Impact of Market Analysis on the Competitiveness of Small Businesses in South Africa

Abstract

Due to vulnerability to risks connected with macroenvironmental variables, one of the causes restricting the ability to compete, small businesses are particularly affected by environmental uncertainty. Lack of marketing expertise leads to low-quality items, a lack of competitive awareness, lousy distribution, poor promotion, a lack of pricing strategies, and inadequately positioned businesses. This study examined the impact of market analysis on the competitiveness of small businesses in South Africa. Phenomenological (qualitative) approaches were used to address the lack of market analysis affecting small businesses to understand how detrimental towards ability to compete. According to exploratory research, one of the negative factors limiting small business competitiveness in South Africa is a lack of strategic plan. Semi-structured interviews were one of the data collection methods employed in the study. The results showed the impact of the inadequacy of market analysis on the competitiveness of small businesses. The study concludes that market analysis is essential for the competitiveness of small businesses. To eliminate gaps in the inadequacy of market analysis that negatively impact business competitiveness, the study suggested that business owners obtain industry reports from industry regulation bodies, statistical entities, feedback information from targeted businesses' social media pages and consumer complaints websites.