Title: Innovation and strategic marketing - the key factors: a literature review on Indian micro small medium enterprises

Authors: C.P. Lohith; R. Srinivasan; Rajeshwar S. Kadadevaramath; S. Shrisha

Addresses: Department of Management Studies, Indian Institute of Science, Bengaluru, India; Department of Mechanical Engineering, Siddaganga Institute of Technology, Tumakuru, India ' Department of Management Studies, Indian Institute of Science, Bengaluru, India ' Department of Industrial Engineering and Management, Siddaganga Institute of Technology, Tumakuru, India ' Infosys, Bengaluru, India

Abstract: Micro small medium enterprises (MSMEs) had a significant role in improving the economic growth of the Indian industrial sector. It has maintained consistent growth rate at 11.5% a year which is higher than the overall GDP growth rate over the years as compared to the agricultural sector. Their contribution is significant with respect to the manufacturing sector and also with reference to exports. Indian MSMSEs have started manufacturing very high technological products compared to the earlier scenario. In addition to the existing manufacturing, it has also entered into the service domain. In spite of all these achievements, Indian MSMEs are facing various hurdles and as a result of this, it is not able to achieve the targeted growth and is also unable to cope up with the global competition. Hence, Indian MSMEs need to adopt several strategic paths in order to meet today and the future's competition. This paper presents the literature review of how Indian MSMEs can adopt strategic marketing and innovation for achieving the competitive advantage.

Keywords: micro small medium enterprises; MSMEs; economic growth; innovation; strategic marketing.

DOI: 10.1504/IJBSR.2018.088478

International Journal of Business and Systems Research, 2018 Vol.12 No.1, pp.53 - 68

Received: 07 Jan 2016
Accepted: 07 May 2016

Published online: 11 Dec 2017 *

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