Marketing in SME is essential because it contributes to the success of the business as in whole. Although some SME’s might not have a marketing department because of the size of the business, but they still need to practice some of the marketing practices and implement them.
There are many journal articles which have been published which are based on marketing in SME’s. Below we have cautiously analysed a few of these journals.
2. REVIEW OF LITERATURE
There is no combined study or complete concept of the interrelation among marketing and SME’s yet. Research findings are still very uneven. However, observed evidence suggests that there exists a relationship between an ...view middle of the document...
The information may be collected from external and internal sources. It is said that most types of sources and types of marketing information by SMEs are mostly informal and it is argued that they need to formalise it. Therefore it is alright to assume that marketing information used to make decisions is greater than the chances that a business will make the right decisions than their rivals.
Marketing has also not been viewed as a key part for business. All of the questioned companies on the other side they had a financial plan. The writers have shown that the over-reliance on financial standards is because SMEs have a short-term effort on survival. Further, marketing standards like competitive advantage or loyalty are hard to measure. Additionally, marketing is said to take too much time related to a possible comeback, and to be out of date by the time it is finalized. So marketing is often perceived as a waste of resources. Moreover, information about marketing matters looks to be fairly low in SMEs, and the exercise is often blamed of puzzling planned issues like sales promotion and advertising with long-term marketing design (Hakansson and Klandt, 2000).
Robinson and Pearce (1984) dispute that small firms often lack the essential time and staff for proper marketing planning, and then only put effort on everyday survival. The frail point with this manner of doing things: since progress often happens without proper or intended marketing strategies during the first few years of enterprise growth, several owner-managers tend...