Review article
The Modern Challenges of Strategic Marketing Management of Small and Medium Enterprises (SMES) on the Example of New Technologies
Vladimir Šimović
; The University of Applied Sciences Baltazar Zaprešić
Robert Svetlačić
; The University of Modern Sciences - CKM from Mostar
Jasna Lasinger Silađev
orcid.org/0009-0001-1833-9091
; The University of Rijeka, The Faculty of Tourism and Hospitality Management
Abstract
The purpose of writing this article is to research the modern challenges of strategic marketing management of SMEs on the example of new technologies and give the first research and scientific contribution on this topic. The research methodology used is the comparative analysis of the relevant scientific and professional literature and of relevant business examples. The expected findings (and main results) of the conducted research are the first research and scientific contribution of the new paradigm of the modern challenges of strategic marketing management of SMEs on the example of new technologies. The new paradigm relies on new technologies that support SMEs in enterprise planning (to generate certain revenues), satisfying old and new clients, dealing with, and beating the competition, and developing the main and executive business functions, especially (strategic) marketing as an operational function of a modern SME, developing more customer-tailored marketing plans, establishing better customer loyalty, etc. The modern company establishment is an enterprise that aims to generate certain revenues incorporated in its plan. The client and the competition have a significant role in the company’s life cycle. Marketing is an operational function of a company that introduces potential customers to products that meet their desires and needs and make a profit for the company. The marketing mix strategy represents four elements: product, price, distribution, and promotion (PPD&P). SMEs have an interest in developing more tailored-for marketing plans. Customer loyalty is the most important to them. Contribution and further research rely on online marketing as the most affordable and fastest way to promote products and services. Social networks, mobile applications, machine learning, and artificial intelligence tools significantly help
the marketing activities of SMEs, which is also a suggestion for further research.
Keywords
SMEs, marketing, segmentation, new technologies
Hrčak ID:
295094
URI
Publication date:
8.3.2023.
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