Empowering Small and Medium Enterprises Performance Through Dynamic Marketing Strategies and Innovations
DOI:
https://doi.org/10.47067/real.v6i2.335Keywords:
SMEs' Performance, Marketing Strategies, Product Innovations, PakistanAbstract
The primary objective of the present study is to investigate the impact of marketing strategies, product innovations, and process innovations on the performance of small and medium-sized enterprises (SMEs). This research aims to provide insights into the effective utilization of all three of these components in order to achieve a competitive advantage. This study aimed to assess the performance of 210 small and medium-sized enterprises (SMEs) by evaluating their sales volume. The participants for this study were selected from the target population as provided by the SMEDA. Descriptive and regression analyses were employed in order to evaluate the effects of innovation. The results of the study indicated that there was a significant impact of both product and process innovations on the performance of small and medium-sized enterprises (SMEs). Furthermore, the research conducted revealed a significant impact of marketing strategies on the overall performance of small and medium-sized enterprises (SMEs). In summary, this study highlights the importance of small and medium-sized enterprises (SMEs) incorporating marketing, product, and process innovations in order to fully realize their capabilities and achieve long-term growth. By utilizing these three factors, small and medium-sized enterprises (SMEs) can strengthen their position in the market and flourish in the ever-changing business environment.
References
Abbas, A., Akram, W., & Khan, I. A. (2022). Nexus between Advertising and Consumer Purchase Decision: Study of Punjab, Pakistan. Journal of Managerial Sciences, 16(3), 17-29.
Abbas, J., Zhang, Q., Hussain, I., Akram, S., Afaq, A., & Shad, M. A. (2020). Sustainable innovation in small medium enterprises: Impact of knowledge management on organizational innovation through a mediation analysis by using SEM approach. Sustainability, 12(6), 2407.
Adam, N. A., & Alarifi, G. (2021). Innovation practices for survival of small and medium enterprises (SMEs) in the COVID-19 times: the role of external support. Journal of Innovation and Entrepreneurship, 10(1), 1-22.
Akram, M. W., Abbas, A., & Khan, I. A. (2022). Effects of Perceived Value, Service Quality and Customer Trust in Home Delivery Service Staff on Customer Satisfaction: Evidence from Pakistan. International Journal of Management Research and Emerging Sciences, 12(4).
Akram, M. W., Khan, I. A., & Abbas, A. (2022). Measuring the Effects of Globalization on Public Purchasing with Mediating Role of Research and Development: Empirical Evidence from Pakistan. Journal of Managerial Sciences, 16(1), 109-130.
Álvarez Jaramillo, J., Zartha Sossa, J. W., & Mendoza, G. L. (2019). Barriers to sustainability for small and medium enterprises in the framework of sustainable development—L iterature review. Business Strategy and the Environment, 28(4), 512-524.
Anggadwita, G., & Mustafid, Q. Y. (2014). Identification of factors influencing the performance of small medium enterprises (SMEs). Procedia-Social and Behavioral Sciences, 115, 415-423.
Astadi, P., Kristina, S., Retno, S., Yahya, P., & Alam, A. (2022). The long path to achieving green economy performance for the micro small medium enterprise. Journal of Innovation and Entrepreneurship, 11(1), 1-19.
Chatterjee, S., & Kar, A. K. (2020). Why do small and medium enterprises use social media marketing and what is the impact: Empirical insights from India. International Journal of Information Management, 53, 102103.
Chen, L., Zhang, P., Li, S., & Turner, S. F. (2022). Growing pains: The effect of generational product innovation on mobile games performance. Strategic Management Journal, 43(4), 792-821.
Chien, F., Kamran, H. W., Nawaz, A., Long, P. D., & Baloch, Z. A. (2022). Assessing the prioritization of barriers toward green innovation: small and medium enterprises Nexus. Environment, Development and Sustainability, 24(2), 1897-1927.
Chou, S.-F., Horng, J.-S., Liu, C.-H., Yu, T.-Y., & Kuo, Y.-T. (2022). Identifying the critical factors for sustainable marketing in the catering: The influence of big data applications, marketing innovation, and technology acceptance model factors. Journal of Hospitality and Tourism Management, 51, 11-21.
Dey, P. K., Malesios, C., De, D., Chowdhury, S., & Abdelaziz, F. B. (2019). Could lean practices and process innovation enhance supply chain sustainability of small and medium?sized enterprises? Business Strategy and the Environment, 28(4), 582-598.
Edwards-Schachter, M. (2018). The nature and variety of innovation. International Journal of Innovation Studies, 2(2), 65-79.
Hamdoun, M., Jabbour, C. J. C., & Othman, H. B. (2018). Knowledge transfer and organizational innovation: Impacts of quality and environmental management. Journal of cleaner production, 193, 759-770.
Hanaysha, J. R., Al-Shaikh, M. E., Joghee, S., & Alzoubi, H. M. (2022). Impact of innovation capabilities on business sustainability in small and medium enterprises. FIIB Business Review, 11(1), 67-78.
Hubner, S., Frese, M., Song, Z., Tripathi, N., Kaschner, T., & Le Kong, X. (2022). An Asia-centric approach to team innovation: Cultural differences in exploration and exploitation behavior. Journal of Business Research, 138, 408-421.
Jeong, S. W., & Chung, J.-E. (2022). Enhancing competitive advantage and financial performance of consumer-goods SMEs in export markets: how do social capital and marketing innovation matter? Asia Pacific Journal of Marketing and Logistics. 22 (2), 684-708.
Jia, H. M., Wang, Y., Tian, Q., & Fan, D. (2022). Marketing innovations and sustainable development for the future ecosystem (pp. 133295): Elsevier.
Kennedy, I. (2022). Sample size determination in test-retest and Cronbach alpha reliability estimates. British Journal of Contemporary Education, 2(1), 17-29.
Khan, R. U., Mehmood, A., Ahmed, M., Mustafa, M. J., & Salamzadeh, Y. (2022). Impact of network structure on sustainable competitive performance among Pakistani small and medium enterprises: Does government financial support matter? Journal of Global Entrepreneurship Research, 1-13.
Kim, N., & Shim, C. (2018). Social capital, knowledge sharing and innovation of small-and medium- sized enterprises in a tourism cluster. International journal of contemporary hospitality management. 18 (1), 222-234.
Lan, W., & Zhangliu, W. (2012). Research on interactive learning, knowledge sharing and collective innovation in SMEs cluster. International Journal of Innovation, Management and Technology, 3(1), 24-29.
Liu, B. (2022). Innovation and digital construction of cultural tourism industry under the background of big data and internet of things. Mobile Information Systems, 2022.
Lou?anová, E., Kalamárová, M., & TREBU?A, P. (2017). Principle of Invention Generating for The Innovation Within the Open Innovation System. Transfer inivácií (34).
Mabenge, B. K., Ngorora-Madzimure, G. P. K., & Makanyeza, C. (2022). Dimensions of innovation and their effects on the performance of small and medium enterprises: The moderating role of firm’s age and size. Journal of Small Business & Entrepreneurship, 34(6), 684-708.
Merzlyakov, V. (2011). Application of Open Innovation Paradigm in Small and Medium Enterprises in Russia.
Morgan, G. A., Leech, N. L., Gloeckner, W., & Barrett, K. C. (2004). SPSS for introductory statistics: Use and interpretation: Psychology Press.
Odriozola-Fernández, I., Berbegal-Mirabent, J., & Merigó-Lindahl, J. M. (2019). Open innovation in small and medium enterprises: a bibliometric analysis. Journal of Organizational Change Management, 32(5), 533-557.
Ouma-Mugabe, J., Chan, K.-Y., & Marais, H. C. (2021). A critical review of policy instruments for promoting innovation in manufacturing small and medium enterprises (SMEs) in South Africa. Entrepreneurship, Technology Commercialisation, and Innovation Policy in Africa, 237-258.
Papadopoulos, T., Baltas, K. N., & Balta, M. E. (2020). The use of digital technologies by small and medium enterprises during COVID-19: Implications for theory and practice. International Journal of Information Management, 55, 102192.
Peters, K., & Buijs, P. (2022). Strategic ambidexterity in green product innovation: Obstacles and implications. Business Strategy and the Environment, 31(1), 173-193.
Rismayani, R., Wahyuningtyas, R., & Disastra, G. (2021). Resource-based framework for assessing cooperative institutional’s global competitiveness as small medium enterprise (SME). Linguistics and Culture Review, 5(S1), 1436-1448.
Sareen, A., & Pandey, S. (2022). Organizational innovation in knowledge intensive business services: The role of networks, culture and resources for innovation. FIIB Business Review, 11(1), 107-118.
Saunila, M. (2020). Innovation capability in SMEs: A systematic review of the literature. Journal of Innovation & Knowledge, 5(4), 260-265.
Scaliza, J. A. A., Jugend, D., Jabbour, C. J. C., Latan, H., Armellini, F., Twigg, D., & Andrade, D. F. (2022). Relationships among organizational culture, open innovation, innovative ecosystems, and performance of firms: Evidence from an emerging economy context. Journal of Business Research, 140, 264-279.
Shehzad, M. U., Zhang, J., Alam, S., Cao, Z., Boamah, F. A., & Ahmad, M. (2022). Knowledge management process as a mediator between collaborative culture and frugal innovation: The moderating role of perceived organizational support. Journal of Business & Industrial Marketing(ahead-of-print).
Su, M., Fang, M., Kim, J., & Park, K.-s. (2022). Sustainable marketing innovation and consumption: Evidence from cold chain food online retail. Journal of cleaner production, 340, 130806.
Tricarico, L., Jones, Z. M., & Daldanise, G. (2022). Platform Spaces: When culture and the arts intersect territorial development and social innovation, a view from the Italian context. Journal of Urban Affairs, 44(4-5), 545-566.
Varadarajan, R., Welden, R. B., Arunachalam, S., Haenlein, M., & Gupta, S. (2022). Digital product innovations for the greater good and digital marketing innovations in communications and channels: Evolution, emerging issues, and future research directions. International Journal of Research in Marketing, 39(2), 482-501.
Verreynne, M.-L., Williams, A. M., Ritchie, B. W., Gronum, S., & Betts, K. S. (2019). Innovation diversity and uncertainty in small and medium sized tourism firms. Tourism Management, 72, 257-269.
Wang, S., & Su, D. (2022). The sustainable product innovation and consumer communication.
Sustainability, 14(14), 8395.
Zhu, Q., Zou, F., & Zhang, P. (2019). The role of innovation for performance improvement through corporate social responsibility practices among small and medium?sized suppliers in China. Corporate Social Responsibility and Environmental Management, 26(2), 341-350.
Zuraik, A., & Kelly, L. (2018). The role of CEO transformational leadership and innovation climate in exploration and exploitation. European Journal of Innovation Management. 22 (02), 173- 193.
