Market Development Assistance Scheme, 2019 has provided constant support to the MSMEs market to grow and prosper through NSIC. Marketing is a strategic mechanism for business development and is an essential component for the growth and survival of micro and small units. Due to a lack of resources, scarcity of relevant knowledge, and unorganized selling or marketing methods, the MSME sector has often faced innumerable problems exploring the new markets and retaining the existing ones. Such conditions of being unaware of the latest market methods where they may sell their products and buyers also having a lack of knowledge about the products manufactured by MSMEs results in severe impediments to MSMEs’ growth and competitive survival scenario. MSME sectors are more like newly growing buds requiring much extreme care and input to let it bloom in its natural course. Market Development Assistance scheme is a much-needed factor for the MSME to grow naturally by providing proper guidance and benefits through the scheme.
Market Development Assistance Scheme is an effort and initiative taken up by the Government of India presently operated by the Ministry of Commerce to promote exports and develop access to overseas markets. There are Governmental and non-governmental specialized agencies that provide marketing assistance. NSIC & KVIC have also devoted government agencies for providing platforms for marketing assistance to MSME units.
The overall marketing strategy covers various factors, advertising, public relations, promotions, sales, branding, etc. No matter if a business enterprise is offering the best of the products or services in its industry domain, none of the potential customers would know about it without the proper tool of marketing. Without marketing, sales may crash massively, and companies may have to shut down in the long run. Marketing is one of the crucial areas where MSMEs face problems. In the global platform, they lack the strategic tools and the means for their business development, several other big enterprises. Constant changes in the market dynamics due to technological changes and globalization have profoundly impacted the competitiveness of the MSMEs. The whole ambit of the marketing strategy for any product needs to be addressed, whether it is product differentiation, branding issue, customized and post-sale servicing, etc. The Marketing Development Assistance scheme, 2019, requires harmonizing and rationalizing to have a focused approach. The existing Market Development Assistance Scheme, 2019, might be revisited to strengthen the MSME sector’s marketing infrastructure and mainstream it to the major consuming industries and patterns.
The functions of the Market Development Assistance Scheme, 2019:
The objectives of this Market Development Assistance Scheme, 2019, includes the following:
The Market Development Assistance Scheme,2019 offers funding for:
MSME is a significant contributor to the growth of the domestic economy and employment generation in India. Market Development Assistance Scheme, 2019 helps to get adequate support in terms of the policy framework, incentives, and other relevant aids. Though Indian MSMEs are finding it difficult to sell their products in the domestic and international markets because of growing competition to make their products globally competitive, Indian MSMEs need to upgrade their technology and emphasize innovation. Marketing Development Assistance Scheme, 2019 is an efficient tool that helps MSMEs improve their performance and gain real-time insight into the business. Market Development Assistance Scheme, 2019 can enhance business planning’s effectiveness and accuracy without implementing an expensive system to improve sales, optimize inventory, understand customer and product behavior patterns, etc. for building up efficient, robust & profitable business globally.