This thesis examines the complex issues that Finnish SMEs face when it comes to export marketing and market segmentation and explores possible solutions through the blue ocean strategy (BOS) lens. Additionally, this thesis provides an in-depth analysis of key theoretical foundations relevant to the SME definition, delivers insights into the complex characteristics and classifications of the SME sector, and highlights an overview of Finland’s SME landscape, exploring its unique features, challenges, and prospects.

Building on this thesis, a literature review section examines the complex landscape of export mar-ket issues, highlighting the multifaceted challenges SMEs face when expanding into international markets. In addition, it focuses on the details of international market segmentation, clarifying the methodology and frameworks used to segment markets abroad. Furthermore, the literature care-fully inspects the obstacles and complexities that hinder effective market segmentation processes. Lastly, the review summarizes existing literature on the blue ocean strategy, providing an in-depth analysis of the principles, application, and possible implications for SMEs in the competitive mar-ketplace. A qualitative methodology is used in this study that includes multiple case studies as well as semi-structured thematic interviews of leaders in senior management positions within the Finn-ish SMEs.

The findings of the study reveal common challenges that SMEs in Finland face in their efforts to export marketing and segment their foreign markets, and contribute to the discussion on strategic management in small and medium-sized enterprises (SMEs) by providing insights on the applicabil-ity and effectiveness of BOS principles to overcome the multilayered issues of export marketing and segmentation in the context of SMEs in Finland.

The managerial implications of this study focus on those who are in leadership positions within SMEs looking to grow internationally, especially those with little or no international business expe-rience. Furthermore, the results of this study are relevant for academics studying export marketing processes and decision-making in SMEs. Finally, the study provides a roadmap for future research efforts which include suggesting ways to explore the implementation and results of BOS in export marketing and market segmentation, and the in-depth investigation of the organizational capabili-ties and strategic frameworks that support the successful implementation of BOS across the entire Finnish SME ecosystem.