The Impact Marketing Mix on Indigenous Business Development in Uzbekistan: A Regression Analysis

Abstract

This study investigates the formulation of a marketing strategy framework specifically designed for small and medium-sized enterprises (SMEs) in Uzbekistan. SMEs have several obstacles in establishing brand awareness, enticing clients, and optimizing financial profits in the current fiercely competitive business landscape. To surmount these challenges and maintain expansion, SMEs can utilize the extended marketing mix approach, which comprises the elements of product, price, place, promotion, people, process, and physical evidence. This study employed a blend of descriptive and exploratory research methodologies, integrating both quantitative data-gathering approaches. A survey was undertaken to assess the perspectives of entrepreneurs about the implementation of marketing mix strategies SMEs. The study examined the influence of the correlation between marketing mix variables on the development of SMEs through regression analysis with the help of STATA software. The results emphasized the significance of integrating marketing mix elements for SMEs to improve their marketing endeavors, foster brand loyalty, and get a competitive edge. This study enhances comprehension of marketing strategies for small and medium-sized firms in developing economies such as Uzbekistan and offers valuable insights for policymakers and entrepreneurs in promoting the expansion of SMEs in the economy.