Code of Breakthrough Innovations

Innovations make a significant contribution to economies, while at the same time 85% of innovations in the market are unsuccessful. This is a record high number of unsuccessful innovations, considering the high macro-level support of innovations and researches, devoted to innovations. The study analyzes in detail the technological essence of innovation process, its constituent components, the elements of commercially viable innovations and their interrelations with the aim to find the common thread of successful innovations in the market. The result is the conclusion that there is a specific algorithm that is repeated in the context of commercially successful innovations. The study offers t…

Digital promotion as solution for integrated marketing communication in business

Transformation of Loyalty to E-loyalty

As everyday life moves to the Internet, many factors and components have come up, with the "e" and e-loyalty not an exception. The authors focused on the transformation of loyalty to e-loyalty. It is important to understand the main differences between consumer loyalty models and e-loyalty models in order to promote business development not only in the traditional environment but also in the online environment. Such research methods as comparative analysis, analysis of the scientific literature, content analysis were used. The main focus of the research was on comparing loyalty models in the traditional and e-environment to find out the peculiarities and main features of the e-environment. …

Evaluation of the Conceptual Model for Corporate Identity Management in Health Care

Abstract This paper reflects findings from the evaluation of the conceptual model for corporate identity management in health care developed by Rutitis and Batraga (2013) . First, expert surveying (n=8) was carried out to evaluate the understanding of the health care experts regarding assumptions included in the development of the conceptual model for corporate identity management in health care. During the second stage, health care sector company survey (n=52) was implemented to evaluate the expression of corporate identity dimensions outlined in model by Rutitis and Batraga within the health care enterprises in Latvia

Latvian pharmaceutical market: a review of marketing components and development trends

In-depth market assessment is crucial prior making investments into product development and decisions on marketing strategy, especially in markets with small volume and low value like Latvian pharmaceutical market. Transparent market data and constant market reviews are expected to retain already existing pharmaceutical suppliers and attract new ones; although annual reports of general market figures are available publicly, reviews of pharmaceutical market marketing figures and activities are not being published. By assessing and studying Latvian pharmaceutical market and its marketing components the possible risks and development trends can be outlined and further addressed by pharmaceutic…

Possible consequences of Brexit on European pharmaceutical market

Brexit has been a hot topic of discussions since the referendum held in June 23 2016; the long and difficult negotiations and multiple delays of the Brexit have caused uncertainty and confusion in pharmaceutical industry in both UK and EU. As EU pharmaceutical companies have been part of UK pharmaceutical market for decades and makes considerable contribution to UK`s health system it is important to acknowledge what the Brexit might bring to the industry and how the company marketing strategies should be aligned to cope with the consequences caused by Brexit. Purpose of the article: The purpose of the research is to assess the influence of Brexit on EU and UK pharmaceutical markets and indu…

Improved innovative product strategy assessment model in market research context

In the innovation economy, companies more often face the need quickly and efficiently evaluate not only their existing product and service portfolios in the context of the industry’s potential, but also evaluate theoretical concepts of innovations. There are various systems for evaluating innovation concepts and already existing products and/or services for companies that are planning to expand their business in a new industry. The innovation economy is characterized by the convergence of innovations and the most demanded products on the market with continuous market upgrades. A company which wants to grow in a new industry faces an assessment challenge between already existing, demanded pr…

Innovation Process Affecting Factors in Latvian Companies

Innovation development process in companies is described by several challenges. One major problem is that there is much confusion about what it takes to develop innovations and what factors affect the innovation development process. The paper focuses on innovation process’ affecting factors in Latvian market. The paper’s goal is to identify main factors that affect the innovation process the Latvian companies. After surveying 128 companies, authors concludes that many factors affects innovation process and none of them should be ignored. Following factors affect innovation process the most and therefore should be analysed more deeply: 1) The company’s own resources; 2) High employees knowle…

Impact of Regulatory Decisions of the Republic of Latvia on Sustainable Product Supply Provided by the Food Retail Chains

This article reflects the impact of regulatory decisions of the Republic of Latvia on the food retail sector and sustainable product supply provided by food retail chains, as well as on operational trends. Attention has been drawn to the law of the Republic of Latvia on the key characteristics of foodstuffs and sales on the market. The research covers development of classification of the main instruments characterizing the products subject to the national regulation, as well as development of a scheme of the impact of the Latvian authorities on the operation of food retail chains. To implement the goal and tasks of the research, the authors have applied quantitative and qualitative research…

Barriers to Integrated Marketing Communications: The Case of Latvia (small markets)

Abstract No promotional tool should be used in isolation or without regard to the others; hence there is a trend toward integrated marketing communications. Many conclusions of researchers and most of the studies justify the effectiveness of the IMC and point to multiple advantages in comparison to the classical MC. In comparison to the classical MC, the IMC also in small markets declare exigency and ensure higher effectiveness. But the development and application of the IMC also has several problems or barriers. The purpose of this study is to investigate barriers to Integrated Marketing Communications in Latvian market (small markets). According to accomplished interrogation, the most imp…

Four Conceptual Perspectives of Innovation Components

The study provides a detailed analysis of high impact to market innovations, without sorting whether these are innovations of low or high technological progress. The research base sample includes a detailed analysis of 58 consumer product innovations that reached a high market impact over the period 2014–2017, i.e. the consumers purchased them considerably more than other innovations. The study examines the components of these innovations in detail; they are also grouped into 4 basic groups. It is concluded in the study that the high impact to market innovations are made up of recurring 34 components. The study also concludes that the open innovation components only partly overlap with the …

Cosmetics Brand Equity Formation in Awareness of Latvian Consumer

Creation of strong brand and increment of brand’s equity in the market is main goal of business. Usage of brand equity concept allows brand owners to sell branded products at higher price, gain greater market share, better promote products in the market, penetrate in market more easily, acquire more loyal consumers, improve effectiveness of marketing communications and enlarge product lines more successfully. Therefore for last 20 years brand’s equity conception, that consists from financial and consumer perceived brand’s equity, has become increasingly actual. It is also important task for brands in Latvian cosmetics market, because market itself is strongly saturated, highly competitive, …

Management of Corporate Identity Dimensions in the Health Care

Abstract The objective of this paper is to research the latest literature on the corporate identity concept, its definition and dimensions, and the general strategic management framework in the context of health care industry enterprises – both, hospitals and private clinics. The novelty of the paper is bringing together the framework of corporate identity concept with available research on the management of the health care organizations. This paper researches and reflects on findings by both, corporate identity researchers (Melewar; Balmer) and internationally recognized corporate identity development practitioners (e.g. Olins). Paper also reflects strategic management frameworks related t…

Underestimated Radio in the Latvian Market

The purpose of this research is to reveal why, after introducing a new research methodology of radio ratings, the audience for a lot of stations has even doubled and the number of total radio listeners in Latvia has significantly increased. To conduct the research, regular listeners’ research empirical data were compared and analyzed, as well as a number of major industry experts were questioned. The research results indicate the reasons why “Day-After-Recall” radio research method provides much better results for radio as media than previous “Diary” method. These findings may and probably will fundamentally affect advertisers’ media strategy decisions in the Latvian market. With much more …

Experience and overall satisfaction of foreign patients with the health care services received in Latvia

The study evaluates foreign patients' experience and satisfaction in relation to the health care received in Latvia. By applying the gap model of service evaluation, the study reveals the difference between expected and received service outcome in Latvia, and draws conclusions about the importance of individual and patient experience factors related to the overall patient satisfaction. The study concludes that in all groups of factors matrix proposed in the study: (1) general travel or destination factors; (2) communication factors; (3) factors related to the choice of service and (4) factors related to the choice of health care institution, patients evaluated the perceived health care outc…

Consumers’ Behavior in Decision-Making in Foodstuff Purchasing Process

The purpose of this research is developing of model of market segmentation for food consumers, as well as determination the extent of influence of various factors influencing the behavior of the Latvian consumers while making the decision on purchase of these goods. In the course of the research approaches to market segmentation of food products consumers were used, as well as statistical data for Latvian food product market, described in literature, also the results of empirical researches. As a result the model of market segmentation for food consumers was developed, the extent of influence of various factors influencing the behavior of the Latvian consumers was determined based on the co…

Barriers to the Development of Regional Competitiveness in the Context of Regional Economies - EU, Latvia, Region Vidzeme Case Study

Innovation potential and the creation of new knowledge, which is considered to be one of the main drivers of economic development, is particularly emphasized in region development [1, 2, 3]. However, in effect regions face significant barriers to the development of innovation and smart specialization. Despite strong institutional support impulses, the current contribution of regions to national competitiveness is debatable. As an example, the study analyses one of the regions of the EU Member State Latvia (Vidzeme), its contribution to national productivity and the main obstacles to the development of the region’s innovations - smart specialization. The results obtained in the context of a …

MARKETING PARADIGM: TRANSITION FROM MC TO IMC

A major change is occurring in marketing in general and also marketing communication (MC) due to the digital revolution and increased sophistication of consumers. In the paper the authors state that because of the prevalence of this marketing trend the systematization aspects of marketing communication integration and new marketing communication methods/approaches in the theoretical level declare about their urgency for better interpretation of marketing communication structure in marketing practice. In the authors’ opinion it is important to respond to this paradigm shift with enhanced integration and correct use of MC in order to maximize marketing efficiency. Integrated marketing communi…

CORPORATE IDENTITY WITHIN THE HEALTH CARE INDUSTRY

The objective of the paper is to research the latest literature on the corporate identity concept, its definition and dimensions, and general strategic management framework in the context of health care industry enterprises – hospitals and private clinics. The novelty of the paper is bringing together the framework of corporate identity concept with available research on the management of the health care organizations. This paper brings together findings by both, corporate identity researchers (Melewar; Balmer) and internationally recognised corporate identity development practitioners (Olins), and reflects strategic management frameworks related to the health care industry and its identity…

Radio listeners’ downward trends and changing profile in the Latvian market

The purpose of this research is under the scope of radio marketing strategy decisions indicate main reasons, which lead to diminishing number of radio listeners in general, as well as determination of radio listeners’ changing profile and forecasting future trends in the Latvian radio market. To conduct the research, regular listeners’ research empirical data analyses were applied. In the article the following research methods were used: academic and industry literature analysis, radio listeners’ annual researches for period from 2008 to 2017 (10 year dynamics with sample size of each research not less than 1932 respondents), and correlation analysis. The research results reveal changing pa…

Influence of integrated marketing communication tools upon consumers’ buying decisions in the context of sustainability

A topical business subject of nowadays is the influence of integrated marketing communications (IMC) for sustainability upon various consumer audiences and their buying decisions. From the standpoint of businesses the use of integrated marketing communications in product promotion contributes to the consumption of sustainable, ecological products and, consequently, a healthy lifestyle, yet the factors influencing buyer’s buying decisions still remain topical. In this research the authors surveyed buyers of Latvian food retail chains to find out the influence of promotion-related integrated marketing communication tools for sustainability upon buyers’ buying decisions. The research brings co…

Consumer behavior affecting factors leading to increased competitiveness during holiday season

Advertising in Latvia

Latvia is one of the three Baltic States, and recovered its independence in 1991. The development of an advertising industry in Latvia started with the decay of the Soviet Union. The recovery of independence and the transition period to the market economy, as in all of the former USSR, required rapid development of the advertising industry. The birth and development of this field was inescapable, and was dictated by the competitive principles of the market economy. As with individual advertisements, the whole advertising market in Latvia is specific, and it is slowly developing its own character. Many foreign companies have entered the Latvian advertising market, each of them bringing its u…

Possibilities of using chatbots in digital marketing strategy of Latvian companies

: Companies are willing to retain the gained consumers' attention, and the ways to achieve it include, for example, improving consumers' experience and increasing their engagement. In a competitive environment, the companies need to think about how to effectively develop a digital marketing strategy that meets the requirements of a digital consumer. A chatbot is a computer program that can be created with artificial intelligence and gives organizations the opportunity to create new points of contact with the audience, keep their attention, and promote sales. The objective of the research is to study the possibilities of using chatbots in digital marketing strategy of Latvian companies. In o…

New Innovation Identification Approach Development Matrix

Innovations have become one of the contemporary economics key driving forces behind competitive advantages and have become socioeconomic category of their own. Diffusion of innovations, which is an integral part of the scientific and technological base of national economies, promotes structural changes in economy. Companies have to pay close attention to market trends and have to be able to identify and create new innovations, thus increasing their competitiveness and meeting consumer demands and expectations. The objective of this research is to evaluate the concept of different innovations in organizations and propose a complex approach to identifying innovations in the form of a matrix t…

ACTUAL PROBLEMS OF ENTERPRISES’ MARKETING MANAGEMENT

The purpose of this paper is to provide an overview of the most current problems and issues in marketing management. As all enterprises deal with various difficulties in their business planning, implementation and control, these issues and problems have to be recognized, dealt with, and solved. Most of the business strains will have a lot to do with diverse marketing aspects, as marketing is the main link between enterprises and their markets and customers; strategically mappedand implemented marketing helps to create competitive advantage and pave the way for success, but different problems can endanger firms’ marketing process, thus in today’s volatile business environment marketing execu…

Conceptual Framework for Attracting Foreign Patients to Health Care Services

Given the global nature of health services and increasing competition between regions and health care providers, the aim of the study is to develop a theoretical framework and conceptual model for attracting foreign patients to the health care services. In this study, the authors have summarized the results of their previous empirical research based on integrative literature review to develop a comprehensive understanding of the dimensions and factors characterizing the phenomenon of international competitiveness of health care services. The theoretical study results were validated in expert interviews and applied research studies and the applicability of the developed model was tested in t…

The Influence of Sales Stimulation Methods on the Behaviour of Consumers While Making the Decision on Purchase of Products in the Latvian Market

The purpose of this research is the determination the extent of influence of various stimulation methods on the behaviour of consumers while making the decision on purchase of products in the Latvian market. In the course of the research approaches to development and realization of sales’ stimulation process were used which were described in scientific literature and the results of empirical researches that were made under the leadership of the authors. In the article the following research methods were used: abstract literature analysis, Latvian residents’ questionnaire (1320 respondents), and the correlation analysis. As a result the model for developing and realization of sales promotion…

Factors and Barriers of Implementing Early Warning, Support and Second Chance Support Systems for SMEs in the Baltic States

COVID-19 creates insolvencies time bomb, even if economies are supported by the state. Following the liquidation or bankruptcy of a business, entrepreneurs in the EU mostly opt for a paid professional job rather than re-establishing their business [1]. Those entrepreneurs who re-establish their business after bankruptcy are experiencing faster growth than start-ups. The study points to significant current barriers and factors influencing the implementation of support, early warning and second chances in the Baltic States. There is a need to increase the competencies of both the businessmen and support providers on crisis management and the support already available in the broadest sense. By…

Sustainability: Economic, Environmental and Public Issues. Marketing Possibilities

The research aims to update the corporate marketing role in promoting sustainability. The study is based on the assessment of today’s economic, ecological, and social responsibility issues, as well as public issues associated with the development of sustainability. The following scientific research methods have been applied in the research: analytical, comparing, graphical, statistical and surveillance methods. The authors have studied sustainability issues, i.e., economic, environmental and social, in the world and particularly in Latvia, as well as their impact on public welfare. In research, there was chosen and analysed the Latvian food retail industry, which makes a significant contrib…