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Role of Innovative Marketing Strategy for Success of Micro, Small, and Medium Enterprises (MSMEs)

In: New Horizons in Management, Leadership and Sustainability

Author

Listed:
  • V. Sathana

    (University of Jaffna)

  • T. Velnampy

    (University of Jaffna)

  • S. Rajumesh

    (University of Jaffna)

Abstract

The study aims to investigate the influence of innovative marketing strategy on the development of MSMEs in Sri Lanka. Primary data collection was adopted to collect data from owners of MSMEs by using questionnaires. A stratified proportionate random sampling method was utilized to select samples. A total of 686 valid questionnaires were collected from respondents. The researcher used exploratory factor analysis to identify the dimensions of factors and structural equation modeling to investigate the strength of the relationship among variables. The results of the study proved that MSMEs enhance their performance through innovative marketing strategy. In particular, the application of the innovative marketing strategy for MSMEs caused an increase in the internal process performance, customer performance and learning, and growth performance and financial performance. This research indicates that owners of MSMEs need to apply the innovative marketing strategy to develop their firms and to upgrade micro firms towards small and medium level.

Suggested Citation

Handle: RePEc:spr:fuobcp:978-3-030-62171-1_4
DOI: 10.1007/978-3-030-62171-1_4
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