SOCIAL MEDIA AS A STRATEGIC TOOL IN THE GROWTH OF SMALL AND MEDIUM SCALE ENTERPRISE IN NIGERIA
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Small and medium enterprises outnumber major corporations by a large margin and will continue to play an essential role in the innovation and competition of economies around the world. It provides a comprehensive collection of research on current technological developments and organizational perspectives on the scale of small and medium enterprises. This is a reference source suitable for professionals, practitioners, and academics interested in the growth and influence of small and medium businesses on the economy.
A business whether small or big, simple or complex, private or public is created to provide competitive prices. Business in Nigeria has been classified as small, medium and large. In both the developed and developing countries, the government is turning to small and medium scale industries as a means of economic development and a veritable means of solving problems. It is also a seedbed of innovations, inventions and employment. Presently in Nigeria, SMEs assist in promoting the growth of the country’s economy, hence all the levels of government at various periods passed policies to encourage the growth and sustenance of SMEs and its implementation. Small scale industry orientation is part of the Nigerian history. Due to emerging global scale on business and the need to use modern technology, the use of E-marketing is important to encourage sales in SMEs. Though there is need to provide adequate basic infrastructural facilities by government and encourage banks and other financial institutions to give out loans to SMEs operators. The operators on their part should invest more in EM tools through the training of skilled labour at periodicals while not ignoring tracking of emails to enhance feedback hence increased customer satisfaction. With all these done, the revenue accrued to the SMEs will be increase and then economy of the country evolves
It also seeks to investigate Small and Medium Enterprises as a veritable tool in Economic Growth and Development. A survey method was used to gather data from 200 SME/Entrepreneurial officers and Managers from five selected local government in Nigeria namely; Ijebu North, Yewa South, Sagamu, Odeda and Ogun Waterside Local government. Data was collected with a structured questionnaire and analyzed with several descriptive statistics to identify the perception of the roles of SMEs in Nigeria. The results of the study therefore reveals that the most common constraints hindering small and medium scale business growth in Nigeria are lack of financial support, poor management, corruption, lack of training and experience, poor infrastructure, insufficient profits, and low demand for product and services. Hence, it therefore recommends that Government should as matter of urgency assist prospective entrepreneurs to have access to finance and necessary information relating to business opportunities, modern technology, raw materials, market, plant and machinery which would enable them to reduce their operating cost and be more efficient to meet the market competitions.
1.2 STATEMENT OF THE PROBLEM
Nowadays different products are being displayed for different people that have the zeal of purchasing it to get it very cheaply, some of the many products that are usually advertised on-line include: Cars, Houses, Clothing materials, Phone gadgets etc. however, SME have not been able to utilize the ample opportunities the social media present to her as a strategic tools of increasing the range of their target market.
1.3 OBJECTIVE OF THE STUDY
The main objective of this study is to enable us to know the main essence or the different roles in which the social media plays as a tool which aids in the growth or increase of the small & medium scale enterprise in Nigeria. For the successful completion of the study, the researcher therefore set the following sub objectives:
- To ascertain the importance of social media on the growth and productivity of SME.
- To evaluate the relationship between social media and the growth of SME.
- To evaluate the role of social media as an advertising tools to SMEs.
- To ascertain the benefits of social media as a strategic tool for growth and profitability.
1.4 RESEARCH QUESTIONS
For the successful completion of the study, the researcher therefore set the following sub objectives:
(i) What are the importance of the social media on the growth and productivity of SME?
(ii) How can we evaluate the relationship between the social media and the growth of SME?
(iii) What are the different means in which we use to evaluate the role of the social media as an advertising tool to the SME?
(iv) In what way can we evaluate the benefits of the social media as a strategic tool for growth and profitability?
1.5 SIGNIFICANCE OF THE STUDY
At the successful completion of the study, the findings will be of much benefit to the entrepreneurs and the intending or prospective entrepreneurs, the study will also be of benefit to management of SME policy formulation and administration, it will also be of benefit to marketers whose primary responsibility is to make sure that the product produce gets to the final consumer. Finally, the study will be of great importance to the academia’s as it will add to the pool of knowledge.
1.6 SCOPE AND LIMITATION OF THE STUDY
The scope of the study is the role of the social media as a strategic tool in the growth of small and medium scale enterprise in Nigeria. However, the study has some constrained and limitations which are:-
1.6.1 Availability of research material:
The research material available to the researcher is insufficient, thereby limiting the study
The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study.
The finance available for the research work does not allow for wider coverage as resources are very limited as the researcher has other academic bills to cover.
1.7 DEFINITION OF TERMS
1.7.1 Social media
Social media are computer-mediated technologies that allow the creating and sharing of information, ideas, career interests and other forms of expression via virtual communities and networks. The variety of stand-alone and built-in social media services currently available introduces challenges of definition. However, there are some common features.
1.7.2 Strategic tools
It is the business strategy used by companies to implement their strategic plans and achieve a sustained competitive advantage.
1.7.3 Small and Medium sized Enterprise
Small and medium sized enterprises (SMEs, also small and medium enterprises) or small and medium-sized businesses (SMBs) are businesses whose personnel numbers fall below certain limits. The abbreviation “SME” is used in the European Union and by international organizations such as the World Bank, the United Nations and the World Trade Organization (WTO). Small enterprises outnumber large companies by a wide margin and also employ many more people. SMEs are also said to be responsible for driving innovation and competition in many economic sectors.
1.8 ORGANIZATION OF THE STUDY
This research work is organized in five chapters, for easy understanding, as follows Chapter one is concern with the introduction, which consist of the (overview, of the study), statement of problem, objectives of the study, research question, significance or the study, research methodology, definition of terms and historical background of the study. Chapter two highlight the theoretical framework on which the study its based, thus the review of related literature. Chapter three deals on the research design and methodology adopted in the study. Chapter four concentrate on the data collection and analysis and presentation of finding. Chapter five gives summary, conclusion, and recommendations made of the study
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