The Implementation Of Marketing Practices Based On Marketing Philosophies In Small And Medium-Sized Enterprises

Abstract

Purpose: Small and medium-sized businesses (SMEs) are often regarded as a major source of employment and GDP development. In the fiscal year 2019, micro, small, and medium firms in India accounted for roughly 30% of India's GDP (Reports and Publications | Ministry of Micro, Small & Medium Enterprises). Marketing is no longer something that small and medium-sized businesses can afford to ignore. By implementing marketing principles and practices, small and medium-sized enterprises (SMEs) may obtain a long-term competitive edge. Hence the study aims to understand the adoption of marketing philosophies and hence marketing practices in SMEs.

Design/methodology/approach: This study was conducted using an interpretivist approach. The case study research method was used to explore the nature of marketing practices adopted in SMEs. Ten SMEs are selected for a study out of which five SMEs are from engineering sector, three SMEs are from water processing industries and two SMEs are from chemical industries.

Findings: The study's findings demonstrate the interrelationships between the various aspects of creative marketing and how they play a role in small and medium-sized industries marketing. The marketing activities are studied with respect to marketing philosophies. This study explores the use of marketing practices and its connection with theoretical framework of marketing philosophies.

Originality/value: This research is sincere attempt to understand implementation of marketing practices as widely adopted by large scale industries. This study highlights upon linkage of marketing philosophy with usage of marketing practices in SMEs.

Contribution to Industry and society: Marketing philosophies and the success of small and medium-sized businesses will be examined in this study. In addition, it will aid in discovering the relationship between marketing philosophies and marketing practices.

The contribution of small-scale industries has been remarkable in industrial development of India. Inclusive growth can be achieved by creating jobs, innovating, and distributing economic activity evenly across the country's different sectors and regions. These factors all work together to improve the quality of life for everyone in the country.