We survived this! What managers could learn from SMEs who successfully navigated the Greek economic crisis

Efthymia Kottika, A. Özsomer, Pernille Rydén*, I. G. Theodorakis, K. Kaminakis, K. Kottikas, V. Stathakopoulos

*Corresponding author for this work

    Research output: Contribution to journalJournal articleResearchpeer-review

    Abstract

    Small and medium size enterprises in both business to business and consumer markets are particularly vulnerable to economic downturns. Concentrating on the Greek economic crisis, one of the toughest and most prolonged on a global scale, the present research sheds light on both anthropocentric and business-centric factors that helped SMEs survive, therefore, providing a valuable survival manual. Per findings of two studies performed under the given economically intense conditions, it is evidenced that the right answer to survival rests upon: (a) the entrepreneurs' personality traits and skills that affect the market and entrepreneurial orientations of SMEs, (b) the adoption of such orientations that keep impacting the firms' performance, and finally (c) the implementation of strategy relevant to reaching higher quality standards for products and services, combined with tactics relevant to downsizing, marketing actions, extroversion, and financial management.
    Original languageEnglish
    JournalIndustrial Marketing Management
    Volume88
    Pages (from-to)352-365
    Number of pages14
    ISSN0019-8501
    DOIs
    Publication statusPublished - 2020

    Keywords

    • Market orientation
    • Enntrepreneurial orientation
    • Personality traits
    • SMEs
    • Economic crisis

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