THE RELATIONSHIPS BETWEEN SMALL AND MEDIUM SCALE ENTERPRISE CHARACTERISTICS AND SALES VOLUME OF SELECTED SMALL AND MEDIUM SCALE ENTERPRISES IN OGUN STATE, NIGERIA
Keywords:
Medium Scale Enterprise Characteristics, Marketing Innovation, Product Innovation, Process Innovation, Sales Volume, Small Scale Enterprise Characteristics.Abstract
The study examined the relationships between small and medium scale enterprise characteristics (for example, process innovation, product innovation and marketing innovation) and sales volume of selected small and medium scale enterprises (SMEs) in Ogun State, Nigeria. Three null hypotheses were formed and a quantitative correlational survey research design were adopted to achieve the purpose of the study. A simple random sampling method was employed to select 228 respondents for the study. The instrument for data collection comprised of a well-structured questionnaire. Linear regression was used to analyze hypotheses at a 0.05 level of significance. The findings revealed that there was a significant relationship between product innovation (r2=0.915, t=214.643, p<0.05), process innovation (r2=0.924, t=226.145, p<0.05) and marketing innovation (r2=0.910, t=241.400, p<0.05) and sales volume of selected SMEs in Ogun State. The authors concluded that product, process and marketing innovation significantly predicted the sales volume of selected SMEs in Ogun State. The authors further recommended, among others, that product, process and marketing innovation should be encouraged among SMEs in order to foster their sales volume and performance at all time.
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