SME Product Development Strategy in International Business Context: A Systematic Literature Review
Keywords:
Product Development Strategy, International Business, Business Performance, Literature ReviewAbstract
This study aims to analyze the product development strategy of Small and Medium Enterprises (SMEs) in the context of international business and its relationship with business performance. With a literature review approach, this study has collected 38 literatures to be analyzed using the content analysis stage. The results of the study indicate that SME product development in an international context requires 8 specific strategies including cultural/market adaptation, collaboration and partnership, product quality standardization, product differentiation & specialization, technology utilization, product innovation, supply chain optimization, and product diversification. This study also found that among the 8 strategies, the cultural/market adaptation strategy is the strategy that is most proposed by previous literature. The relationship between product development and SME business performance is very significant, with improving product quality and adjusting to international market needs as key factors for success.
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