A common issue faced by Micro, Small and Medium Enterprises (MSMEs) is lack of adequate information on expanding markets. Due to small size, they are often unable to tap markets to their true potential

By on 13-11-2018

MARKETING FOR MICRO, SMALL AND MEDIUM ENTERPRISES (MSMES)

A common issue faced by Micro, Small and Medium Enterprises (MSMEs) is lack of adequate information on expanding markets. Due to small size, they are often unable to tap markets to their true potential. However, expansion of markets in domestic as well as international markets has become essential to sustain business in the current competitive environment. The following information can help MSMEs in having a better understanding on how to expand their markets.

Conducting Market Research for Expanding Markets
Market research can help the MSMEs in identifying markets and ascertaining the demand for their products/ services in potential markets. It can also help in assessment of competition that they would face in the new market. Besides expansion of markets, the MSMEs can also utilise market research in regular operations such as ascertaining customer feedback, expanding product portfolio, etc.

To know more on market research and related techniques, 
Understanding Marketing Concepts for Expanding Markets
To run the business smoothly as well as to expand your markets, it is essential to understand the basic marketing concepts and techniques such as what are the ways of market communication, how to plan distribution of your products, how to obtain orders and enquiries for your product and how to effectively price your products.

• Market Communications
• Distribution
• Obtaining Orders/ Queries
• Pricing and Quoting

 How to Tap Foreign Markets?

MSMEs often find it difficult to tap foreign markets for their products, either due to lack of awareness on the potential markets or due to inadequate information on various regulations, guidelines and procedures for exporting to the foreign markets.

Marketing Support by the Government
Ministry of MSME is implementing various schemes, which aim to provide a better competitive edge to the product of MSME sector in the market.
MSME Schemes Implemented by the MSME Ministry

• Government Purchase and Price Preference Policy for MSEs
• Market Development Assistance for MSME Exporters (SSI-MDA)Participation in the International Exhibitions/ Fair
• Vendor Development Programme for Ancillarisation

Ministry of MSME has also been providing marketing support to Micro & Small Enterprises (MSEs) under Marketing Assistance Scheme through National Small Industries Corporation (NSIC).

•  Organizing International Technology Exhibitions in Foreign Countries by NSIC and participation in International Exhibitions/Trade Fairs.
• Organizing Domestic Exhibitions and Participation in Exhibitions/ Trade Fairs in India, including “Techmart” exhibition held annually.
•  Support for Co-sponsoring of Exhibitions organized by other organisations/ industry associations/agencies()Buyer-Seller Meets, mostly to bring bulk buyers / Government departments and MSMEs on one platform
•  Intensive Campaigns and Marketing Promotion Events