Innovations and Marketing Management of Family Businesses: Results of Empirical Study

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.

The sixth generation of knowledge management – the headway of artificial intelligence

“…In today's rapidly changing environment, competitive organisations are able to operate as efficiently as possible in the present, with the available resources, while still seeking new opportunities and innovating with a focus on the future, thus ensuring long-term efficient operation (Mura, 2020;Teece, 2016). This strategic dual ability can be interpreted in terms of knowledge management and organisational learning by distinguishing exploratory and exploitative learning (Stachova et al, 2020).…”

Values of family businesses in Czech Republic in the context of socioemotional wealth

“…The pandemic crisis brought many challenges to find corresponding solutions for all business units (family ones including). Mura (2020) assumes that family businesses will be one of the promising forms of business activities even after the crisis. The importance of social networks for competitiveness and long -term stability was discussed by Písař, Tomášková (2020).…”

Identification of Uncertainty Factors in the Consumer Behaviour of the New Generation of Customers at the E-commerce Level

“…All transactions have a degree of uncertainty about their outcome, and buyers cannot accurately predict whether a transaction will be fulfilled successfully. Successful fulfillment typically suggests that a seller delivers a product identical to the one promised, does so in a timely manner, and honours refund and product guarantees (Mura, 2020). In contrast, there are numerous possibilities that a transaction may not be fulfilled successfully due to seller or product quality uncertainty.…”