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MARKETING STRATEGIES AND THE PERFORMANCE OF SMALL AND MEDIUM ENTERPRISES IN AKWA IBOM STATE, NIGERIA
ABSTRACT: The study examined the impact of three marketing strategies (product quality, marketing communication and relationship marketing) on the performance of selected Small and Medium Scale Enterprises in Akwa Ibom State, Nigeria. The study was motivated by the fact that SMEs in Akwa Ibom State find themselves in a competitive environment and may not know which marketing strategy is effective in improving their business performances. The study adopted the survey method. 240 questionnaires were issued to SMEs in the three senatorial districts of the State. This formed the sample of the study. The data obtained was analysed using Pearson Product Moment correlation analysis which was computed electronically by the use of Statistical Package for Social Science (SPSS) version 21. The study revealed that there is a significant impact of product quality strategy and relationship marketing strategy on the profitability and increased market share of SMEs in Akwa Ibom State. The study recommends that SMEs should invest so much in product quality rather than in advertisement as this would enhance the firm’s profitability. Also, the customers should be valued and treated as kings as cordial relationship between firm and customers results in the increase of the organizations market base.
KEYWORDS: Small Medium Enterprises, Marketing Strategies, Performance, Relationship Marketing, Product Quality, Marketing Communications.