Enhancing the Competitiveness of Indian MSMEs through Innovation

Marketing is a strategy aimed at achieving excellence in organisations. Marketing deals with the pricing, selling and distribution of a product. Using this strategy, a business unit can improve its market share for current products through market saturation and penetration, or develop new products for existing markets. Top management in Indian organizations though recognizes the importance of Marketing; paradoxically devote little time and effort to it. In the light of the ongoing liberalization process, there is an inherent need to change this trend. Strategy primarily deals with issues of long-term implications. In recent years, business organizations have gained the power to predict the future with reasonable accuracy using various performance management systems and harnessing the tremendous increases in computing power and communication technology. With this power, they can exploit the potential of the emerging scenarios. Most Indian MSMEs are either unaware of the power of these strategic frame works or do not show any inclination to use them for Marketing and Innovation. Here is an attempt to make use of both effectively.