This study was carried out to examine the effect of innovative marketing skills and business performance of small and medium scale enterprises (SMEs) in Akwa Ibom State, Nigeria. Anchored on the disruptive innovation theory, the study adopted the survey research design as its approach. The population for the study was 576 SMEs in Akwa Ibom State as obtained from the Ministry of Industry and the Association of Entrepreneurs and Artisan in Akwa Ibom State. The Taro Yamene’s formula was used in determining the sample size of 236. Data were obtained from both primary and secondary sources. Four hypotheses were raised, analyzed and tested statistically using the simple regression analytical tool. The results of the analysis showed statistically significant and positive effects of the independent variables (improved product quality, attractive pricing patterns, creative promotional strategy, and distribution network) on business performance of SMEs in Akwa Ibom State. Based on the findings, it was recommended that owners of small and medium scale enterprises in Akwa Ibom State should offer products whose quality satisfies various needs of the consumer, engage a strong market orientation through the adoption of attractive pricing strategies (such as, conducting market research, and understanding their unique selling proposition) and adopt integrated marketing communication in the promotion of their products. SMEs owners should clearly define their target customer service level and how to reach them. Finally, they should analyze what competitors are doing in order to improve upon those activities.
Citation: Ekong J.E., Mfon A.A., and Ibok N.I. (2023) Innovative Marketing Skills and Business Performance of Small and Medium Scale Enterprises (SMEs) in Akwa Ibom State, Nigeria, International Journal of Business and Management Review, Vol.11, No. 3, pp.48-64
Keywords: Business Performance, Innovative marketing skills, Small and Medium Scale Enterprises (SMEs), attractive pricing patterns, creative promotional strategy, distribution network, improved product quality
