Surviving an economic downturn: Dynamic capabilities of SMEs

Article

Weaven, Scott, Quach, Sara, Thaichon, Park, Frazer, Lorelle, Billot, Ken and Grace, Debra. 2021. "Surviving an economic downturn: Dynamic capabilities of SMEs ." Journal of Business Research. 128, pp. 109-123. https://doi.org/10.1016/j.jbusres.2021.02.009

Article Title	Surviving an economic downturn: Dynamic capabilities of SMEs
ERA Journal ID	36355
Article Category	Article
Authors	Weaven, Scott, Quach, Sara, Thaichon, Park, Frazer, Lorelle, Billot, Ken and Grace, Debra
Journal Title	Journal of Business Research
Journal Citation	128, pp. 109-123
Number of Pages	15
Year	May 2021
Publisher	Elsevier
Place of Publication	United States
ISSN	0148-2963
	1873-7978
Digital Object Identifier (DOI)	https://doi.org/10.1016/j.jbusres.2021.02.009
Web Address (URL)	https://www.sciencedirect.com/science/article/pii/S0148296321000862
Abstract	This study examines dynamic capabilities contributing to SME survival and growth during an economic downturn. Adopting a qualitative approach using the collective, instrumental case-based method, we conducted forty interviews with both successful and unsuccessful franchisees and independent SMEs, business and franchising experts, and franchisors in Australia. A framework of SMEs’ success was developed. Under survival mechanisms, it confirms the importance of business owner characteristics and firm resources. Three dimensions of dynamic capabilities are sensing (business assessment and information acquisition), seizing (product portfolio decisions, and investment in technologies and human resources) and reconfiguring (innovation, decentralization and knowledge management). It was found that performative routine aspects were more dominant, demonstrating the flexibility and context-dependence in the deployment of dynamic capabilities among SMEs. The research fills a gap in the entrepreneurship literature by investigating SMEs’ dynamic capabilities in a turbulent market with a special focus on unravelling salient ostensive and performative routine aspects.
Keywords	SMEs; Survival; Dynamic capabilities; Franchisees; Independent businesses; Economic downturn; Resources
ANZSRC Field of Research 2020	350605. Marketing management (incl. strategy and customer relations)
Public Notes	Files associated with this item cannot be displayed due to copyright restrictions.
Byline Affiliations	Griffith University
	School of Business
	University of the Sunshine Coast

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Ferm, Lars-Erik Casper and Thaichon, Park. 2021. "Value co-creation and social media: Investigating antecedents and influencing factors in the U.S. retail banking industry." Journal of Retailing and Consumer Services. 61. https://doi.org/10.1016/j.jretconser.2021.102548

Special issue introduction: e-tailing: the current landscape and future developments

Thaichon, Park, Brown, James R. and Weaven, Scott. 2021. "Special issue introduction: e-tailing: the current landscape and future developments." Asia Pacific Journal of Marketing and Logistics. 33 (6), pp. 1289-1291. https://doi.org/10.1108/APJML-07-2021-881

Can positioning strategies help influence willingness to pay for office space? Evidence on the moderating effect of office space grade and industry sector for occupiers of leased office space

Cheah, Jun-Hwa, Ting, Hiram, Thaichon, Park, Fam, Kim-Shyan and Bazylewich, Martin. 2021. "Can positioning strategies help influence willingness to pay for office space? Evidence on the moderating effect of office space grade and industry sector for occupiers of leased office space." Journal of Strategic Marketing. 29 (4), pp. 337-358. https://doi.org/10.1080/0965254X.2020.1733049

Guest Editorial: Technologies and Relationship Marketing

Thaichon, Park, Soutar, Geoff and Weaven, Scott. 2021. "Guest Editorial: Technologies and Relationship Marketing ." Australasian Marketing Journal. 29 (2), pp. 109-110. https://doi.org/10.1177/1839334921994387

Digital content marketing as a catalyst for e-WOM in food tourism

Bu, Yi, Parkinson, Joy and Thaichon, Park. 2021. "Digital content marketing as a catalyst for e-WOM in food tourism." Australasian Marketing Journal. 29 (2), pp. 142-154. https://doi.org/10.1016/j.ausmj.2020.01.001

Customer participation in firm-initiated activities via social media: Understanding the role of experiential value

Quach, Sara, Shao, Wei, Ross, Mitchell and Thaichon, Park. 2021. "Customer participation in firm-initiated activities via social media: Understanding the role of experiential value ." Australasian Marketing Journal. 29 (2), pp. 132-141. https://doi.org/10.1016/j.ausmj.2020.05.006

Loyalty layers, expectations and the role of knowledge

Quach, Sara, Thaichon, Park, Roberts, Robin E. and Weaven, Scott. 2021. "Loyalty layers, expectations and the role of knowledge ." Marketing Intelligence and Planning. 39 (3), pp. 377-393. https://doi.org/10.1108/MIP-09-2019-0489

The experience of regret in small business failure: who's to blame?

Quach, Sara, Weaven, Scott K., Thaichon, Park, Grace, Debra, Frazer, Lorelle. and Brown, James R.. 2021. "The experience of regret in small business failure: who's to blame? " European Journal of Marketing. 55 (8), pp. 2201-2238. https://doi.org/10.1108/EJM-12-2019-0917

Resilience toward supply disruptions: A stochastic inventory control model with partial backordering under the base stock policy

Taleizadeh, Ata Allah, Tafakkori, Keivan and Thaichon, Park. 2021. "Resilience toward supply disruptions: A stochastic inventory control model with partial backordering under the base stock policy ." Journal of Retailing and Consumer Services. 58. https://doi.org/10.1016/j.jretconser.2020.102291

What to expect after the honeymoon: evolutionary psychology of part-time franchising

Thaichon, Park, Weaven, Scott, Quach, Sara, Baker, Brent and Frazer, Lorelle. 2020. "What to expect after the honeymoon: evolutionary psychology of part-time franchising." Journal of Strategic Marketing. 28 (8), pp. 702-726. https://doi.org/10.1080/0965254X.2019.1570315

Price image and the sugrophobia effect on luxury retail purchase intention

Cheah, Jun-Hwa, Waller, David, Thaichon, Park, Ting, Hiram and Lim, Xin-Jean. 2020. "Price image and the sugrophobia effect on luxury retail purchase intention." Journal of Retailing and Consumer Services. 57. https://doi.org/10.1016/j.jretconser.2020.102188

Host and guest value co-creation and satisfaction in a shared economy: The case of Airbnb

Thaichon, Park, Surachartkumtonkun, Jiraporn, Singhal, Anubhuti and Alabastro, Artem. 2020. "Host and guest value co-creation and satisfaction in a shared economy: The case of Airbnb." Journal of Global Scholars of Marketing Science: Bridging Asia and the World (Quanqiu Yingxiao Kexue Yanjiuyuan Xuebao). 30 (4), pp. 407-422. https://doi.org/10.1080/21639159.2020.1752278

Special issue introduction: online relationship marketing

Thaichon, Park, Brown, James R. and Weaven, Scott. 2020. "Special issue introduction: online relationship marketing." Marketing Intelligence and Planning. 38 (6), pp. 673-675. https://doi.org/10.1108/MIP-09-2020-623

Customer engagement and co-created value in social media

Quach, Sara, Shao, Wei, Ross, Mitchell and Thaichon, Park. 2020. "Customer engagement and co-created value in social media." Marketing Intelligence and Planning. 38 (6), pp. 730-744. https://doi.org/10.1108/MIP-04-2019-0218

Online relationship marketing: evolution and theoretical insights into online relationship marketing

Thaichon, Park, Liyanaarachchi, Gajendra, Quach, Sara, Weaven, Scott and Bu, Yi. 2020. "Online relationship marketing: evolution and theoretical insights into online relationship marketing ." Marketing Intelligence and Planning. 38 (6), pp. 676-698. https://doi.org/10.1108/MIP-04-2019-0232

Toward a theory of outside-in marketing: Past, present, and future

Quach, Sara, Thaichon, Park, Lee, Ju-Yeon, Weaven, Scott and Palmatier, Robert W.. 2020. "Toward a theory of outside-in marketing: Past, present, and future ." Industrial Marketing Management. 89, pp. 107-128. https://doi.org/10.1016/j.indmarman.2019.10.016

To donate or to waste it: Understanding posthumous organ donation attitude

Alassaf, Amani, Fry, Marie-Louise and Thaichon, Park. 2020. "To donate or to waste it: Understanding posthumous organ donation attitude." Australasian Marketing Journal. 28 (3), pp. 87-97. https://doi.org/10.1016/j.ausmj.2020.04.001

Examining antecedents of reconciliation following service failure and recovery

Radu, Alexandru, Surachartkumtonkun, Jiraporn, Weaven, Scott and Thaichon, Park. 2020. "Examining antecedents of reconciliation following service failure and recovery ." Journal of Strategic Marketing. 28 (5), pp. 417-433. https://doi.org/10.1080/0965254X.2018.1518920

Storytelling, the scale of persuasion and retention: A neuromarketing approach

Hamelin, Nicolas, Thaichon, Park, Abrahams, Christopher, Driver, Nicholas, Lipscombe, Joe and Pillai, Jayarethanam. 2020. "Storytelling, the scale of persuasion and retention: A neuromarketing approach." Journal of Retailing and Consumer Services. 55. https://doi.org/10.1016/j.jretconser.2020.102099

Triadic relationship between customers, service providers and government in a highly regulated industry

Quach, Sara, Thaichon, Park and Hewege, Chandana. 2020. "Triadic relationship between customers, service providers and government in a highly regulated industry ." Journal of Retailing and Consumer Services. 55. https://doi.org/10.1016/j.jretconser.2020.102148

Enrichment for retail businesses: How female entrepreneurs and masculine traits enhance business success

Moudry, Dann Vit and Thaichon, Park. 2020. "Enrichment for retail businesses: How female entrepreneurs and masculine traits enhance business success ." Journal of Retailing and Consumer Services. 54. https://doi.org/10.1016/j.jretconser.2020.102068

Female franchisees; a lost opportunity for franchising sector growth?

Thaichon, Park, Weaven, Scott, Quach, Sara, Bodey, Kelli, Merrilees, Bill and Frazer, Lorelle. 2020. "Female franchisees; a lost opportunity for franchising sector growth?" Journal of Strategic Marketing. 28 (2), pp. 107-122. https://doi.org/10.1080/0965254X.2018.1482946

B2B purchase engagement: Examining the key drivers and outcomes in professional services

Nyadzayo, Munyaradzi W., Casidy, Riza and Thaichon, Park. 2020. "B2B purchase engagement: Examining the key drivers and outcomes in professional services ." Industrial Marketing Management. 85, pp. 197-208. https://doi.org/10.1016/j.indmarman.2019.11.007

Gratitude in franchisor-franchisee relationships: does personality matter?

Quach, Sara, Weaven, Scott K., Thaichon, Park, Baker, Brent and Edwards, Chase Jeremiah. 2020. "Gratitude in franchisor-franchisee relationships: does personality matter?" European Journal of Marketing. 54 (1), pp. 109-144. https://doi.org/10.1108/EJM-07-2018-0458

A model of entrepreneurship education in franchising - application of outside-in marketing with a behavioural focus

Quach, Sara, Weaven, Scott, Thaichon, Park, Grace, Debra and Frazer, Lorelle. 2020. "A model of entrepreneurship education in franchising - application of outside-in marketing with a behavioural focus." Journal of Business and Industrial Marketing. 35 (1), pp. 116-133. https://doi.org/10.1108/JBIM-07-2018-0210

Consumer behaviour and disposition decisions: The why and how of smartphone disposition

Ting, Hiram, Thaichon, Park, Chuah, Francis and Tan, Sharon Rebecca. 2019. "Consumer behaviour and disposition decisions: The why and how of smartphone disposition." Journal of Retailing and Consumer Services. 51, pp. 212-220. https://doi.org/10.1016/j.jretconser.2019.06.002

The effects of e-commerce on franchising: Practical implications and models

Kremez, Z., Frazer, Lorelle and Thaichon, Park. 2019. "The effects of e-commerce on franchising: Practical implications and models." Australasian Marketing Journal. 27 (3), pp. 158-168. https://doi.org/10.1016/j.ausmj.2019.04.002

Emerging from my youth - intra-cohort segmentation

Pentecost, Robin, Donoghue, Sune and Thaichon, Park. 2019. "Emerging from my youth - intra-cohort segmentation." International Journal of Retail and Distribution Management. 47 (5), pp. 571-588. https://doi.org/10.1108/IJRDM-06-2018-0113

How much effort is enough? Unlocking customer fanaticism in services industries

Quach, Sara, Hewege, Chandana Rathnasiri and Thaichon, Park. 2019. "How much effort is enough? Unlocking customer fanaticism in services industries." Marketing Intelligence and Planning. 37 (3), pp. 325-338. https://doi.org/10.1108/MIP-06-2018-0226

Enhancing client-agency relationship quality in the advertising industry - an application of project management

Levin, Elizabeth, Quach, Thu Nguyen and Thaichon, Park. 2019. "Enhancing client-agency relationship quality in the advertising industry - an application of project management." Journal of Business and Industrial Marketing. 34 (2), pp. 463-473. https://doi.org/10.1108/JBIM-08-2017-0186

The role of creativity and project management in enhancing service quality of advertising agencies: A qualitative approach

Levin, Elizabeth, Thaichon, Park, Quach, Sara and Lobo, Antonio. 2018. "The role of creativity and project management in enhancing service quality of advertising agencies: A qualitative approach ." Australasian Marketing Journal. 26 (1), pp. 31-40. https://doi.org/10.1016/j.ausmj.2017.10.002

Are You a Chocolate Lover? An Investigation of the Repurchase Behavior of Chocolate Consumers

Thaichon, Park, Jebarajakirthy, Charles, Tatuu, Puja and Gajbhiyeb, Rahul Gautam. 2018. "Are You a Chocolate Lover? An Investigation of the Repurchase Behavior of Chocolate Consumers ." Journal of Food Products Marketing: innovations in food advertising, food promotion, food publicity, food sales promotion. 24 (2), pp. 163-176. https://doi.org/10.1080/10454446.2017.1266551

Hybrid sales structures in the age of e-commerce

Thaichon, Park, Surachartkumtonkun, Jiraporn, Quach, Sara, Weaven, Scott and Palmatier, Robert W.. 2018. "Hybrid sales structures in the age of e-commerce." Journal of Personal Selling and Sales Management. 38 (3), pp. 277-302. https://doi.org/10.1080/08853134.2018.1441718

Dark motives-counterfeit selling framework An investigate on the supply side of the non-deceptive market

Quach, Sara and Thaichon, Park. 2018. "Dark motives-counterfeit selling framework An investigate on the supply side of the non-deceptive market ." Marketing Intelligence and Planning. 36 (2), pp. 245-259. https://doi.org/10.1108/MIP-04-2017-0069

From connoisseur luxury to mass luxury: Value co-creation and co-destruction in the online environment

Quach, Sara and Thaichon, Park. 2017. "From connoisseur luxury to mass luxury: Value co-creation and co-destruction in the online environment." Journal of Business Research. 81, pp. 163-172. https://doi.org/10.1016/j.jbusres.2017.06.015

Aesthetic labor and visible diversity: The role in retailing service encounters

Quach, Sara, Jebarajakirthy, Charles and Thaichon, Park. 2017. "Aesthetic labor and visible diversity: The role in retailing service encounters." Journal of Retailing and Consumer Services. 38, pp. 34-43. https://doi.org/10.1016/j.jretconser.2017.05.004

Emotion and advertising effectiveness: A novel facial expression analysis approach

Hamelin, Nicolas, El Moujahid, Othmane and Thaichon, Park. 2017. "Emotion and advertising effectiveness: A novel facial expression analysis approach." Journal of Retailing and Consumer Services. 36, pp. 103-111. https://doi.org/10.1016/j.jretconser.2017.01.001

Consumer socialization process: The role of age in children's online shopping behavior

Thaichon, Park. 2017. "Consumer socialization process: The role of age in children's online shopping behavior." Journal of Retailing and Consumer Services. 34, pp. 38-47. https://doi.org/10.1016/j.jretconser.2016.09.007

An analysis of product-place co-branding: the case of Ceylon Tea

Ranasinghe, Wasanee Tharanga, Thaichon, Park and Ranasinghe, Malanee. 2017. "An analysis of product-place co-branding: the case of Ceylon Tea." Asia Pacific Journal of Marketing and Logistics. 29 (1), pp. 200-214. https://doi.org/10.1108/APJML-10-2015-0156

Dark motives-counterfeit purchase framework: Internal and external motives behind counterfeit purchase via digital platforms

Thaichon, Park and Quach, Sara. 2016. "Dark motives-counterfeit purchase framework: Internal and external motives behind counterfeit purchase via digital platforms." Journal of Retailing and Consumer Services. 33, pp. 82-91. https://doi.org/10.1016/j.jretconser.2016.08.003

Consumer motives and impact of western media on the Moroccan luxury buyer

Hamelin, Nicolas and Thaichon, Park. 2016. "Consumer motives and impact of western media on the Moroccan luxury buyer ." Journal of Retailing and Consumer Services. 32, pp. 164-170. https://doi.org/10.1016/j.jretconser.2016.06.010

Internet service providers' service quality and its effect on customer loyalty of different usage patterns

Quach, Thu Nguyen, Thaichon, Paramaporn and Jebarajakirthy, Charles. 2016. "Internet service providers' service quality and its effect on customer loyalty of different usage patterns." Journal of Retailing and Consumer Services. 29, pp. 104-113. https://doi.org/10.1016/j.jretconser.2015.11.012

Marketing microcredit to bottom of the pyramid market Investigating determinants and the role of self-identity: the case of youth in post-war context

Jebarajakirthy, Charles and Thaichon, Paramaporn. 2016. "Marketing microcredit to bottom of the pyramid market Investigating determinants and the role of self-identity: the case of youth in post-war context." International Journal of Bank Marketing. 34 (2), pp. 191-215. https://doi.org/10.1108/IJBM-12-2014-0176

The impact of creative competence and project management on longevity of the client-advertising agency relationship

Levin, Elizabeth, Thaichon, Paramaporn and Quach, Thu Nguyen. 2016. "The impact of creative competence and project management on longevity of the client-advertising agency relationship." Journal of Business and Industrial Marketing. 31 (2), pp. 274-286. https://doi.org/10.1108/JBIM-11-2014-0220

Evaluating specific service quality aspects which impact on customers’ behavioural loyalty in high-tech internet services

Thaichon, Paramaporn and Jebarajakirthy, Charles. 2016. "Evaluating specific service quality aspects which impact on customers’ behavioural loyalty in high-tech internet services." Asia Pacific Journal of Marketing and Logistics. 28 (1), pp. 141-159. https://doi.org/10.1108/APJML-02-2015-0027

The effects of service quality on internet service provider customers' behaviour A mixed methods study

Quach, Thu Nguyen, Jebarajakirthy, Charles and Thaichon, Park. 2016. "The effects of service quality on internet service provider customers' behaviour A mixed methods study." Asia Pacific Journal of Marketing and Logistics. 28 (3), pp. 435-463. https://doi.org/10.1108/APJML-03-2015-0039

The influence of relationship marketing orientation on brand equity in banks

Yoganathan, Dhanushanthini, Jebarajakirthy, Charles and Thaichon, Paramaporn. 2015. "The influence of relationship marketing orientation on brand equity in banks." Journal of Retailing and Consumer Services. 26, pp. 14-22. https://doi.org/10.1016/j.jretconser.2015.05.006

Innovative fee structures by Australian franchisors

Frazer, Lorelle and Perry, Chad. 1998. "Innovative fee structures by Australian franchisors." Small Enterprise Research. 6 (1), pp. 10 - 30.

Motivations for franchisors to use flat continuing franchise fees

Frazer, Lorelle. 1998. "Motivations for franchisors to use flat continuing franchise fees." Journal of Consumer Marketing. 15 (6), pp. 587 - 597. https://doi.org/10.1108/07363769810241454

Franchising operational units in Australia

Frazer, Lorelle and Stokes, Donald J.. 1997. "Franchising operational units in Australia." Franchising Research . 2 (1), pp. 32-42.

Influence of the franchising code of conduct on the franchisor-franchisee relationship

Lim, Jolene and Frazer, Lorelle. 2000. "Influence of the franchising code of conduct on the franchisor-franchisee relationship." O'Cass, Aron (ed.) ANZMAC 2000: Visionary Marketing for the 21st Century: Facing the Challenge. Gold Coast, Australia 28 Nov - 01 Dec 2000 Gold Coast, Australia.