Oguche, Wisdom Enejo (Ph.D)1 Agbo, Patrick Ojabo (Ph.D)2 Ijakwu Friday Enokela3
1Department of Business Administration, Prince Abubakar Audu, University, Anyigba, Kogi State. Email: [email protected]..
2Department of Business Administration, Enugu State University of Science and Technology, Enugu
3Department of Business Administration, Nassarawa State University, Keffi.
Abstract
The study explored how Small and Medium-sized Enterprises (SMEs) in Nigeria can leverage through Blue Ocean Strategy (BOS) to expand their market reach and achieve sustainable growth. Specifically, the study identified the key challenges faced by Nigerian SMEs in competitive markets, examined the principles and frameworks of BOS and their applicability to the Nigerian context, analyzed case studies of Nigerian SMEs that have successfully implemented BOS, and proposed actionable recommendations for SMEs seeking to create uncontestable market spaces. Using a mixed-methods approach for 550 respondents, including surveys, case studies, and regression analysis, the study highlighted the multifaceted challenges SMEs face and the potential of BOS as a strategic framework for market expansion. Key findings revealed significant challenges such as lack of access to finance, regulatory constraints, and infrastructure deficiencies. The study emphasizes the alignment between BOS principles and Nigerian market characteristics, showcasing opportunities for SMEs to leverage innovation, value creation, and market differentiation. The Case studies illustrate diverse BOS strategies, while regression analysis indicates a positive relationship between BOS adoption and Market expansion. We therefore recommends the establishment of SME financing mechanisms and developing tailored training programs to equip SMEs with the necessary skills for effective BOS implementation.
KEYWORDS: Blue Ocean Strategy, SMEs, Market Expansion, Nigeria, Sustainable Growth.