Challenges and opportunities for SMEs competing in the global market: A literature review for future research

Abstract

While successful performance of large firms has been noted in literature, challenges and opportunities of small and medium enterprises (SMEs) for the global market have not been well examined. The aim of this study is to present a literature review which defines the expanding opportunities and growing challenges for SMEs in the global market. Specific research questions are: 1) What are the opportunities and challenges for SMEs in the global market?; 2) Why do SMEs take strategic orientation for modular innovation as their responses in the changing global environment?; 3) What are the specific ways that SMEs implement the expanding scope of modular innovation?; 4) What are useful performance measures for modular innovation? This literature review directs toward examining these research questions and in doing so present emerging research issues for SMEs.