Emerging Market Innovations and Performance of Small and Medium Scale Enterprises, Lagos State

Abstract

The growing reliance of small and medium enterprises (SMEs) in emerging and developing markets like Nigeria, have warranted the need for private and public stakeholders to pay attention to developing SME performance. In the wake of the uncertainties of the COVID-19 pandemic, there has been increasing innovations to adopt in business and marketing. This study investigate marketing innovation and SME performance in an emerging market based on insights from selected SMEs in Lagos state. The method was based on a survey method through the use of quantitative research approach. The sample size was four hundred (400) respondents chosen using purposive and simple random sampling techniques. The statistical tool for testing hypotheses was Pearson correlation analysis of the relationship between the study variables revealed that there are significant impact of product innovation 89.8%, promotion innovation 73.6% and pricing innovation 90.5% on SME performance. The study concluded that there is significant relationship between marketing innovation and SMEs operations and performance in Lagos State.