Exploring Innovation and Sustainability in Family Business Marketing Strategies: Insights and Implications

Innovation in marketing strategies is crucial for businesses to remain relevant over the long term. Marketing strategies encompass four critical elements—product, price, promotion, and location—which must be enhanced to ensure the sustainability of family businesses across generations. This focus is particularly emphasized by entrepreneurs implementing family-run enterprises. This study aims to identify innovative practices employed by family business entrepreneurs, with a special focus on marketing strategies. Each marketing element significantly supports systematic and effective management of family businesses. The research explores four objectives: innovation in marketing strategies, mechanisms of innovation, barriers to implementation, and the training needs for fostering innovation. A qualitative approach, using interviews with family business entrepreneurs of varied demographic backgrounds, was employed. Findings reveal that innovative marketing strategies are pivotal for effectively managing family businesses, enabling them to adapt to technological and economic changes. The study concludes with recommendations for further research into family business dynamics, particularly concerning innovation’s multifaceted impact on sustainability.