Determining the significant marketing mix elements influencing small retail businesses’ success in Durban Central

Abstract

The primary purpose of this research study is to determine the significant marketing mix elements influencing the success of small retail businesses in Durban Central, South Africa. Despite the acknowledgment of small businesses as crucial for economic growth, a high failure rate persists, with causes including funding challenges, management skill deficits and a lack of marketing expertise. Previous studies underscore the importance of addressing these factors for sustainable small business success. Employing quantitative techniques, this study analysed data collected from 217 small retail businesses in Durban Central using closed-ended questionnaires. Using SPSS 29.0, descriptive and inferential statistics were utilised to explore the relationship between marketing mix elements and business success. Key findings revealed a price-sensitive retail landscape, highlighting the importance of value-based pricing strategies. Additionally, promotion emerged as a pivotal driver of success, alongside factors such as competitive pricing and exceptional customer service. Furthermore, the study highlighted a predominant reliance on financial dimensions for assessing success, overshadowing factors like innovation and customer loyalty. The research proposed a conceptual framework integrating marketing mix elements with internal, market and external environments, centered on the 7Ps. Recommendations include prioritising marketing skills development, fostering creativity, exploring diverse financial support sources and implementing value-based pricing strategies. Furthermore, strategic collaboration with industry networks is advised to promote resilience and growth. The insights gained from this study offer valuable implications for small retail businesses in Durban Central and South Africa at large, informing strategies for enhanced marketing mix element application and ultimately contributing to business sustainability and economic prosperity.