Impactful marketing strategies for small to medium enterprises in Malawi: A case study of electronic shops in area 2

Abstract

Small and medium enterprises (SMEs) have been the primary drivers of economic growth, job creation, poverty alleviation, and social integration. SMEs are recognizing the importance of understanding customer needs and preferences and are tailoring marketing strategies accordingly. SMEs confront various difficulties and challenges to survive in the market. Many governments' periods of closure and movement prevention policies have had a significant impact on SMEs stopping their operations, weakening their financial positions, and exposing them to financial risk. Developing a strong marketing strategy is seen as one of the solutions to these challenges, enabling companies to promote their businesses and survive in the market. Marketing strategies are the integrated pattern of choices about products, markets, and marketing resources that add value to customers' interactions with the company and thus enable the company to achieve specific goals. Despite the growing interest in marketing strategy in SMEs, the analyses of marketing strategy in SMEs are uncommon in the vast literature. To close this gap, there is a need to conduct a study to analyze and evaluate impactful marketing strategies for small to medium enterprises. A pilot study reveals that many electronic shops in Area 2 do not effectively use marketing strategies like differentiation and cost leadership. Most shops rely on similar advertising methods such as social media, radio, and newspapers without adapting to modern marketing trends. Additionally, many fail to implement marketing intelligence and information systems, leading to minimal growth and limited sales. This study aims to identify solutions and recommendations for improvement.