This Research work is designed to
analyse, the various aspect of market orientation practices in small
business enterprise, it is primarily aimed at the study of "whether or
not", inadequate Market orientation can lead to small business failures.
It also touched, on the significance of
market orientation, it's performance and other related industrial
Issues, and thereafter, given recommendations where and when necessary
in order to check or completely eliminate, the issue of business
collapse or failures and help increase there overall performance and
turnover of small-scale businesses in Nigeria.
For the purpose of this research, the
primary source of data collection was used to obtained data for the
project, (Application of questionnaires) in order to collect and collate
Information, to arrive at a complete inference on the research Topic.
A hundred and fifty questionnaires was
printed and issued out to various respondents, of which only 60% where
able to be retrieved.
Twenty (20) questionnaires were randomly
selected from the 60% (90) representing different fields of business
and was used for the purpose of computation and analysis of the Project.
The findings and conclusions from these
analysis shows that, Market orientation helps to enhance profitability,
Organizational performance, the customer retention as well as Marketing
innovative ness in small business.
TABLE OF CONTENTS
1.0 Introduction/Background to study
1.01 Statement of the problem
1.02 Research question
1.04 Scope of study
1.05 Purpose of study
1.06 Significance of the study
2.0 Literature review
2.01 Marketing orientation and business performance
2.02 Marketing orientation and innovativeness
2.03 Marketing orientation and business environment
2.04 Constraints of marketing orientation practices
2.05 Failed policies from inadequate market orientation
2.06 Marketing orientation and competition
3.01 Research design
3.02 Sample size and procedure
3.03 Restatement of hypothesis
4.0 Presentation of analysis of data
4.01 Chi square distribution
4.02 Sample size
4.03 Small size
4.04 Decision rule
4.1 Presentation of Data
4.1.1 Spreadsheet of response/table
4.1.2 Data sheet of contingency table
4.2 Presentation of observed frequency
4.3 Analysis of Data
5.0 Summary, Conclusion and Recommendation
5.1 Summary of findings
BACKGROUND TO STUDY
Ten percent of the profit before tax
made by bonus is directed towards financing Small and Medium Scale
Industries in Nigeria (SMES) as directed by the Federal Government
through the Apex body in the country's financial institution - Central
Bank of Nigeria CBN. This has come to stay as a policy, brought forth as
a result of the overwhelming impact of this sector to a country's
economic development as evidenced in the tracks of nations like: Brazil,
Argentina, India, China, Malaysia amongst others.
Financing this sector of the economy
adequately by these nations has moved them forward economically. Newly
industrialized economy (NIE) were basically shown the way forward by
throwing their weight behind small and medium scale industry.
Many more policies have been signed into
law by different governments to improve this sector. Lately, we have
the economic reform: National Empowerment for Economic
Development Strategies (NEEDS) by the Obasanjo Administration and one of its main objectives is the development of SMEs.
Nevertheless, not every small business
floated either individually or with the Government's aid has come to
stay as inadequate marketing skill-market orientation practice among
other factors is set to ruin its continuity.
Continued rising and disappearance of
small businesses would be seen over a long period of time until critical
issues like marketing orientations are analyzed and consciously laid in
the minds of business managers and entrepreneurs. This skill would help
keep the industry live and prevent early demise if any at all.
STATEMENT OF PROBLEM
How does inadequate market orientation lead to small business failure?
PURPOSE OF STUDY
Generally, the purposes of this research are:
I). To show the significance of market orientation in the effective running of business.
ii). To guide entrepreneurs of business.
Specifically, the purpose include:
i. The study would guide existing small-scale businesses in the running of the business.
ii. This study would also prepare
prospective small scale business entrepreneurs with respective to skill
acquisition on market orientation before starting up.
iii. It would also assist other researchers in conducting similar research.
iv. It would also add to the body of knowledge for information sourcing.
The following questions are hereby asked:
i) Is it because market orientation dictates profitability?
ii) Is it because market orientation affects performance?
iii) Is innovativeness a function of market orientation?
iv) Is customer retention a function of market orientation?
With respect to the statement of problem and research questions I make the following hypotheses:
i). Market orientation dictates profitability: H1
ii). Market orientation affects performance: H2
iii). Innovativeness is a function of market orientation: H3
iv). Customer retention is a function of market orientation: H4
SCOPE OF STUDY
This study is limited to small-scale
businesses resident in Lagos State only. Lagos State was chosen because
of proximity and convenience to the researcher.
SIGNIFICANCE OF THE STUDY
This research would aid small business
managers, government and policy makers in assessing small-scale
business, its performance and enacting policies on them respectively.
This research does not cover all states of the federation but restricted to Lagos alone due to my working environment restraint.