This book sheds light on marketing effectiveness and accountability marketing in small and medium-sized enterprises (SMEs). Using a multi-method investigation, it includes a knowledge inquiry of marketing knowledge and customer knowledge, a qualitative inquiry utilizing semi structured interviews and thematic data analysis, a quantitative analysis utilizing survey and structural equations modelling, and a case study that employs both narrative (storytelling) data analysis and an accountability audit with a techno marketing SME.
SMEs generally face financial constraints that limit their ability to carry out the marketing function. Addressing this limitation, the author presents conceptual models based on the resource based view and the knowledge based view to show how marketing capabilities can lead to performance improvement in the SMEs. The lessons learnt provide guidance in the practice of marketing for small and medium firms to be more effective in their marketing investments and make wiser marketing decisions.
This book will prove useful for both researchers and practitioners by extending knowledge on marketing performance management in the SMEs.
Author(s): Trevor A. Smith
Series: Palgrave Studies in Marketing, Organizations and Society
Publisher: Palgrave Macmillan
Year: 2022
Language: English
Pages: 217
City: Cham
Preface
Acknowledgements
Contents
About the Author
List of Figures
List of Tables
1 Introduction
Introduction
SMEs and Effective Marketing
COVID-19 Pandemic and the SMEs
Rationale and Importance of Book
Approach Used to Develop the Manuscript
Organization of the Manuscript
Who Should Read This Book?
Lessons Learnt
Synopsis on Book Chapters
Chapter 1—Introduction
Chapter 2—Marketing Accountability with Applications and Implications for SMEs
Chapter 3—Knowledge in Marketing Effectiveness with Applications and Implications for SMEs
Chapter 4—A Qualitative Inquiry into Marketing Effectiveness of SMEs
Chapter 5—Marketing Capabilities, Efficiency, and the Digital Link to SME Performance
Chapter 6—Marketing Effectiveness in a Successful SME: The Case of Point Global Marketing Limited
Chapter 7—Synthesis, Lessons Learnt, and Practice of Marketing Effectiveness and Accountability in SMEs
Chapter 8—Conclusion and Way Forward
Closing Thoughts
References
2 Marketing Accountability with Applications and Implications for SMEs
Introduction
Marketing Effectiveness
The Issue of Marketing Accountability
Common Marketing Language and the Bottom-Line
An Approach to Marketing Accountability
Accounting for Intangibles in Marketing
The Call for Accountability in Marketing
Marketing Accountability in the SMEs
Marketing Mix Accountability in SMEs
Cash Flow Accountability in SMEs
Social Media Accountability Marketing in SMEs
General Marketing Accountability in SMEs
Effective Marketing with Small Budgets and Applications for the SMEs
Drive Business Strategy with Brand Strategy (Guidelines)
Clarify Brand Identity (Guidelines)
Use Brand Identity-Building to Create the Visibility of the Brand (Guidelines)
Involve Customers in Brand-Building Experience (Guidelines)
Closing Thoughts
References
3 Knowledge in Marketing Effectiveness with Applications and Implications for SMEs
Introduction
Marketing Knowledge
Applying Marketing Knowledge to Marketing Effectiveness: The Rossiter Framework
Marketing Concepts
Structural Frameworks
Strategic Principles
Research Principles
Empirical Generalizations
Applying a Marketing Knowledge Approach to Marketing SMEs
From Sales Obsession to Marketing Effectiveness (Kotler, 1977)
Impact of Marketing Effectiveness and Capabilities, and Export Market Orientation on Export Performance: Evidence from Turkey (Kayabasi & Mtetwa, 2016)
Board Gender Composition and Marketing Effectiveness in the Female Consumer Market in Zimbabwe (Mugwati & Bakunda, 2019)
A Renewed Approach to Services Marketing Effectiveness (Da Gama, 2011a)
Marketing Effectiveness and Its Precursors (Tuan, 2012)
An Expanded Model of Marketing Performance (Da Gama, 2011b)
Customer Knowledge
Knowledge for Customer
Knowledge About Customer
Knowledge from Customer
Linking Customer Knowledge to Marketing Effectiveness
Practical Approach in Using Customer Knowledge to Drive Marketing Effectiveness in the SMEs
Marketing and Customer Knowledge Combined for Effective Marketing of the SMEs
Concluding Thoughts
References
4 A Qualitative Inquiry into Marketing Effectiveness of SMEs
Introduction
Marketing Effectiveness
Method
Results and Discussion
Customer Philosophy
Customer Satisfaction
Customer Value
Customer Service
Customer Empoawerment
Marketing Information
Market Intelligence (External)
Market Intelligence (Internal)
Strategic Orientation
Strategic Planning
Transformation Strategy
Image Building Strategy
Porter’s Generic Strategies
Value Proposition Strategy
Marketing Efficiency
Profit Optimizing
Quick Reaction
Integrated Marketing Organization
Marketing Leadership
Collaboration
Digital Marketing and Data Analytics
Digital Channels
Marketing Analytics
Closing Thoughts
References
5 Marketing Capabilities, Efficiency and the Digital Link to SME Performance
Introduction
The Resource Based View of the Firm
Marketing Efficiency
Digital Marketing and Data Analytics
Firm Performance
Developing the Model
Selective Review of Literature
Customer Philosophy and Marketing (Operational) Efficiency
Marketing Information and Marketing (Operational) Efficiency
Strategic Orientation and Marketing (Operational) Efficiency
Integrated Marketing Organization and Marketing (Operational) Efficiency
Marketing (Operational) Efficiency and SME Performance
Marketing (Operational Efficiency), Digital Marketing, and Data Analytics
Digital Marketing, Data Analytics, and SME Performance
The Relationship Between Marketing (Operational) Efficiency and SME Performance Mediated by Digital Marketing and Data Analytics
Establishing Mediation
Method
Instrument and Measures
Pilot
Scale Reliability
Normality
Test for Associations
Sample
Data Analysis and Results
Outer (Measurement) Model
Inner (Relationship) Model
Testing for Mediation
Discussion and Implications
Closing Thoughts
References
6 Marketing Effectiveness in a Successful SME: The Case of Point Global Marketing Limited
Introduction
The Local Environment
The Case
Origin and Growth of the Firm
Services
Overall Strategy
Structure and Staff
Corporate Governance
Annual Sales
Market Segmentation
Marketing Effectiveness at Point Global Marketing Limited
Customer Philosophy
Integrated Marketing Organization
Marketing Information
Strategic Orientation
Marketing Efficiency
Digital Marketing and Data Analytics
Effective Marketing with Small Budgets at Point Global Marketing Limited
Drive Business Strategy with Brand Strategy
Clarify Brand Identity
Use Identity Brand-Building to Create Visibility of Brand
Involve Customers in Brand-Building Experience
Auditing Marketing Effectiveness at Point Global Marketing
Closing Thoughts
References
7 Synthesis, Lessons Learnt, and Practice on Marketing Effectiveness and Accountability in SMEs
Introduction
Synthesis
Lessons Learnt and Practice
Successful SMEs Embrace a Customer Philosophy That Addresses Customer Satisfaction, Customer Value, Customer Service, and Customer Empowerment
Successful SMEs Are Focused on Both Internal and External Market Intelligence
Successful SMEs Undertake Formal Strategic Planning and Deploy Transformational Strategies, Image Building Strategies, Value Propositional Strategies, and Porter’s Generic Strategies
Successful SMEs Sought to Improve Marketing Efficiency Through Profit Optimizing and Quick Reactions
Successful SMEs Are Focused on Marketing Leadership and Collaboration for Attaining an Integrated Marketing Organization
Successful SMEs Are Focused on Digital Channels and Marketing Analytics in Their Digital Strategy
The Capabilities of Marketing Information, Strategic Orientation, and Integrated Marketing Organization Are Drivers of Marketing Efficiency in Successful SMEs
Marketing Efficiency Is a Key Driver of SME Performance and Further Improvement in Performance Requires a Digital Strategy Enabled by My Digital Marketing and Data Analytics
SMEs Can Look to the Knowledge in Marketing Emanating from Both Scholarly and Applied Research for Building and Maintaining a Programme of Marketing Effectiveness and Accountability
Monitoring the Business on Metrics Developed on Customer Philosophy, Integrated Marketing Organization, Marketing Information, Strategic Orientation, and Marketing Efficiency Can Be Done for Improving Marketing Accountability of the SMEs
Marketing Effectiveness of the SMEs Can Be Improved by Enabling and Managing Knowledge from the Customer, Knowledge for the Customer, and Knowledge About the Customer
Marketing of the SMEs Is Not Always About the 4Ps but Can Be Built on Creating and Delivering Value for the Product to Market Itself
Closing Thoughts
References
8 Conclusion and Way Forward
Introduction
Conclusion
Knowledge in Marketing
Marketing Accountability Programme
Marketing Efficiency
B2B Model of Repeat Business for Growth
Hampering Implementation
Management Support
Way Forward
Final Thoughts
References
Index
