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

Authors

  • Ladislav Mura Faculty of Economics and Business, Pan-European University in Bratislava, Slovakia

DOI:

https://doi.org/10.37335/ijek.v8i2.118

Keywords:

entrepreneurship, small and medium family businesses, concept INMARK, marketing management

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.

Author Biography

Ladislav Mura, Faculty of Economics and Business, Pan-European University in Bratislava, Slovakia

Assoc. Prof. PhDr. Ing. Ladislav Mura, PhD.

Department of International Entrepreneurship, Faculty of Economics and Business, Pan-European University in Bratislava, Tematínska 10, 851 05 Bratislava, Slovakia, Affiliation web page: www.paneurouni.com, email: ladislav.mura@gmail.com. He is head of the Department of International Entrepreneurship. His research is focused on Small and Medium Enterprises, Family Business, International Entrepreneurship, Business Environment, and Human Resource Management. He is a supervisor for master and doctoral students as well as an author of a number of national and international journal articles.

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Published

2020-12-31