THE DEVELOPMENT OF MARKETING STRATEGY ON THE SERVICE-BASED COMPANIES IN UZBEKISTAN
Keywords:
SMEs, marketing mix, strategy, business growth, service industry, Uzbekistan.Abstract
This study examines into the development of a marketing strategy structure exclusively for small and medium-sized businesses (SMEs) in Uzbekistan. In today's intensely competitive business world, SMEs face numerous challenges in building brand awareness, attracting clients, and optimizing financial results. To overcome these obstacles and continue growth, SMEs can use the extended marketing mix method, which includes product, price, venue, promotion, people, process, and physical proof. This study used a combination of descriptive and exploratory research strategies, with both quantitative and qualitative data collection methods. A survey was conducted to analyze entrepreneurs' perceptions on the application of marketing mix strategies in SMEs. Subsequently, interviews with successful businessmen in the service business were conducted to reinforce our findings.
The study used regression analysis with STATA software to investigate the impact of the relationship between marketing mix variables on the development of SMEs. The findings highlighted the importance of combining marketing mix elements for SMEs to strengthen their marketing efforts, develop brand loyalty, and gain a competitive advantage. This study improves understanding of marketing tactics for small and medium-sized enterprises in emerging economies such as Uzbekistan, and it provides useful insights for policymakers and entrepreneurs interested in fostering the growth of SMEs in the economy.
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