Conceptual Framework for Marketing Strategy in the Context of Small Business: A Review
Abstract
Small businesses have become major movers of the economy in most of the developing countries mobilizing local resources, engendering employment and making goods available to customers in the local markets. Formulation of marketing strategy that ensemble the market environment is crucial for sustenance of small business, particularly in this era of competitive business environment. It is no wonder that the marketing strategy has attracted numerous contributions from researchers and practitioners that attempt to develop frameworks for strategy formulation, antecedents of marketing strategy and factors mediating strategy and its outcomes. This paper is an attempt to bring together the notable research reported on the realm of marketing strategy in search of directions for future research.
Keywords: Marketing Strategy, Marketing strategy formulation, Small business.
References
Singh, Garg RK, Deshmukh SG (2008) Strategy development by SMEs for competitiveness: a review. Benchmark: An International Journal. 15(5): 525-547
Uma P (2013) Role of SMES in Economic Development of India. Asia Pacific Journal of Marketing Management Review. 2(6):120–6.
Patel S k. The Challenges and Strategies of Marketing in Rural India. Asia Pacific Journal of Marketing Management Review. 2(7):38–43.
Gautam RK, Singh R (2012) Liberalization Impact on Indian Small Industries : an Empirical Study of Punjab. Business Intelligence Journal. 5(1):113–22.
Krishnaiah J, Rajashekhar B(2012) Trends in Management of Technology ( MOT ) Practices in Small and Medium Enterprises ( SMEs ) in India : A Study of Select Food Processing Enterprises. International Journal of Innovation Management Technology. 3(4):9–12.
Hakhu R, Kiran R, Goyal D (2012) Success of Marketing Information System (MKIS) Model: Analysis of Manufacturing Small and Medium Enterprises (SMES). Middle-East Journal of Science Research. 11(6):777–86.
Senapati P. Marketing of small business (2014) A case of small business in India. IOSR Journal of Business Management. 16(5):8–11.
Kumar V, Petersen J (2005) Using a Customer-Level Marketing Strategy to Enhance Firm Performance: A Review of Theoretical and Empirical Evidence. Journal of Academic Marketing Science. 33(4):504–19.
Varadarajan R (2010) Strategic marketing and marketing strategy: Domain, definition, fundamental issues and foundational premises. Journal of Academic Marketing Science. 38(2):119–40.
Bund H, Carroll JW (1957)The Changing Role of the Marketing Function. Journal of Marketing. 268–325.
Wind Y, Robertson TS (1983) Strategy : New Directions for Theory and practice. Journal of Marketing. 12–25.
Pynn GA, Noonan AC(1982) Marketing Research : Some Basics for Small Business. Journal of Small Business Management.62–7.
Greenley, Gorden E (1987). An application of a diagnostic framework for strategy. Journal of Management Studies.24(2):143–59.
Mouer K, Anttila M (1987). Marketing Capability -A Key Success Factor in Small Business ?. Journal Marketing Management.3(2):185–203.
Meziou F(1991). Areas of Strength and Weakness in the Adoption of the Marketing Concept. Journal of Small Business Management. 72–8.
Maritz A (2008). Entrepreneurial Services Marketing Initiatives Facilitating Small Business Growth. Journal of Small Business Entrepenuership. 21(4):493–504.
Hooley G, Piercy NF, Nicoulaud B (2008). Marketing strategy and competitive positioning . Pearson Education Limited, England.
Dragnic D (2009)Marketing Activities of Small Businesses in Croatia : The Case of Splitsko-Dalmatinska. Management. 14(1):39–58.
Ghezal S (2009) Assessing the Validity of a Small Business Strategy Instrument Using Confirmatory Factor Analysis. International Jornal of Academic Business World.9(1):79–87.
Cragg P, King M, Hussin H(2002) IT Alignment and Firm Performance in Small Manufacturing Firms. The Journal of Strategic Information Systems. 11(2): 109-132
Cronin-gilmore J (2012) Exploring Marketing Strategies in Small Businesses. Journal of Marketing Development and Competitiveness .6(1):96-107.
Mokhtar MZ, Wan-ismail WNS (2012)Marketing Strategies and the Difference Level of Sales and Profits Performance of the Batik SMEs in Malaysia. International Journal of Business Management. 7(23):96–112.
Boohene R, Coast C, Agyapong D, Asomaning R (2012) A Micro Level Analysis of the Market Orientation -Small Business Financial Performance Nexus. International Journal of Contemporary Research . 2(1):31–43.
Oyedijo A, Idris AA, Aliu AA (2012) Impact of Marketing Practices on the Performance of Small Business Enterprises : Empirical Evidence from Nigeria. European Journal of Economic Finance and Administrative Science (46):130–45.
Mokhtar NF (2013) Choice of business aims and strategies by small business enterprises in developing countries. International Journal of Businessand Social Science. 4(9):247–56.
Awan AG, Hashmi S (2014) Marketing Practices of Small & Medium Size Enterprises: a Case Study of Sme’S in Multan District. European Journal of Business Innovation and Research. 2(6):9–20.
Singh S (2015). The Impact of Marketing Variables on Business Performance : An Analysis of FMCG , Consumer Durables and Textile Industries. IUP Journal of Business Strategy. 11(2):54–68.
Andotra, Neetu P (2007). Optimising customer-orientation in small business through marketing-mix feed- back results. Journal of Services and Research. 6(2):181–203.
Mishra KV(2015) Marketing Strategies of Small-Scale Milk Producers : A Study in Azamgarh District , Uttar Pradesh. IUP Journal of Marketing Management.14(2):63–75.
Hambrick DC, Schecter SM (1983)Turnaround Strategies for Mature Industrial-Product Business Units. Academy of Management Journal . 26(2):231–48.
Ireland RD, Hitt MA, Bettis RA, De Porras DA (1987) Strategy Formulation Processes : Differences in Perceptions of Strength and Weaknesses Indicators and Environmental Uncertainty by Managerial Level. Journal of Strategic Management Journal. 8(April):469-85.
Menon A, Bharadwaj SG, Adidam PT, Edison SW(1999) Antecedents and Consequences of Marketing Strategy Making : A Model and a Test. Journal of Marketing. 63(April):18–40.
Julio A, Eugenia V (2014) Customer segmentation model based on value generation for marketing strategies formulation. Estudios Gerenciales. (130):25–30.
Liao C, Hung J, Kao H, Wu C (2014) Marketing strategy model : A conceptual framework for micro-enterprises. Human Systems Management. 33:199–206.
Varadarajan PR, JAyachandran S (1999) Marketing Strategy: An Assessment of the State of the Field and Outlook. Journal of the Academy of Marketing Science. 27(2)
Dyer L (1983) Bringing Human Resources into the Strategy Formulation Process. Human Resources Management. 22(3):257–71.
Medarac H, Vignali G, Vignali C (1994) Gaps for interactive upgrading of existing marketing models. International Journal of Management Cases. 49–68.
Smith B(2003) The effectiveness of marketing strategy making processes : A critical literature review and a research agenda. Journal of Targeting, Measurement Analysis for Marketing. 11(3):273–90.
Ramaseshan B, Ishak A (2013) Interactive effects of marketing strategy formulation and implementation upon firm performance. Journal of Marketing Management. 29(11-12):1224–50.
Poister TH, Edwards LH, Edwards J (2013) Strategy Formulation and Performance Evidence from Local Public Transit Agencies. Public Performnce Management Review. 36(4):585–615.
Reitzig M, Sorenson O (2013)Biases in the Selection Stage of Bottom-Up. Strategic Management Journal.34(February):782–99.
Boxer PJ, Wensley JRC (1986) The Need For Middle-Out Development Of Marketing Strategy. 1986;23(2):189–204.
Gilligan C & Wilson RMS, Strategic Marketing Planning, Butterworth- Heinamann, Burlington
Slater S F, Olson E M, Hult TM (2006) The Moderating Influence of Strategic Orientation on the Strategy Formation Capability–Performance Relationship. Strategic Management Journal. 27:1221–31.
Evans, JR & Berman B (2007). Marketing Management, (India Edition) New Delhi, India: Cengage Learning India, 625 pages
Goi CL(2009) A Review of Marketing Mix : 4Ps or More ?. International Journal of Marketing Studies. 1(1):2–15.
Ataman MB, Heerde HJ Van, Mela CF (2010) The Long-Term Effect of Marketing Strategy on Brand Sales. Journal of Marketing Research. 47(Octoer):866–82Goi CL(2009) A Review of Marketing Mix : 4Ps or More ?. International Journal of Marketing Studies. 1(1):2–15
Nanda R, Khanna P (2011) A historical overview of marketing strategies. International Journal of Multidisciplinary Research. 1(7):356–68.
Chumaidiyah E (2014). The Marketing Mix Strategy in Influence to the Competitive Advantage. Proceedings of the 2014 International Conference on Industrial Engineering and Operations Management.p 818–26.
Herrmann A, Huber F, Braunstein C (2000) Market-driven product and service design: Bridging the gap between customer needs, quality management, and customer satisfaction. International Journal of Production Economics.66(1):77–96.
Riaz W, Tanveer (2011) Marketing Mix, Not Branding. Asian Journal of Business Management Science.1(11):43–52.
Harrison JL (2014) Strategic Brand Orientation and its antecedents. Academic Marketing Studies Journal. 18(2):49–66.
Shetty AS, Manoharan S (2012) The Battle of Private and National Brands : Strategies to Win a Losing Battle Against the Private Brands in India. IUP Journal of Business Strategy.9(3):32–46.
Tripathi SN, Siddiqui MH (2012) Marketing of SME Products: A “Relationshipâ€Approach. ASCI Journal of Management.41: 76–106.
Sharifi H, Ismail HS, Qiu J, Najafi Tavani S (2013) Supply chain strategy and its impacts on product and market growth strategies: A case study of SMEs. International Journal of Production Economics. 145(1):397–408.
Krishnan T V, Bass FM, Jain DC (1999) Optimal Pricing Strategy for New Products. Management Science. 45(12):1650–63.
Dolgui A, Proth JM (2010) Pricing strategies and models. Annu al Reviews in Control. 34(1):101–10.
Srivastava RK (2011) Impact of Future Trends on Marketing Strategy. Far East Journal of Marketing Management. 1(1):10–5.
Ellickson PB, Misra S, Nair HS (2011) Repositioning Dynamics and Pricing Strategy. Journal of Marketing Research. 2437(January ):1–23.
Chen J, Ku C (2013) Dual-Channel With Competition. International Journal of Electronic Busiiness Management.11(4):258–67.
Danziger S, Hadar L, Morwitz VG (2014) Retailer Pricing Strategy and Consumer Choice under Price Uncertainty. Journal of Consumer Research. 41(October):761-774
Astuti R, Silalahi RLR, Wijaya GDP (2015)Marketing Strategy Based on Marketing Mix Influence on Purchasing Decisions of Malang Apples Consumers at Giant Olympic Garden Mall (MOG), Malang City, East Java Province, Indonesia. Agriculture and Agricultural Science Procedia. 3:67–71.
Kamboj S, Goyal P (2015) A resource-based view on marketing capability , operations capability and financial performance : An empirical examination of mediating role. Procedia - Social and Behavioral Sciences. 406–15.
Brown JR, Johnson JL, Koenig HF (1995) Measuring the sources of marketing channel power: A comparison of alternative approaches. Journal of Research in Marketing. 12:333–54.
Leung A, Berks PS (2011). How do Small Businesses Learn and Process Market Information and their Marketing Implications ?. American Marketing Association. 68–70.
Neuwirth BB. Marketing Channel Strategies in Rural Emerging Markets.
Kumar P, Rohtak MDU (2013) Marketing Strategies of Small Scale Industries : A Review. Int Journal of Arts, Management and Humanities.2(2):35–8.
Oldani H (2015) Six key principles for identifying and ensuring success in marketing channels. Journal of Brand Strategy.4(2):127–33.
Bell JR, Parker RD, Hendon JR (2007)Entrepreneurial Application of Marketing Communication in Small Business : Survey Results of Small Business Owners. Entreprenuership Executive. 12:1–13.
Kabadayi S, Eyuboglu N, Thomas GP (2007) The Performance Implications of Designing Multiple Channels to Fit. Journal of Markeing. 71(October):195–211.
Manuere F, Gwangwava E, Gutu K (2012) Interdisciplinary Journal of Contemporary Research in Business Sales Promotion as a Critical Component of a small Business. Interdisciplinary Journal Contemporary Research in Business. 4(6):1157–70.
Shohrowardhy HS (2015) Impact of Marketing Strategies on Sachet. USV Annals of Economics and Public Administration. 15(1(21)):214–23.
George S (2012) Occasion Based Promotional Strategies of Consumer Durable Segment in Kerala. International Journal of Academic Research Business and Social Science.2(6):431–42.
Vadlamudi D (2014) A Study on Marketing Effectiveness of Sales Promotion Strategies on The Dairy Industry. Int ernational Journal of Engineering , Business Enterprenuership Applications. 7(1):62–6.
Celuch K, Murphy G (2010) SME Internet use and strategic flexibility: the moderating effect of IT market orientation. Journal of Marketing Management.26(1-2):131–45.
Zemlickiene V, Maditinos DI(2012)Marketing Strategy Formulation for Innovative Product Development Process. Business Theory and Practice. 13(4):365–74.
Blankson C, Cowan K, Crawford J, Kalafatis S, Singh J, Coffie S (2013) A review of the relationships and impact of market orientation and market positioning on organisational performance. Journal of Strategic Marketing. 21(6):499–512.
Gromark J (2013) From market orientation to brand orientation in the public sector. Journal of Marketing Management. 29:9–10. Available from: http://dx.doi.org/10.1080/0267257X.2013.812134
Doyle JD, Armenakyan A (2014) Value-creating mechanisms within the market orientation–performance relationship: a meta-analysis. Journal of Strategic Marketing May: 1–13.
Challagalla G, Murtha BR, Jaworski B (2014) Marketing Doctrine : A Principles- Based Approach to Guiding. Journal of Marketing. 78(July):4–20.
Gokus O (2015) Strategy Levels – Performance Relationship and the Mitigation Effect of Market Orientation on Strategy Levels. Academy Marketing Studies Journal. 19(1):250–65.
Maria ANA, Toaldo M, Didonet SR (2013) The Influence of Innovative Organizational Culture on Marketing Strategy Formulation and Results. Latin American Business Review. 14:251–69.
