Using social media for innovation - market segmentation of family firms
Authors:R Raman, Preetha Menon
Journal: International Journal of Innovation Science
Publication date: 2017
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This study explores how family firms are using social media for innovation. To achieve the objective of the study, a reactive-proactive-innovative (RPI) scale was developed to segment the family firms. The paper explains the results of a pilot sample for 50 family firms using social media. Along with the main study of 256 Indian family firm entrepreneurs surveyed through self-administered questionnaires. The data collected went through confirmatory and exploratory factor analysis, followed by cluster analysis. The results reveal that entrepreneurs leveraging social media marketing for family business can be divided into four main segments based on their social media user behavior.