Abstract: This descriptive-correlational study investigates the interplay between marketing risk, innovation practices, and developmental strategies among 300 micro, small, and medium enterprises across Panay Island, Philippines in 2024. Statistical analysis, including frequency distribution, mean, inferential, and correlation analysis, were conducted using SPSS 27. Findings reveal a predominance of male entrepreneurs with bachelor's degrees operating primarily in merchandising for over a decade. While marketing risks are acknowledged, proactive customer-centric practices are less prevalent. Innovation is frequently employed across various demographics, particularly within service-oriented businesses. Developmental strategies are widely adopted, with exceptions observed among microenterprises and specific business types. Notably, educational attainment and enterprise classification significantly influence marketing risk perception and innovation practices, while age and sex do not. A significant positive correlation exists between marketing risk and developmental strategies, but not between innovation practices and marketing risk. This study underscores the need for MSMEs to adopt consistent marketing practices that prioritize customer understanding and analysis. Furthermore, integrating innovation with robust developmental strategies is crucial for effective marketing risk management.