ABSTRACT
The application of marketing principles is widely accepted as the way in which larger companies generate profits and grow. The supporting marketing literature has been developed over many years and has generally focused on established large organizations. In contrast, the literature surrounding small-and medium-sized enterprises (SMEs) and their marketing efforts is still in the development stage. This chapter explores how the established principles of marketing apply to SMEs. The relationship between marketing and strategic thinking is explored – in particular, the extent to which some SMEs feel that marketing is not relevent to their business needs. There is evidence to suggest that the formal approaches to marketing that have been established for larger organizations do not appear to be easily transferrable to SMEs. However, if these companies are not utilizing these principles to generate success then what are they using, and how does this inform our strategic view of marketing practice in SMEs? Marketing exists to facilitate exchanges – exchanges of value as perceived from both the supplier and the receiver. Core to the understanding of value exchange is the notion that the supplier offers something of less value than they receive in return. Of course, the opposite is also true for the receiver, in that the value of goods and services received is of greater value than the cost of obtaining them. The resultant satisfaction is shared among both parties.
