Impact of Marketing Strategies on Business Growth of Small and Medium Enterprises in Sri Lanka

Abstract

This study was conducted to find the impact of marketing strategies on growth ofsmall and medium enterprises: special reference to Northern Province. Marketingstrategies consisted as marketing mix strategy, Ansoff matrix, and porter’s generictheory. The study was motivated by the fact that SMEs find themselves in acompetitive environment and may not know which marketing strategies are effectivein improving their business performance. The study adopted the survey methodamong 100 SMEs within the Northern Province. The data obtained was analyzedusing validity test, reliability test, descriptive analysis, correlation analysis andregression analysis with the use of Statistical Package for Social Science (SPSS). Thestudy revealed that there is a significant impact of marketing strategies on businessgrowth of SMEs. The study recommends that SMEs should concern more onmarketing mix strategy, Ansoff matrix and porter’s generic theory in marketingstrategies to improve the growth of the business. Findings showed that adjusted R2ofMarketing Strategies is 0.779. Therefore, 77.9% of variation in Business growthexplained by marketing strategies. This study facilitates to SMEs and policy makers toimplement efficient policies the successful business growth.