Marketing strategy and competitiveness: Evidence from Colombian SMEs

Abstract

This study evaluates how three distinct marketing strategies (i.e., marketing communication, marketing innovation, and marketing uniqueness) impact the competitiveness level of Colombian SMEs. We use a unique primary dataset drawn from the Global Competitiveness Project that includes information for 176 Colombian SMEs during 2019. We employ a regression model to test the proposed hypotheses highlighting the relevance of marketing innovation, uniqueness, and communication for SMEs' competitiveness. The findings reveal that Colombian SMEs are frequent users of marketing strategies. Results show that larger SMEs that use marketing strategies are more competitive than smaller ones. It was also found that strategic emphasis, which implies that SMEs work with one of the evaluated strategies, contributes to competitiveness. However, managers should consider the synergistic effects of using more than one strategy. The relevance of this study is to present a model that shows how larger SMEs can capitalize on different marketing strategies to consolidate their competitiveness level in the Colombian context.