Oikonomia : Journal of Management Economics and Accounting
Vol. 2 No. 1 (2024): Oikonomia-December

MSME Product Innovation as a Competitiveness Strategy in Local and Global Markets

Mufid Andrianata (Universitas Negeri Malang)
Sudarmiatin Sudarmiatin (Universitas Negeri Malang)
Wening Patmi Rahayu (Universitas Negeri Malang)



Article Info

Publish Date
31 Dec 2024

Abstract

Micro, Small, and Medium Enterprises (MSMEs) play an important role in the Indonesian economy with significant contributions to Gross Domestic Product (GDP) and employment. However, in facing the challenges of globalization and increasingly fierce competition, MSMEs are required to innovate to remain relevant and competitive. Innovation is key to improving product competitiveness by adopting digital technology, integrating traditional elements with modern designs, and utilizing e-commerce platforms and social media. Trend phenomena such as increasing interest in local products with a modern touch, environmentally friendly designs, and unique narratives in marketing are increasingly encouraging MSMEs to adapt quickly. This research uses a descriptive qualitative approach to understand the innovation strategies of MSMEs in Yogyakarta, involving interviews, observation, and documentation. The results show that MSMEs that are able to combine traditional elements with modern innovations can expand their markets internationally. Collaboration with external parties such as startups and business incubators also plays an important role in enriching product quality and expanding market reach. Thus, continuous innovation and support from various parties are the main drivers for MSMEs to continue to grow in a competitive global market

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Journal Info

Abbrev

oikonomia

Publisher

Subject

Economics, Econometrics & Finance

Description

Oikonomia Journal: Journal of Management Economics and Accounting publishes conceptual, review and research papers related to business and economics. Oikonomia: Journal of Management Economics and Accounting has a focus and scope that includes: Economics Management Accounting Finance Business ...