Competitive Intelligence and Resilience of Small Medium Enterprises (SMEs) in Developing Economies
The Case Benin City, Nigeria
Abstract
Small and Medium Enterprises SMEs hold the key to economic progress and development in developing economies including Nigeria. This study therefore examined the effect of competitive intelligence on the survival of SMEs in Benin City, Edo State, Nigeria. To achieve these objectives three hypotheses were formulated to establish whether or not there is a relationship existing between the two intervening variable i.e. competitive intelligence and the survival of SMEs in Benin City, Edo State and by extension Nigeria. Survey research design was adopted, while data were obtained from structured questionnaire and analyzed using Pearson’s product-moment coefficient of correlation. From the analysis, the results indicated that there is an existing relationship between the variables. Based on the findings it was concluded that for SMEs to survive and expand its market frontiers in the face of the escalating competition in the business environment, there is the need to take a holistic view of their strategies and offer innovative products that can provide customers with valued and satisfying benefits better than the ones offered by competitors and engaging in superior marketing strategies to enhance performance and productivity. The study recommended among others that SMEs should identify and prune down unwarranted business expenses without necessarily impacting negatively on the operations of the firm.
Keywords: Innovative Products, Performance, Productivity, Satisfying Benefits, SMEs, Survival.
References
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Moneme, C. P., H. N. Nzewi, and I. C. Mgbemena. 2017. Competitive intelligence and product development in selected pharmaceutical firms in Anambra State of Nigeria. International Journal of Scientific and Research Publications 7 (4): 2250–3153.
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Pecotich, A., J. Hattie, and L. P. Low. 1999. Development of industruct: A scale for the measurement of perceptions of industry structure. Marketing Letters 10 (4): 403–416.
Porter, M. E., and C. Strategy. 1980. Techniques for analyzing industries and competitors. Competitive Strategy. New York: Free.
Recia, S. S. 2016. The Impact of Market Orientation and Innovation on SME performance: the case of Kosovo. University of Ljubljana.
Rogers, B. A. 2002. Funding of SMEs: Sourcing of funds and problems limiting access. The official journal of the institute of chartered accountants of Nigeria 35 (1): 15–18.
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Teece, D. J., G. Pisano, and A. Shuen. 1997. Dynamic capabilities and strategic management. Strategic management journal 18 (7): 509–533.
du Toit, A. S. A. 2003. Competitive intelligence in the knowledge economy: what is in it for South African manufacturing enterprises? International journal of information management 23 (2): 111–120.
Uchegbulam, P., S. T. Akinyele, and others. 2015. Competitive strategy and performance of selected SMEs in Nigeria.
Aftab, K., and E. Rahim. 1989. ‘Barriers’ to the growth of informal sector firms: A case study. The Journal of Development Studies 25 (4): 490–507.
Akingbolu, R. 2014. Why 70\% of SMEs in Nigeria fail expert. Retrieved on 23 (02): 2019.
Albesu, I., R. Felicia, D. Paker, and T. Sammy. 2008. Business competitive intelligence the ultimate use of information technologies in strategic management. Bucharist Academy of Economic Journal 43 (5): 1–16.
Badr, A., E. Madden, and S. Wright. 2006. The contribution of CI to the strategic decision making process: Empirical study of the European pharmaceutical industry.
Bernhardt, D. 2003. Competitive intelligence: how to acquire and use corporate intelligence and counter-intelligence. Financial Times/Prentice Hall.
Charity, A. E., and I. U. Joseph. 2013. Manage competitive intelligence for strategic advantage. European Journal of Business and Management 5 (3): 1–9.
Devens, R. M. 1868. Cyclopaedia of Commercial and Business Anecdotes: Comprising Interesting Reminiscences and Facts, Remarkable Traits and Humors... of Merchants, Traders, Bankers... Etc. in All Ages and Countries... D. Appleton.
Dishman, P., C. S. Fleisher, and V. Knip. 2003. Chronological and categorized bibliography of key competitive intelligence scholarship: Part 1 (1997-present). Journal of competitive intelligence and management 1 (1): 13–81.
Fleisher, C. S. 2008. Using open source data in developing competitive and marketing intelligence. European journal of marketing.
Fleisher, C. S., and B. E. Bensoussan. 2003. Strategic and competitive analysis: methods and techniques for analyzing business competition. Prentice Hall Upper Saddle River, NJ.
Fleisher, C. S., and B. E. Bensoussan. 2015. Business and competitive analysis: effective application of new and classic methods. FT press.
Fleisher, Craig S, S. Wright, and R. Tindale. 2007. Journal of Competitive Intelligence and Management. Journal of Competitive Intelligence and Management 4 (1): 32–92.
Fleisher, C, S. Wright, and R. Tindale. 2007. Bibliography and assessment of key competitive intelligence scholarship: part 4 (2003-2006). Journal of Competitive Intelligence and management 4 (1): 34–107.
Gaspareniene, L., R. Remeikiene, and V. Gaidelys. 2013. The opportunities of the use of competitive intelligence in business: literature review. Journal of Small Business and Entrepreneurship Development 1 (2): 9–16.
Gupta, C. B., and S. S. Khanka. 2003. Entrepreneurship and small business management. Sultan Chand \& Sons, New Delhi,: 20.
Igbaekemen, G. O. 2014. Marketing intelligence as a strategic tool for competitive edge. British Journal of Marketing Studies 2 (5): 17–34.
Investopedia. 2015. Ten Best Competitive Intelligence Tools. http://www.investopedia.com/ask/041315/.
Kazungu, I., B. O. Ndiege, A. Mchopa, and J. Moshi. 2014. Improving livelihoods through micro and small agribusiness enterprises: Analysis of contributions, prospects and challenges of nursery gardens in Arusha Tanzania.
Khalifat, S., and F. Gmira. 2017. Competitive intelligence in SMEs: turning risks into value. International Journal of Innovation and Applied Studies 19 (3): 519.
Koseoglu, M. A., K. Karayormuk, J. A. Parnell, and M. L. Menefee. 2011. Competitive intelligence: evidence from Turkish SMEs. International Journal of Entrepreneurship and Small Business 13 (3): 333–349.
MAMMAN, J. 2020. Competitor Orientation and Innovation Among Small and Medium Enterprises (SMEs) in Yobe State, Nigeria.
Marko, K. 2009. Creating and Sustaining Successful Business ecosystems. Helsinki School of Economics (HSE).
Mirkhan, K., M. Abdullah, and S. Alsamarai. 2017. The role of competitive intelligence types in marketing of banking services. International Journal of Business and Social Science 8 (10): 98–118.
Moneme, C. P., H. N. Nzewi, and I. C. Mgbemena. 2017. Competitive intelligence and product development in selected pharmaceutical firms in Anambra State of Nigeria. International Journal of Scientific and Research Publications 7 (4): 2250–3153.
Muritala, A.S. and Ajetunmobi, O. A. 2019. Competitive Intelligence and Sustainable Competitive Advantage of Selected Insurance Companies in Nigeria. International Journal of Advanced Research in Statistics, Management and Finance 7(1): 214–224.
Nenzhelele, T. E. 2014. Effect of competitive Intelligence in small and medium-sized enterprises. International Journal of Business and Social Science 16 (8): 28–34.
Nte, N. D. and Nmom, C. 2013. Strengthening the Capacity of SMEs for Global Competitiveness in The Development Discourse: Growth and Economic Efficiency in India, Bangalore, Fess.
Nte, N. D., K. N. Omede, B. K. Enokie, and O. Bienose. 2020. Competitive Intelligence and Competitive Advantage in Pharmaceutical Firms in Developing Economies: A Review of Lagos State, Nigeria. Journal of Management, economics, and Industrial Organization 4 (1): 76–99.
Oladimeji, M. S., B. U. Eze, and K. A. Akanni. 2017. Effect of competitive intelligence on competitive advantage o micro small and medium enterprises in Nigeria. Lapai International Journal of Management and Social Sciences 9 (2): 179–193.
Pecotich, A., J. Hattie, and L. P. Low. 1999. Development of industruct: A scale for the measurement of perceptions of industry structure. Marketing Letters 10 (4): 403–416.
Porter, M. E., and C. Strategy. 1980. Techniques for analyzing industries and competitors. Competitive Strategy. New York: Free.
Recia, S. S. 2016. The Impact of Market Orientation and Innovation on SME performance: the case of Kosovo. University of Ljubljana.
Rogers, B. A. 2002. Funding of SMEs: Sourcing of funds and problems limiting access. The official journal of the institute of chartered accountants of Nigeria 35 (1): 15–18.
Small Business Administation. 2012. Small and Medium Sized Enterprises in America: Issues and Policies. http://www.sba.org.
Small Scale Industries Association of Nigeria. 2008. Small Scale Industries of Nigeria: An Overview of ICT trends and Policy in Nigeria. http://www.ssin.org.ng.
Teece, D. J., G. Pisano, and A. Shuen. 1997. Dynamic capabilities and strategic management. Strategic management journal 18 (7): 509–533.
du Toit, A. S. A. 2003. Competitive intelligence in the knowledge economy: what is in it for South African manufacturing enterprises? International journal of information management 23 (2): 111–120.
Uchegbulam, P., S. T. Akinyele, and others. 2015. Competitive strategy and performance of selected SMEs in Nigeria.
Published
2021-10-01
How to Cite
NTE, Ngboawaji Daniel; OMEDE, Nduka Kenneth.
Competitive Intelligence and Resilience of Small Medium Enterprises (SMEs) in Developing Economies.
Jurnal Ekonomi Akuntansi dan Manajemen, [S.l.], v. 20, n. 2, p. 112-133, oct. 2021.
ISSN 2459-9816.
Available at: <https://jurnal.unej.ac.id/index.php/JEAM/article/view/26653>. Date accessed: 25 apr. 2024.
doi: https://doi.org/10.19184/jeam.v20i2.26653.
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