The Effect of Pricing, Market Access and Customer Relationship Management toward Social Media and Entrepreneurship(SMEs) Growth

Abstract

n today’s market, conventional ways of doing business is shrinking and new marketing strategies and business models are flourishing. This is to ensure that the business has a competitive edge against its competitors. Social Media and Entrepreneurship (SME) has taken a rise in recent years but even though the technology is relatively new, it cannot escape basic economic variables. This paper aims to study the relation between growths of SMEs in accordance to these variables; pricing, market access, and customer relationship management. Jagongo and Kinyua (2013) provide the theoretical framework for this paper and is the standard in validating existing literature from 2013 until 2016. This paper uses literature review to find how these variables interact with one another to attract the growth of SMEs. In summary, pricing is an issue that classic business model had to tackle, but it did not have much impact on SMEs due to pricing usually aligns with consumer responses. Market access is also a strong point in SMEs growth since the availability of ICT resources. Last but not least, based on changing pattern of customers’ demand, SMEs can adapt and update its customer relations so that it becomes and stay relevant in today’s changing markets.