Innovativeness Technology in Marketing: An Antecedent for Small and Medium Enterprises (SMEs) Growth in Benin City, Nigeria

Abstract

Despite its significant contribution to the economy, SMEs often encounter numerous challenges that lead to their eventual collapse or unviability. One of the most frequent problems small and medium-sized businesses encounter is outdated technology leading to subpar marketing strategies. It has been noted that among the weaknesses for small and medium firms globally are the absences of an efficient marketing plan, the use of contemporary technology, resources, and tactics. This study was carried out to determine the effect of innovative technology on the growth of SMEs. Specifically, the study investigated the relationship between innovative technology on products, pricing, promotion, distribution strategies and customer relationship on sustainability of SMEs efficiency of small businesses. 210 small and medium enterprises from the furniture business were designated as a sample for the research. 192 usable questionnaires were analysed. Multiple regressions were employed as tools of analysis in determining the link between the innovative marketing strategies and firm efficiency. Outcomes indicated that innovative technology marketing strategies (products, pricing, promotion, distribution and customer relationship) positively impact on small medium enterprises growth. The paper concluded that based on the positive effect of innovative marketing technology on the growth of small firms, SMEs should strive toward adopting innovative technology in their lines of business operations and study has shown that it contributes to business growth