Market expansion strategies of small and medium-sized enterprises (SMEs)
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The present thesis aims to research marketing strategies in small and medium-sized enterprises; considering the perspective of the case company, Lumen Lighting LTD. This study aims to examine the impact and value of marketing strategies of small and medium-sized businesses in a competitive environment. The thesis will further explore whether digitization and customer loyalty/satisfaction can influence SMEs’ sustainable growth and success, make stronger customer relationships, and increase brand recognition. These points have not been sufficiently studied in the past, but there have been relevant studies on digital marketing showing that digitalization can be a very successful marketing strategy, and influence the innovation and creativity of small and medium businesses. In this study, a qualitative research approach is applied, with the participation of a small business. We have conducted semi-structured interviews to collect primary data, with the participation of four individuals who provide us with their knowledge and thoughts to help conduct this study. Secondary data collection was done through scientific published articles and journals and websites relevant to the topic. The research findings show that digitalization is considered an effective strategic marketing method for SMEs to promote their products/services. To begin with, digital marketing helps in acquiring, developing, and maintaining customer relationships. The adoption of digital networks such as social media and websites appears to create brand awareness for small businesses and build trust among customers. Some SMEs have not yet switched to non-traditional marketing methods and tend to undermine the value of implementing digital promotional tools. This further motivates the need to highlight the relevance of digitalization in this research and its impact on the business’ performance. Therefore, the findings of the study are expected to help SME owners/managers to adopt digitalization as an important marketing tool to promote their products and services. Recommendations for further studies are taken for granted, however more detailed in the context of Cyprus and the size of small and medium enterprises.