Effect of Product Marketing Strategies on Performance of Small and Medium Enterprises in Niger State, Nigeria
Abstract
Small and Medium Enterprises (SMEs) play a vital role in Niger State’s economy by creating jobs and reducing poverty. This challenge is largely linked to the poor use of effective product marketing strategies, which are essential for improving business performance and sustainability. This study examines the effect of product marketing strategies on performance of SMEs in in Niger State.The study adopted a survey research design with a population of 10,440 registered SMEs from the six selected Local Government Areas in Niger State, out of which the sample size of 462 was used and purposively sampling technique was used to select the respondents. The study utilized adapted questionnaire to collect data. Partial least square structural equation modeling was employed to analyze the data obtained. The study found that product packaging strategy, product design strategy and product branding strategy both have positive and statistically significant effect on performance of SMEs in Niger State at 5% level of significant. While, product pricing strategy has positive but insignificant effect on performance of SMEs in Niger State at 5% level of significant. The study concludes that effective product packaging, design, and branding strategies significantly enhance SME performance in Niger State, while pricing strategy, though positive, has an insignificant effect. This shows that quality, creativity, and branding drive competitiveness more than pricing alone. The study recommended among others, that SMEs in Niger State should work on improving their current product pricing strategy by adopting a fair and value-driven approach. Prices should genuinely reflect the quality of their products, neither too low to devalue them nor too high to discourage customers.