INNOVATIONS AND MARKETING MANAGEMENT OF FAMILY BUSINESSES: RESULTS OF EMPIRICAL STUDY

Mura, L., (2020). Marketing Management of Family Businesses: Results of Empirical Study. International Journal of Entrepreneurial Knowledge, 8(2), 56-66. doi: 10.37335/ijek.v8i2.118

Abstract

During pandemic and economic crises, business units are under constant pressure and face many challenges to find solutions for. Family businesses form a significant segment of the business sector. Competition and the current crisis force businesses to find solutions for sustainable entrepreneurship. Family businesses are gradually consolidating their position in the business environment, especially by introducing a personal approach to the customer (pro-customer orientation) and innovative activities. The concept of innovative marketing (INMARK) represents businesses' opportunity to establish themselves on the market more successfully than their competitors. This work aimed to verify the possibility of applying the concept of INMARK in the segment of small and medium-sized enterprises of family type as an innovative form of marketing management during the crisis. In addition to theoretical approaches, we rely on empirical data obtained by quantitative research in the business environment. In methodological terms, we applied hypothesis testing. As a part of the applied methodology, we verified the applicability of the INMARK concept in the real business environment. Based on the research results obtained, we can conclude that the pillars of the INMARK concept (product innovation, active application of marketing activities) have a positive response among the representatives of the younger generation of family business management, which can contribute to the successful management of these specific business units.