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

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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.

1.0 INTRODUCTION

1.1 The Concept of SME and the Restaurant Business 2

1.2 Statement of the problem 3

1.3 Objectives of the study 4

1.4 Methodology of research 4

1.5 Brief Background of the case study 5

2.0 LITERATURE REVIEW 5

2.1 THEORETICAL FRAMEWORK OF THE STUDY 6

2.2 MAJOR SURVIVAL STRATEGIES FOR RESTAURANT BUSINESS IN ABUJA 7

2.3 OTHER BUSINESS STRATEGIES IDENTIFIED SUITABLE FOR RESTAURANT BUSINESSES 11

2.4 PROBLEMS ASSOCIATED WITH THE GROWTH OF SMES IN NIGERIA 14

3.1 Conclusion and Summary of Findings 16

3.2 Recommendations 17

References 18 -19

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

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