Small and medium-size organisations have been explained as the backbone of diverse business activities being undertaken in various nations across the international market. Some changes have been experienced by company managers with the introduction of technology, and they have affected the marketing strategies applied in the current market. The study aims at explaining the relevance of marketing for the small and medium-size companies. However, there is a need to comprehend the role of the offuces in the market to understand the relevance of marketing. Impact on the organisations will be discussed which will also require an explanation of various marketing tools and strategies that should be used in the marketing processes. The study is essential in developing an analysis that will also be used by the other scholars to improve their research studies. The merits and demerits of marketing will influence the performance of an organisation. Therefore, despite the notion that there might be some demerits, the marketing strategy should be adopted by the small and medium-sized company managers.
Introduction
Marketing is a strategy applied by company managers to ensure that customer niche has been identified within an area where possible solutions can be implemented to obtain a competitive advantage in the industry. Over the years, there have been issues related to the marketing strategies, and they include the change of policies after the introduction of technology and its application in the global market. The small and medium-size companies are recognised as the primary players in improving the world trade as well as the national economies. Most of the marketing concepts in small and medium-sized organisations help in providing employment opportunities to individuals in the surrounding communities. (Armstrong et al. 56). Some entrepreneurial activities are required to facilitate the identification of innovative techniques and new opportunities in the market which also assist in guaranteeing that customer satisfaction has been attained successfully. Some of the activities include marketing, and its strategies are effective in creating awareness on the various products and services provided by the company (Moorman 26). Despite the notion that marketing is a relevant strategy in small and medium-size organisations, some adaptations should be made by the managers and heads of departments to ensure that the policies create a positive impact on the industrial performance (Mata and Quesada 67). Over the years, scholars have explained that the marketing concepts existing in the international market were developed for large organisations which might not be suitable for medium and small companies (Järvinen et al. 477). The study aims at explaining various concepts of marketing, and how they are relevant for small and medium-size companies (Moorman 26).
Research Questions
What is the role of the small and medium-size companies in the current times?
What is the relevance of marketing for small and medium-size firms in the present times?
What is the impact of marketing on small and medium-sized companies?
What are some of the marketing tools that can be applied to improve the marketing strategies for small and medium-sized businesses?
Research Design and Methodology
The research study will be conducted with the aim of ensuring that there is an enhancement of knowledge based on the marketing tools and strategies that should be practiced by the small and medium-size companies in the current times.
Sources Information and Organisation
Information used in the study will be obtained from primary and secondary sources. Interviews will be carried out among managers starting their business around the town based on the relevance of marketing on the different activities being undertaken. The data collected will be analysed through tables and charts. There will be an analysis of various concepts and theories developed by scholars related to the topic which will also be used in forming the conclusion. The sources will be obtained from diverse years to make sure that information has been compared and are reliable (Moorman 26).
Focus of the Analysis
The study is based on diverse objectives which are aimed at explaining concepts of marketing and its significance in small and medium-size companies. The role of the small and medium-size companies is one of the objectives, and the study will discuss the primary goals and aims of small and medium size companies, as well as the roles that they play in the society. The idea is essential as it is connected with the relevant marketing strategies that can be implemented to increase the role of the companies in the international market. The second objective is the relevance of marketing for small and medium-size firms which is the basis of the research. Marketing strategies can be effectively carried out with incorporation of diverse tools. Therefore, the study will also elaborate on the marketing tools which include the improving feedback mechanism, Internet as a promotional tool, the cluster approach, generating new ideas, concerting sales after following up leads, and use of mobile applications that can be applied to improve the marketing strategies for small and medium-sized companies. The marketing strategies can also create positive and negative impacts on organisation’s performance, and the concept will be discussed in the study as the impact of marketing on small and medium-sized companies.
Literature Review
Marketing is a concept that helps in informing clients about the products and services offered in an organisation. Al-Alak has developed theories and concepts related to marketing and its significance in the society which have been adopted by company managers in small and medium-sized organisations (347). The study aims at explaining different theories and perceptions of scholars over the years which are related to the relevance of marketing for small and medium-sized companies across the globe. Some concepts have assisted in improving activities undertaken by company managers in small and medium-sized organisations, and they include the marketing strategies that have incorporated technology and its applications (Al-Alak 347). The notion of introducing the marketing concept is considered as expensive by the company managers since the business is small. However, the practices involved in marketing increases the level at which the organisation is known in the target market (Järvinen et al. 477). The literature review will entail the role and the relevance of marketing for small and medium-size businesses. It will also highlight diverse aspects of marketing including the impact to small and medium-size enterprises as well as the tools that can be applied by company managers to improve the strategies now.
Role of the Small and Medium Size Companies in the Current Times
The small and medium-size companies play a significant role in the economic growth and stability of nations across the globe. They also provide job opportunities which assist in reducing crime among the youths in the society. According to research, it has been ascertained that the small and medium-sized enterprises create job opportunities up to sixty percent (Babin and Zikmund 7). Mata and Quesdada has developed studies on ventures expanded by the small and medium-size businesses as well as the role of marketing in improving the business operations. Some scholarly materials have also been used to elaborate the industry thinking towards the marketing strategies and tools that can be used to increase productivity and attain a competitive advantage in the international market (Mata and Quesdada 58).
The small and medium companies have some specific weaknesses and strengths that can be improved by implementing policies in the departments in the industry. There are issues related to globalisation and technologies that have also been highlighted by scholars that affect the significance of economies negatively, but they also enhance the potential of small and medium organisations to contribute to the nation (Resnick et al. 150). Arguments developed by Churchill and Fiona are diverse, and there are some of the traditional challenges facing the small and medium organisations that have been highlighted (22). Some of the difficulties illustrated include constrained capabilities by the managerial, difficulty in technology exploitation as well as lack of financing, technology-driven environment, low productivity, and regulatory burdens create an immense impact on the success of the business (Churchill and Iacobucci 97). Researchers explain that the problems encountered by small and medium organisations should be discussed by government administrators to support the small businesses for the benefit of the nation (Chaffey and Chadwick 36).
The European Union (EU) considers the small and medium companies as essential in shaping the economy, enterprise policy, social integration, job creation, and innovation in the nation (Franco et al. 265). However, there are some issues related to marketing that have been identified by the EU which should be improved, and they entail some strategies and tools applied by the managers. The growth of various nations in the international market depends on the business activities that take place which should be improved by increasing the number of clients to the business environment (Franco et al. 265). Therefore, there is a need for the company managers and the heads of departments to develop stern measures that will help employers undertake different operations and increase the number of customers who are served by the company. The process of improving employee performance can be successful by applying the best marketing tools and applications (Churchill and Iacobucci 98).
According to statistics, there is a rise in the need for a relevant, reliable, and international marketing strategy applied by small and medium companies which are aimed at helping the managers utilize improved mechanisms to challenge their competitors in the industry (Wilson et al. 23). The management skills, as well as the marketing strategies, create an immense impact on various activities undertaken by companies across the globe. Therefore, the small and medium enterprises are important in the current market and play a significant role in the society. The process will assist in improving the trade activities and the economic stability of diverse nations which will also create a positive impact on the lifestyles of individuals in the society (Moorman 56).
Relevance of Marketing for Small and Medium Size Companies in the Present Times
Marketing is the basis of any business success, and it depends on the strategies and tools that have been implemented by the company managers. There are diverse mechanisms that have been ascertained to assist in improving the marketing activities which can also be applied by the small and medium companies (Sheth and Rajendra 89). The business managers employing marketing strategies have more objectives than just branding awareness of various products and services offered by the business. The objectives also include engaging clients, growing and expanding the business as well as increasing sales.
There are diverse reasons why the small and medium size company managers should apply marketing strategies. Some of the reasons entail the notion that it informs the clients on various products and services being offered by the organisation. Customer education is carried out through marketing, and it is essential when the organisation is still young or when new products are being introduced (Karimi and Hengameh 86). However, there are some instances where large companies have carried out marketing in the target market to increase its competitive advantage over its competitors, and the process has affected the small and medium size organisation performance (Peter et al. 76).
The marketing concept is less expensive compared to previous years where the Internet and technology applications had not been introduced. The aspect has led to marketing strategies making diverse organisations in the international market equal regardless of their size and expansion rate in the international market (Resnick et al. 155). Professional marketing helps the small and medium companies in competing with organisations that have been in existence in the market. The smaller the business, the more intense the marketing strategies should be for all organisations (Franco et al. 265). Therefore, the company managers should encourage the marketing team to concentrate on convincing individual clients on the quality of products and services offered by the organisation by applying various tools and platforms that are available. Research illustrates the notion that consumers in the modern times have more value on experience over pricing, and having an individual interaction with customers could help in convincing them towards getting their products and services from the new business (Churchill and Iacobucci 98).
An organisation’s presence in the market issustained by marketing which should be carried out by the company managers despite the costs that might be incurred. In some instances, organisation managers have failed to carry out marketing based on the notion that it is expensive and might not benefit the organisation (Karimi and Hengameh 86). However, researchers expalain that marketing increases the chances of clients obtaining goods and services in the business environment which assists in the growth and development procedures (Järvinen et al. 478).
Marketing is also essential as it helps in engaging clients, especially when carried out by the small and medium-size businesses. Technology has been significant in improving communication between clients and the entrepreneurs when carrying out the marketing process (Sheth and Rajendra 98). Questions about the brand and quality of products can be asked by clients out of the office hours, and the Internet will aid in making the communication process successful (Franco et al. 265).
The marketing strategies and tools are also used in selling products and services offered by the small and medium-size companies. New and attractive content needs to be created by the company managers and clients invited to check in at the business stores, as they can get to purchase them at affordable prices (Churchill and Iacobucci 90). The products should be provided with after-sales services which will motivate clients to get more products when required. The process of encouraging clients to introduce their friends to the business at a discount helps in marketing the business products which should also be adopted by the company managers (Al-Alak 349).
The growth and development of the small and medium businesses are also dependent on the marketing techniques applied, as the techniques helps in increasing the number of customers and profits experienced in the business environment (Järvinen et al. 479). The existing clients for a business should be given the priority so that they can help in getting reliable information on where there is a need for improvement. However, researchers have ascertained that marketing also helps in guaranteeing an increased number of clients and the process creates an immense impact on the growth of the company (Karimi and Hengameh 86). Advertising the products and services of an organisation increases the chances of making more sales.
A company needs to attain reputation in the market segment for it to increase its sales and obtain a competitive advantage over other organisations under the same industry. The process can be accomplished by marketing the products and services undertaken in the business environment which will also assist in increasing the expectations that have been set in the public domain (Mata 78). Some tools of marketing that can be applied in attaining the company’s reputation include developing community programs that individuals can actively participate in (Resnick et al. 155).
Impact of Marketing on Small and Medium Size Companies
Business innovation, growth, and increase of sales are attained by implementing proper measures of marketing on small and medium-size companies. There are some positive and negative impacts of marketing that are encountered by the company managers, especially when the business is small (Babin and Zikmund 78). The disadvantages include the notion that some costs will have to be incurred for the process to be successful, and the amounts may not be acquired by all enterprises. Some strategies of marketing will also require increasing the number of personnel in the organisation which can also restrict the company operations as it may not have adequate resources to maintain the employees being introduced (Churchill and Iacobucci 67). Therefore, a cost-benefit analysis should be undertaken by the company managers to ensure that the profits encountered after introducing the marketing strategies are more than the losses, based on the fact that the losses can create adverse impacts on the organisation performance and growth (Al-Alak 350).
The advantages of marketing in the business environment include increased opportunities which have a positive impact on the sales obtained from the company operations. The marketing activities also assist in improving the sales coverage, as customers can gain interest to visit the company and understand more about the products that might be attractive to them (Chaffey and Chadwick 96). The marketing strategy has been applied to meet clients who are located far from where the business enterprise has been established (Karimi and Hengameh 86). Development of brand identities is the other impact of marketing, and this comprises one of the aims of the small and medium size company managers as they introduce the activities in the business environment. Therefore, the marketing processes have more positive impacts on company performance, and it should be adopted by the small and medium company managers across the globe (Resnick et al. 155).
Tools to Improve the Marketing Strategies for Small and Medium Size Businesses
Diverse techniques and tools have been developed by Wilson et al. which are intended for improving the marketing protocols and activities for small and medium-size companies in the international market (Wilson et al. 100). The tools include the improving feedback mechanism, Internet as a promotional tool, reaching the organisational prospects, the cluster approach, generating new ideas, concerting sales after following up leads, and use of mobile applications as a service tool among other mechanisms that are related to marketing (Armstrong et al. 98).
The improving feedback mechanism is a function that is dependent on marketing, and it improves the relationship between the clients and the company employees and managers (Resnick et al. 155). The heads of departments and company managers should ensure that they have developed a clear understanding of the customer’s requirements within the target market (Mata Quesada 56). The process will assist in guaranteeing that the primary aims of the organisation have been restructured to meet the ever-changing requirements of clients and also improving efforts applied in the business environment to attain the company objectives (Chaffey and Fiona 27).
The promotional tools in marketing can also be applied which include the Internet that can be used by the small and medium size company managers to improve the marketing process as it is essential in improving the business operations (Moorman 98). Researchers explain that the Internet and technology have played a major role in promoting diverse services and products of industries, as there are websites developed and customers can get information about the operations being undertaken and how they can access the services that are required (Al-Alak 347). Despite the notion that the strategy is effective in improving the marketing process in an organisation, researchers illustrate that there are costs that are also incurred which can be expensive for small and medium-size companies (Peter et al. 6). Therefore, there is a need for company managers and heads of departments to develop strategies and Internet applications that will be less costly for the small and medium companies. In most instances, there are cases where individuals have no access to the Internet, and other tools should also be taken into consideration to meet the customers’ requirements (Järvinen et al. 480).
The small and medium-size organization managers should also consider the tool of reaching their best-qualified prospects. The marketing tool entails taking various contacts from prospect institutions, where the address and business information can frequently be sent to attract clients from the company as well as their customers (Churchill and Iacobucci 111). Researchers illustrate the fact that the information will only be sent to companies under a different industry so that the competition rate can be reduced and clients can concentrate on understanding what the business offers as their primary products and services (Sheth and Rajendra 49).
The cluster approach should be adopted by the small and medium businesses to increase its competitive advantage in the target market. There should be a mutual understanding between the company managers and employees in the organisation which will facilitate the effectiveness of the strategy in enhancing marketing (Resnick et al. 155). The complementary products are involved in the process, rather than the competitive products as it helps in guaranteeing that the small and medium-size companies have higher bargaining power. The approach also assists the small and medium-size organisations to obtain facilities and better results from the government administrators (Franco et al. 265).
Generating new ideas in the small and medium-size companies is an essential tool as it incorporates ideas from the employees and clients that are related to the areas that require improvement in the business environment. Brainstorming sessions are carried out, and analysis is done, and there are some instances where the company managers may gift those who have provided the best suggestions (Wilson et al. 76). Despite the notion that all suggestions may seem right for the business activities, it is essential that the heads of departments and managers choose the suggestions that only suit the primary goals and objectives of the industry (Taimen and Hikki 600).
Researchers have stated that converting sales after following up leads assists in keeping track of various prospects that may be found to be complicated in the small and medium-size companies (Mata 57). The human resource department should make sure that they have asked every prospect about what they understand about the company so that they can get information on what is to be applied to improving the marketing strategy (Sheth and Rajendra 27).
Use of mobile applications as a service tool can be used by the small and medium-sized organisations which will help in guaranteeing that there is an update of all regular payments made to the business from its clients (Taiminen and Heikki 633). The tool will also help in ensuring that there is an update of all data and information as well as receipts that will assist in attaining the needs of clients and their needs without failing to notice some of them (Resnick et al. 156).
Discussion and Analysis
The marketing strategies and tools that are explained in the study are essential in improving operations undertaken in the small and medium-sized companies across the globe. However, stern measures should be taken into consideration to ensure that there is a clear understanding of the negative impacts of marketing, so that adjustments can be done by the managers. Decision making procedures related to marketing should be carried out by the heads of departments, managers, employees and clients so that all persons in the society can benefit from the activities carried out in the business environment.
Conclusion and Recommendations
The concept of marketing in small and medium-size companies is relevant in improving diverse activities that are being carried out in the business environment. Diverse strategies and tools have been identified by Mata over the years and have proved to be effective in making sure that the marketing processes are successful. However, in some instances, the processes involved in marketing have been expensive as it requires transportation and introducing new employees to the company (Mata 56). Despite the fact that there are costs incurred, the processes of marketing are essential in increasing awareness in the target market on the various products and services being offered by the organisation.
The relevance of marketing is based on the fact that it helps in informing clients about the products and services being offered by the new organisation in the city which also helps in the attainment of a competitive advantage. Some challenges are experienced in the field when carrying out the marketing process which includes getting negative reception from individuals (Sheth 76). However, there is a need to ensure that proper measures have been developed to encourage clients to visit the company and get to understand more about the variety of products and why they are considered different from products offered by other businesses under the same industry.
Marketing strategies and tools can be expensive to attain and implement for small and medium-size companies which has been an issue of immense concern over the years. The company managers should make certain that they have asked their shareholders and friends to assist them in marketing the organisation and also developing strategies to guarantee effective marketing. The government administrators should also be encouraged to assist the upcoming entrepreneurs by providing them with necessary materials for marketing so that they can attain successful operations. In most instances, the practices undertaken by organisations in a nation create a positive impact on the economic stability and growth which should also be considered when helping the small and medium-sized company managers.
The small and medium size company managers should also develop measures that will guide on the strategies and tools to be used in carrying out various functions of marketing in the business environment. The marketing strategies will incorporate those that will be useful and cost friendly to the employees, managers, and clients. The products and services being offered by the organisation should also be compared with those that have been in the market segment, as it will help in attracting an increased number of clients.
The tools of marketing should have the technology and its applications used as they have been proved as cheap and reliable in the modern society. Despite the notion that there are some challenges encountered with technology, especially for those who have inadequate knowledge of the Internet, there is a need to guarantee that the various applications of technology have been adopted in marketing. The process will be essential in increasing reliability of the procedures carried out by the managers and also ensuring that clients across the international market have been made aware of the company activities, products, and services.
Limitation and Suggestions for Further Research
There are some limitations of carrying out the research which includes the fact that scholarly materials have different opinions on the concept of marketing, and only reliable information was to be obtained and used for the study. Despite the fact that scholarly materials including journals and books have been published, marketing issues have been changing with the introduction of technology and its applications which has led to increased changes. Therefore, there is a need to understand the marketing changes and what impacts they create on small and medium-size companies so that they can be reliable and applicable in the context of the study.
Scholars who will be carrying out research studies on marketing strategies should aim at making sure that various activities involved in the process have been highlighted and explained extensively. The tools and applications to be used in the marketing process should also be emphasized so that the small and medium size company managers can get to understand the best tools and strategies that can best suit their businesses without leading to increased losses. The research should also incorporate information that has been collected from primary data through interviews and questionnaires. There is a need to increase marketing levels as it helps in improving business growth and development as well as the attainment of a competitive advantage in the international market.
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