Importance of Promotional and Marketing Strategies in Micro, Small and Medium Enterprises (MSME)

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1 Importance of Promotional and Marketing Strategies in Micro, Small and Medium Enterprises (MSME) Satyendra Arya Avinash Rajkumar Dr. Rajiv Verma Sr. Lecturer (TMIMT) Lecturer (TMIMT) Associate Professor(TMIMT) A small business is a business that is privately owned and operated, with small number of employees and low volume of sales. These are generally privately owned corporations, partnerships and sole proprietorships. These can be classified as sales, assets or net profits. These are common in many countries, depending on the economic system in operation. Typical examples include: convenience stores, bakery, hairdressers, trading, restaurants, guest-houses, photographers, small-scale manufacturing, and online business, such as web design and programming, etc. The study related to MMSME in Moradabad and nearby region was undertaken to find out if the MMSME in Moradabad has performed its critical role of driving the country s industrial transformation and development. This study investigated the promotional and marketing strategies of MMSMEs in Moradabad and nearby region. Key words: MMSME, Promotional activity, Marketing strategies, Small-scale manufacturing Introduction An increasing body of literature indicates that micro, small and medium sized enterprises (MSMEs) are of major importance for macro-economic growth. Proportional to their size, small firms create more jobs than large firms do. Small enterprises have an advantage in radical innovation. Finally, in industries where the MSME sector is bigger, large firms are often more efficient because they outsource activities to smaller firms. These positive structural contributions of MSMEs to macro-economic performance more than outweigh the fact that on average, large enterprises outperform MSMEs with respect to labor productivity and profitability. A small business is a business that is privately owned and operated, with a small number of employees and relatively low volume of sales. Small businesses are normally privately owned enterprises or sole proprietorships. Small businesses can be classified according to some bases such as sales, assets, or net profits. Small businesses are common in many countries, depending on the economic system in operation. Typical examples include: convenience stores, other small shops (such as a bakery or delicatessen), hairdressers, trade MSMEn, lawyers, accountants, restaurants, guest houses, photographers, small-scale manufacturing, and online business, such as web design and programming, etc MSME by Sizes MSMEs in this report are defined as enterprises in the non-financial business economy that employee less than 250 persons. The complements of the MSME-sector enterprises that employ 250 or more persons are large scale enterprises. Within the MSMEsector, the following size classes are distinguished: micro enterprises, employing less than 10 persons (including self-employed), small enterprises, employing at least 10 but less than 50 persons (including self-employed), and medium-sized enterprises that employ between 50 and 250 persons (including self-employed).

2 Advantages of Small Business A small business can be started at a very low cost and on a part-time basis. Small business is also well suited to internet marketing because it can easily serve specialized niches. Small business proprietors tend to be intimate with their customers and clients which results in greater accountability and maturity. Independence is another advantage of owning a small business. One survey of small business owners showed that 38% of those who left their jobs at other companies said their main reason for leaving was that they wanted to be their own bosses. Freedom to operate independently is a reward for small business owners. However, entrepreneurs have to work very long hours and understand that ultimately their customers are their bosses. Problems faced by Small Businesses Small businesses often face a variety of problems related to their size. A frequent cause of bankruptcy is undercapitalization. This is often a result of poor planning rather than economic conditions. In addition to ensuring that the business has enough capital, the small business owner must also be mindful of contribution margin (sales minus variable costs). To break even, the business must be able to reach a level of sales where the contribution margin equals fixed costs. When they first start out, many small business owners under priced their products to a point where even at their maximum capacity, it would be impossible to break even. Cost controls or price increases often resolve this problem. Another problem for many small businesses is termed the 'Entrepreneurial Myth' or E-Myth. The mythic assumption is that an expert in a given technical field will also be expert at running that kind of business. Additional business management skills are needed to keep a business running smoothly. The illiteracy and poor management practices are also a major problem. Lack of internet based practices is generally faced by small and medium level entrepreneurs. They do not use appropriate marketing and promotional tools are also a problem. Still another problem for many small businesses is the capacity of much larger businesses to influence or sometimes determine their chances for success. Marketing and Promotional Techniques in Micro, Small and Medium Enterprises The marketing concept is a philosophy that makes the customer, and the satisfaction of his or her needs, the focal point of all business activities. Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others (Kotler) Marketing for MSMEs is very important, there are two strong reasons why it is important to view marketing as being different in this context. One is the recognition that MSMEs (small to medium sized enterprises), are not simply little big business. By a definition of size they are certainly small to medium sized in relation to large organizations; however, as a consequence of its size an MSME has unique characteristics which make it distinctly different, not only to large corporations but also to many or all other enterprises. A significant second factor is the relative number of MSME enterprises to large Common marketing techniques for small business include networking, word of mouth, customer referrals, yellow pages directories, television, radio, outdoor (roadside billboards), print, marketing, and internet. Electronic media like TV can be quite expensive and is normally intended to create awareness of a product or service. Many small business owners find internet marketing more affordable. Google Ad Words and Yahoo! Search Marketing are two popular options of getting small business products or services in front of motivated Web searchers. Advertising on niche sites can also be effective, but with the long tail of the internet, it can be time intensive to advertise on enough sites to garner an effective reach. Creating a business Web site has become increasingly affordable with many do-it-yourself programs now available for beginners. A Web site can provide significant marketing exposure for small businesses when marketed through the Internet and other channels.

3 MSMEs are the typical business model of the Indian entrepreneurial system and a lot of these MSME are family business. The main relationship built with big enterprises are franchising and supply chain relations (to support the growth and the market penetration), licensing and joint venture (to support the innovation, the product development, the leaning organization, to receive financial resources), and other contracts. Greater cooperativeness, sense of community, innovation, strategic flexibility and core competence are necessary to MSME s growth and competitiveness. We can try these features into the network systems, where economic exchange is embedded inside a network of social and trust relations. Trust is necessary to create cooperation and value by the relations. The economic effects, largely, are low cost, learning, market penetration and growth of management competencies. Into the MSME the marketing and strategic competencies may be determined by the entrepreneur/ owner manager and by the size a stage of the development of the enterprises. MSME marketing is often haphazard and informal, spontaneous, structured around industry norms an reactive, because the manager makes most decisions independent of others, responding to current opportunities and circumstances and so decision making occurs in an chaotic way, according to personal and business priorities at any given point in time. A marketing plan for a small business typically includes: 1. Demographics of customers 2. Description of external environment and competitors, including the level of demand for the product or service and the strengths and weaknesses of them (SWOT) 3. Marketing Strategy: Segmented marketing actions and market share objectives by product, by customer segment, by geographical market, by distribution channel. 4. Description of the product or service, including special features. 5. Marketing Budget, including the advertising and promotional plan. 6. Description of the business location, including advantages and disadvantages for marketing. 7. Pricing and promotion strategy: goals, mix, tools 8. Distribution: geographical coverage; distribution channels, physical distribution and loghistics, electronic distribution. 9. Economic and Financial Summary: sales goals; income statement. Governments had formulated policies aimed at facilitating and empowering the growth and development and performance of the MSMEs, others had focused on assisting the MSMEs to grow through soft loans and other fiscal incentives. Finance is usually considered as the major constraints of MSMEs some of the challenges that MSMEs face are induced by the operating environment (government policies, globalization effects, financial institutions, local government policies, attitude to work etc), other challenges are driven by the inherent characteristics of the MSMEs themselves. Objectives of the study To find out the marketing strategy of MSMEs with special concern on handicraft industry in Moradabad and nearby region. To what extent are MSMEs using the internet to fulfill promotional objectives? To know how MSMEs typically start implementing their online marketing strategy. To know the best ways for MSMEs to operate B2B portals for efficient business transactions. To know the extent of use of promotional techniques in different sales operations. Research Methodology The research methodology, which is adopted in our research, is as follows;

4 Data Collection and Methodology Sampling Unit : The units chosen for survey were employees of the organization Sample size : 43 Sample Selection Method Research Instrument Contact Method : Stratified Random Probability Sample Selection Method. : Questionnaire : Direct Personal Interview, or phone. The secondary research that we will be carrying out will include an academic literature review and the analysis of quality online news feeds which deal with the latest issues in online marketing. Analysis of the Data Q. No.1 Kinds of Organization Manufacturing 47% Services 9% Construction 4% Export 40%

5 It is clear from the above Chart that most of the firms are manufacturing firms and some deals with import and Export activities and rest are belong to services and constructions. Q. No.2. For how long the company has been in operations? Less than 5 Years 23% 5 to 10 years 49% years 19% More than 15 years 9% The above chart shows that mostly firms have been from 5 to 10 years. 23% firms are stablished from 5 years and rest are from 4 to 8 years. These firms has a large experience about the marketing of products but they still need improvement in its marketing techniques. Q. No. 3 How many number of people employed in your enterprise? 1-15 employees 7% employees 23% employees 58% More than 45 12%

6 It is clear from the analysis that 58% firms employed employees and 23% firms employed employees. It shows that MSMEs are good source of income and career for the people belongs to Moradabad. Q. No. 4 Company deals in Raw material 19% Semi finished goods 67% Finished goods 9% All of above 5%

7 The above chart shows that mostly firm are producing semi finished goods. Semi finished goods are used by another firms as their raw material and 19% firms are deals with raw material. Q. No. 5 Sources of Material Domestic Market 31 International market 12 The above chart shows that mostly firms purchase their material from domestic market it shows that there is availability of raw material in domestic market. Q. No. 6 Company conduct the meetings Never 0% Weekly 19% Occasionally 67% As situation demands 14%

8 It is clear from the above chart that 67% firms conduct the meetings occasionally, 19% firms conduct the meetings weekly and 14% are in favor of as situation demands. It shows that these firms managing their enterprise in proper manner. They want to be in touch of employees in order to know their performance and problems. Q. No. 8 Do you prepare the Annual budget for your enterprises? Yes 95% No 5%

9 The chart shows that firms make their annual budget so that they can compare the actual performance from budgeted and if there is any large gap between budgeted and actual performance and cost of the products then these firms can take corrective actions to fill the gap and enhance the productivity. Q. No. 9 What is the average qualification of your employees? Senior secondary 5% Graduation 72% Post graduation 14% Other Technical courses 9%

10 It is clear from the above pie-chart that 72% are graduated employees and 14% employees are having post graduate degree. It means that employees are educated enough to perform their responsibilities and duties. Q. No. 10 Do you have any budget for promoting of products? Yes 95% No 5% Promotion budget is forecasting or estimation of cost that the company is going to incur on the promotion of its product. Chart shows that mostly firms makes promotion budget to promote their product. It means that MSMEs reduce their wastage of money by proper utilization of resources and with help of promotion budget. Q. No. 11 What mode of marketing should you take for promoting the Products? Advertisement in news Paper 53% Advertisement on Internet 35% Advertisement Magazines 5%

11 Web Portals 7% After manufacturing of the products it is very necessary to advertise your product so that customers can be aware about your product. There are various modes of promotions. It is clear from the above chart that 53% firms advertise their product in news paper because news paper covers wide area. 35% firms promote their product with help of internet. Q. No. 12 Online promotion of products Yes 28 No 15

12 As we know that Information Technology has become the inseparable part of our lives so mostly firms are using technology to manufacturing and promotion of their products. According to our analysis 65% firms are using internet in spreading awareness about their product. 35% firms are not using online promotional schemes but these firms are planning for it because we know that our society is not so much Techno- friendly therefore it will take some time to use technology but gradually these firms also promote their products online. Q. No. 13 Techniques of Online Promotion Search engine optimization 28% Pay per click 7% marketing 60% Others 5%

13 The above chart shows that those firms which are using Network for online promotion of their product they promote their products with help of marketing 28% firms are in favor of Search engine optimization. Q. No. 14 Selling strategies Recent selling trends 16% Direct marketing 12% Selling through Intermediaries 72%

14 The analysis shows that few firms are taking advantage of a recent trend in selling and mostly market their products through intermediaries. Lessons learned show that most organizations in the study market to existing Private-sector markets, rather than creating alternative markets; they market to Wholesalers, rather than selling directly to consumers; and a few programs employ advocacy to open up markets, a strategy that requires a significant amount of personal networking to raise public awareness of the organization involved. Q. No. 15 Market Research and Positioning Trade journals 77% Non profit programmed 12% Personal networking 12%

15 The above chart shows that mostly firms gather information about market with help of trade journals. Conclusion and Findings Most of the firms of Moradabad are manufacturing firms and they are established from ten to fifteen year. The firms need to develop better skills in selling marketing services. Firms should use recent selling methods and strategies to capture the attention of customers. The MSMEs still has much to learn in the area of market research. MSMEs in Moradabad are using news papers magazines and Internet to promote their product. Firms make annual budget for marketing and manufacturing the products for optimum utilization of resources and reduce the wastage. Firm conduct the meetings occasionally and according to situation s need to facilitate the management functioning in smooth and proper manner. Limitations of the Study Certain Limitations were encountered in the course of this study. Key among these includes: Unavailability of Data One of the greatest challenges the researcher encountered in this study relates to access to and collection of hard data due to extreme data gaps and paucity. This compelled the researcher to limit the study to Small and Medium Scale Enterprises thus excluding Cottage and Micro Enterprises whose challenges though comparable, could be fundamentally different from those of MSMEs. Time and Funds Another limitation of this study relates to time, funds and logistics constraints, which limited the intensity of the spread or area of coverage of the study. Resistance of Respondents The researcher was also limited by the reluctance of some respondents to complete the questionnaires promptly and those who even failed to complete them at all. This thus limited the number of respondents involved in the study. Materials Mass literature on MSMEs in scattered form abound but published data on categorizing and ranking of problems facing MSMEs. Bibliography

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