The Importance of Risk Management and Marketing Innovation Activities of Firms During Health, Political, Energy, and Economic Crises

imposed by policymakers have increased firms’ perception of
business during health, political, energy, and economic crises. Since
marketing innovation activities require less time to adopt and less
costly investments, firms can apply these activities to mitigate the
negative consequences of those tough economic times. Moreover,
since marketing innovation is a dynamic capability included in the
Resource-based View, it is a good strategy for businesses to react to
unexpected and uncontrollable external business risk factors. In this
regard, this research aims to analyse whether firms’ application of
marketing innovation activities differs depending on their perception
of business risk during and after periods of COVID-19, the war
between Russia and Ukraine, rising energy prices, and economic
recessions. To achieve this goal, this research analyzes 1367
enterprises operating in various European countries and across
multiple industries, including iron and mining. Moreover, the
research data are collected through online questionnaire surveys, and
the researchers apply Ordinal Logistic Regression Tests for analysis
purposes. The results show that firms apply marketing innovation
activities more when they perceive business risk less intensively
during and after tough economic times. The sectors and countries in
which firms operate, as well as the geographical scope of companies’
activities, may explain the findings of this study.