MSMEs-Strategic Marketing
Strategic marketing plan adopted by most of the Indian MSMEs do not go beyond the formulation of mission-vision statements. Most of the time, this move will not help the firm to obtain the expected success. An effective strategic plan needs a MSME to have
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MSMEs-Strategic Marketing
Abstract Strategic marketing plan adopted by most of the Indian MSMEs do not go beyond the formulation of mission-vision statements. Most of the time, this move will not help the firm to obtain the expected success. An effective strategic plan needs a MSME to have an action plan covering long-term objectives derived from its mission-vision statements. In spite of knowing the importance of strategic marketing, most of the Indian organizations devote less time towards implementing this at the organizational levels. It is very high time that now this can be practically implemented to see the drastic improvement. Planning for strategic marketing will definitely result in rapid changes which yields a huge success for any MSME. The key takeaways for the reader from this chapter are listed below • Strategic marketing in MSMEs: Theory and Trends • Need of Strategic marketing for Indian MSMEs • Objectives of carrying out Strategic marketing by Indian MSMEs
Keywords Strategic marketing New products Firm performance mix Customer relationship management Competitive advantage
3.1
Marketing
Background
Any firm’s growth and its existence depend highly on its capability to develop and market a product of its own. This makes any firm to realize the importance of new product development by utilizing all its resources to maximize its returns (Day 1994; McEvily et al. 2004; Nerkar and Roberts 2004; Sorescu et al. 2003). Necessarily, a firm needs to have good resources as far as technology and marketing are concerned. These need to be put together to develop a new product which leads to success through market exploitation (Sirmon et al. 2007). Superior innovation capability is a key contributor to firm performance. The capacity to innovate can assist firms in the process of developing superior products © Springer Nature Singapore Pte Ltd. 2017 R. Srinivasan and C.P. Lohith, Strategic Marketing and Innovation for Indian MSMEs, India Studies in Business and Economics, DOI 10.1007/978-981-10-3590-6_3
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to meet their customers’ changing needs and demands (Verhees and Meulenberg 2004; Li and Mitchell 2009; Rosenbusch et al. 2011) which is a requirement to succeed in the marketplace. Furthermore, firms must also possess superior marketing capability to bring their products to the marketplace faster and serve the customers better than their rivals (Vorhies and Morgan 2005; O’Dwyer et al. 2009). Marketing concept is understood well over a period of time (Drucker 1994). Its operations have become somewhat difficult since the concept falls into an organizational philosophy rather than a strategic tool. Researchers like Gronroos (1990) and Gummesson (1987) believe that in a broader sense marketing has to take care of total customer relationship for successful marketing. As per the view of several researchers in the field of marketing, they argue that marketing strategy has to be initiated based on the segmentation, targeting and positioning (STP) model (Kotler 2005; Walker e
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