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The Influence of Millennial Market Orientation on Business Performance Moderated By Regional Regulations in Traditional Herbal Medicine SMEs

Author

Listed:
  • Artono Artono

    (Management Science Doctoral Program, University of Brawijaya, Malang, Indonesia)

  • Margono Setiawan

    (Management Science Doctoral Program, University of Brawijaya, Malang, Indonesia)

  • Surachman Surachman

    (Management Science Doctoral Program, University of Brawijaya, Malang, Indonesia)

  • Sri Palupi Prabandari

    (Management Science Doctoral Program, University of Brawijaya, Malang, Indonesia)

Abstract

This research aims to analyze how millennial market orientation influences the business performance of traditional medicine SMEs and to what extent local regulations moderate this influence. Using an explanatory approach with quantitative methods, data were collected through questionnaires and analyzed using the partial least squares (PLS) technique to test relationships between variables. The findings reveal that millennial market orientation significantly influences the business performance of traditional medicine SMEs, with a path coefficient of 0.529 and a P = 0.000 ( 0.05). The practical implication is that traditional medicine SMEs need to enhance millennial market orientation to improve business performance. Understanding the preferences and needs of the millennial market can enhance competitiveness and profitability. Local regulations do not significantly moderate this relationship, so the focus on millennial market orientation should remain a priority without relying on local regulations as a moderating factor.

Suggested Citation

  • Artono Artono & Margono Setiawan & Surachman Surachman & Sri Palupi Prabandari, 2024. "The Influence of Millennial Market Orientation on Business Performance Moderated By Regional Regulations in Traditional Herbal Medicine SMEs," International Review of Management and Marketing, Econjournals, vol. 14(5), pages 182-192, September.
    • Handle: RePEc:eco:journ3:2024-05-19
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    More about this item

    Keywords

    Millennial Market Orientation; Business Performance; Traditional Herbal Medicine SMEs; Regional Regulations;
    All these keywords.

    JEL classification:

    • D04 - Microeconomics - - General - - - Microeconomic Policy: Formulation; Implementation; Evaluation
    • I10 - Health, Education, and Welfare - - Health - - - General
    • I20 - Health, Education, and Welfare - - Education - - - General
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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