Effectiveness of survival strategies on business growth of SMEs in an emerging economy: Evidence from Abuja restaurant business

Abstract

The main interest of this seminar paper is to identify business survival strategies and investigate their effectiveness on business growth with emphasis on small and medium-scale restaurants operating within Abuja metropolis. This paper also aims at illustrating the benefits of applying some of the identified strategies in terms of customer satisfaction, loyalty, and growth in the short and long term that the strategies brings into context when applied correctly. This research made use of qualitative research, a research design that is generally based on a social constructivism perspective which enabled the researcher obtain data through interviews, observation. The research draws its basic fundamental review from secondary data including existing legal frameworks and other related technologies, from textbooks, journals articles and other publications and opinions of experts. For this purpose, a survey was conducted among consumers and restaurant business owners within the Abuja, to identify customer satisfaction perception based on some of the identified strategies. The researcher recommended that SMEs operators should strive to develop their competences in managing and sustaining their businesses by constantly engaging in capacity building, training, research and development..

Keywords: Customer service, Customer satisfaction,Business strategies.

1.0INTRODUCTION

1.1The Concept of SME and the Restaurant Business 2

1.2Statement of the problem 3

1.3Objectives of the study 4

1.4Methodology of research 4

1.5Brief Background of the case study 5

2.0LITERATURE REVIEW 5

2.1THEORETICAL FRAMEWORK OF THE STUDY 6

2.2MAJOR SURVIVAL STRATEGIES FOR RESTAURANT BUSINESS IN ABUJA 7

2.3OTHER BUSINESS STRATEGIES IDENTIFIED SUITABLE FOR RESTAURANT BUSINESSES 11

2.4PROBLEMS ASSOCIATED WITH THE GROWTH OF SMES IN NIGERIA 14

3.1Conclusion and Summary of Findings 16

3.2Recommendations 17

References 18 -19

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APA

Abia-Bassey, W. (2018). Effectiveness of survival strategies on business growth of SMEs in an emerging economy: Evidence from Abuja restaurant business. Afribary. Retrieved from https://afribary.com/works/effectiveness-of-survival-strategies-on-business-growth-of-smes-in-an-emerging-economy-evidence-from-abuja-restaurant-business-7625

MLA 8th

Abia-Bassey, Walter "Effectiveness of survival strategies on business growth of SMEs in an emerging economy: Evidence from Abuja restaurant business" Afribary. Afribary, 29 Jan. 2018, https://afribary.com/works/effectiveness-of-survival-strategies-on-business-growth-of-smes-in-an-emerging-economy-evidence-from-abuja-restaurant-business-7625. Accessed 01 Nov. 2024.

MLA7

Abia-Bassey, Walter . "Effectiveness of survival strategies on business growth of SMEs in an emerging economy: Evidence from Abuja restaurant business". Afribary, Afribary, 29 Jan. 2018. Web. 01 Nov. 2024. < https://afribary.com/works/effectiveness-of-survival-strategies-on-business-growth-of-smes-in-an-emerging-economy-evidence-from-abuja-restaurant-business-7625 >.

Chicago

Abia-Bassey, Walter . "Effectiveness of survival strategies on business growth of SMEs in an emerging economy: Evidence from Abuja restaurant business" Afribary (2018). Accessed November 01, 2024. https://afribary.com/works/effectiveness-of-survival-strategies-on-business-growth-of-smes-in-an-emerging-economy-evidence-from-abuja-restaurant-business-7625

Effectiveness of survival strategies on business growth of SMEs in an emerging economy: Evidence from Abuja restaurant business

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