EFFECT OF MARKET PENETRATION AND PRODUCT DEVELOPMENT ON PERFORMANCE OF MEDIUM ENTERPRISES IN NORTH CENTRAL NIGERIA
Keywords:
Market Penetration, Performance, Product Development, Medium Enterprises, NigeriaAbstract
This study examined the effect of market penetration and product development on performance of Medium Enterprises in North Central, Nigeria. Primary data from a sample of three hundred and eighty four (384) respondents from the selected medium enterprises who are manager or owners were utilized for the study. The data collected were analyzed using multiple linear regression analysis. The study hypotheses were tested using the probability value of the regression estimates. The result of the study shows that Market Penetration (MKTP) has a positive effect on the performance of Medium Enterprises (PFOM) in North Central, Nigeria and the effect is statistically significant (p<0.05) and in line with a priori expectation. Product development (PDVM) has a negative effect on the performance of Medium Enterprises (PFOM) in North Central, Nigeria and the effect is statistically significant (p<0.05) but not in line with a priori expectation. It was concluded that when well thought out and executed properly, market penetration has been shown to bring about a positive and significant effect on the performance of medium enterprises in North Central Nigeria. It was recommended among others that product development should be carried out with the customer in mind as wrongly developed product without sound market research to know the most important products that consumer need will have a negative effect on the performance of medium enterprises in North Central, Nigeria.
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