INNOVATION AND CREATIVITY IN NEW NORMAL PHASE: A STUDY OF INDONESIA FIRMS RESPONSE TO COVID-19
Abstract
The impact of COVID-19 greatly affects global economic development and threatens the survival of companies around the world. Every company is required to innovate for its survival, especially in the era of the Covid-19 pandemic, many companies experienced economic disruption and caused a very big crisis for the company. This study explores how companies in Indonesia innovate and be creative in marketing strategies. The purpose of this paper is to find out how to manage a creative and innovative business during the Covid-19 pandemic in the New Normal era, namely by adapting to digital businesses, such as utilizing online promotions by introducing products and services. In the era of 4.0, of course, digital takes a larger portion of life. Millennials and Generation Z are promising market shares for companies to respond successfully to similar crisis events in the future.
References
IT (2020). The live streaming data map of Tik Tok in 2020. http://www.199it.com/archives/1037843.html. Accessed date: 10 May 2020
Andreou, P. C., Karasamani, I., Louca, C., & Ehrlich, D. (2017). The impact of managerial
ability on crisis-period corporate investment. Journal of Business Research, 79(Oct.),107–122
Bushee, B. J. (1998). The influence of institutional investors on myopic R&D investment
behavior. Accounting Review, 73, 305–333.
Bowman, C., & Ambrosini, V. (2003). How the resource-based and the dynamic capability
views of the firm inform corporate-level strategy. British Journal of Management,
(4), 289–303
Champion, D. (1999). The price of undermanagement. Harvard Business Review, 77(2),
–15.
Danneels, E. (2002). The dynamics of product innovation and firm competences. Strategic
Management Journal, 23(12), 1095–1121
Du, K. (2018). The impact of multi-channel and multi-product strategies on firms' risk-return performance. Decision Support Systems, 109, 27–38.
Evidence from video game SMEs. Journal of Small Business Management, 57(3),
–1156
Frinces, Heflin. 2004. Kewirausahaan dan Inovasi Bisnis, Cetakan Pertama, Yogyakarta: Penerbit Darusalam.
Ferdiani, R. (2019). 10Jenis Bsnis Kreatif di Era Digital yang Bisa Kamu Coba. https://www.modalrakyat.id/blog/10-jenis-bisnis-kreatif-di-era-digital-yang-bisa-kamu-coba: ModalRakyat.
Gandia, R., & Gardet, E. (2019). Sources of dependence and strategies to innovate:
Makkonen, H., Pohjola, M., Olkkonen, R., & Koponen, A. (2014). Dynamic capabilities and firm performance in a financial crisis. Journal of Business Research, 67(1),2707–2719
Huang, K. F., & Yu, C. M. J. (2011). The effect of competitive and non-competitive R&D
collaboration on firm innovation. The Journal of Technology Transfer, 36(4), 383–403
Hale, J. E., Dulek, R. E., & Hale, D. P. (2005). Crisis response communication challenges:
Building theory from qualitative data. The Journal of Business Communication (1973), 42(2), 112–134
Hunt, S. D., & Morgan, R. M. (1995). The comparative advantage theory of competition.
Journal of Marketing, 1–15
Hills, Gerald. 2008. “Marketing and Entrepreneurship, Research Ideas and Opportunities”, Journal of Small and Medium Entrepreneur- ships, page: 27-39
Keeh, Hean Tat, Mai Nguyen & Ping. 2007. The Effects of Entrepreneurial Orientation and Marketing Information on the Performance of SMEs, Journal of Business Venturing, page: 592-611
Kantar (2020a). Coronavirus outbreak’s impact on China’s consumption. https://mp.
weixin.qq.com/s/OptUHteL3zGVHahnDolRDg. Accessed date: 22 September 2020
Larsen, P. & A. Lewis. 2007. How Award-Winning SMEs Manage The Barriers to Innovation, Journal Creativity and Innovation Management, page: 141-151
Kaunia, A. M. (2020). Akibat Corona, Pertumbuhan Ekonomi RI Diprediksi Hanya 4,5persendi2020.: Kompas.com
Lawson, B., & Samson, D. (2001). Developing innovation capability in organizations: A
dynamic capabilities approach. International Journal of Innovation Management, 5(3),N337–400
Lusch, R. F., Vargo, S. L., & Tanniru, M. (2010). Service, value networks, and learning.Journal of the Academy of Marketing Science, 38(1), 19–31
Septina. (2020). Strategi Pemasaran Produk UKM sat Krisis Virus Covid-19. https: // www.jurnal.id/blog/7-strategi- pemasaran-produk-ukm-saat-krisis-virus-COVID-19 /
Naidoo, V. (2010). Firm survival through a crisis: The influence of market orientation, marketing innovation, and business strategy. Industrial Marketing Management, 39(8),1311–1320
Suryana. 2003. Kewirausahaan, Pedoman Praktis, Kiat dan Proses Menunju Sukses, Edisi Revisi, Jakarta: Salemba Empat.
Sohu (2019). How to attract accurate fans on the Tik Tok platform? https://www.sohu.
com/a/323783487_120144595. Accessed date: 10 May 2020
Sohu (2020). Will Tik Tok lose money by launching a free movie service on the platform.
Accessed date: 10 May 2020.
Sekaran, Uma. 2011. Research Methods For Business (Metode Penelitian Untuk Bisnis). Jakarta: Salemba Empat
