Abstract
The study investigated Online Marketing and the Performance of Small and medium scale enterprises in Ikeja Local Government Area of Lagos State. Survey research design was employed for the study where 142 respondents (sample size) from the selected total estimated population of 221 SMEs for the study area and were gathered using structured questionnaire. Their responses were tested using appropriate statistical tools of SPSS package using the ANOVA, the correlation, and the regression too. Our study revealed that the Online Marketing affected the performance of SME positively which has allowed youths to be self-employed and created economic growth and regional development. Therefore, the study recommended that solving the performance of SME development can be single handedly done using Online Marketing. Hypothesis one shows correlation (r) value = 66.6% (0.666), at the P value of < 0.05, which shows that the regression model was fit. Hypothesis two shows that R2 of 0.452, and value of P > 0.05, adjusted R2 = 0.446, R2 measures the percentage of variation in the dependent variable caused by variation in the independent variable. This research provides recommendations extracted from findings that, businesses need to develop indigenous technology; new products or processes based on innovations; seek, commercialize or exploit new technology ideas to meet market needs, customer expectations/preferences and consumer demands and identify market opportunities.
Highlights
Businesses are looking to new technologies to meet their unique business requirements and position themselves to take advantage of global changes in business activities
The concept of online marketing is a crucial tool for businesses that are positioned to maximize the opportunities from digitalization, growing online presence and mobile phone usage to boost their competitiveness in terms of market share, sales growth, customer patronage, customer retention, customer brand loyalty and market reach
The results revealed that social media marketing, e-mail marketing and online advertising, significantly affect competitiveness and sales growth, respectively
Summary
Businesses are looking to new technologies to meet their unique business requirements and position themselves to take advantage of global changes in business activities. Businesses, both large and small, need the information to succeed in today’s rapidly changing environment; they need to be able to process data/datum and use information effectively when conducting their day-to-day operations. Social media marketing is the type that uses online communities, social networks, blog marketing and more. It is the latest "buzz" in online marketing. Social networking provides small businesses with multiple opportunities to build closer and more profitable relationships with ultimate customers
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