INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN SOCIAL SCIENCE (IJRISS)  
ISSN No. 2454-6186 | DOI: 10.47772/IJRISS | Volume IX Issue XI November 2025  
Marketing Capabilities and Entrepreneurial Orientation Driving  
SME Performance: The Mediating Role of Return on Marketing  
Investment (ROMI)  
Nik Anis Sazwani Nik Abdullah1*, Noral Hidayah Alwi2, Nik Anis Idayu3, Noor Aida Ayub4  
1,4Faculty of Business, UNITAR University College Kuala Lumpur, Malaysia,  
2Open University Malaysia,  
3Faculty of Accountancy, University Teknologi MARA, Shah Alam, Selangor, Malaysia  
*Corresponding Authors  
DOI: https://dx.doi.org/10.47772/IJRISS.2025.91100046  
Received: 07 November 2025; Accepted: 14 November 2025; Published: 28 November 2025  
ABSTRACT  
This study investigates the impact of marketing capabilities and entrepreneurial orientation on the performance  
of small and medium enterprises (SMEs) in the Klang Valley, Malaysia, using Return on Marketing Investment  
(ROMI) as a mediating variable, explaining how marketing capabilities and resource utilization enhance  
performance. This study applies the Resource-Based View (RBV) to examine how internal resources influence  
firm performance in SMEs. The framework highlights resource efficiency as a key driver of sustainable  
competitiveness. Given the competitive and resource-constrained environment faced by Klang Valley SMEs,  
effective marketing and entrepreneurial practices are critical for sustainable growth. This study posits that  
marketing capabilities and entrepreneurial orientation enhance SME performance directly and indirectly via  
ROMI. A quantitative approach will be adopted, collecting data from SMEs across various industries in the  
Klang Valley. SmartPLS will be used to conduct Structural Equation Modeling (SEM) to test the hypothesized  
direct and mediated relationships, providing robust insights into how firm capabilities and ROMI influence  
SME performance. The findings are expected to offer recommendations for SME managers and policymakers  
while contributing to the literature on SME performance in the Malaysian context.  
Keywords: ROMI, SMEs, RBV, SEM, SmartPLS  
INTRODUCTION  
Small and medium enterprises (SMEs) in the manufacturing and services sectors play an important role in the  
economy and are acknowledged to be the backbone of economic development (Ramdan et al., 2022). SMEs  
play a pivotal role in Malaysia's economic landscape, particularly in the Klang Valley, which serves as a hub  
for entrepreneurial activities. SMEs in Malaysia contributed 38.2 percent of Gross Domestic Product (GDP) in  
2021 (DOS, 2021). Despite their significance, many SMEs face challenges in achieving sustainable growth and  
competitive advantage. Pratono et al., (2015), study indicates that enhancing marketing capabilities and  
fostering entrepreneurial orientation are critical factors influencing SME performance. Several studies have  
shown that marketing capabilities positively impact firm performance, with a mediating effect through reward  
philosophy and marketing capability.  
The future success of SMEs, which are one of the key contributors across most industries and nations (Li et al.,  
2016) depends on their ability to sustain a competitive edge in the marketplace. According to Raymond (2005),  
SMEs that invest in new technologies can expect improvements in several performance indicators, including  
reduced costs, enhanced quality, greater flexibility, and increased productivity. Product enhancement refers to  
the process by which SMEs identify, design, and implement improvements to their products and services,  
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ISSN No. 2454-6186 | DOI: 10.47772/IJRISS | Volume IX Issue XI November 2025  
making them more appealing to customers. This is demonstrated through adjustments to the marketing mix and  
the adaptation of marketing activities and practices, (O'Dwyer et al., 2009; Mostafa, 2005; McEvily et al.,  
2004). Return on Investment (ROI) must pay extra attention to the success of any organization which involves  
assessing expenditures in relation to anticipated revenue or cost savings, and marketing investments should be  
evaluated by the same standard by the business (Atanassova et al., 2013).  
SME corporation classified based on the yearly sales turnover or quantity of full-time workers (Moorthy et al.  
2012). in Malaysia, the definitions are solely based on a fixed quantitative measure; for instance, the total  
number of workers and the business sales turnover (Omar et al., 2009). Performance of SMEs is vital as they  
will contribute Malaysia into a high-income and knowledge-based economy through their Gross Domestic  
Product (GDP). The Malaysia government has implemented various policies and strategies under Industrial  
Master Plan. The IMPs were formulated to enhance the growth of the manufacturing sector across the entire  
value chain and cluster-based industrial developments, (Saleh et al., 2006). These initiatives aim not only to  
boost industrial competitiveness but also to improve firm-level performance through technology adoption,  
innovation and productivity enhancement. Studies have shown that such policy frameworks contribute to  
improved organizational efficiency, market expansion, and overall firm performance (Kopinski, 2023).  
Research indicates that enhancing marketing capabilities and fostering entrepreneurial orientation are the  
factors influencing SME performance. Entrepreneurial orientation, encompassing innovativeness, risk-taking,  
and proactiveness, has also been identified as a determinant of SME success. Empirical evidence suggests that  
integrating entrepreneurial orientation with strategic marketing approaches can significantly enhance SME  
performance, (Yacub et al., 2024; Keh et al., 2007).  
LITERATURE REVIEW  
Resource Based View (RBV)  
The Resource-Based View (RBV) is a fundamental theory in management that explains how firms achieve and  
sustain competitive advantage through the effective utilization of valuable internal resources and capabilities.  
The RBV takes an inside-out perspective, arguing that the uniqueness of a firm’s internal resources such as  
skills, knowledge, technologies, and organizational culture which forms the basis for long-term success.  
According to Barney (1991), for a resource to provide sustainable competitive advantage, it must possess four  
key attributes which are valuable (V), rare (R), inimitable (I), and non-substitutable (N) and later extensions  
added a fifth condition which is organization (O), emphasizing the need for firms to be organized to exploit  
their resources effectively. When a firm possesses resources that meet these criteria, they can outperform  
competitors and sustain their advantage over time. This highlights that firms should focus on identifying,  
developing, and protecting their unique tangible and intangible resources such as brand reputation, employee  
expertise, innovation capabilities, and corporate culture in maintaining their competitiveness.  
RBV conceptualizes a firm based on the unique resources it possesses and provides a useful framework for  
explaining why some firms consistently achieve superior performance compared to others (Barney et al.,  
2001). The RBV has been used to examine the efficiency and competitive advantage implications of firm  
specific resources such as entrepreneurship, culture and organizational routines (Melville et al., 2004). RBV  
views a firm as a bundle of resources and capabilities (Wernerfelt, 1995). A study by Song et al. (2007) suggest  
marketing capability helps a firm to create and retain strong bond with customers and channel members.  
A resource is valuable if it allows the firm to exploit opportunities or neutralize threats, contributing directly to  
customer value or operational efficiency (Barney, 1991). Rareness ensures that the resource is possessed by  
few, if any, competitors, granting exclusivity in competitive positioning (Peteraf, 1993). Resources are  
inimitable when competitors cannot easily copy or replicate them, due to factors like path dependency, causal  
ambiguity, or social complexity (Barney, 1991). A resource is non-substitutable if there are no equivalent  
alternatives that can provide the same strategic benefit, ensuring that competitors cannot erode the firm’s  
advantage through substitutes (Barney, 2007). The organizational dimension emphasizes that resources must be  
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supported by appropriate structures, processes, culture, and management systems to realize their potential  
value even valuable and rare resources cannot yield advantage if the firm is not organized to exploit them  
(Teece et al., 1997). According to Barua et al., (2004) suggest that skills are some sort of capability, which is  
specific to the firm and could gain competitive advantage.  
In the context of SMEs, RBV can be directly and indirectly related to ROMI, as firms’ marketing resources  
such as brand equity, customer relationships, digital capabilities, and proprietary marketing technologies might  
determine the effectiveness and efficiency of marketing expenditures (Teece et al., 1997). Valuable marketing  
resources allow SMEs to exploit opportunities and meet customer needs effectively, rare resources differentiate  
SMEs from competitors, inimitable resources such as unique customer service approaches ensure sustained  
advantage, and non-substitutable resources like exclusive channels enhance market positioning (Barney, 2001).  
Moreover, the organization of these resources, including structures, processes, and leadership, is critical for  
effectively implementing marketing strategies and optimizing ROMI (Barney, 2007). Studies suggest that  
SMEs leveraging RBV-aligned marketing resources experience higher ROMI and improved competitiveness,  
highlighting the importance of internal resource evaluation and strategic alignment in small business marketing  
(Sipos et al., 2025; Afifah, 2023). Thus, RBV not only guides SMEs in identifying and developing unique  
resources but also provides a practical lens for enhancing marketing performance and achieving sustainable  
growth in their business.  
Return on Marketing Investment (ROMI)  
Return on Investment (ROI) is a key financial metric that reflects the profitability of marketing investments. It  
is calculated as the ratio between the profit generated by a marketing campaign and its associated costs. A high  
ROI signifies efficient budget use and the effectiveness of the chosen promotional strategy (Kolisnichenko et  
al., 2025). Return on Marketing Investment (ROMI) is a key performance metric used to evaluate the  
efficiency and effectiveness of marketing expenditures in generating financial returns for a firm. It measures  
how much incremental revenue or profit a company gains from each unit of marketing investment (Rust et al.,  
2004; Seggie et al., 2007). An analytical tool used to assess investments is the return on investment (ROI),  
which from a marketing perspective involves both marketing related investments within ROI and ROMI  
(Lenskold, 2003). ROMI has the potential to secure a balance of ingredients under the marketing mix that is  
determined by capabilities around the so-called 4Ps and subsequent variants (McCarthy, 1978). ROMI has the  
potential to support investment in relationship marketing, conceiving the exchange process as constituting an  
episode that is part of serial interactions where in depth understanding of customer needs is solicited and is part  
of seeking repeat business (Gronroos, 2016).  
For SMEs, ROMI is especially critical because they often operate with limited budgets and must ensure that  
marketing investments produce measurable outcomes (Homburg et al., 2012). This study proposed within the  
RBV framework, ROMI can act as a mediating mechanism, linking internal marketing capabilities and  
resource utilization to overall firm performance. Firms possessing valuable, rare, and well-organized marketing  
resources are more likely to achieve higher ROMI, which subsequently enhances their competitive advantage  
and performance (Rust et al., 2004). ROMI provide critical insights that help organizations evaluate marketing  
performance not just by reach or engagement, but by actual financial outcomes (Ng’olua, 2025).  
Brand Management  
Brand management refers to the strategic process of creating, developing, and maintaining a brand’s identity,  
reputation, and customer perception to achieve long-term value (Keller, 2013). Effective brand management  
enhances customer trust, builds emotional connections, and differentiates firms in competitive markets (Aaker,  
2012). For SMEs, effective brand management is especially important because these firms typically operate  
with limited financial and marketing resources compared to larger corporations. SMEs can strengthen customer  
loyalty, attract new market segments, and improve their market positioning without necessarily increasing  
marketing expenditure (Abimbola et al., 2007).  
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Brand management is considered a valuable, rare, inimitable, and non-substitutable (VRIN) resource that  
contributes to a firm’s sustainable competitive advantage (Barney, 1991). A well-managed brand can enhance  
internal marketing efficiency and amplify the returns from marketing activities which might link directly to  
ROMI. ROMI measures the financial and strategic outcomes of marketing initiatives, capturing how effective  
marketing investments translate into incremental revenue, profit, or customer value (Rust et al., 2004). In  
SMEs, where budget constraints demand prudent spending, effective brand management ensures that every  
marketing dollar yields maximum return, thus improving ROMI (Clark, 2001).  
This study proposed ROMI serves as a mediating connecting brand management and firm performance. A  
strong brand enhances the effectiveness of marketing strategy, leading to improved ROMI. In turn, higher  
ROMI positively influences firm performance through increased profitability, market share, and customer  
retention (Homburg et al., 2012). Several research indicates that SMEs with stronger brand management  
capabilities tend to allocate marketing resources more efficiently, achieve better marketing returns, and  
ultimately experience higher business performance (Afifah, 2023; Merrilees et al., 2011).  
Effective brand management enables SMEs to transform limited marketing resources into stronger ROMI,  
which acts as a strategic link to firm performance. This aligns with RBV theory, suggesting that unique, well-  
managed intangible assets like brand equity are key determinants of sustainable competitive advantage and  
long-term business success. A well-managed brand enhances customer trust, loyalty, and perceived value,  
enabling SMEs to allocate their marketing resources more effectively and generate higher returns on marketing  
investments. Therefore, this study proposed:  
H1a: Brand management has a significant relationship with firm performance in SMEs.  
H1b: ROMI mediates the relationship between brand management and firm performance in SMEs.  
Digital Marketing  
Digital marketing refers to the use of digital channels, platforms, and technologies to promote products, engage  
customers, and build brand presence. It includes tools such as social media, search engine marketing, email  
campaigns, content marketing, and analytics-driven advertising (Chaffey et al., 2009). For SMEs, digital  
marketing offers a cost-effective way to reach target audiences, compete with larger firms, and track  
measurable results in real time, even with limited budgets (Tiago et al., 2014).  
Digital marketing capabilities are considered valuable, rare, and hard-to-imitate resources that enhance a firm’s  
competitive advantage. These capabilities allow SMEs to strategically deploy marketing resources and  
maximize returns, linking digital marketing to ROMI. ROMI measures the effectiveness of marketing  
expenditures in generating revenue, profit, or other strategic outcomes (Rust et al., 2004). Effective digital  
marketing improves targeting, personalization, and conversion rates, resulting in higher ROMI (Clark, 2001).  
By optimizing marketing efficiency and outcomes, higher ROMI translates digital marketing efforts into  
tangible business results, such as increased sales, profitability, and market share (Homburg et al., 2012). Digital  
marketing can enhance the efficiency and effectiveness of marketing resources in SMEs, which increases  
ROMI, and in turn positively impacts firm performance. This relationship shows the importance of integrating  
digital marketing strategies within a resource-based perspective to achieve sustainable competitive advantage  
for firm performance especially in SMEs. Therefore, this study proposed:  
H2a: Digital marketing has a significant relationship with firm performance in SMEs.  
H2b: ROMI mediates the relationship between digital marketing and firm performance in SMEs.  
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Entrepreneurial Orientation  
Entrepreneurial orientation refers to a firm’s strategic strength toward innovativeness, proactiveness, and  
risktaking in pursuing new opportunities and competitive advantage (Lumpkin et al., 2011). For SMEs,  
entrepreneurial orientation is especially important because these firms operate in dynamic markets and must  
quickly adapt to evolving customer needs, technological changes, and competitive challenges. A strong  
entrepreneurial orientation enables SMEs to innovate products and services, explore new market niches, and  
adopt creative marketing strategies that differentiate them from competitors (Miller, 1983).  
Entrepreneurial orientation is considered a valuable and unique organizational capability that allows firms to  
leverage their internal resources efficiently. Firms with high entrepreneurial orientation are better at allocating  
marketing resources strategically, experimenting with innovative campaigns, and implementing agile  
marketing strategies, which enhances ROMI. ROMI measures the effectiveness of marketing expenditures in  
generating revenue, profitability, or strategic outcomes (Rust et al., 2004). By applying entrepreneurial  
orientation, SMEs can maximize the financial and strategic returns from their marketing efforts (Clark, 2001).  
Entrepreneurially oriented firms that manage marketing investments effectively achieve higher ROMI, which  
converts into improved firm performance outcomes, such as revenue growth, profitability, and market share  
(Homburg et al., 2012). This pathway highlights that entrepreneurial orientation alone does not guarantee  
superior performance which is the effective deployment of resources and marketing investments that converts  
entrepreneurial capabilities into measurable business results (Sok et al., 2017).  
Entrepreneurial orientation equips SMEs with strategic capabilities to innovate proactively, which enhances  
ROMI. Higher ROMI, in turn, positively affects firm performance, supporting the mediating role of marketing  
efficiency in the business performance. Therefore, this study proposed:  
H3a: Entrepreneurial orientation has a significant relationship with firm performance in SMEs.  
H3b: ROMI mediates the relationship between entrepreneurial orientation and performance in SMEs.  
METHODOLOGY  
This research employs a quantitative method to investigate the relationships among brand management, digital  
marketing, entrepreneurial orientation, return on marketing investment (ROMI), and firm performance among  
small and medium enterprises (SMEs) in Malaysia. A survey questionnaire will be used as the primary data  
collection instrument. The target population for this study comprises SME owners, managers, and marketing  
executives who are actively involved in brand management and digital marketing activities within their  
respective firms.  
The appropriate sample size will be determined using the sample size determination approach proposed by  
Morgan (1970), which provides guidelines for identifying adequate sample sizes based on population  
estimates. A convenience sampling technique will be applied, as respondents will be selected based on their  
accessibility and willingness to participate. The measurement items for all constructs will be adapted and  
adopted from validated literature, with slight modifications to suit the SME and Malaysian business context.  
The questionnaire will use a seven-point Likert scale, ranging from “very strongly disagree” to “very strongly  
agree,” to capture respondents’ perceptions.  
For data analysis, the study will employ the Statistical Package for the Social Sciences (SPSS) for preliminary  
analysis, including data screening, descriptive statistics, and reliability tests. To examine the hypothesized  
relationships among variables and assess both the measurement and structural models, the study will utilize  
Structural Equation Modelling (SEM) with SmartPLS 4. This approach is suitable for predictive research  
models and allows simultaneous estimation of complex relationships between observed and latent variables.  
The use of SmartPLS 4 enables the researcher to test the mediating role of ROMI in linking brand  
management, digital marketing, and entrepreneurial orientation to firm performance among Malaysian SMEs.  
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CONCLUSION  
This conceptual paper proposes a framework to investigate the relationships among brand management, digital  
marketing, and entrepreneurial orientation, with ROMI as a mediating variable influencing firm performance  
among small and medium enterprises (SMEs) in Malaysia. Drawing from the Resource-Based View (RBV)  
theory, this study emphasizes that internal strategic resources and marketing capabilities play a crucial role in  
driving superior firm performance. RBV states that firms possess resources, and some of these resources help  
the firm achieve competitive advantage (Barney et al., 2001).  
The proposed framework highlights that effective brand management enhances customer loyalty and market  
differentiation, while digital marketing enables firms to engage customers and reach broader markets  
efficiently. Additionally, entrepreneurial orientation forwards innovation and proactive behavior that  
strengthens a firm’s adaptability in competitive environments. By introducing ROMI as a mediating construct,  
the model underscores the importance of marketing efficiency and accountability in translating strategic  
initiatives into measurable performance outcomes. This study provides valuable theoretical and managerial  
insights for SME owners, marketers, and policymakers by demonstrating how integrating brand management,  
digital marketing, and entrepreneurial orientation can enhance firm performance through effective marketing  
investment strategies.  
For future research, researchers may collect data from SMEs across different industries in Malaysia to examine  
the strength and direction of the hypothesized relationships. Future studies could also explore moderating  
variables such as firm size or industry type to better understand contextual influences on the proposed  
relationships.  
ACKNOWLEDGEMENT  
The authors would like to express their gratitude to UNITAR International University College Kuala Lumpur  
(UUCKL) for providing financial support for this study.  
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