Research Article
A Study on Electronic Marketing and Customer Loyalty of Small and Medium Enterprises in Rwenzori Region
Issue:
Volume 10, Issue 3, June 2024
Pages:
45-52
Received:
27 May 2024
Accepted:
13 June 2024
Published:
30 August 2024
Abstract: Small and medium enterprises (SMEs) have continued to face customer retention challenge which has been escalated by the changing customer product information needs. This study was conducted to examine the relationship between electronic marketing and customer loyalty among service firms in Rwenzori region. The study took a cross-sectional design which was quantitative in nature. Out of 170 small and medium enterprises operating in Kabarole, and Kyenjojo districts a sample of 118 was determined in accordance with Krejcie & Morgan sample determination table. Data was collected using questionnaires which were self-administered physically by the researchers. Necessary instrument validity and reliability checks were conducted and later subjected data to parametric assumptions’ test which informed the choice of data analysis methods. 110 out of 118 questionnaires distributed were returned but only 78 were error free constituting a 71 percent response rate. Study findings indicate that electronic marketing has a positive and significant relationship with Customer loyalty among service firms in these two districts in Rwenzori region (r = .480, p<.01; r = .616, p< .01; and r = .539, p< .01). This finding implies that the more firms accept, use and adopt latest communication technologies, the more the repurchase effects on the side of their customers. Since customer behaviour differ across industries and in different buying context, future studies should look at antecedents and consequences of customer loyalty in none service setting.
Abstract: Small and medium enterprises (SMEs) have continued to face customer retention challenge which has been escalated by the changing customer product information needs. This study was conducted to examine the relationship between electronic marketing and customer loyalty among service firms in Rwenzori region. The study took a cross-sectional design wh...
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Review Article
Financial Management and Its Barriers on Smes in Selected Developing Countries: A Systematic Literature Review Approach
Aklilu Assefa Adato*
,
Henry Onsare
Issue:
Volume 10, Issue 3, June 2024
Pages:
53-63
Received:
4 July 2024
Accepted:
4 September 2024
Published:
23 September 2024
DOI:
10.11648/j.ijfbr.20241003.12
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Abstract: Small and medium enterprises (SMEs) are an important strategic sector and major economic driver for many countries in the world, particularly low-income countries, including Ethiopia. However, this sector has been facing various challenges to achieving performance growth and sustainability of which the financial management system is an indicative constraint. Thus, this write-up attempts to determine the existing financial management practices and their associated barriers that affect the soundness of the financial management practices of SMEs in developing countries. The specific objectives this review tries to achieve were to review and know the extent of financial management practice soundness among SMEs in selected developing countries; synthesize the major barriers that affect the soundness of financial management practice among SMEs in developing countries; gain insight into the gaps of the study for future research direction and develop a conceptual framework. A descriptive research design with a qualitative approach employed; secondary sources of data used and collected from published research articles from 2020 to 2024. Eleven (11) articles, two (2) MA theses, and one (1) PhD thesis selected purposefully. A meta-analysis approach adopted to investigate the patterns of empirical study findings. Besides, the literature review result showed that the financial management systems adopted by SMEs in selected developing countries were poor. In addition, reviewed literature indicates the major barriers that affect the soundness of the financial management of SMEs in selected developing countries were lack of adequate financial literacy for both managers and owners. Besides, the study found that the major gaps in the empirical study were the geographical scope gap and the methodology gap. In addition, the majority of studies conducted on the financial management of SMEs in selected developing countries did not include all financial management components. Based on the above-mentioned findings, this review concluded and recommended that the majority of SMEs operating in selected developing countries, including Ethiopia, should manage their finances in a poor manner due to the inadequacy of financial literacy skills for owners and managers. Therefore, financial skills shall be improved through conferences, workshops, and training programs. Moreover, the basic financial subjects need to be included in the lower-level education curriculum by the African countries’ ministries of education. Further, the study revealed that most of the gaps in the empirical study were geographical scope and methodology, which dropped the most important financial management proxy variables, so the forthcoming researchers could do better to study these predetermined gaps in developing countries, particularly in the Ethiopian context.
Abstract: Small and medium enterprises (SMEs) are an important strategic sector and major economic driver for many countries in the world, particularly low-income countries, including Ethiopia. However, this sector has been facing various challenges to achieving performance growth and sustainability of which the financial management system is an indicative c...
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