Strategic Improvisation and Brand Image of Selected Small and Medium-Scale Enterprises in Lagos State, Nigeria
Journal Title: Journal of Economics, Finance and Management Studies - Year 2024, Vol 7, Issue 03
Abstract
SMEs in Nigeria have shown immense potential for driving economic growth and employment. However, they often grapple with several challenges that undermine their performance and long-term sustainability. These issues range from operational ineffectiveness and a lack of growth capacity to poor coordination among different aspects of the business. Additionally, many Nigerian SMEs seem resistant to adopting innovative practices that could ensure their sustainability. The foregoing, underscores the need for strategic improvisation. This study examined the relationship between strategic improvisation and brand image of selected small and medium-scale enterprises in Lagos State, Nigeria. The study adopted a survey research design. The population study comprised the Small and Medium Enterprises (SMEs) that are registered and operational in Lagos State and identified as members of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). The total population of the study was estimated at 42,067, which represents the overall count of registered SMEs affiliated with Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). A sample size of 510 participants was obtained using Cochran’s sample size formula (1977). The study utilized multiple regression analysis to explore how all measures of strategic improvisation collectively predicted brand image. Findings revealed that strategic improvisation has a significant effect on brand image (brand image (R = 0.536, AdjR² = 0.279, p = 0.000 < 0.05). The study concludes that strategic improvisation has a significant effect in enhancing SME brand image of selected small and medium-scale enterprises in Lagos State, Nigeria. Consequently, the recommends that SMEs should foster a work environment that encourages creativity, experimentation, and risk-taking. This can be achieved by encouraging employees to think outside the box, generate new ideas, and propose innovative solutions to business challenges.
Authors and Affiliations
Olowe, A. E. , Akpa, V. O. , Makinde, O. G. , Nwankwere, I. A. ,
Keywords
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- EP ID EP733023
- DOI 10.47191/jefms/v7-i3-24
- Views 60
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