Abstract
Creating an effective marketing strategy according to current trends is a key process needed to achieve sustainable growth that can result in attracting a great number of existing as well as potential customers. Moreover, an enterprise’s success is affected by the aforementioned process. The aim of the paper is to determine the clusters of small and medium-sized enterprises operating in the Slovak Republic and the use of marketing communication tools in the future. The research into marketing communications and customer relationship management (CRM) building in companies was carried out in Slovakia in the years 2017 and 2018. In total, 1,009 small and medium-sized enterprises from Slovakia participated in the research. Following a K-means clustering algorithm, three clusters were determined. Descriptive statistics, cluster analysis using K-means clustering, and an analysis of variance (ANOVA) were used to identify no statistically significant difference in terms of the size of enterprises.
Highlights
Introduction and BackgroundSmall and medium-sized enterprises (SMEs) are considered the key economic drivers in Europe [1]
The sustainability in marketing communications employed within SMEs depends largely on the level of innovation reflected in the use of modern electronic tools
There is a range of limitations in marketing communication activities of SMEs resulting from restricted finances as well as from the fact that owners and employees of SMEs tend to be generalists rather than specialists, so their marketing expertise is often limited
Summary
Small and medium-sized enterprises (SMEs) are considered the key economic drivers in Europe [1]. The business activities of SMEs are affected by the growing trend of globalization putting the pressure on businesses in order to develop effective strategies to succeed in a highly competitive environment [16,17,18,19]. In this context, the business strategies of modern enterprises are aimed at achieving sustainable processes [20,21]
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