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GENERAL MANAGEMENT

The Influence of Business Capital and

Marketing Strategy on The Development
of Msmes
Ajat SUDRAJAT1*, Liya MEGAWATI2, Daud MUNASTO3
1
Department of management, Faculty of Economic, Universitas Singaperbangsa Karawang, Karawang, Jawa Barat, Indonesia,
Email: ajat.sudrajat@fe.unsika.ac.id
2
Department of management, Faculty of Economic, Universitas Singaperbangsa Karawang, Karawang, Jawa Barat, Indonesia,
Email: liya.mega@fe.unsika.ac.id
3
Department of Law, Faculty of Law, Universitas Singaperbangsa Karawang, Karawang, Jawa Barat, Indonesia Email:
daud.munasto@fh.unsika.ac.id
*Corresponding Author

Received: 11.03.2022 Accepted: 13.06.2022 Published: 01.10.2022 DOI: 10.47750/QAS/23.190.37

Abstract

The background of the theory which has been basic of research is business capital part of financial of management
and add of Chapter 19 of Law number 20 in 2008 about MSMEs and marketing strategy. The aim to do the research
is to find a solution from several problem which in SMEs at Balongsari Villages in development of business as
capital problem, and how to way market product. The type research is quantitative of method through testing the
validity, reliability, and normality of the data as well as the classical assumption test with multiple regression
analysis tools. The result of this research were based on the respondents’ assessment of the business capital
variable with an average score of 371.7 with the criteria agreed. Respondents’ assessment of the marketing
strategy variable with an average score of 306.85 with criteria quite agree. Respondents’ assessment of the
business development variable with an average score of 311.1 with criteria quite agreed. The magnitude of the
influence of business capital on business development is 12%. The simultaneous influence between business
capital variables and marketing strategy variables on business development variables is 38.4% while the remaining
61.6% is influenced by other variables that were not examined.

Keyword: MSMEs’, business capital, marketing strategy, management, business development

Introduction
Karawang City has the biggest industrial area in Southeast Asia.
There are thousands of factories in various scales operating in
Karawang. The industrial land area reaches 13,756,358 hectares.
Industrial areas located in Karawang City include the Kujang
Industrial Estate, Indotaisei, Mandala Putra, KIIC, Suryacipta, and
KIM. Until 2018, the number of factories operating in Karawang is
1,762 factories. In detail, there are 787 private factories, 269
domestic investments, 638 foreign investments, and 58 Joint
Business factories (source:
https://www.kompasiana.com/).
The existence of this industry is expected to develop the
economic area and to welfare society with the source of funding
from company tax revenue. Points out that the company is the
economic foundation, and it does not only contribute to most of the
value-added in the production process but also the existence of the
company is expected to employ the workers (Eva et al.,2021). The
company will not be able to ensure the existence of continuity
without applying business ethics (Duta & Banerjee, 2011). As a
result, today it is an established company with rapid development and
is well established in organizations and academia (Ajagbe & Ismail,
2014).
Business development is not only considered by large
companies but also must be carried out by micro, small and medium
enterprises (MSMEs) that grow and develop in villages in Karawang
Regency.
Small and Medium Enterprises represent many communities and
markets for economic and social benefits. It is not typical for them to
be owned by foreign entities; therefore, they represent a large part of
local capital. (Katerina Matusinska & Michal Stoklasa, 2019).
MSMEs in the manufacturing sector are economic activities that
have added value and are very competitive. Not only having a
comparative advantage but also a competitive advantage so that
MSMEs can take part in domestic and international markets (Rahman
et al, 2021; Jatmiko et al, 2020; Bambang et al, 2021). When
Indonesia experienced a monetary crisis in 1998, small-and medium-
sized enterprises (SMEs) could still be a buffer for the national
economy, absorbing the workforce, and moving the economy (Irhas,
Dyah, & Yuni, 2020; Ismet Sulila, 2021)
The growth of business person, micro, small and medium
enterprises (MSMEs) in Balongsari Village is very rapid with the
number of business person with a total of 190 people with various
products were sold, both hawking food, crafts and services offered
(Balongsari village data, 2021). High public interest in increasing
regional economic growth always encounters obstacles in running
their businesses such as capital constraints, the absence of business
financial

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accounting records, problems in product marketing, and so on. This is
a serious problem and must be handled properly and there must be
more intensive government intervention in advancing MSMEs in the
region so that the existence of MSMEs can survive. Fostering small,
medium, enterprises (SMEs) and startups (startups, hereafter) are
essential for developing countries to achieve sustainable growth.
Because SME capital constraints and information asymmetry hinder
the optimal provision of capital can greatly increase economic
growth. (Clementi & Hopenhayn, 2006; Ćorić, 2010; Mauzu &
Ogujiuba, 2020; Rossi & Fattoruso, 2017; Stiglitz, 1981; Sumiati,
2020; Ki Beom BINH et al, 2020)
According to Sri Mulyani Indrawati as the Minister of Finance of
the Republic of Indonesia, she said that MSMEs are often constrained
by expensive interest rates with limited collateral. MSMEs usually
have quite difficulties access to finance. They are often faced with
high-interest rates when accessing funding from financial
(institutions), the long process and time to get a loan, and a lack of
understanding of bookkeeping. Other things experienced by MSMEs
are legal issues, production, assistance, and marketing. (Source:
kompas.com, 2021).
The background of previous research is available SMEs of
experience have trouble in development of MSME as not an
innovation in made a product, not good manage of labor, not enough
business of capital and difficult to get it. (Endang Purwanti, 2012).
that matter has relevance with our research that every MSME in
every district has some problem with business capital and marketing
strategy especially about not enough innovation of product so have
trouble to market share. as for the novelty of our research of course
any difference in the sample of research. Sample our research take
from last of the consumer as use of product MSME so that every
MSME need innovation product by type of product, label packaging,
etc. off course different with the previous research have been done
which sell a product of MSME by the intermediary of direct
where activity about marketing strategy will do by the intermediary.
Business capital is one of the aspects that must be prepared in
building a business that runs as a benchmark for the company's
ability to build assets and fulfill production activities that are carried
out. Capital is a business factor that must be available before carrying
out activities, and the size of the capital will affect business
development in achieving income (Bambang, 2011). In addition to
business capital, things that must be considered for a business person
are marketing strategies for introducing products to consumers,
especially those related to technology in marketing products to
increase income and maintain business continuity. Technological
developments could facilitate marketing activities through e-
commerce (Syuhada, 2013). Companies traditionally have had a one
way communication monologue channel to their consumers,
however, these one way communication directed towards consumers
are becoming increasingly ineffective. Therefore companies must
move to establish interactive dialogue communication with many
internet and social platforms consumers use to exchange ideas,
cooperate and even to seek advice from consumers in what is
considered as social casting (Jones, Temperley, & Lima, 2009; Jung
Wan Lee & Michael Kwag, 2017)
Literature Review
In running a business, one of the supporting factors needed is
capital. If we compare it to starting a business by building a
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house, then the presence of capital becomes part of the foundation of
the house to be built. The stronger a foundation is made, the
stronger the house is built. Likewise, the influence of capital on a
business is its existence is the initial foundation of the business to be
built. Some capitals that are needed to run a business are intention,
experience, courage, knowledge, networking, and money for the
capital; but most people are hampered from starting a business
because they find it difficult to get money capital.
Business capital is necessary to carry out business activities:
therefore, a certain amount of funds is needed as the basis for the
financial measurement of the business being promoted. Sources of
Business capital can be obtained from own capital, government
assistance, and financial institutions of both banks and non-bank
financial institutions. Capital is a business factor that must be
available before carrying out activities. The size of capital will
affect business development in achieving income (Bambang, 2011),
another meaning of capital includes both capital in the form of money
and the form of goods. Schwiedlan in the book (Bambang, 2011),
said capital is very important in starting a business. The size of the
capital required depends on the size of the business to be established.
Business consultants generally divide the notion of capital including
small Business capital into two; tangible capital and intangible
capital. Tangible capital is capital that is tangible, both in the form of
movable and immovable things.
Movable things are things such as motorcycles, production
machines, and so on. Intangible capital is capital that is not tangible
such as creative ideas. Overall, Business capital is divided into three
parts, they are:
Investment capital;
Working capital; and
Operating capital.
Seminal researchers in marketing strategy research note that
marketing is one of the most imperative aspects of the business. It is
one of the means that a firm can attain the company’s objectives by
organizing marketing activities in a targeted manner (Soomin HAN,
&Eungoo Kang, 2020). In starting a business, it is necessary to have
a preliminary marketing strategy plan to introduce the new product to
the market. The plan consists of the first three parts of product
positioning, the first part is market share; the second part is
distribution strategy and budget.; the third part carries out a new
marketing strategy; the strategy on pricing, distribution, products,
promotions that will be carried out. Marketing strategy is a statement
(either implicitly or explicitly) about how a brand or product line
achieves its goals (Bennett,1988; Fandy Tjiptono, 2008). Define
marketing strategy as the fundamental tool that planned to achieve
company’s goal by developing a sustainable competitive advantage
through the entered market and the marketing program uses to serve
the market’s target. A marketing strategy provides direction to
variables such as market segmentation, identification of target
markets, positioning of marketing mix elements, and marketing mix
costs (Tull & Kahle, 1990 ; Fandy Tjiptono, 2008). Marketing
strategy seeks to provide consumers with more values than its
competitors, but still able to bring company profits (Supranto &
Nandan, 2011).
As for marketing strategy, Fandy Tjiptono (2008) said every
company on a big scale or small and medium course must attention to
several aspects are market selection, product planning, pricing, the
distribution system, and marketing communication (promotion).
Based on that can be a solution
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for us to be the winner in a competition to get market share. For
example, when we want to build a business, of course, we have to
look for an opportunity in the market for a product which needs or
wanted by the consumer.
Business development is carried out by businesses that have
begun to be processed and there are possibilities to go further. The
development of small and medium enterprises is the ability of small
entrepreneurs to socialize themself to the needs of market share so
that there is an improvement in the standard of living of an
entrepreneur. Business development for micro, small and medium
enterprises as the success in doing business can be seen in the
increasing number of sales due to the ability of entrepreneurs to seize
existing business opportunities, innovate, broad market controlled,
able to compete, has broad access to good financial institutions banks
and non-banks to increase business financial (Endang Purwanti,
2012). Other things as Chapter 19 of Law number 20 in 2008 about
MSMEs, development in the field of human resources as referred in
Chapter 16 paragraph (1) letter c is carried out by:
Promoting and empowering entrepreneurship;
Improving technical and managerial skills; and
Establishing and developing educational and training institutions
to conduct education, training, counselling,
motivation, and business creativity, also the creation of new
entrepreneurs.
(source:https://peraturan.bpk.go.id/Home/Details/39653/uu-no- 20-
tahun-2008)
From these aspects, it means that human resources are the
most important subject in the development of Micro, Small, and
Medium Enterprises to create entrepreneurs that are independent of
the community; therefore, the community needs to be empowered to
improve the quality of human resources so that it can affect the
quality of products produced to improve the community's economy
for the welfare of the society (Feni et al., 2013).
Hypotheses
Capital is a business factor that must be available before carrying
out activities. The size of capital will affect business development in
achieving income (Bambang, 2011). Marketing strategy seeks to
provide consumers with more values than its competitors, but still
able to bring company profits (Supranto & Nandan, 2011). Based on
this definition, it can be explained that the role of business capital and
marketing strategy is important in business development so the autors
are interested in proposing the following hypothesis:
H1: there is a positive correlation between business capital with
marketing strategy
H2: There is a positive influence of partial between business
capital and marketing strategy on business development
H3: There is a simultaneous positive influence of simultaneous
between business capital and marketing strategy on business
development
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3. Methodology
The research approach is carried out by using quantitative
methods that research methods based on the philosophy of positivism
are used to examine populations or samples, data collection uses
research instruments, quantitative or statistical data analysis,
intending to test the established hypothesis (Sugiyono, 2020). The
variables in this study are Business capital and marketing strategy as
independent variables and business development as the dependent
variable. Respondents in this study were Micro, Small, and Medium
Enterprises in Balongsari Village, with 190 people. This study takes
100 respondents as the samples by using the sampling technique of
the Taro Yamane formula with an error rate of 10%. The data was
obtained through the distribution of questionnaires. As for testing the
validity of the data, this study uses the validity test, reliability and
normality test, and the classical assumption test. The processing and
data analysis technique is used for descriptive, path of analysis, and
research hypothesis tests.
4. Results And Discussion
4.1 Result
The results of the validity test on all indicators that exist in each
of the variables studied were the business capital variable, the
marketing strategy variable, and the business development variable.
All indicators had greater values than 0.3; this proved that all
indicators were considered valid. The reliability test showed that all
variables had a value greater than 0.6; it showed all variables were
declared reliable. The results of the normality test showed that all
research variables had a greater statistical value than 0.05 so all
variables were declared to be normally distributed.
The results of the multicollinearity test obtained that the VIF
value of all research variables was less than ten and the tolerance
value was more than 0.10; so, it concluded that the regression model
in this study did not experience or contain multicollinearity between
variables. The results of the heteroscedasticity test using the Glejser
test showed that the regression model with each variable of the
significance of 1,000 is greater than 0.05. It meant that the regression
model did not contain heteroscedasticity.
The results of the descriptive study showed that 100 respondents
gave assessments of the business capital variable with an average
score of 371.7 with the criteria agreed. The value consisted of the
capital investment dimension value of
344.6 with the agreed criteria, the working capital dimension value of
368.5 with the agreed criteria, and the operating capital value of 402
with the agreed criteria.
The results of respondents with a total of 100 people regarding
the assessment of marketing strategy variables with an average score
of 306.85 of the criteria quite agreed. The value consisted of the
market selection dimension value of
342.7 with the agreed criteria, the product planning dimension value
of 210.3 with the disagreed criteria, the price dimension value of
408.25 with the agreed criteria, the distribution system dimension
value of 344 with the agreed criteria and the value of the marketing
communication dimension was 229 with the criteria of do not agree.
The results of respondents with a total of 100 people regarding
the assessment of the business development variable with an
average score of 311.1 of the criteria quite
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agreed. The value consisted of the value of the dimension of human
resource development of 324.5 with the criteria of moderately agreed The results of data processing using correlation analysis can be
and the value of the dimension of the investment portfolio of 297.7 seen in the table below:
with the criteria of being quite agreeable.

Table 1 Correlations
Business Capital Marketing Strategy
Business Capital Pearson Correlation 1 .304**
Sig. (2-tailed) .002
N 100 100
Marketing Strategy Pearson Correlation .304** 1
Sig. (2-tailed) .002
N 100 100
**. Correlation is significant at the 0.01 level (2-tailed).

Based on the table 1 can be explained so all variables

independent of business capital and marketing strategy have a value As for explaining about path of analysis can be show base on the
of correlation is 0,304 with criteria low and of course, give a table below.
positive contribution to a variable of development of business with
significant. (Sugiyono,2019)

Table 2 Coefficientsa
Standardized
Unstandardized Coefficients Coefficients
Capital B Std. Error Beta t Sig.
1 (Constant) 6.396 5.684 1.125 .263
Business Capital .317 .145 .183 2.182 .032
Marketing
.632 .098 .539 6.444 .000
Strategy
a. Dependent Variable: Business Development

Based on Table 2 above, the results of the path of analysis

equation were as follows: Based on the equation above can be explained that direct or
indirect contribution from the independent variable (business capital
Y = 0.183X1 + 0.539X2
and marketing strategy) to the development of the business is as
follow:

Direct of Indirect of
Coeffic
Variable influence influence Subtotal
ients
X1 X2
Business 0,183 0,033 0,030
0,063
Capital
Marketing 0,539 0,291 0,030 0,
Strategy 321
Influence of total 0,384
Variable influence of another (𝜀) 0,616
Table 3 influence business capital and marketing strategy to development of business
Source: source: the result of the analysis of data, 2021

Base on the data above can be explained that the value of a

marketing strategy is 0,304. that means any correlation between both
variable of marketing strategy bigger than business capital to the
of them and have a positive value in giving contribution as together
development of business is 0,321 (32,1 %)
to the development of business so Hypothesis 1 (H1) was acceptable
The results of partial hypothesis testing in this study were as
The Effect of business capital on business development Based on
follows:
the results of the SPPS output in Table 1, it
The correlation value between business capital and

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showed that the t value was 2.182 with a significance of 0.032 and
less than 0.05, so Hypothesis 2 (H2) stated that there was an
influence of Business capital on business development was
acceptable.
The Effect of Marketing Strategy on Business Development
Table 2 ANOVAb
Model Sum of Squares
1 Regression 1835.577
Residual 2947.983
Total 4783.560
a. Predictors: (Constant), Marketing Strategy, Business Capital
b. Dependent Variable: Business Development
Based on Table 2, it showed that the F Count value was 30,199
with a significance of 0.000 less than 0.05, then hypothesis 3 (H3)
stated that there was a simultaneous influence between the Business
capital variable and the marketing strategy variable on the business
development
Table 3 Model Summary Business Capital and Marketing Strategy
Model R R Square Adjusted
Square
1 .619a .384 .371
a. Predictors: (Constant), marketing strategy, Business capital
Based on the table 3, the coefficient of determination or R2 is
0.384 or 38.4%. It showed that Business capital and marketing
strategy had an effect of 38.4% on business development.
Meanwhile, the remaining 61.6% were influenced by other variables
that were not examined.
4.2 Discussion
Based on the results of research conducted on SMEs in
Balongsari Village, it is explained that:
The correlation value between business capital and marketing
strategy
The correlation value between business capital and marketing
strategy is 0,304. that means any correlation between both of them
and have a positive value in giving contribution as together to the
development of business According to Fahy (2000), RBV theory
explains the internal resources owned by the company. The success
or failure of a company will be largely determined by its strengths
and weaknesses. According to Ferreir et al., (2011), the company's
success is largely determined by the resources it has, and the
company's capabilities that can turn those resources into an economic
benefit. Firm resources can be tangible (eg factory, land, vehicles,
raw materials, and machinery) or intangible (eg brand, reputation,
and expertise, company culture, structure, perceptions, and processes
owned)
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Based on the results of the SPPS output in Table 1, it showed that
the t-count value was 6.444 with a significance of
0.000 and less than 0.05, so Hypothesis 3 (H3) stated that there was
an influence of marketing strategy on business development was
acceptable.
df Mean Square F Sig.
2 917.789 30.199 .000a
97 30.392
99
variable was acceptable.
The value of the coefficient of determination can be explained
as follows:
R Std. Error of the
Estimate
5.51286
The Influence of Business capital Variables
on Business Development Variables
Business capital had three sub-variables that were investment
capital, working capital, and operational capital. The smallest
indicator value on the Business capital variable was business
development from own capital and other people's loans of 231 with
the criteria or do not agree. It is because all MSMEs business owners
in Balongsari Village fully used their own money in running the
business because the capital they had was still sufficient to meet the
business production process and product market share which was still
small, and there were still many business owners who were confused
in the process of borrowing money from banks. Another smallest
indicator value was the ownership of accounts receivable for
MSMEs person of 339 with criteria quite agreed. Another smallest
indicator value was the ownership of accounts receivable for MSMEs
person of 339 with criteria quite agreed. It was caused by a few
MSMEs business owners who did not provide payments on credit or
debt to buyers. After all, goods sold quickly, and people's purchasing
power was low to buy products.
The value of the influence of Business capital on business
development was 12% obtained from the partial correlation
coefficient for the variable working capital squared (0.346)2 while
the results of partial hypothesis testing show that the t- count value
was 2.182 with a significance of 0.032 and less than 0.05, so
Hypothesis 1 (H1) stated that there was an influence of Business
capital on business development. Moreover, the results of the
hypothesis can be accepted. The result of research can be a receipt
or agreement because big
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and small a company especially MSMEs very dependent on business
capital. This was appropriate with the results of research conducted
by Junjuan Du and Zheng Qun Cai (2020) which pointed out that the
regression coefficient of the Business capital background (DumVC)
on the operating income growth rate (OIGR) and the total asset
growth rate were 0.199 and 0.438, respectively, which proves the
role of Business capital on the growth capability of SMEs and
supports the hypothesis. The result of research is supported by
Salahudin et all (1986) said that Business capital is one of the
important instruments, both for businesses or businesses that are
being started or those that have been running.
The Effect of Marketing Strategy Variables on
Business Development Variables
The marketing strategy had five sub-variables; they are market
selection, product planning, pricing, distribution systems, and
marketing communications. The smallest indicator value on the
marketing strategy variable was MSMEs’ products used for all
groups with a value of 187 with the criteria of disagreed. It is because
the MSMEs products owned were oriented towards their market
share. The other smallest indicator value was the guarantee of halal
labels for products with a value of 189 with criteria for disagreed and
business production permitted with a value of 220 with criteria for
disagreed, meaning that there were still many MSMEs products that
had not processed the halal label for their products and still
unfamiliar with managing requirements to obtain production
permission.
The value of the influence of marketing strategy on business
development was 35.3% which was obtained from the partial
correlation coefficient for the Business capital variable squared
(0.595)2, while the partial hypothesis test results showed that the t-
count value was 6.444 with a significance of 0.000 and less than 0.05.
Then, Hypothesis 2 (H2) stated that there was an influence of
marketing strategy on business development; as a result, the results
of the hypothesis can be accepted. This was appropriate with the
results of research conducted by Endang Purwati (2012) which stated
that there was a positive but not significant influence of marketing
strategy factors on business development. It is because the products
produced by MSMEs were not marketed directly to the market or
consumers. The result of research can be a receipt or agreement
because marketing strategies as weapons to promote a product
MSME to consumer. The result of research is supported by several
theory as According to Alma (2013), the marketing strategy is to
select and analyze the target market, which is a group of people the
company wants to reach and creates a suitable marketing mix that can
satisfy the target market. According to Boone (2008), marketing
strategy is an entire company program to determine target markets
and satisfy consumers by building a combination of elements from
the marketing mix: product, distribution, promotion and price.
The Influence of Business capital Variables
and Marketing Strategy Variables on
Business Development Variables
Business development had two sub-variables: development of
human resources and investment portfolio. The smallest indicator
value on the business development variable was having another
business branch of 178 with the criteria of
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strongly disagreed, training on entrepreneurship of 198 with the
criteria of disagreed, and having business financial records of 246
with the criteria of disagreed. It proved that the scope of the MSMEs
owned was still small, and MSMEs resources (human, capital,
machine, material, method, and market) owner were still few. The
results of the hypothesis test showed that the F Count value is 30.199
with a significance of 0.000 less than 0.05; as a result, hypothesis 3
(H3) stated that there was a simultaneous influence between the
Business capital variable and the marketing strategy variable on the
business development variable; therefore, the results of the
hypothesis can be accepted. The value of the coefficient of
determination or R2 is 0.384 or 38.4%. This result showed that the
variables studied, Business capital and marketing strategy, had an
effect of 38.4% on business development, while the remaining 61.6%
was influenced by other variables that were not examined. Based on
that result of research can be a receipt or agreement because, of
course, MSME enterprises have to increase business capital by loan
or use the money themselves. besides that, the MSME enterprises
have to add value sales of a product with interest to marketing
strategy as the paten, label, etc.
5. Conclusion
Based on the results of the analysis and discussion, it can be
concluded as follows:
Respondents' assessment of the Business capital variable with an
average score of 371.7 with the criteria agreed;
Respondents' assessment of the marketing strategy variable with
an average score of 306.85 with the criteria quite agreed;
Respondents' assessment of the Business Development variable
with an average score of 311.1 with the criteria quite agreed;
The correlation value between business capital and marketing
strategy is 0,304
The influence of partial between business capital and marketing
strategy on business development is 6.3%; and 32,1%
The simultaneous influence between Business capital variables
and marketing strategy variables on business development variables
is 38.4%, while the remaining 61.6% was influenced by other
variables that were not examined.
6. Recommendations
There is no misconception for a business person in increasing
market share and business by using loan capital from banks that are
appropriate with their needs and abilities to pay.
The business person must improve the quality of business
products by labeling products and taking care of business production
permits.
The business person must have good financial records to facilitate
supervision and to know the company's financial developments.
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Declaration of Conflicting Interests
The author(s) declared no potential conflicts of interest with
respect to the research, authorship, and/or publication of this article.
Funding
The authors receive financial support from university as a
research grant in internal scope with research contract No.
261.126/SP2H/UN64.10/LL/202.
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