SMEs, Wealth Creation and Poverty Alleviation in Nigeria

Most developing countries see small and medium-scale enterprises (SMEs) as engines of development, and as such formulate policies that could encourage their establishment and survival. However, in spite of the enormous number of such firms established and operating, the Nigerian economy is still far from being buoyant. This article reports on research testing the wealth creation model applicable to SMEs and investigated the contribution of SMEs to poverty alleviation in Nigeria. A survey of 581 SMEs was conducted and the findings revealed that only 15% of wealth created that contributed to alleviating poverty was traceable to SMEs. This increased to 24% when moderated with wealth distribution, but by only one percent when moderated by wealth motivation. This implies that although most SME operators in Nigeria have personal motivations to acquire wealth, they are not distributing it, hence the low percentage of wealth that SMEs contribute to poverty alleviation. Policy implications and recommendations were made

Ethical Banking Determinants across Nations: A Meta-Analysis

Ethical issues in banking practice have become an important aspect that the nations of the world should take into consideration, especially in the light of incessant bank failures with concomitant loss of customers’ deposits. It now becomes imperative to study the determinants of ethical banking in order to create an enabling environment for the practice and sustenance of customers’ confidence. Several studies were analyzed and it was found that leaders’ characteristics, the organizational characteristics and the sales force characteristics have a positive impact on ethical behaviour as well as on job security. Some selected organizational, cognitive and affective dimensions were also found to affect the ethical practices of banks. Relevant recommendations and policy implications were made

SMEs and Poverty Alleviation in Nigeria: Marketing Resources and Capabilities Implications

This article seeks to identify the mediating role of marketing resources and capabilities in small and medium enterprises (SMEs)—poverty alleviation relationship. A qualitative approach of conceptualization of the interconnectedness of the major variables of the study is undertaken. Despite several development programs of SMEs and poverty alleviation, the poverty level of Nigerian SMEs has dragged with incidence of high SMEs failure. Marketing resources and capabilities are suggested as probable missing links between SMEs and profitable exchanges that lead to wealth creation, thus alleviating and eradicating poverty. While empirical study in this direction is vital, the current conceptual model shows that SMEs operators would help in the elimination of poverty by acquisition of necessary marketing knowledge, skills, and capabilities to identify the customers’ needs, establish vital relationships with them through requisite ego drive, empathy, and capability to change, and thus keep them sold. Prior research concerning SMEs and poverty alleviation in Nigeria has been limited to finance. The findings of the present research have implications for the role of marketing as the ultimate source of profitable growth through exchanges and wealth creation that will help in eradicating poverty

AN INVESTIGATION INTO THE LEGAL FRAMEWORK OF MARKETING IN NIGERIA

The conceptual framework of marketing as well as the laws relating to marketing activities was reviewed. In the investigation, issues pertaining to the contractual relationship, obligation as to title, description, fitness for purpose, condition for merchantable quality, sale by sample, liability in the law of deceit and negligence in the law of Tort as well as regulatory bodies set up to guide marketing activities and possibly protect the consumers in Nigeria were looked into. The article has proven the need for an improvement on this legal framework especially in the tort of Negligenc

Conceptual Model of Conflict Resolution for Personal Assistants of Nigerian National Assembly Members

The paper investigated the major conflicts of interests existing between the assembly members and the people they arerepresenting and suggested possible ways in which the personal assistants of the national assembly members could help themto resolve such conflicts and foster good relationship. It was shown that the people and the assembly members may differ inopinions because of the varying levels of sensitivity of the assembly members to certain issues, however, the personalassistants of the assembly members could help by adopting conflict resolution and management techniques and take somedefinite steps in addressing such issues. The steps to be taken have been well enumerated and a model was suggested

Market-focused strategic flexibility and sales growth: empirical evidence from Nigeria

A newly competitive environment is developing in Nigeria, the business environment has altered rapidly and unpredictably, and new knowledge and capabilities are consequently needed to survive in such a turbulent environment. This study suggests market-focused strategic flexibility as one survival strategy needed. Though a fair amount of literature exists on strategic flexibility and the performance of a firm the extant literature has been somewhat silent on market-focused strategic flexibility since it was conceptualized by Johnson, Lee, Siani and Grohnmann (2003). The mixed relationship of market orientation and firm performance (for example as found in studies by authors such as Jaworski and Kohli (1993), Zhou et al.2005, and Ellis 2006) causes one to suspect that certain moderating variables may be responsible; market-focused strategic flexibility is suggested as one of them. The effect of environmental variables on market-focused strategic flexibility and sales growth was also studied. In order to investigate these issues, the research instrument, a questionnaire, was distributed to the chief executive officers and marketing managers of five hundred firms in Nigeria. A 58.4% response rate was achieved. The psychometric properties of the instrument showed it to exhibit a good fit with the model. The data was then analyzed and tested using factor analysis, correlational and regressional analysis. The overall results suggest that market-focused strategic flexibility is a driver of organizational positioning in a dynamic environment, and it is also found to moderate the market orientation -sales growth relationship studied and environmental variables influence its relationship with sales growth in most firms. The results also established that while firms operating in a dynamic environment may gain advantage by adopting market-focused strategic flexibility, firms operating in a relatively stable environment may not achieve particularly good results if they do so. If most firms in a particular industry operating in a dynamic environment adopt market-focused strategic flexibility, they are not likely to achieve competitive advantage. The need for skills relating to selection of options, identification of resources, deployment capabilities, and sense-making capacities constitute an impetus to the implementation of effective market-focused strategic flexibility. It is recommended that research into the key characteristics of industries and market-focused strategic flexibility be carried out to further explain the differences in the results obtained for different industries, and that this study be repeated for other countries to facilitate comparative analysis.Business ManagementD.B.L

Strategic Planning and Performance of Nigerian SMEs: The Moderating Role of Entrepreneurial Characteristics

Studies that considered the moderating effect of entrepreneurial characteristics on the relationship between strategic planning and performance of SMEs are few. This research is aimed at investigating the relationship between strategic planning and SME performance while also considering the moderating effect of entrepreneurial characteristics on the relationship between these two variables. The study employed the use of survey research design using the owners/managers of 4,535 SMEs registered with SMEDAN as the target population.  Correlation analysis was used to establish the extent of the relationship between strategic planning and performance of SMEs while hierarchical regression analysis was used to establish the moderating effect of entrepreneur characteristics on the relationship. Findings showed that there exist a statistically significant positive relationship between strategic planning and performance of SMEs in Lagos State, the study also indicated that entrepreneurial characteristics significantly moderates the relationship between strategic planning and performance of SMEs. The study concluded that entrepreneurial characteristics being exhibited influenced the performance of the business. Policy implications and recommendations were made.&nbsp

AN INVESTIGATION INTO THE LEGAL FRAMEWORK OF MARKETING IN NIGERIA

The conceptual framework of marketing as well as the laws relating to marketing activities was reviewed. In the investigation, issues pertaining to the contractual relationship, obligation as to title, description, fitness for purpose, condition for merchantable quality, sale by sample, liability in the law of deceit and negligence in the law of Tort as well as regulatory bodies set up to guide marketing activities and possibly protect the consumers in Nigeria were looked into. The article has proven the need for an improvement on this legal framework especially in the tort of Negligenc

SMEs management success determinants and its implications on their performance in South West, Nigeria

Purpose: In developing nations, like Nigeria, Small and Medium scale Enterprise (SME) is supposed to be a catalyst for socio-economic development and employment generation. Eighty-five percent of the SMEs failed before their fifth anniversary. The study undertook to identify influential management success determinants and the concomitant effects on SMEs’ performance in Nigerian unstable business environment. Approach/Methodology/Design: The study used a cross sectional survey research design and probability sampling methods of stratified, random and proportional samplingto select 1102 CEOs. There were 988 completed questionnairesreceived back from respondents, giving and excellent response rate of 89.66%. Findings: The result of the study revealed significant difference in the evaluations of management success determinants to performance and management skills of the SMEs operators, organizational structure and innovation as being the most critical success factors for the SMEs in the Nigerian business environment. The most significant individual effects on SMEs performance are traceable to organizational structure, management skills and environmental scanning. There is a combined strong effect of the management success determinants on SMEs performance. Practical Implications: Apart from contributing to the existing literature on SMEs performance, the study also noted that new entrants into Nigerian market environment will succeed if the right organizational structure is put in place and innovation as well as management skills are taken seriously. Originality/Value: This study contributes by discovering that management skills of the SMEs operators, organizational structure and innovation are the most critical success factors for the SMEs in the Nigerian business environment.peer-reviewe

Effect of Competitive Aggressiveness on Competitive Advantage of Selected Small and Medium Scale Enterprises in Ogun State, Nigeria

Small and Medium Scale Enterprises (SMEs) are frequently under pressure at the local or domestic markets because of cheap importation and high level of competition. The inability of top management of SMEs to properly analyse the market is one of the leading causes of their not been able to enjoy competitive advantage  Therefore, this study aimed to examine the effect of competitive aggressiveness on competitive advantage of small and medium scale enterprises (SMEs) in Ogun State, Nigeria. Survey research design was employed for this study. Set of structured questionnaire on competitive aggressiveness and competitive advantage of SMEs were self- administered for the collection of the primary data. In order to get a valid sample, a group of 386 firms were analyzed.  A pilot study was carried out to test the validity and reliability of the research instrument using Cronbach Alpha reliability test. The data collected were analyzed using both descriptive and inferential statistics. The findings of this study revealed that competitive aggressiveness has positive significant effect on competitive advantage of SMEs. (β=0.973; R2=0.294; t(385)= 12.636; p>0.05). It was concluded that competitive aggressiveness affected competitive advantage of SMEs in Ogun State, Nigeria, and recommended that entrepreneurs should employ appropriate price control mechanisms, invest heavily in marketing, advertisement, sales promotion and aggressive growth to enhance their competitive advantage which is critical for organizational performance, and that maintaining good relationships with clients is an important factor to be considered Key-Words: Competition, Competitive advantage, Competitive aggressiveness, Entrepreneurship, Small and Medium Enterprises