A STUDY TO DETERMINE STRATEGIES FOR SMALL BUSINESSES IN THE SERVICE INDUSTRY AND INDUSTRIAL MARKETING TO GAIN COMPETITIVE ADVANTAGE IN CHINA.

Abstract

To gain a competitive advantage in China, this study explored the strategies utilized by small service companies. Its major purpose was to document the factors that led to the growth and profitability of these organizations. Data was gathered from a variety of small service companies located in major towns in China. The research paid particular attention to strategies regarding digital adoption, expenses management, creativity, and customer connection. The research showed that organizations using digital and technology-based tools wielded a greater impact on customers. Innovational products and services served to differentiate between themselves and the competition. Other than that, building a relationship with the customers served to maintain a presence in the market. Sustainable profitability and viability were also enhanced by cost-efficient and effective work. The analysis showed that developing lucrative strategies required knowledge of the local market and the local culture. Executives who tailor-made their strategies so that it matched the needs of the consumers locally excelled their counterparts using blanket strategies. Additionally, the research showed that small companies could improve their competitive edge by networking the companies together and using local networks. With the flexible strategies that these companies utilized, they showed a unique ability to cope with fluctuating market factors. Generally, the research showed that small service companies in China could create a competitive edge using creativity, embracing technology, focus on the customers, controlling cost, and understanding the local market. The research showed that it provided policymakers and entrepreneurs with useful recommendations that aimed to develop small companies. By highlighting applicable methods that may be implemented under the same cultural and financial conditions, the current work contributed to the body of competitive strategies in new markets.