Enhancing competitive advantage and financial performance of consumer-goods SMEs in export markets: how do social capital and marketing innovation matter?

PurposeBuilding on the resource-based view (RBV), this study examines the differential roles of internal and external social capital (SC) in enhancing the marketing innovation (MI), competitive advantage and financial performance of Korean small and medium-sized enterprises (SME) in export markets.Design/methodology/approachIn total, 197 valid cases were obtained from Korean manufacturing SMEs in the consumer goods sector. Then, a path analysis was employed to test the proposed hypotheses.FindingsFirst, SME internal SC positively influenced MI, whereas external SC positively influenced foreign distributor's MI (or foreign distributor MI). Second, SME MI was positively associated with foreign distributor MI. Third, no statistical differences were found in the strength of the paths from foreign distributor and SME MI to competitive advantage. Meanwhile, foreign distributor MI positively affected financial performance more than SME MI. Fourth, SME competitive advantage predicted a positive financial performance. Finally, the effect of SME MI on financial performance had an inverted “U” shape.Originality/valueThis study fills a research gap in the MI literature by identifying MI in terms of its actors (SMEs and their foreign distributors) and examining the differential roles of internal and external SC in MI.

Mengukur Kinerja Pasar Melalui Elemen Inovasi pada UKM Sektor Makanan dan Minuman di Kota Padang

In Small and Medium Enterprises (SMEs), especially in the food and beverage sector, process innovation is an important construct that can maintain the sustainability of product innovation and improve marketing innovation strategies for optimal market performance. This study aims to examine the effect of innovation elements, namely product, process, and marketing on the market performance of SMEs in the food and beverage sector, and the effect of marketing innovation on market performance when mediated by product innovation. Using a purposive sampling technique with the criteria of SMEs in the food and beverage sector that is not a franchise. A total of 104 feedback questionnaires was analyzed using the SmartPLS 3.3 software and Microsoft Excel. This study found that all hypotheses were supported significantly in a positive relationship.

Storytelling in business—How to increase customer engagement

Storytelling, as a marketing innovation, is the market communication tool that allows present the facts in a coherent and attractive way so as to stand out from the competition and more effectively influence the consumer’s imagination and engagement. It can be concluded that the history of storytelling itself dates back to the beginnings of mankind, when humans started to transfer knowledge from generation to generation. The chapter indicates that storytelling evokes emotions in customers, and these in turn affect commitment and action. The most important and primary elements of storytelling include superior message, conflict, characters (the archetypes) and plot. Each good story can be based on a few important points, which are well described by the concept proposed by American writer Joseph Campbell. In addition, the chapter also presents examples of sources of inspiration for storytelling. Among them, it is worth mentioning, for example: history of the company’s founder or president, the beginnings of the company, employees’ stories or milestones (successes or failures). The last part presents two case studies of the use of storytelling by enterprises. These are examples from the Polish market regarding the use of storytelling in employee recruitment and customer engagement.

CEO cognitive trust, governmental support and marketing innovation: empirical evidence from Chinese small, medium and micro enterprises

Purpose This study aims to verify the influence of chief executive officer (CEO) cognitive trust and governmental support on marketing innovation. Additionally, it evaluated the influence of CEO cognitive trust on the marketing innovation of small, medium and micro enterprises (SMMEs). Design/methodology/approach The authors empirically assessed the impact of CEO cognitive trust on SMME marketing innovation. Furthermore, the authors examined the mediating effect of governmental support on this relationship. The authors then studied a sample of 1,770 SMMEs in China by applying partial least squares structural equation modeling. Findings The authors found that CEO cognitive trust was negatively associated with marketing innovation. Moreover, governmental support has a competitive mediating effect on this relationship. Thus, while governmental support is urgently needed to enhance the marketing innovation of SMMEs, CEO cognitive trust negatively impacts this relationship. Research limitations/implications This study empirically establishes the importance of CEO cognitive trust and governmental support as antecedents in SMME marketing innovation. This contributes to the knowledge base of the management field, adding to important streams in the wider business literature, such as marketing studies, leadership management, strategic management and innovation. While the model is parsimonious, the relationships it highlights are robust and can be generalized to other contexts. Practical implications Managers must not only have high levels of trust and authority but must also embody these characteristics rationally. Simultaneously, managers must actively establish a trusting relationship with the government, thereby improving their company’s ability to integrate government policy information while also actively seeking governmental support. These measures are helpful in enhancing the marketing innovation capabilities of SMMEs. Social implications SMMEs occupy an important position in all countries’ economies and their vitality directly determines the strength of the economy. Formulating reasonable marketing strategies will help enhance market competitiveness and promote the rapid development of SMMEs. Originality/value The literature on marketing innovation has paid little attention to CEO cognitive trust, while CEOs’ cognitive characteristics are an increasingly relevant antecedent in SMME marketing innovation. This study analyzed CEO cognitive trust as a possible antecedent of marketing innovation activities in SMMEs, with this influence path being evaluated. This study extends the current knowledge in this field by considering the effects of CEO cognitive trust on marketing innovation.

Entrepreneurship development program: Branding and marketing innovation during the pandemic

The Covid-19 pandemic has resulted in many businesses experiencing a slump. The decline occurred because businesses were not ready to adapt to changing consumer preferences. Shops and supermarkets, which are usually crowded with consumers, are now suddenly deserted because consumers prefer to stay at home. Business owners must innovate, especially in terms of marketing to maintain their existence during the pandemic. This activity aims to improve the entrepreneurial skills of students and alumni to survive during the pandemic. The method of implementing this entrepreneurship development program is carried out in the form of a webinar with the theme Branding and Marketing Innovation During the Covid-19 Pandemic. The total number of participants is approximately 80 students and alumni. The results of the activity showed that the webinar activity really helped the participant's business to be able to grow and survive the pandemic. It is hoped that this webinar can increase creativity and bring up participant innovation to become strong entrepreneurs in the midst of the COVID-19 pandemic.

Interactive Marketing E-Commerce Recommendation System Driven by Big Data Technology

This study combs through relevant literature, adopts a combination of typical sampling and random sampling, collects three big data technology-driven interactive marketing e-commerce companies in a specific period of Sina Weibo sample data for research, obtains historical information and data, and constructs a model. Through relevant analysis to eliminate invalid variables, we creatively selected three variables of Internet hot words, activities, and microtopics as independent variables and used marketing effects as dependent variables to carry out empirical analysis and study the marketing innovation of three representative companies based on big data technology. We discussed the use of self-media in interactive marketing e-commerce and the situation of marketing innovation based on self-media, focusing on the interactive relationship between marketing innovation and Internet word-of-mouth (brand image). Through research, we have derived the three-force model, which is the biggest result of this research, and provided a reference model for interactive marketing e-commerce companies to carry out follow-up marketing innovation based on the media. Limited to the level of research and ability, there are some deficiencies in the research, such as barrage marketing, big data marketing, and emotional computing, that have not been analyzed in depth. This article fully considers the dependence of small and medium e-commerce companies on e-commerce platforms in the era of big data and conducted detailed market research on their precision marketing strategies in the era of big data. This will be a new field that does not come from media marketing. This article intends to summarize a series of experiences and laws from special to general, from individuality to generality, so as to give full play to the role of personalized marketing in increasing website traffic and order conversion, in order to personalize the use of data by other e-commerce companies with marketing provides some valuable experiences and methods for reference.

Marketing Innovation Through Integrated Social Media in Small Bussiness Wood Artists by Karya Langit Mangunan Bantul

This study aims to design a way of marketing wooden handicraft products in the 'Karya Langit' Craftsmen Group. Product marketing originally relied on word of mouth (WOM). In this research, marketing is done using integrated social media. Marketing through integrated social media is assumed to expand the market and allow craftsmen to communicate with consumers without the constraints of distance or pandemic situations. The method used by the researcher is a qualitative method that is exploratory in nature. Exploration here is in the context of extracting material to create social media content, both images, and product creation processes. The steps taken are (1) Exploring material that will be used as content on social media; (2) Processing the material to be used as content on social media; (3) Creating promotional applications on social media; (4) Training on content creation and uploading to social media. The results showed that 'Karya Langit' woodcraft products have strength in the types of kitchen utensils and health accessories. As for the type of decoration they bring from outside. It still takes time to educate the craftsmen to promote on social media because the process, according to them, is not instant.

Impact of Innovation Capabilities on Business Sustainability in Small and Medium Enterprises

The rationale of this study was to investigate the effect of innovation types on business sustainability in the small and medium enterprises (SMEs). Quantitative approach was used for collecting the data and fulfilling the stated objective. Specifically, the data was collected from 171 employees in SMEs in the Kingdom of Saudi Arabia. The analysis for the collected data was conducted using the partial least square approach (PLS-SEM). The findings showed that product innovation as well as service innovation have significant positive impacts on business sustainability. The results further confirmed that process innovation is vital for achieving business sustainability. Finally, the outcomes verified that marketing innovation has a significant impact on business sustainability. The results confirmed the significance of innovation capabilities in helping entrepreneurs in SMEs to sustain their businesses and improve their competitive strengths.