Developing a Holistic Marketing Approach for Micro, Small and Medium Enterprises (MSME) In Nigeria

Abstract

The micro, small and medium enterprises (MSMEs) sector has immense potential for developing domestic linkages for rapid sustainable industrial development to achieve import substitution and poverty reduction. It contributes 20-25% to the GDP in most
developing countries. Thus, a healthy and vibrant MSMEs sector will revamp Nigeria’s ailing economy. But in Nigeria, MSMEs face challenges that overwhelm 3 out of 4 of them every year, making 9 out of 10 persons, wishing to go into business in Nigeria not to eventually start. Part of the problems of the MSMEs is lack of the materials and
fund for developing marketing approaches, which have become imperative in the country witnessing diminishing sellers’ markets and growing competitive markets in the globalising economy. Relying on market survey in Enugu for the nature and prices of competing products, prices of equipment and raw materials, and private sector wages, as well as available literature and experiences, this study developed a holistic marketing approach for a soap detergent powder product of MSME in Nigeria, which it recommended for application by entrepreneurs and for replication by researchers to help in stimulating the desired growth and development of the MSMEs sector in the developing Nigerian economy.