INNOVATIVE STRATEGIES REQUIRED BY SMALL AND MEDIUM SCALE ENTERPRISES FOR EFFECTIVE MANAGEMENT OPERATIONS AND NATIONAL DEVELOPMENT IN ENUGU STATE
Abstract
The study was aimed at determining the innovative strategies required by small and medium scale enterprises for effective management operations and national development in Enugu State, Nigeria. Three research questions guided the study while three null hypotheses were tested at p < 0.05 level of significance. Descriptive survey research design was adopted for the study. The population for the study consisted of the entire 134 registered small and medium scale businesses operators in Enugu
State. The instrument for data collection for the study was a 36 item structured questionnaire titled: Innovative Strategies Required by Small and Medium Scale Business for Effective Management Operations and National Development Questionnaire (ISRSMSBEMONDQ).The reliability of the instrument was ascertained using Cronbach Alpha reliability method. The data collected were analyzed using mean and standard deviation for answering the research questions while t-test was used for testing the null hypotheses. The study found out that core business strategies included making the business mobile and digital in nature, improving the distributional systems of the business among others. The study also identified extension business strategies to include:
rebranding of the business product/services, seeking for new advertising methods for the business product/services among others. Similarly the study found out that setting of outrageous goals to be achieved in business organizations, maintaining a sound product value chains in procurement, design, manufacturing, marketing and distribution, dematerializing of business products, are reinvention strategies required among others. The result of hypotheses showed no significant difference in the mean ratings of the business operators in the three categories of gender, location and experience. The study recommended that small and medium scale businesses in Enugu State should as a matter of urgency reposition the value of their businesses in order to ensure its financial
viability and solvency. SMEs should from time to time rebrand their products/services. They should engage in extensive public relations and make use of different social media for their business activities. They should maintain sound product value chain, procurement, design, manufacturing, marketing and distribution, and at the same time dematerialize their business products among others.
Keywords: Innovation, Strategies, Innovative Strategies, Small and Medium Scale Enterprises, National Development.
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