Sud, 2006). Ireland, Hittet al. (2001) opined that strategic management can be regarded as setting the context for owners-manager behaviour, i.e. the exploitation of opportunities. It involves the formulation and implementation of the major goals and initiatives taken by a company‟s top management on behalf of owners, based on consideration of resources and an assessment of the internal and external environments in which the organization competes (Nag, Hambrick and Chen, 2007). More importantly, strategic management provides overall direction to the enterprise and involves specifying the organization‟s objectives, developing long-term policies and plans designed to achieve these objectives, and then allocating resources to implement the plans. Academics and practicing managers have developed numerous models and frameworks to assist in strategic decision making in the context of complex environments and competitive dynamics (Ghemawat, 2002). The concept “strategic management” is not static in nature; the models often include a feedback loop to monitor execution and inform the next round of planning (Lamb, 1984; and Hill & Gareth, 2012). More so, it assists firms to make effective decisions and strategies by staying alert to the threats and opportunities in an uncertain and dynamic environment. Furthermore, strategic management involves the related concepts of strategic planning and strategic thinking. Strategic planning is analytical in nature and refers to formalized procedures to produce the data and analyses used as inputs for strategic thinking, which synthesizes the data resulting in the strategy. Strategic planning may also refer to control mechanisms used to implement the strategy once it is determined. In other words, strategic planning happens around the strategic thinking or strategy making activity (Mintzberg and Quinn, 1995). They further stated that strategic management is often described as involving two major processes: formulation and implementation of strategy. Consequently, the formulation of strategy involves analysing the environment in which the organization operates, then making a series of strategic decisions about how the organization will compete. However, formulation ends with a series of goals or objectives and measures for the organization to pursue. Thus, the environmental analysis includes: the remote external environment, including the political, economic, social, technological, legal and environmental landscape; the industry environment, such as the competitive behaviour of rival organizations, the bargaining power of buyers/customers and suppliers, threats from new entrants to the industry, and the ability of buyers to substitute products (Porter‟s 5 forces); and the internal environment, regarding the strengths and weaknesses of the organization’s resources (i.e., its people, processes and IT systems) (Mintzberg& Quinn, 1995). Moreover, the second major process of strategic management “implementation” involves decisions regarding how the organization‟s resources (i.e., people, process and IT systems) will be aligned and mobilized towards the objectives. As a result, the implementation results in how the organization‟s resources are structured (such as by product or service or geography), leadership arrangements, communication, incentives, and monitoring mechanisms to track progress towards objectives, etc.
CHAPTER THREE
RESEARCH METHODOLOGY
INTRODUCTION
In this chapter, we described the research procedure for this study. A research methodology is a research process adopted or employed to systematically and scientifically present the results of a study to the research audience viz. a vis, the study beneficiaries.
RESEARCH DESIGN
Research designs are perceived to be an overall strategy adopted by the researcher whereby different components of the study are integrated in a logical manner to effectively address a research problem. In this study, the researcher employed the survey research design. This is due to the nature of the study whereby the opinion and views of people are sampled. According to Singleton & Straits, (2009), Survey research can use quantitative research strategies (e.g., using questionnaires with numerically rated items), qualitative research strategies (e.g., using open-ended questions), or both strategies (i.e., mixed methods). As it is often used to describe and explore human behaviour, surveys are therefore frequently used in social and psychological research.
POPULATION OF THE STUDY
According to Udoyen (2019), a study population is a group of elements or individuals as the case may be, who share similar characteristics. These similar features can include location, gender, age, sex or specific interest. The emphasis on study population is that it constitutes of individuals or elements that are homogeneous in description.
This study was carried to examine an evaluation of business promotional strategic and small enterprise growth. Selected SMEs in Uyo form the population of the study.
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS
INTRODUCTION
This chapter presents the analysis of data derived through the questionnaire and key informant interview administered on the respondents in the study area. The analysis and interpretation were derived from the findings of the study. The data analysis depicts the simple frequency and percentage of the respondents as well as interpretation of the information gathered. A total of eighty (80) questionnaires were administered to respondents of which only seventy-seven (77) were returned and validated. This was due to irregular, incomplete and inappropriate responses to some questionnaire. For this study a total of 77 was validated for the analysis.
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
Introduction
It is important to ascertain that the objective of this study was to ascertain an evaluation of business promotional strategic and small enterprise growth. Selected SMEs in Uyo. In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing an evaluation of business promotional strategic and small enterprise growth. Selected SMEs in Uyo
Summary
This study was on an evaluation of business promotional strategic and small enterprise growth. Selected SMEs in Uyo. Three objectives were raised which included: To examine the Relationship Between Promotional Strategies and Small Enterprise Growth, to assess the Influence of Resource Constraints on Promotional Strategy Effectiveness and to investigate the Impact of Changing Consumer Preferences on Promotional Effectiveness. A total of 77 responses were received and validated from the enrolled participants where all respondents were drawn from selected SMEs in Uyo. Hypothesis was tested using Chi-Square statistical tool (SPSS).
Conclusion
In conclusion, this research contributes to the understanding of how businesses can navigate challenges, optimize resources, and strategically implement promotional strategies to foster growth and sustainability. By adopting the recommended insights, small enterprises can enhance their competitiveness and thrive in an ever-evolving business landscape.
Recommendation
- Small enterprises should prioritize the development of a comprehensive digital marketing strategy that includes a strong online presence, targeted social media campaigns, search engine optimization, and email marketing. Embracing digital platforms can significantly enhance reach and engagement with the target audience.
- Invest in Relationship Marketing Initiatives: Businesses are encouraged to invest in relationship marketing initiatives, such as personalized communication, customer loyalty programs, and feedback mechanisms. Building strong relationships with customers fosters loyalty, repeat business, and positive word-of-mouth, contributing to long-term success.
- Explore Collaborative Partnerships: Small enterprises should actively explore collaborative partnerships with other businesses or influencers. Strategic alliances can extend market reach, tap into new customer bases, and provide opportunities for shared promotional efforts, creating mutually beneficial relationships.
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