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Assessing the marketing and business capability of small to medium sized businesses (SMEs)
Pages 9 (2259 words)
The role of SMEs in social and economical development of developed and developing countries is well established. The small and medium scale industry plays a major role in resource utilization, employment creation, and income generation. …
It is necessary as it identifies and rectifies the problems in business practices. The marketing audit efficiently assesses the business performance of a company. The owners of SMEs need to learn and implement the audit for the betterment of their business practices. The government should organize some events or programs related to the awareness and importance of the marketing audit considering the SMEs as the SMEs significantly contribute to countries’ economical development. The SMEs owner can be benefited by such awareness programs. Moreover, it is necessary that small and medium-scale enterprises appoint an external market auditor due to the small size of industry. In order to evaluate marketing planning and performances and establishment of improved and integrated business strategy, the marketing auditor is need to be appointed in a SME.
Without effective assessment of previous business performance, SMEs cannot rectify and improve their business performance in the near future. The above study has clearly stated the potential of small and medium-scale enterprises. Moreover, it is feasible from the research work that effective marketing audit will help structure the marketing budget for sales and marketing activities of specific products and services. ...
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