The Relationship Between Market Penetration and Performance of Selected Small and Medium Enterprise

Oladotun Abimbola Oluwaseun (), Kehinde Joseph Oladele (), Imhonopi David (), Oladotun Kolawole Julius, Alake Oluwakemi Rebecca (), Ezebor Ogheneovie Michael (), Adio Lateef Abolaji and Tongo Nancy Izegbuwa ()
Additional contact information
Oladotun Abimbola Oluwaseun: Covenant University
Kehinde Joseph Oladele: Covenant University
Imhonopi David: Covenant University
Oladotun Kolawole Julius: Cyprus International University
Alake Oluwakemi Rebecca: Covenant University
Ezebor Ogheneovie Michael: Covenant University
Adio Lateef Abolaji: University of Lagos
Tongo Nancy Izegbuwa: Covenant University

A chapter in Board Diversity and Corporate Governance, 2024, pp 105-115 from Springer

Abstract: Abstract Small and medium enterprises (SMEs) are operating in a highly competitive environment, as such there is a need for SMEs to have a strategy to grow. This study examined the relationships between market penetration and performance of SMEs. It adopted a mixed approach and a simple random sampling method. Three hundred and sixty-one copies of the questionnaire were distributed among the manufacturing SME owners in Nigeria, and 12 SME owners were interviewed. Structural equation modeling (SMART PLS) was used for the quantitative analyses, and manual thematic was used for qualitative analysis. The findings revealed that market penetration has a significant influence on the performance of SMEs, showing (β = 0.760, R2 = 0.578) 58% of variance in performance of SMEs is explained by market penetration. Qualitative analysis revealed the growth strategies adopted to increase performance to be continuous innovation, product quality, diversification, and customer satisfaction. The study recommended that SME owners should dominate the market with their different well-packaged and innovative products, readily available and easily accessed by customers.

Keywords: Market penetration; Performance; Small and medium enterprise (search for similar items in EconPapers)
Date: 2024
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:csrchp:978-3-031-53877-3_9

Ordering information: This item can be ordered from
http://www.springer.com/9783031538773

DOI: 10.1007/978-3-031-53877-3_9

Access Statistics for this chapter

More chapters in CSR, Sustainability, Ethics & Governance from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().