Content area
Full Text
Technological advances are transforming business environments prompting firms to reconsider their operating models. The application of e-commerce, mobile marketing and social media in business is becoming the norm. Technology is now extensively being used for marketing, services, new product development, and production. Embracing digitization will be vital for the future success of all organizations. A key question, though, is whether all types of organizations can successfully adapt their strategies for the digital era.
Family businesses
A family business is an establishment that is owned, operated and managed by two or more individuals of the same family. Family businesses form the backbone of economies worldwide, driving commerce, providing employment and supporting communities. It is generally held that most family businesses engage in outmoded practices and resist radical innovation. Hence, family firms are expected to be skeptical and reluctant to digitize their business models.
Digitization
Digitization refers to the practice of implementing digital technologies to enhance the firm’s business development, operating processes and overall organizational performance. A significant part of digitization involves revamping the firms marketing strategies. In this transition, firms shift their activities from traditional channels to new digital environments such as social networks and platforms. Furthermore, they consider more contemporary marketing techniques (e.g. search engine optimization) to strengthen their online presence....