Abstract
Introduction
Literature Review and Theoretical Framework
Materials and Methods
Results
Conclusions, Implications, Limitations, and Future Research
References
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).
. Introduction
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. Up to now, 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. Prasanna et al. [2] concluded that SMEs need to innovate and respond to new technology in order to face global competition. Yun and Zhao [3] stated that open innovation, focused on a new combination between technology and adaptation to the market, is the engine to make a sustainable business. The Covid-19 pandemic has encouraged consumers to use online communication technology to minimize direct interaction with many peoples. This means SMEs need to adapt their marketing situation during the Covid-19 pandemic, to either use conventional methods, word-of-mouth (WoM), or follow current trends with digital media. Consumers receive market information from a variety of sources, including digital media and WoM. Promotion through digital media is a marketing trend and can be achieved through the internet, social media, e-advertising, and others. This media is capable of efficiently distributing product or service information and growing brand recognition and sales [4].