Role of innovative marketing strategy for success of micro, small and medium enterprises (MSMEs)
Many enterprises seek to enhance their institutions through the implementation of innovative marketing strategies. The aim of this study is to investigate the influence of innovative marketing strategies on the development of MSMEs. Respondents were the owners of MSMEs: stratified proportionate random sampling was utilized to select samples, for which 686 valid questionnaires were obtained. The researchers used exploratory factor analysis to identify the dimension of factors and structural equation modeling to investigate the strength of the relationship among various related dimensions. Results demonstrated that MSMEs are able to enhance their performance through innovative marketing strategy. Application of innovative marketing strategy for MSMEs strongly induces internal process erformance, then customer performance, learning and growth performance and, lastly, financial performance. This research suggested that owners of MSMEs need to apply innovative marketing strategy to develop their firm and to upgrade micro firms towards small and medium level.
Keywords: Innovative marketing strategy, development of MSMEs, marketing variables, unique proposition, integrated marketing