Role of Innovative Marketing Strategy for Success of Micro, Small, and Medium Enterprises (MSMEs)

Sathana, V.; Velnampy, T.; Rajumesh, S.

doi:10.1007/978-3-030-62171-1_4

Cited by 5 publications

(4 citation statements)

References 38 publications

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“…The finding of NSV as a new concept is also supported by the previous research on religiosity spirituality concept, e.g. (Cahya et al, 2021;Sathana et al, 2021;Tri Zenniar, 2023). Meanwhile, NSV's success mediated the relationship between DMC, ICTC, and EC on FP in line with research conducted (Hendar et al, 2020;Prakoso et al, 2023) on the relationship between NSV and financial inclusion.…”

Section: Mediating Effectsupporting

confidence: 82%

The Nahdliyah Spiritual Value Perspective in Analyzing the Role of Financial Performance of Msme

Santoso,

Hendar,

Zaenudin

et al. 2023

JAM

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The most researches related to the Nahdlatul Ulama (NU) community business performance is just focus on the role of entrepreneur, ICT, e-commerce, marketing, and other common variables that have ignored the important concept which initiated from the main value of the NU’s movement philosophy. It is therefore, this study aimed to analyses the role of Nahdliyah spiritual value (NSV) to NU’s busines performance. NSV considered as new concept synthesized by combining resource advantage on competition theory (RACT) and social identity theory (SIT) inserted by Nahdliyin value concept. The object of this research is the NU business community members of the NU Entrepreneurs Association (HPN). This study used a quantitative method with purposive sampling to select 350 MSMEs (UMKM) under HPN in Central Java and tested the regressive relationship of 6 variables with SEM PLS 4.0. The findings show that digital marketing capabilities, ICT, and entrepreneurial spirit are the factors that most support the existence of NSV. Besides that, NSV plays a role in mediating the relationship between these three factors to financial performance in an MSME. This study fulfils the theoretical gaps and produces new perspectives into the spiritual value concept of resource advantage theory on the competition by inserting spiritual values implemented in MSMEs based on spiritual community businesses. This research contributes to the development of a new concept of NSV. The study also covered the research gap related to the relationship between the variables involved.

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Section: Mediating Effectsupporting

confidence: 82%

The Nahdliyah Spiritual Value Perspective in Analyzing the Role of Financial Performance of Msme

Santoso,

Hendar,

Zaenudin

et al. 2023

JAM

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“…5. Once an innovative product or service has been developed and tested, MSMEs can prepare appropriate marketing and distribution strategies to launch the product or service into the market (Sathana et al, 2021). This may involve appropriate distribution channels, effective promotional strategies, and impressions consistent with Sharia values in communications and branding.…”

Section: Strategy and Implementation Of Sharia Financial Innovation A...mentioning

confidence: 99%

“…According to Sharia principles, these consultants or mentors can guide, advise, and support in managing finances. MSMEs can establish partnerships with Islamic financial institutions, such as Islamic banks or financing institutions, to access Shariacompliant financial products and services (Sathana et al, 2021). These institutions can also provide information and training on Islamic financial literacy to MSME actors.…”

Section: Strategy and Implementation Of Sharia Financial Innovation A...mentioning

confidence: 99%

The Role of Sharia Financial Innovation and Literacy in Improving the Performance of MSME Actors

Supriadi,

Maghfiroh,

Abadi

et al. 2023

JIEBR

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This study aims to analyze the role of innovation and Islamic financial literacy in improving the performance of MSME actors in the context of Islamic economics. This study also aims to evaluate the impact of innovation and Islamic financial literacy on MSME growth and contribute to the sustainable development of MSMEs. This qualitative research applied a literature approach and document analysis to collect relevant data and information. A literature review was also conducted to identify indicators of the success of Islamic financial innovation and literacy in MSMEs and appropriate evaluation methods. Other research data included previous research results and related case studies. The results of this study revealed that MSMEs that implement Islamic financial innovation and literacy tend to experience improved performance. Product and process innovation, selection of Islamic financial instruments, and financial management by Sharia principles contributed positively to increasing MSME income, productivity, and operational efficiency. This research contributes to understanding the critical role of innovation and Islamic financial literacy in improving the performance of MSME actors. The findings of this study can serve as a reference for relevant stakeholders, including MSME actors, government, and Islamic financial institutions, in developing supporting policies and programs that strengthen innovation and Islamic financial literacy in MSMEs.

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“…Considering alternative sales strategies is one of the widely recognized methods of survival among medium, small and micro enterprise (MSMEs) (Prasetyanto et al , 2021). Such an innovative approach to sales through appropriate market orientation enhances the customer performance and other success parameters of the enterprises (Sathana et al , 2021).…”

Section: Review Of Literaturementioning

confidence: 99%

Innovative approach and marketing skill: a case study of artisan entrepreneurs of India

Meera¹,

Vinodan

2022

JEEE

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Purpose This study aims to examine individual-specific market orientation as an innovative approach and its relationship with marketing skills among artisan entrepreneurs in India. Design/methodology/approach The study adopted an in-depth interview to explore variables, a questionnaire survey to understand their latent dimensions through exploratory factor analysis and structural equation modeling to test the relationship between constructs under study. Findings The interview result indicates that 20 variables explain factors affecting individual-specific market orientation with four latent dimensions: customer orientation, competitor orientation, external coordination orientation and personal selling orientation. There is a significant and positive relationship between customer orientation and personal selling orientation with the marketing skills of artisan entrepreneurs in India. Research limitations/implications The study is confined to three southern states of India and weaving villages known for their endemic product specifications. Practical implications The study found significance in orienting artisan entrepreneurs of developing countries and equipping them with desired skills to meet the changing dynamics of the market and meet their livelihood needs. The study further supports policymaking in strengthening the capability of artisans to enter the market without mediators. Social implications The model provides insight into other unorganized sectors to formulate innovative approaches to strengthen marketing skills and entrepreneurial ability. Originality/value As an exploratory study, examining individual-level market orientation as an innovative approach and their relationship with marketing skills among artisan entrepreneurs was unexplored in several unorganized sectors, including handlooms.

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Role of Innovative Marketing Strategy for Success of Micro, Small, and Medium Enterprises (MSMEs)

Cited by 5 publications

References 38 publications

The Nahdliyah Spiritual Value Perspective in Analyzing the Role of Financial Performance of Msme

The Nahdliyah Spiritual Value Perspective in Analyzing the Role of Financial Performance of Msme

The Role of Sharia Financial Innovation and Literacy in Improving the Performance of MSME Actors

Innovative approach and marketing skill: a case study of artisan entrepreneurs of India

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