Marketing strategies and financial performance of small and medium enterprises in Uganda a case study of Pallisa county

Abstract

Marketing strategy has been an operational focus and a method for achieving an all-inclusive business success. The aim of this scholarly work was to determine the influence of marketing strategies on the financial performance of SMEs in Pallisa County. Specifically, the objectives selected to achieve the aim of the study were to examine the effect of customer orientation strategy on financial performance of SMEs evaluate the effect of digital marketing on financial performance of SMEs, assess the effect of diversification strategies on financial performance of SMEs. A cross sectional and quantitative approach were adopted in the study. Sample size of 44 was drawn from a population of 50 which comprised of the registered SMEs in Pallisa County. Regression analysis was used and results presented in tables and figures. The findings obtained revealed a positive significant effect of marketing strategy on financial performance of SMEs. There was a positive relationship between the study variables; customer orientation strategy, digital marketing, diversification strategies and financial performance, implying that the application of marketing strategies positively influenced SME performance in Pallisa. The research concluded that the performance of SMEs in Pallisa was positively influenced by marketing strategies. Recommendations were made which stated that SMEs should ensure that customer feedback is received and apprehended, embrace digital marketing by having social media marketing, mobile marketing and content marketing and should embrace diversification strategies that are suitable for their business.