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

Artono Artono, Margono Setiawan, Surachman Surachman and Sri Palupi Prabandari
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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

International Review of Management and Marketing, 2024, vol. 14, issue 5, 182-192

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.

Keywords: Millennial Market Orientation; Business Performance; Traditional Herbal Medicine SMEs; Regional Regulations (search for similar items in EconPapers)
JEL-codes: D04 I10 I20 L10 L25 (search for similar items in EconPapers)
Date: 2024
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