FAMILY BUSINESS INNOVATIONS AND MARKETING MANAGEMENT: EMPIRICAL STUDY RESULTS

Abstract

Business divisions are always under pressure to provide answers during pandemics and economic 
crises. A significant portion of the business sector is made up of family enterprises. Businesses are 
forced to discover solutions for sustainable entrepreneurship due to competition and the present crisis. 
Family companies are steadily solidifying their place in the industry, particularly via the introduction 
of pro-customer orientation—a personal approach to the customer—and creative initiatives. The idea 
of innovative marketing, or INMARK, offers companies the chance to outperform their rivals in the 
marketplace. The purpose of this study was to confirm if the INMARK concept could be used in the 
family-type small and medium-sized business sector as a novel approach to marketing management in 
times of crisis. We depend on practical data from quantitative research in the business world in addition 
to theoretical techniques. To put it methodologically, we used hypothesis testing. We confirmed the 
INMARK concept's suitability in the actual business setting as part of the applicable approach. Based 
on the research findings, we can draw the conclusion that the younger generation of family business 
management representatives respond favourably to the INMARK concept's pillars (product innovation, 
active application of marketing activities), which can help these particular business units be 
successfully managed.