Innovative Marketing Strategies for Small and Medium Enterprises of Western Madhya Pradesh (India): An Analytical Study

2020 ◽  
Vol 47 (2) ◽  
pp. 146-162
Author(s):  
Pragya Keshari
Keyword(s):  
Small And Medium Enterprises ◽  
Decisive Role ◽  
Industrial Sector ◽  
Marketing Strategies ◽  
Madhya Pradesh ◽  
Primary Data ◽  
Review Of Literature ◽  
Chi Square ◽  
Chi Square Test ◽  
Medium Enterprises

The micro, small and medium enterprises are an essential part of the Indian industrial sector. It plays a decisive role in growth and development of Indian economy. The review of literature on various aspects of small and medium enterprises (SMEs) showed that the SMEs, both in the country and other parts of the world, still rely on conventional marketing practices and, more or less, face the same types of challenges. Therefore, the present study is undertaken to examine the marketing strategies of SMEs in western Madhya Pradesh, India, and to suggest some innovative marketing practices for them to prosper. The sample consists of 439 SMEs drawn on a random basis from Indore and Dhar districts of Madhya Pradesh. The primary data are collected through a self-designed instrument with 40 items/statements, developed thorough a review of literature on the topic and personal interviews of managers of SMEs. The data are analysed using statistical tools like factor analysis and chi-square test applied with the help of Statistical Package for Social Sciences (SPSS) 20 Software. The study findings reveal that SME managers still rely on age-old practices of marketing. The article recommends some innovative marketing practices for SMEs.

scholarly journals COMMERCIAL BANKS AND THEIR EFFECT ON SMALL AND MEDIUM ENTERPRISES FINANCING IN RWANDA: A CASE STUDY OF KIGALI CITY AND SOUTHERN PROVINCE

AGROFOR ◽  
2021 ◽  
Vol 6 (1) ◽  
Author(s):  
Mutamuliza EULARIE ◽  
Giramata AURORE
Keyword(s):  
Financial Services ◽  
Commercial Banks ◽  
Small And Medium Enterprises ◽  
Financial Industry ◽  
Chi Square ◽  
Southern Province ◽  
Start Up ◽  
Chi Square Test ◽  
The Government ◽  
Medium Enterprises

Commercial Banks worldwide are identified to be one of the key players in the financial industry that have positively affected individuals involved in business, and the economy at large, through the functions they perform in the economy. However, inadequate financing in the activities of Small and Medium Enterprises (SMEs) is still the major constraint faced by people involved in business activities. Even though the Government of Rwanda has made effort to improve the accessibility to credit, entrepreneurs still have some challenges to access financial services in order to improve their businesses. The purpose of this research was to assess the contribution of commercial banks in financing SMEs in Rwanda. A sample of 60 SMEs was selected in Kigali and Southern Province of Rwanda. Data was collected from the respondents through a structured questionnaire. The collected data were analyzed using descriptive statistics such as frequencies and percentage distributions. A Pearson Chi-Square Test was used to analyze the relationship between commercial banks and SMEs in Rwanda. The results indicated that the main purposes of loan application were start-up capital, working capital and expansion of businesses. The results also revealed that there was positive relationship between commercial banks and SMEs in Rwanda. The results revealed as well, that commercial banks in Rwanda played a crucial role in contribution to SME’s economic development and small and medium entrepreneurs who got credit from commercial banks expanded their businesses and increased their income.

scholarly journals KARATERISTIK PEMBIAYAAN SYARIAH DAN KELEMBAGAAN USAHA TERHADAP PENGEMBANGAN USAHA MIKRO, KECIL DAN MENENGAH DI KOTA PADANG

2015 ◽  
Vol 4 (2) ◽  
pp. 89
Author(s):  
Neng Kamarni ◽  
Amra Ausri
Keyword(s):  
Significant Relationship ◽  
Small And Medium Enterprises ◽  
Descriptive Analysis ◽  
Financial Statements ◽  
Islamic Finance ◽  
Chi Square ◽  
Financial Reports ◽  
Chi Square Test ◽  
Quantitative Descriptive ◽  
Medium Enterprises

This research aimed to analyze the role of Islamic finance gained SMEs, institutional characteristics of the business and the characteristics of entrepreneurs to the development of Micro, Small, and Medium Enterprises in the city of Padang. The study design used descriptive approach qualitative and quantitative descriptive. Data were analyzed using analysis Crosstabulation and Chi-Square, a descriptive analysis technique.Crosstabulation based analysis and Chi-Square test, there is a significant relationship between the amount of financing, education, length of business, business development training, and the legality of the increase in revenue SMEs. While there was no significant relationship between the type of business and the ownership of the financial statements with a revenue increase of SMEs. SME revenue improvement opportunities are greatest in terms of the amount of financing. Of the 82% who obtain financing on Rp.5.000.000, 61% of SMEs could increase his income. The second biggest opportunities is occupied by SMEs that have financial statements, as many as 58% of the 84 respondents who had had financial reports may increase their income.Keyword : islamic finance, institutioal charateristics

scholarly journals Export experience and financial performance of small and medium enterprises

2016 ◽  
Vol 7 (3) ◽  
pp. 8-16
Author(s):  
Shepherd Dhliwayo
Keyword(s):  
Financial Performance ◽  
Performance Measures ◽  
Small And Medium Enterprises ◽  
Jel Classification ◽  
Chi Square ◽  
Single Item ◽  
Chi Square Test ◽  
Medium Enterprises ◽  
Performance Results ◽  
Structured Questionnaire

The aim of the article is to illustrate that export experience of small and medium enterprises (SMEs) has a statistically significant effect on financial performance. This may seem obvious, but similar studies done elsewhere have shown conflicting results. The study’s findings also show conflicting results in the three single-item performance measures used, namely, sales, profits and savings. Data from a sample of 144 exporting SMEs were collected using a structured questionnaire. Export experience is measured by years exporting, and financial performance covers a period of three years. A Chi-square test was used to measure the effect of experience on performance. Results show that export experience had a statistically significant effect on sales and profitability, but not on savings. They also show that performance in sales and profitability increased with export experience. It is, therefore, recommended that appropriate interventions to improve exports, should take export experience into account. Keywords: export experience, performance, SMEs, sales, profitability, savings, Southern African Development Community. JEL Classification: L25

scholarly journals Study of the Social and Cultural Aspects of Saudi Tourists and Evaluate the Services Provided to Tourist of Saudi - An Applied Study for the Tourism Sector in the Kingdom of Saudi Arabia

2016 ◽  
Vol 10 (1) ◽  
pp. 153
Author(s):  
Amal Mohammed Sheikh Damanhouri
Keyword(s):  
Saudi Arabia ◽  
Pearson Correlation ◽  
Secondary Data ◽  
Industrial Sector ◽  
Tourism Industry ◽  
Primary Data ◽  
Chi Square ◽  
Tourism Sector ◽  
Chi Square Test ◽  
The Government

The current study is based on the tourism sector in Saudi Arabia. Kingdom’s tourism industry earnings from international travelers and tourism services are poised to hit SAR80 billion in 2015. The tourism industry in Saudi Arabia has witnessed an increasing level of growth in recent years and is seen to continue this trend moving forward. The industry has undergone a major transformation led by the commitment to upgrade the Kingdom’s infrastructure as well as improving its hospitality sector. Religious tourism is the main attraction for inbound tourists and will continue to be so for the foreseeable future, the government has taken steps to increase domestic tourism and persuade potential outbound tourists from vacationing abroad. However, large investment in the sector is required to bring these ambitious plans to fruition. The tourism sector comprises only 2% of government funding compared to the industrial sector. In this report random sampling was used as it is the best known form of probability sample. Pilot study was conducted by taking convenience sampling. To find the quantitative analysis SPSS 18.0 software is used. In this report factor analysis is used for the reliability test of the questionnaire. Chi-Square test is used for comparing the collected data with the desired data from the certain hypothesis on the other hand Pearson Correlation is used to measure means of a statistical test. The study evaluates the services provided to the tourist visiting the kingdom and at the same time it measures the satisfaction level of the tourists. The report is based on primary and secondary data for the primary data the questionnaire was used and being distributed to the tourists visiting the kingdom. Five hypothesis was proposed and are being analyzed using Chi – Square test and correlation test. The current study states that there are several variables, where excellent satisfaction is being rated by the tourists where as there are several factors where the authority needs to pay importance, which is mentioned in detail in this report. The outcome of this report also suggests some major policy recommendation by which convenience, excellence and comfort could be given to the tourists visiting the kingdom.

scholarly journals Determinants of product innovation in food and agribusiness small and medium enterprises: evidence from enterprise survey data of India

2021 ◽  
pp. 1-20
Author(s):  
Jabir Ali ◽  
Michael R. Reed ◽  
Sayed H. Saghaian
Keyword(s):  
Product Innovation ◽  
Small And Medium Enterprises ◽  
Chi Square ◽  
Product Innovations ◽  
Significant Difference ◽  
Chi Square Test ◽  
Indian Food ◽  
Medium Enterprises ◽  
Enterprise Survey

This paper analyzes the nature and determinants of product innovation for food and agribusiness firms in India. The study is based on the World Bank’s Enterprise Survey and the India Innovation Follow-up Survey from 2014. These surveys included 294 Indian food and agribusiness firms operating in different regions of the country. Simple statistical tools, such as chi-square test and logistic regression, are used for analyzing the raw data. It is evident from the analysis that there is a significant difference in the adoption of product innovations across enterprise sizes. Product innovation is more prominent in large enterprises than small and medium scale enterprises (SMEs). Results of regression analysis indicate that product innovation in SMEs is more likely to be influenced by a variety of internal, collaborative, and external factors. The findings of the study suggest that SMEs should diversify their product innovations to include new inputs, improved product features, and enhanced technologies to strengthen their place in the market. This research is valuable because there is limited evidence on the nature and determinants of product innovation in food and agribusiness SMEs of emerging economies like India.

scholarly journals Factors Affecting the Adoption of Financial Reporting Standards by Micro, Small and Medium Enterprises in Tanzania: The Case of Mbeya City Council

2021 ◽  
Vol 4 (1) ◽  
pp. 46-61
Author(s):  
Benance Lackson ◽  
Seif Muba
Keyword(s):  
Financial Reporting ◽  
Small And Medium Enterprises ◽  
City Council ◽  
Primary Data ◽  
Reporting Standards ◽  
Chi Square ◽  
Reporting Standard ◽  
Financial Reporting Standards ◽  
The Government ◽  
Medium Enterprises

Different studies have revealed that the majority of the micro, small and medium enterprises (MSMEs) in Tanzania do not use basic accounting principles and practices which are consistent with financial reporting standards in managing business though Tanzania adopted International Financial Reporting Standards for small and medium enterprises (IFRS for SMEs) in 2009 and issued financial reporting standard for Micro entities in 2018. This shows that the level of adoption and applicability of the standards is very low. Therefore, this study was carried out to assess factors that affect the adoption of financial reporting standards by MSMEs in Tanzania. The study was conducted in Mbeya City Council where primary data was collected from a sample size of 245 respondents via a Likert scale questionnaire. The descripto-explanatory research design was employed where the results were quantitatively analysed through descriptive statistics and chi-square (x2) model hypothesis testing. The results show that non-adoption of the standards was the result of inadequate knowledge by MSMEs, lack of awareness by most MSMEs on the existence of the standards, high perceived cost of conversion and implementation, weak legal and regulatory enforcement strategy, low level of technology applicability by SMEs and complexity of the standards as it needs a well-trained accountant to implement. The study recommends the government to come up with the implementation strategy that will first ensure that a large number of MSMEs is well trained on financial reporting standards because the decision to adopt or not to adopt largely depend on the adequacy of knowledge.

scholarly journals An Analysis of Point of Sale Systems Physical Configurations and Security Measures in Zimbabwean SMEs

2017 ◽  
Vol 6 (2) ◽  
pp. 181
Author(s):  
Kundai Oliver Shadwell Sai
Keyword(s):  
Small And Medium Enterprises ◽  
Retail Sector ◽  
Security Threats ◽  
Security Measures ◽  
Chi Square ◽  
Point Of Sale ◽  
Security Controls ◽  
Chi Square Test ◽  
Medium Enterprises ◽  
Self Administered Questionnaire

<em>This paper undertook to establish the correlation between the Point of Sale configurations (setup) employed by Small and Medium Enterprises and the security controls and measures implemented for the prevention and detection of possible security threats. Quantitative data was collected from 30 Small and Medium Enterprises in the retail sector using a self-administered questionnaire. The participants were selected using purposive sampling. The data was analysed using descriptive statistics and the Chi square test was used to test for correlation between the variables. The research showed that only three of the recommended security measures for Small and Medium Enterprises are directly affected by the Point of Sale configuration in use and these are: Password Policy; Physical Security and Antivirus.</em>

scholarly journals Barriers to Adopting New Technologies within Rural Small and Medium Enterprises (SMEs)

2021 ◽  
Vol 10 (11) ◽  
pp. 430
Author(s):  
Rosa Maria Fanelli
Keyword(s):  
Rural Areas ◽  
Business Models ◽  
New Technologies ◽  
Small And Medium Enterprises ◽  
Chi Square ◽  
The United Kingdom ◽  
Chi Square Test ◽  
Business Practitioners ◽  
Medium Enterprises ◽  
The Impact

The adoption of technologies by small and medium enterprises (SMEs) that operate in several business sectors in rural areas is a crucial issue because they often need financial and technical incentives and support from public and local authorities. The question of whether and how innovation can be replicated and applied in a wider context is strictly connected to the understanding of those factors and mechanisms capable of determining the success or failure of the introduction of innovation itself. In this paper, the attention is focused on the impact of new technologies in order to increase SMEs’ competitiveness and productivity among the firms. For this purpose, only recent resources, research and studies that have been implemented during the last twenty years are taken into account. Firstly, based on these studies, the main disruptive technologies were selected. Secondly, the evidence is drawn from stakeholder data discussions of the Interreg Europe project “Regional policies for innovation driven competitiveness and growth of rural SMEs—INNOGROW”, covering eight European countries (Bulgaria, Czech Republic, Greece, Hungary, Italy, Latvia, Slovenia and the United Kingdom). Descriptive statistics were applied to describe the case identities. The cases’ needs, enablers and barriers in different groups were analyzed using a chi-square test and Mann–Whitney U Test. The results of this study are important for both researchers as well as small business practitioners (including government agencies and owners/managers) in order to provided policy recommendations, concerning how to establish favourable conditions and offer incentives to SMEs to integrate innovative solutions into their business models.

scholarly journals Online technology and promotion tools in SMEs

2020 ◽  
Vol 16 (3) ◽  
pp. 85-97
Author(s):  
Pavla Breckova ◽  
Michal Karas
Keyword(s):  
Small And Medium Enterprises ◽  
Chi Square ◽  
Online Technology ◽  
Online Technologies ◽  
University Of Technology ◽  
Online Tools ◽  
Chi Square Test ◽  
Survey Results ◽  
Business Entities ◽  
Medium Enterprises

Online technologies are currently the most dynamically developing industry, both in product creation and promotion. The study focuses on their incorporation into the SME (small and medium enterprises) segment, which comprises the most economically stable element of any European economy. This paper aims to identify and evaluate dependency in the area of online technologies and promotion tools use in small and medium enterprises (SMEs) related to company age and export involvement. Most research on SMEs focuses on external influences and factors, while this article reflects the internal environment of business entities, which is the source of this study’s originality. The hypotheses were validated by an empirical study of a sample of 743 respondents (companies and entrepreneurs, including family businesses). The research method was a combination of CATI and CASI, and the research tool was a structured questionnaire. To analyze the survey results, the Chi-square test of independence was applied. The key finding was validation of the dependence between the use of the online tools for manufacturing and promotion and the export focus of companies. Companies operating on foreign markets use a wider range of online tools for their business than companies focused on the domestic market. On the other hand, the presumed significant differences in the use of online tools between young businesses and companies long-term established on the market were not confirmed. Acknowledgment The authors are thankful to the Technology Agency of the Czech Republic, University of Technology in Brno and University of Finance and Administration in Prague, Project No.: “TL02000434 Rodinné podniky: generátory hodnoty a určování hodnoty v procesu nástupnictví” for financial support to carry out this research.

scholarly journals INFORMATION AND COMMUNICATION TECHNOLOGY IN MANAGING SMALL AND MEDIUM ENTERPRISES IN NIGERIA

2020 ◽  
Vol 1 (2) ◽  
pp. 1-11
Author(s):  
U. H. Igboeli ◽  
H. I. Bisallah
Keyword(s):  
Communication Technology ◽  
Large Scale ◽  
Small And Medium Enterprises ◽  
Government Support ◽  
Management Process ◽  
Chi Square ◽  
Ict Adoption ◽  
Chi Square Test ◽  
Specialized Institutions ◽  
Medium Enterprises

Information Communication Technology has generally been acclaimed as an important tool exploited by medium and large-scale enterprises for boosting profitability and enhancing viability. Though Small and Medium Scale Enterprises (SMEs) constitutes a major percentage of businesses in most countries, their ICT adoption rate is still low. This study examined the role of ICT as a tool that SMEs can deploy for the economic development of Nigeria. A questionnaire was employed and administered to a total of 175 SMEs randomly chosen from five different sectors of the Nigeria economy (educational, micro finance, transport, commerce and hospitality). Chi-square test was used to evaluate the hypothesis and the findings of the research revealed that (1) low awareness level of the benefits of ICT incorporation in the management process of most SMEs has been a major cause of its low adoption; (2) poor media transmission framework,  high cost of ICT hardware, deficient government support and legislation for internet business among other factors have hindered the adoption of ICT in the management process of SMEs; (3) high cost of funds in Nigeria have also made it unprofitable for SMEs to source fund for ICT expansion and implementation. The research recommends among other measures, the investment on infrastructure and adequate incentives to promote the utilization of ICT among SMEs. Investment banks and other specialized institutions should brace up with their responsibilities and promote local industries through affordable credit schemes.

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