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Received: August 11, 2022 / Revised: August 31, 2022 / Accepted: September 2, 2022 / Published: September 13, 2022
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This study aims to examine the effects of corporate strategies to improve the competitive advantage of small and medium-sized enterprises (SMEs). In addition, our study considers the importance of performance and innovation as mediating variables in the relationship between business strategy and competitive advantage. The study sample consists of 150 SMEs in the construction and real estate sectors. Our results show that corporate strategies have a positive impact on competitive advantage. Better business strategies improve the competitive advantage of SMEs. In addition, business performance and innovation also mediate the relationship between business strategy and competitive advantage. These results show the importance of performance and innovation to improve competitive advantage. It is suggested that SMEs improve their performance and innovation capabilities to strengthen their competitive advantage.
Small and medium enterprises (SMEs) play an important role in economic recovery and growth [1] and can lead countries to increase competitiveness [2]. They are central to industries and promote strong commercial space sectors, which encourage innovation and creativity to develop and facilitate industrialization [3]. While SMEs explicitly and implicitly influence a country’s economic growth, they also create significant opportunities in the labor market, with SMEs accounting for 99.7% of the UK’s 4.7 million businesses [4]. Globally, SMEs belong to the private sector [4]. The economy and society also depends on SMEs [5], and several factors support and influence the strategies that in turn influence the development of the businesses [6].
The development of a dynamic business environment concerns every company [7]. Technological change and product variation are two factors that significantly influence business development [8]. Therefore, the pre-selected superior strategies are often insufficient and the selection and determination of new strategies are necessary to promote a more competitive company. From a resource-based strategy perspective, this shows the importance of resources and capabilities companies need to develop their competitive advantage [9]. The competitive advantage that every company needs to compete in the global market is technology mastery [10]; quality human resources (workers and managers); high creativity and motivation; a high level of efficiency and productivity in the production process; the production of quality goods [11]; good management system and organizational structure; a high level of entrepreneurship; a broad vision of the products and the environment around the company (economic, social, political, etc.); and the ability to face stiff competition in the global market [12].
From the point of view of resource-based strategy, they emphasize the importance of resources and capabilities in developing a company’s competitive advantage [13]. Innovation is the key to gaining competitive advantage [1]. Innovation strategies are the most important factors in small and medium industries, especially to improve operational reliability [5]. Innovation is classified into two types: radical and incremental [14]. Radical innovation is when a highly different and new innovation becomes the mainstream solution in the industry. Meanwhile, incremental innovation is innovation that makes small changes and adjustments to existing practices. Innovation is an important driver of business competitiveness and improvement of business performance, especially for SMEs [15].
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Innovation is critical to a firm’s performance [16], and the ability to innovate has a significant effect on product quality and operational performance [12]. While the ability to innovate does not directly affect the financial results of a company, but rather an indirect effect on its operational results [17], companies have the opportunity to improve their overall results. Innovation is an important driver for business competitiveness and improvement of business performance, especially for SMEs [18].
The literature on the relationship between innovation strategy and firm performance is extensive (see, for example, [19, 20, 21]). However, for SMEs, several studies report conflicting and/or inconclusive results [20, 21]. On the one hand, robust large-scale data surveys for SMEs and general research in this area are rare [22]. These inconclusive results may be because innovation requires a combination of resources, such as financial, technological and human capital resources, as well as certain organizational skills, which may be an important constraint [23, 24].
So this research was conducted using the variables of innovation and business performance as mediators for the business strategies of SMEs and competitive advantage in Indonesia. Another competitive advantage variable is included in this research, because it is rarely studied, especially for SMEs and micro, small and medium enterprises (MSME). This research is conducted in Indonesia (using the construction and real estate industry and MPMI actors in 34 Indonesian provinces) to make additional contributions to the previous research [25]. An emerging phenomenon, namely the COVID-19 pandemic, will increase the importance of this study. Research methods include examining quantitative and survey data, as well as testing structural equation models with the help of intelligent variance-based PLS. The present study should provide evidence on the importance of innovation and business performance in strengthening the relationship between business strategy and competitive advantage in SMEs.
Recently, as the era of corporate competition has become tougher, businessmen must continuously find ways and strategies to surpass the competition in their respective fields [26]. In choosing which business model and concept to use, ideally, businessmen should be able to combine internal factors, especially resources, and look at the structure of the industry from the outside [27, 28]. After analyzing the structure of the industry based on external factors, the company can maximize all elements of internal resources (resources) to create various benefits. Competitive advantage factors are those that are obtained or can be developed/created [29].
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The competitive advantage comes from a company’s strategic choice to seize market opportunities [7]. A corporate strategy, also called a competitive strategy, is usually developed at the division level and emphasizes improving the competitive position of a company’s products/services in the specific industry sector/market served by the division [30]. The division’s business strategy may focus on increasing profits from the production and sale of products and services [31]. Corporate strategies should integrate various functional activities to achieve divisional goals [32].
The concept of a firm’s competitive advantage was developed using generic strategies proposed in previous studies [13]. Parameters that show the variables of competitive advantage are imitability, durability, and ease of matching [33]. Competitive advantage is at the heart of a company’s performance in a competitive market [34, 35]. A company’s advantage is growing in the value or benefits the company can create for its buyers. If the company can create an advantage on one of these three generic strategies, it can gain a competitive advantage. Competitive advantage can be understood by looking at the company from the many activities a company undertakes in design, manufacturing, marketing, delivery and sales support [36]. Thus, competitive advantage is a position where the organization is constantly working to beat its competitors.
This research was based on the concept of dynamic capability theory [37], as dynamic capability allows a company to be superior to its competitors [38, 39]. An example of this is the fall of the Nokia company in the mobile phone industry. Nokia underestimated the changes and technological developments in the mobile phone industry, where at first the emergence of smartphones was not taken seriously. This made Nokia miss its smartphone revolution, because its products were not equipped with modern technologies that were new and innovative compared to other smartphones, such as Apple and Samsung [40].
Capabilities, unlike resources, are based on the development, management and exchange of information through a company’s human capital [9]. Capabilities show that when the competitive landscape changes rapidly and can be unpredictable, an organization can gain competitive advantage through regular adjustment and development of its resources (innovation) [41]. Capacity