EMPIRICAL ASSESSMENT OF THE EFFECTIVENESS OF MARKETING STRATEGY ON THE MARKET PERFORMANCE OF AGRIBUSINESS IN NORTHEASTERN NIGERIA

Abstract

Marketing strategy is indispensable strategy in bridging the gap between the accelerating complexities of market demand and the capacities and abilities business firms serving the market. Thus, the aim of this study is to determine the effectiveness of marketing strategies adopted by micro, small and medium agribusiness in Nigeria. The study examined the effects of market penetration, market expansion, product expansion and market diversification strategies on the performance of agribusiness in Nigeria. To achieve this, a total number of 385 questionnaire were administered on micro, small and medium agribusiness in Gombe, Taraba and Yobe States of Northeastern Nigeria. Consequently, 268 valid response were keyed into Statistical Package for Social Science (SPSS) to analyze the data. The result showed that market penetration strategy significantly and positively affect the performance agribusinesses. Similarly, market expansion strategy substantially influences the performance of agribusiness in Nigeria. Product expansion strategy adopted by agribusinesses in Nigeria are effective in enhancing performance. However, market diversification was found to be insignificant in influence the performance of agribusiness in Nigeria. Consequently, this study recommended that agribusiness in Nigeria must recognize and develop market diversification strategies that would allow them achieve and sustain flourishing business in this dynamic and competitive operating environment.