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 of small and medium enterprises: special reference to Northern Province. Marketing strategies study was motivated by the fact that SMEs find themselves in a competitive environment and may not know which marketing strategies are effective in improving their business performance. The study adopted the survey method among 100 SMEs within the Northern Province. The data obtained was analyzed using validity test, reliability test, descriptive analysis, correlation analysis and regression analysis with the use of Statistical Package for Social Science (SPSS). The study revealed that there is a significant impact of marketing strategies on business growth of SMEs. The study recommends that SMEs should concern more on marketing mix strategy, Ansoff matrix business. Findings showed that adjusted R2 of Marketing Strategies is 0.779. Therefore, 77.9% of variation in Business growth explained by marketing strategies. This study facilitates to SMEs and policy makers to implement efficient policies the successful business growth.