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…

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…

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, …

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 …

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 …

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

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…

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…