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As the Croatian economy continues to move towards joining the EU, some of the biggest opportunities for Small-to-Medium Sized Enterprises (SMEs) will be derived from their ability to sustain growth in the global marketplace. It is generally accepted that SMEs are becoming increasingly important in terms of employment, wealth creation, and the development of innovation. Nevertheless, there are certain doubts about the quality of management in this sector suggesting that there are particular weaknesses in innovation, a lack of financial resources, marketing, entrepreneurial skills, practical knowledge, and human resource management. As a result, many SMEs do not achieve their full potential and fail to grow. For an enterprise to survive in the market, Hall (199 5) believes that longevity is associated with age and the company’s ability to grow. According to the survey, the main reason for the deterioration in the survival rate of small businesses is in poor management, which is under the direct control of the SME owners/managers. Taking into account the high failure rate in the sector of small enterprises, it is necessary to investigate the factors, characteristics and management skills that are required for SME’s to survive and thrive. These factors include personal characteristics of owners, the availability of external assistance, motivation, marketing strategies, trade policies, financial management, marketing and business characteristics. This paper will seek to explore the extent to which small enterprises develop marketing strategies to ensure their future survival and the growth phase in the lifecycle of the company. Identifying companies that have withstood the high rate of failure in the introduction stage and are at the stage of growth, we explore the extent to which the application of marketing strategies contributed to their growth. |
