Product and Service Innovation Strategies to Expand MSME Markets

Abstract

Micro, Small, and Medium Enterprises are one of the important pillars in a country's economy. Despite their strategic role, MSMEs often face a number of challenges, such as intensifying competition, changing consumer tastes, evolving technology, and access to a wider market. This study aims to analyse product and service innovation strategies to expand the MSME market. This research employs a qualitative research approach, more precisely, a literature review, where data will be examined and explained by drawing upon information and textual materials collected from a variety of sources. The study results show that innovation in products and services plays a key role in the growth and sustainability of micro, small and medium enterprises. MSMEs play a vital role in the economy by creating jobs and contributing to sustainable economic growth. Innovation differentiates MSMEs from their competitors in an increasingly globalised and dynamic business environment. Innovative products and services can attract customer attention, provide a competitive advantage, improve product quality, and build long-term relationships with customers.

Analysis of the Interconnection between Digital Skills of Human Resources in SMEs and the Success of Digital Business Strategy Implementation

“…This shift, reflecting the evolving dynamics of consumers, poses its own challenges for Micro, Small, and Medium Enterprises (MSMEs). In facing the increasingly competitive digital market, MSMEs are required to not only adapt their business strategies but also enhance the quality of their services and products [3], [4], [5]. The adoption of digital technology is a necessity for MSMEs to expand their market reach, improve business processes, and enhance competitiveness.…”

Realizing Sustainable Growth: Innovative Talent Management Strategies in Driving Small and Medium-sized Enterprises Growth in the Creative Sector

“…Innovative talent serves as the primary foundation in the creation process that distinguishes products and services from their competitors, enabling MSMEs to compete effectively in the competitive global market. Moreover, the presence of innovative talent also opens opportunities for the development of new products and services that can reach a wider market segment, enhance competitiveness, and expand market share for these MSMEs (Yani et al, 2023). In this context, investment in the development of creative and innovative talent becomes crucial in supporting the growth and sustainability of MSMEs in the creative sector.…”