Abstract
Small and medium enterprises (SMEs) must continue to combine technology and market adaptation or open innovation to sustain their business. One of these ways is to promote their products and services extensively. This study investigated the best media to promote SMEs in the local agricultural markets of Hungary. This study uses an approach of asking consumers where they receive information about SMEs and their determinants. Research questionnaires were distributed to 156 consumers who purchased agricultural products on the Budapest Central Market Hall. The data were analyzed using a binary logistic model. The studies showed that consumers obtain market information through word-of-mouth and digital media. Older consumers tend to receive information through word-of-mouth, while consumers who rarely interact with others or who are educated or foreign choose digital media. Therefore, SMEs in Hungary’s local agricultural markets have yet to focus on developing promotional activities through these two media. For the future, recommendations are given to SMEs in Hungary to maintain the quality of products and services and to develop two-way communication in digital media (e-WOM).
Highlights
IntroductionPublisher’s Note: MDPI stays neutral with regard to jurisdictional claims in published maps and institutional affiliations
The type of information consumers receive was related to the location, quality and price of the product, friendliness of the seller, and others
Some consumers received information about small and medium enterprises (SMEs) in this market through mobile phones and computers connected to the internet
Summary
Publisher’s Note: MDPI stays neutral with regard to jurisdictional claims in published maps and institutional affiliations. The Covid-19 pandemic has proven to have a destructive impact on small and medium enterprises (SMEs) in Europe. The operations and profits of SMEs will plunge significantly relative to the previous year. Numerous government policies have not been able to neutralize the effect of the Covid-19 on SMEs [1]. This led to the idea for SMEs to continually innovate to survive during this pandemic
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More From: Journal of Open Innovation: Technology, Market, and Complexity
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