Stimulating SMEs Performance based on Marketing Mix Approach:

A Study of Featured SMEs in Medan

Arlina Nurbaity Lubis

, Prihatin Lumbanraja

and Beby Kendida Hasibuan

Faculty of Economic and Business, Universitas Sumatera Utara, Medan, Indonesia

Keywords: Marketing Approach, Featured SMEs, Performance.

Abstract: Micro, small and medium enterprises not only have an important role in employment and increase economic

growth, but also contributed to the gross domestic product which gave a great contribution to the economy of

Indonesia. It also provide important role to adapt in Industry 4.0 as most of enterprises in Indonesia were

based on SMEs. This study aimed to evaluate the role of marketing mix to stimulate the performance of SMEs

thus promoting growth for the future along the SMEs' readiness toward industry 4.0. A number of 180 owner

of featured SMEs in Medan participated in this study. The data were collected by self-administered

questionnaires and analyzed using multiple regression analysis. The result showed that current SMEs is

moving slowly to adapt in industry 4.0. In addition, marketing mix played important role to stimulate SMEs'

performance. The most important aspect of marketing mix was product development to stimulate SMEs'

performance.

1 INTRODUCTION

1.1 Research Background

Small and Medium Enterprises (SMEs) also called as

Micro, Small, and Medium Enterprises always

become the backbone of economic development in

almost all countries (Anggadwita and Mustafid,

2014). Asian Productivity Organization (APO)

recognize the important role of SMEs to maintain

themselves as main core in economic development

and productivity. They also believed that SMEs have

the most contribution toward Gross Domestic Product

and Employment within the countries (Asian

Productivity Organization, 2015). In Indonesia,

SMEs contributed for almost 60% of GDP and

empoloyed 97% of labour forces (Badan Pusat

Statistik, 2015). These condition kept the SMEs as

important aspect to be monitored and be enhanced.

The fourth indutrial revolution, Industry 4.0,

undergo transformation toward more digitalized and

autonomos industrial process which will bring more

effective and efficient working process. The rise of

industry 4.0 is driven by Smart manufacturing

technologies (autonomous robots, additive

manufacturing, laser cutting), big data and cloud

computing and Internet of Things (Alma-Lobo,

2016). Industry 4.0 provide new opportunities, such

as live updating data not only for production but also

integrated into forward and backward. Cloud

computing also available to support massive yet ease

to use decision making tools. Despite of may new

opportunities come forth the industry 4.0, many of

SMEs have not ready to implement it yet (Schroder,

2017). The main problem was the poorly equipped

and implementation toward the tools for industry 4.0.

Nevertheless, it is still important to enhance SMEs'

performance and keep up their readiness toward

industry 4.0 for an even better growth in near future

(Bettiol, 2017).

World Bank (2018) predicted that the world's

ecomonic growth will remain stable for the next years

as long as we have a strong economic foundation to

support its growth. These foundation is related to

SMEs role, especially in develping countries.

Indonesia and other ASEAN member has agreed

to create a free trade area for ASEAN member since

2016. It creates opportunities and threats at the same

time to enterprises. The free trade area will dismiss

the effect of barrier to entry; the competition become

even tighter and fiercer than before. Even though

SMEs has a particular strength to survive, such as

their product that almost always be preferred by the

locals, many of customers become more digitalized

that prefer the ease to order rather than directly shop

in the market. In order to remain survive in the

competition, SMEs need to improve their marketing

Lubis, A., Lumbanraja, P. and Hasibuan, B.

Stimulating SMEs Performance based on Marketing Mix Approach: A Study of Featured SMEs in Medan.

DOI: 10.5220/0010080714251431

In Proceedings of the International Conference of Science, Technology, Engineering, Environmental and Ramiﬁcation Researches (ICOSTEERR 2018) - Research in Industry 4.0, pages

1425-1431

ISBN: 978-989-758-449-7

1425

activities to improve their performance (Wang and

Wong, 2004).

Previous studies provides several aspect that

likely affect a firm's performance (Attaolah, 2011;

Mukhamad and Kiminami, 2011; Rosli, 2014). One

of the factors that have influence toward firm's

performance is their marketing activities. Marketing

activites main objectives is to create demand for the

product, either by push it to the customer or pull the

customer toward it. A succesful marketing activies

will attract customer, building relationship with the

customer, improving sales and reduce obsolete

product (Kotler and Keller, 2012).

In the past years, many new SMEs emerged in the

market yet many of them also disappeared from the

market. They usually operated under a trend in the

society. They emerged as the new trend booming and

disappeared as the trend loosening. There is no actual

marketing activities. They usually ride on the trend to

attract their customer. As the result, they can easily

shutdown their business as the trend loosening.

Muninzu (2010) studied these phenomenon and

found out that they lack of the required skill to operate

the business for the long term. They never adapt and

enhance the product to stimulate demand which lead

to earlier shutdown.

Even though we believed that marketing has one

role to stimulate SMEs’ performance, Lu and

Beamish (2001) reported that there is no effect of

promotion (marketing) to SMEs’ performance. This

study aimed to evaluate the marketing mix influence

to SMEs’ performance while evaluating the SMEs’

readiness to industry 4.0. Thus, our study focussed

on:

a. Evaluating the SMEs’ adaptation toward

industry 4.0 especially in marketing aspect

b. Evaluating the impact of marketing mix

toward SMEs’ performance

1.2 SMEs in Medan

The condition of SMEs in Medan actually hard to

observe as there is no central registry exist for the

SMEs. However, the government stated that there are

six sector that become their focus on developing the

SMEs; namely Rattan, Batik, Leather, Culinary,

Souvenir, and Embroidery. Our study will be

focussed on these sectors in Medan as they were the

featured SMEs in the area.

World Bank since 1984 defined SMEs based on

their number of employee. Firm that has a number of

employees less than 50 workers can be considered as

small enterprises; 50-199 workers can be considered

as medium enterprises; 200 or more workers

considered as large enterprises (Jamil and Muhamed,

2011). SMEs in Medan can be classified under UU

No 8/2008 which regulate the SMEs. The

classification is based on total assets and annual

revenue. Since most of the SMEs acually do not

record their assets, we used annual revenue as the

base of our SMEs’ classification. Firm that generated

less than IDR 300 Million yearly considered as Micro

Enterprises; 300 Million to 2 and half Billion

considered as Small Enterprises; 2 and half Billon to

50 Billion considered as Medium Enterprises.

2 LITERATURE REVIEW

2.1 SMEs Performance Measurement

Performance can be viewed as a legal achievement

toward a certain organizational goals (Sedarmayanti,

2007). Measuring a firm’s perfromance can be based

on Kaplan’s balance scorecard which measured every

aspect of its business activities (Peterson, 2006).

Performance of a firm usually measured by

quantitative apporach using financial outcome such

as ROE, production level, customer level, and

efficiency level (Taticchi, 2008). There is a study for

measurement tools to evaluate SMEs that conclude

that they should be evaluated by using aspect of

quality, timely, financially, customer satisfaction, and

human resoruces (Hudson, 2001). However, the

implementation of pure quantitative approach can

hardly applied to many SMEs as they have significant

problem such as there is no record for their activities

(Manville, 2006). Most of SMEs can only vaguely

explain their condition preluding the semi-

quantitative approach using perspective

measurement.

2.2 Marketing Aspect

We used 4P marketing mix to evaluate the marketing

aspect for SMEs’ as most of SMEs. According to

Marketing Gurus, we may use 7P in service

marketing. However we focused on 4P as we studied

about common SMEs that can be operated in form of

goods and services (Kotler and Keller, 2012).

2.2.1 Product

This aspect refer to product development process that

will be sold in the market. This aspect is the most

important aspect in marketing mix that can affect

most of marketing strategies. Product development

become a necessities to keep the market demand of

firm's product in check. Product innovation played an

important role to affect demand thus improving sales.

ICOSTEERR 2018 - International Conference of Science, Technology, Engineering, Environmental and Ramiﬁcation Researches

1426

2.2.2 Price

On one side, refer to a sacrifice that must be paid to

gain a benefit of product or services. It can also be

explained as an exchange value. However, price in

marketing concept is not limited to an exchange

value. Price aspect in our study reflect the pricing

strategy under marketing mix. SMEs should be able

to improve their sales value as they apply the effective

pricing strategy that affordable to the market (Peres-

carbanero, 2011).

2.2.3 Promotion

This aspect refer to the activities to affect customer to

participate in transaction. In short, it is to stimulate

demand either by pull the customer or push the

product toward customer. Promotion mainly

communicated the information about the product to

potential buyer.

2.2.4 Place

Also refered to distribution channel or marketing

channel. The purpose of this aspect is to ensure that

product or services delivered to the customer. Place

marketing mix support business transaction between

produser to customer. An effective distribution

channel can help improving customer satisfaction

while ensuring product availability in market.

3 RESEARCH METHOD

3.1 Research Time

The study was conducted in Medan from March

to June 2018.

3.2 Participant

As there is no central registry toward SMEs in

Medan, we employed the random sampling technique

and use the stratified-convenience sample. We collect

30 sample for each featured sector SMEs in Medan.

A total of 180 SMEs participated in this study, thus

the final sample size was 180 SMEs from all around

Medan. As there is no registry, we preeliminated the

participant based on SMEs’ regulation. The annual

revenue of SMEs is under IDR 50 Billon. It is not

based on the number of employees, but the annual

revenue of SMEs. The subject for this study was the

SMEs’ owner as they run the business.

3.3 Data Collection Procedures

We used a self-administered questionnaires to collect

the data. The questionnaires was based on the

literature review related to each variables in this

study. The questionnaires included items that

measured SMEs’ four dimension marketing activites,

such as price, product, promotion and place, along

with their performance. Each items were measured

using five-point Likert scales. The questionnaires

were also collected the SMEs’ readiness to adopt

digitalization and Internet of Things (IoT) aspect of

Industry 4.0. while collecting their characteristics

such as eduational attainment, sex, and opinion

toward industry 4.0. The distrubuted questionnaires

were identical and were merged into a single dataset

for our study purpose.

3.4 Validity and Reliability of

Questionnaire

As we used self-administered questionnaires, we

conducted the validity and reliability test before

collecting the data for our study. We collect 30

random SMEs around Universitas Sumatera Utara to

confirm our questionnaires. The result showed in

Table 1.

Table 1. Cronbach's Alpha Research Questionnaire.

Variables

Number of

Statements

Cronbach's

Alpha

Conclusion

SMEs

Performance

8 0.821 Reliable

Product Mix 6 0.833 Reliable

Price Mix 6 0.914 Reliable

Promotion

Mix

6 0.876 Reliable

Place /

Distribution

Mix

6 0.890 Reliable

The validity was evaluated by using quantitative

method. We employ Pearson's correlation from each

item statement to the total of each variable (item to

total correlation). The critical point (r-table) used for

30 samples was 0.361. All of the statements met the

criteria of the validity of the research questionnaire.

Table 1 showed the result of the reliability test by

evaluating its internal consistency using Cronbach's

alpha. Each variable had been consistently measured

with an alpha value > 0.7. Therefore all the questions

posed on the validity and reliability test were valid

and reliable. Our questionnaires should be fine to be

deployed into data collecting proccess.

Stimulating SMEs Performance based on Marketing Mix Approach: A Study of Featured SMEs in Medan

1427

3.5 Data Processing and Analysis

Method

Data were analyzed using a multiple linear regression

method to predict the SMEs’ performance based on

their marketing apporach as we focused on a simple

model to explain the relationship between marketing

mix and SMEs’ performance. The research model

used in this study follow our Figure 1. Hypothesis

testing was performed using 5% significance level

following the standard practice. The analysis also

included the descriptive statistics. We used SPSS for

the data analysis. F-test was used to evaluate the

simultaneous impact and t-test were used to evaluete

the partialy impact toward SMEs performance.

Figure 1. Research Model.

3.6 Hypothesis

The hypothesis for this research was contructed based

on our research model. The model proposed linear

relationship between marketing mix toward SMEs’

performance. Our hypotheses include the following

statement:

Hypothesis 1 : SMEs’ Product mix

practice positively and significantly affect their

performance

Hypothesis 2 : SMEs’ Pricing mix

practice positively and significantly affect their

performance

Hypothesis 3 : SMEs’ Promotion mix

practice positively and significantly affect their

performance

Hypothesis 4 : SMEs’ Distribution mix

practice positively and significantly affect their

performance

4 FINDINGS

4.1 SMEs’ Owner Characteristics

We distributed the questionnaires to owners of SMEs

in Medan. As they were not officially registered, it is

hard to invite the SMEs to participate in our study.

Yet, we were able to collect 180 sample for our study.

We evaluated the characterstics based in their

classification, sex, educational attainment, and their

readiness to digitalized firm along with their opinion

toward industry 4.0. We employ descriptive statistics

to evaluate the current situation of our SMEs’

charactersitics. We tabulized the data and analyze the

characteristics of our SMEs. Table 2 summarized our

findings.

Table 2. SMEs Characteristics.

Charactersitics

N Percentage

SMEs Classification

180

Micro Business

142 78,89%

Small Business

20 11,11%

Medium Business

18 10,00%

Sex

180

Male

134 74,44%

Female

46 25,56%

Educational Attainment

180

Elementary School

14 7,78%

Junior High School

24 13,33%

High School

107 59,44%

Undergraduate

30 16,67%

Post-Graduate

5 2,78%

Digitalization

180

Not Yet

126 70,00%

Work on It

33 18,33%

Digitalized

21 11,67%

Knowledge about Industry

4.0

180

None

172 95,56%

Familiar

8 4,44%

Most part of Table 2 were self-explanatory.

Medan’s SMEs mostly came from Micro Enterprises

that have annual sales less than IDR 3 Million. The

owner were usually male as most of time in

Indonesia, male referred as family head that have

responsibilities to their family’s livelihood while

female ofter responsible in domestic works. The

owner mostly from high school. Actually based on

our study, the SMEs in Medan is not yet ready for

industry 4.0. Even though some of them started using

thrid party online services such as GO-JEK or several

Product

Price

Promotio

Place

SMEs

Performan

ICOSTEERR 2018 - International Conference of Science, Technology, Engineering, Environmental and Ramiﬁcation Researches

1428

online shop, most of them have no capabilities to

maintain it. They also do not know about the issue of

industry 4.0.

4.2 The Current Practice of SMEs

Average score of each variable was used to evaluate

the current practice of SMEs performance and

marketing aspect in common. We used five point

Likert scale to measure each indicator which the

minimum possible value was 1.00 indicating a very

poor performance / marketing practices and

maximum value was 5.00 indicating a very good

performance / marketing practices.

Table 3. Descriptive Statistics of SMEs in Medan.

ect N Min Max Mean

SMEs Performance 180 3.00 5.00 4.07

Product 180 2.67

5.00

4.09

Price 180 2.67

5.00

4.07

Promotion 180 2.00

5.00

2.99

Place 180 2.67

5.00

4.15

Table 3 indicated that SMEs in Medan perceived

that they have a good performance (Mean=4.07).

Their marketing approach also can be considered

good except the promotion practices with mean value

of 2.99 that reflect a slightly good performance.

However, the maximun value of 5.00 indicated that

several of our SMEs actually did a very good

promotion practices.

4.3 Regression Analysis

We employ regression analysis to evaluate the

relationship of each marketing practices on SMEs

performance. We evaluated the R and adjusted R-

squared value to determine the strength in

relationship between our predictor and depenent

variable. Regression model summary summarized the

coefficient of determination as showed in Table 4.

Coefficient of correlation (R) explained the strenght

while adjusted R-Squared explained the variance

which was explained under the given model (Ghozali,

2011).

Table 4. Model Summary.

Model R R

uare

Adjusted

R S

uare

Std.

Error

Durbin-

Watson

.757

.574 .564 .23046 1.861

a. Predictors: (Constant), Price, Promotion, Place,

Product

. Dependent Variable: SME_Performance

Table 4 showed that our model has a strong

correlation between marketing practices and SMEs

performance (R=0.757). SMEs’ marketing practices

can explain for 56.4% variances on SMEs’

performance in Medan. The coefficient of regression

and its significance level showed in Table 5.

Table 5. Coefficient of Regression.

Model

Unstandardized

Coefficients

Standardized

Coefficients

t Sig.

Collinearity

Statistics

Std.

Error

Beta Tolerance VIF

(Constant) .738 .222 3.329 .001

Product .428 .067 .453 6.410 .000 .488 2.050

Promotion .128 .053 .138 2.425 .016 .758 1.320

Place .186 .059 .210 3.123 .002 .541 1.850

Price .104 .044 .131 2.340 .020 .777 1.286

a. Dependent Variable: SME_Performance

Sig F-test < 0.001

Table 5 indicated that each of our marketing

practices in SMEs significantly affect the SMEs’

performance. The strongest unstandardized

regression coefficient was the product aspect on

SMEs’ performance. This result indicated that the

most important aspect in marketing practices is to

develop the product to satisfy SMEs’ customer

preferences. Our result indicated that a stronger

marketing practices will lead to a better SMEs’

performance. Our findings satisfy the condition to

accept hypothesis 1 through 4. Statistically, there is

enough evidence to state that product, promotion,

place, and price which under marketing mix practices

affect SMEs’ performance.

5 DISCUSSION

The result of our study support that marketing mix

activities in SMEs’ business will positively affect

their performance, such as increasing their annual

sales and customer retention (Ardjouman and Asma,

2015; Izvercian, 2016; O'Dwyer, 2006). Moreover

the result suggest that product, under marketing mix,

has the most significant effect on SMEs’

performance. Product design that reflect market

trend, customer preferences, while periodically

evaluating the change in market and customer

become the key to improve SMEs’ performance. Our

finding support the previous study which also stated

that product posititevly affect firm’s performance.

The rest of our findings also supported the previous

study (Njau and Karugu, 2014). As we discussed

about positive effect of price on SMEs’ performance,

we do not talked about the level of price. SMEs shoud

consider society’s level of income and willingness to

pay before set the right price. The price should be

affordable, reflecting the quality, and should be

acceptable to the customers. Distribution channel also

Stimulating SMEs Performance based on Marketing Mix Approach: A Study of Featured SMEs in Medan

1429

significantly affect SMEs’ performance. SMEs

should evaluate their marketing channel including

their sales area. Most of SMEs did not evaluate their

distribution as long as they can sell their product.

SMEs mostly consider themselves that their product

is actually for locals, but some of their product might

actually going overseas under a certain distribution

channel. Learning their product destination can be

one step closer to ensure that their product always

available for the customers.

In addition with the digitalization toward industry

4.0 we would like to discuss furthermore about

SMEs’ promotion which currently has the least score

in average practices in our study. Previous study

indicated that SMEs have a significant barrier toward

e-marketing practices which will be essential in the

aspect of Internet of Thing (Industry 4.0) (Soto-

Acosta, 2016). Previous study evaluate the adaptation

of e-marketing on SMEs’ performance which low but

significant. Many of our SMEs still avoid e-

marketing even though today’s minimum

requirement for e-marketing is relatively low by the

effect of social media and even more afforable e-

marketing and e-shopping tools in the future.

6 CONCLUSION

SMEs in Medan has not ready to adapt into Industry

4.0 yet. Digitalization and Internet of Thing (IoT)

adaptation is still progressing yet strugling as they are

not even mastering their own social media or online

shop account. Thus, it is important to support SMEs

with the required piece of resources needed such as

knowlegde and skill transfer regarding industry 4.0 to

the SMEs. Our study also conclude that pricing

strategy is important for SMEs as well as the product

development. They should set the price right based on

product quality and buyers’ purchasing power while

pursuing demand.

Our study has examined the relationship between

marketing mix and SMEs’ performance in Medan.

The result showed that each of marketing mix has a

positive and significant effect toward SMEs’

performance. That being said, improving overall

marketing performance will lead to a better SMEs’

performance. The current situation showed that

SMEs’ promotion practice still left a lot of room for

improvement. E-Marketing also can be considered as

one step to create a better promotion to generate a

better performance.

The study does have a limitation, especially

taking only one city as the sample which can affect

the actual model and should be limited the

interpretation to only one region. We suggested for an

even greater research conducted to contribute and

create a better conclusion toward marketing effect on

SMEs’ performance.

ACKNOWLEDGEMENTS

The authors gratefully acknowledge that the

present research is supported by Universitas

Sumatera Utara. The support is under the research

grant Basic Research of TALENTA 2018 Contract

Number 116/UN5.2.3.1/PPM/KP-TALENTA

USU/2018.

REFERENCES

Almada-Lobo, F. (2016). The industry 4.0 revolution and

the future of manufacturing execution systems (MES).

Journal of Innovation Management, 3(4), pp 16-21

Anggadwita, G., Mustafid, Q.Y. (2014). Identification of

factors influencing the performance of small medium

enterprises (SMEs) in Procedia - Social and Behavioral

Sciences 115 (IICIES 2013/Elsevier) pp 415-523

Ardjouman, D., Asma, B. (2015). International Journal of

Business and Social Science, 6(4), pp 141-150

Asian Productivity Organization. (2015). Handbook for

SME Productivity Measurement and Analysis for

NPOs. Tokyo: Asian Productivity Organization

Ataollah, M.M. (2011). The method for measuring and

disclosure of non-financial performance. Australian

Journal of Basic and Applied Sciences, 5(12), pp 1133-

1145

Badan Pusat Statistik. (2015). Industri Mikro dan Kecil,

accessed from bps.go.id

Bettiol, M., Caprestro, M., di-Maria, E. (2017). Industry

4.0: the Strategic Role of Marketing. Marco Fanno

Working Papers - 213

Ghozali, I. (2011). Aplikasi Analisis Multivariate dengan

Program IBM SPSS 19. Semarang: Badan Penerbit

Universitas Diponegoro, 5

edition

Hudson, M., Smart, A., Bourne, M. (2001). International

Journal of Operations and Production Management, 21

(2), pp 1096-1115

Izvercian, M., Miclea, S., Potra, S. (2016). Marketing

practices in SMEs case study: Romania vs Malta. in

Procedia - Social and Behavioral Sciences 221 (SIM

2015/Elsevier) pp 135-141

Jamil, C.M., Muhamed, R. (2011). Performance

measurement system in small medium enterprises: a

practical modified framework. World Journal of Social

Sciences, 1(3), pp 200-212

Kotler, P., Keller, K.L. (2012). Marketing Management.

New Jersey: Prentice Hall, 14

Edition

Lu, W.J., Beamish, P.W. (2001). Strategic Management

Journal, 22, pp 565-586

Manville, G. (2006). Implementing a balanced scorecard

framework in a not for profit SME. Journal of

ICOSTEERR 2018 - International Conference of Science, Technology, Engineering, Environmental and Ramiﬁcation Researches

1430

Productivity and Performance Management, 56 (2), pp

162-169

Mukhamad, N., Kiminami, A. (2011). Innovation,

cooperation and business performance. Journal of

Agribusiness in Developing and Emerging Economies,

1(1), pp 75-96

Munizu, M. (2010). Pengaruh faktor-faktor internal dan

eksternal terhadap kinerja usaha mikro dan kecil di

Sulawesi Selatan. Jurnal Manajemen dan

Kewirausahaan, 15, pp 33-41

Njau, J.N., Karugu, W. (2014). Influence of e-marketing on

the performance of small and medium enterprises in

Kenya. International Journal of Business and Law

Research, 2(1), pp 62-70

O'Dwyer, M., Gilmore, A., Carson, D. (2009). European

Journal of Marketing, 43 (1/2), pp 46-61

Peres-carbanero, C., Gonzales-cruz, T., Cruz-Ros, S.

(2011). Do family SME managers value marketing

capabilities’ contribution to firm’s performance.

Journal of Marketing and Intelligence Planning, 30, pp

116-142

Peterson, E.T. (2006). The Big Book of Key Performance

Indicators. Portland: Demystified

Rosli, M.M., Kuswantoro, F., Omar, A.R. (2012).

Competitive strategies and firm performance: a

comparative study of Malaysian and Indonesian small

and medium enterprises, in 3rd International

Conference on Business and Economic Research (3rd

ICBER 2012) 460-474.

Schroder, C. (2017). The Challenges of Industry 4.0 for

Small and Medium-sized Enterprises, FRIEDRICH-

EBERT-STIFTUNG 2015-2017 Project

Sedarmayanti. (2007). Sumber Daya Manusia dan

Produktivitas Kerja. Bandung: Mandar Maju

Soto-Acosta, P., Popa, S., Palacios-Marques, D. (2016). E-

business, organizational innovation and firm

performance in manifacturing SMEs. Technological

and Economic Development of Economy 22 (6) pp 885-

904

Taticchi, P., Cagnazzo, L., Botarelli, M. (2008).

Performance measurement and management for SMEs.

POMS 19th Annual Conference La Jolla, California

Undang-Undang Republik Indonesia Nomor 20 Tahun

2008 tentang Usaha Mikro, Kecil dan Menengah

Jakarta: President of Indonesia

Wang, C.K., Wong, P. (2004). Entrepreneurial interest of

university students in Singapore. Technovation: the

International Journal of Technological Innovation,

Entrepreneurship and Technology Management

World Bank. (2018). Global Economic Prospects 2018:

Trade, Regionalism, and Development

Stimulating SMEs Performance based on Marketing Mix Approach: A Study of Featured SMEs in Medan

1431