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MARKETING CHALLENGES OF SMALL AND MEDIUM SCALE ENTERPRISES IN DEVELOPING COUNTRIES: CASE STUDY OF NAIRALAND

Budgetary development and advancement of any nation is viewed as a by product of development of small and medium scale companies. Consequently all governments specially in developing nations like Nigeria take the important steps, measures to establishment strategies that enhance the capacity and effectiveness of Small and medium scale enterprises (SMEs). But in Nigeria in spite of all these efforts the small and medium scale enterprises have not lived up to its expectations. This in turn gave rise to a debate and lead to cynicism, concern of whether SMEs are the fore bearers of economic growth and national developments in Nigeria. SMEs and Nigeria due to their inherent nature have to tackle considerable hurdles that can hamper their aptitude to operate and to give their finest to the economy. This study assesses the prospects and marketing challenges faced by small and medium scale enterprises and its share in the development of Nigeria.

The scope of study is based on the fact that generally in Nigeria businesses fall under the small scale and medium scale enterprises. The study was performed with the use of questionnaire and interview in Lagos State, South Western Nigeria to collect pertinent data that was then later statistically assessed. People’s pursuit and desire to be self employed has fuelled the extraordinary growth of small and medium enterprise in Nigeria. Small and medium scale enterprises in Nigeria are affected by dearth of finances and management skills such as marketing skills which hinder the efficient performance of these enterprises. We recommend that government and other non-governmental organization should frequently arrange seminars for probable and tangible small and medium enterprise operators on the way and methods to plan, arrange, direct and control their businesses, and those small and medium enterprises operators...