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CHALLENGES FACED BY SME’S IN MARKETING THEIR PRODUCT AND SERVICES

CHALLENGES FACED BY SME’S IN MARKETING THEIR PRODUCT AND SERVICES. By : Mr. Lal Keerthi Gunawardhana

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CHALLENGES FACED BY SME’S IN MARKETING THEIR PRODUCT AND SERVICES

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  1. CHALLENGES FACED BY SME’S IN MARKETING THEIR PRODUCT AND SERVICES By : Mr. Lal KeerthiGunawardhana (MBA,Manipal,India) ,BA (Hons)Leadership & ManagementChairman & Group Managing DirectorLucky Lanka Group of companies Director - National Apprentice and Industrial Training Authority (NAITA) Founder - Athahitha Lanka Foundation & Positive Mind ClubEditor - Sammaditthi Magazine

  2. Marketing is nothing other than facing challengers

  3. What are the Challengers • Difficulties in manufacturing competitive products due to lack of capital and high cost of finance • Incapable to offering competitive price due to high overhead cost • Access barriers to the modern trade • Difficulties of allocation budgets for brand building

  4. Manufacturing competitive products • Technology Gap • High cost of acquisition of knowledge and expertise • Use best practices • Use best material as much as possible • Concentrate on your quality rather than profit margin • Identifying your core values

  5. Offering Competitive price • Economic of scale • Threats on heavy promotions with price discounts from Multinational organizations • Use penetrating pricing strategy in the initial stages • Consider the dealer margin

  6. Access barriers to the modern trade • Lack of brand awareness • Try to fill the small retail shops first • Whole sale Margin

  7. Branding • Difficulties of allocation budgets for brand building • Name and logo • POSM • Use branding at your level best • Promote Hand made, home made • concept

  8. Marketing is relationship

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