Title: Competitive strategies in Colombian and Peruvian SMEs: a comparative study

Authors: Juan Gabriel Vanegas-López; Jorge Aníbal Restrepo-Morales; Martin Manuel Grados-Vasquez; Diego Alejandro López-Cadavid; Lucio Wilfredo Olórtiga-Cóndor

Addresses: Management and Economics Science Department, Tecnológico de Antioquia Institución Universitaria, CL 78B 72A-220, Medellín, Colombia ' Management and Economics Science Department, Tecnológico de Antioquia Institución Universitaria, CL 78B 72A-220, Medellín, Colombia ' Faculty of Economic Sciences, Department of Economics, Universidad Nacional de Trujillo, Av. Juan Pablo II, Trujillo 13011, Perú ' Management and Economics Science Department, Tecnológico de Antioquia Institución Universitaria, CL 78B 72A-220, Medellín, Colombia ' Faculty of Economic Sciences, Department of Economics, Universidad Nacional de Trujillo, Av. Juan Pablo II, Trujillo 13011, Perú

Abstract: This study analyses the competitive strategies adopted by 50 SMEs during crises, 24 in Colombia and 26 in Peru. By applying the analytic hierarchy process to 294 decision matrices derived from these firms, it was found that differentiation and service development are essential for SMEs in both countries. However, Colombian firms tend to focus on core competencies and diversification within their existing markets (concentric strategies and diversification into related areas), whilst Peruvian SMEs focus on highly segmented and customised products. The findings demonstrate the importance of innovation, market awareness and adaptability to manage crises effectively. This research provides valuable insights into the strategic approaches adopted by small firms in developing countries and offers guidance to entrepreneurs and policy makers on how to promote resilience and competitiveness in challenging times.

Keywords: crisis management; strategic management; competitive strategies; SMEs; analytic hierarchy process; AHP; developing countries; Colombia; Perú.

DOI: 10.1504/IJBCRM.2025.148358

International Journal of Business Continuity and Risk Management, 2025 Vol.15 No.3, pp.263 - 288

Received: 18 Jun 2024
Accepted: 14 Dec 2024
Published online: 02 Sep 2025 *

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