Explaining the Economic Performance of Ornamental Plant Producers Considering Brand Management and Market Dynamics

Subject Areas : Journal of Ornamental Plants

Mohsen Hashemigohar ¹ , Seyed Mohammad Ali Tabatabaei Mirak Abad ²

1 - Department of Accounting, Shahr-e-Qods Branch, Islamic Azad University, Tehran, Iran
2 - Master of Business Management Marketing Orientation Student, Islamic Azad University, Shahr-e Qods Branch, Tehran, Iran

Received: 2024-10-15 Accepted : 2024-11-03 Published : 2024-12-18

Keywords: Brand management, Market dynamics, Economic performance, Ornamental plants, Demands.,

Abstract :

Uncertainty and market dynamics in competitive environments compel ornamental plant producers to rethink their strategies for improving economic performance. The key to attaining and sustaining economic performance lies in having and expanding exclusive resources, which makes replication by other companies challenging. This research focused on explaining the economic performance of ornamental plant producers considering their brand management and market dynamics. The study is applied research in terms of its objective and descriptive-survey based on its data collection method. Standardized questionnaires were used for gathering information. The statistical population of this study included all marketing managers, financial managers, and senior staff of ornamental plant production companies in the year 2024. Using Klein and Jackson's formula for structural equations, a random sample of 125 individuals was selected. Structural equation modeling and Smart PLS3 software were employed to test the hypotheses. According to the results, brand management and market dynamics play a significant and positive role in improving the economic performance of ornamental plant producers. These findings suggest that managers can observe the results of their decision-making through strategy selection, which reflects on their performance metrics. Assessing and comparing the observed performance with past trends, competitors or the industry average offers valuable feedback for future decision-making and activities. Hence, continuous performance improvement has been one of the primary goals for companies over time. Additionally, companies must outperform their competitors in coordinating with supply chain members, analyzing the market, and responding to its demands, which can be achieved through marketing strategies and capabilities.

 

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