Abstract
This paper established some market-driven strategies that influence the competitive growth of small and medium-sized enterprises in Lesotho. The paper identified the following factors; market orientation, competitive intensity, and technological dynamics as variables that influence SMEs’ competitive growth. The investigation shows that these critical factors of market-driven strategies are significant market facets in the enterprise that could capacitate SME entrepreneurs and managers to attain competitive growth. The results indicated that the factors used to measure market-driven strategies influence SMEs competitive growth. More specifically, the independent variables of market orientation, competitive intensity and technological dynamics are seen as key tenets of market-driven strategies that influence small and medium-sized enterprises’ competitive growth. From the analyses, this paper recommended that market-driven strategic constructs of market orientation, competitive intensity and technological dynamics are inimitable and tangible significant resources if harnessed in the enterprises, could serve as critical operational factors that influence SMEs competitive growth in Lesotho.
Highlights
The concept ‘market-driven strategies’ is evolving as a central concern of academicians and entrepreneurial practitioners, and it is related to the creation of superior customer value that drives the firm’s strategy to attain market growth (Bassell & Friedman, 2016)
Our study argues that understanding the construct: ‘market-driven strategies’, measured by market orientation, competitive intensity, and technological dynamics influences SMEs’ competitive growth
Validity and reliability of the measure Confirmatory factor analysis measures The confirmatory factor analysis (CFA) first asserts how the measured items came together to form the factors of market orientation, competitive intensity and technological dynamics
Summary
The concept ‘market-driven strategies’ is evolving as a central concern of academicians and entrepreneurial practitioners, and it is related to the creation of superior customer value that drives the firm’s strategy to attain market growth (Bassell & Friedman, 2016). This paper rests on the concept “market-driven strategies”, measured by strategic variables such as market orientation, competitive intensity and technological dynamics that SMEs need to attain competitive growth. The review of market orientation explains market-driven strategic resources that enable SMEs to respond and offer unique satisfaction to customers. Competitive intensity explains the SMEs’ capacity to refigure and configure their strategies to contend with business environment dynamics and satisfy target market more than other competitors. The entrepreneur’s capability and responsiveness to market upheavals significantly influence the SMEs technological capacity to respond to market dynamics and satisfy customers’ preferences.
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