ADAPTATION STRATEGIES OF MARKETING SYSTEMS IN DEVELOPING ECONOMIES: A STUDY OF THE PERFORMANCE OF SMALL AND MEDIUM ENTERPRISES (SMES) IN EDO STATE

Abstract

This study investigates the effectiveness of adaptation strategies on the performance of small and medium-sized enterprises (SMEs) operating in developing economies, focusing on a sample of SMEs in Edo State, Nigeria. To guarantee varied industry representation, a quantitative research approach through questionnaire administration was used to collect data from about 250 SMEs chosen through stratified random selection. Digital marketing, community-based marketing and engagement, and local partnerships are some of the key adaptation strategies that were examined. Multiple regression analysis was used to assess how each strategy affected the performance of SMEs. The findings show that the most important predictor of SME performance is digital marketing, which is closely followed by local partnerships and community-based marketing. Financial restrictions have a smaller but still substantial impact. These findings imply that, in spite of their limited resources, SMEs may improve their success by concentrating on flexible, locally relevant marketing techniques. Practical recommendations emphasize the importance of digital tools and community collaboration should be adopted by SMEs as strategies in order to improve their performance. Also, policymakers are encouraged to support SME efforts to overcome financial barriers. This study contributes to the literature by identifying specific strategies that significantly influence SME success in economically challenging environments and provides actionable insights for SME managers and policymakers