Abstract

The orange economy which is also known as the creative economy has been an unrecognized industry though it has been a major contributor to economic growth and development. In this research an introspection has been done on four major economic factors such as: Choice of creativity with available resources, Marketing the good with unique strategies, Supply chain of good and services and tackling the demand fluctuations. These four factors rule the creative economy and hence the interlink between all these factors and its impact on the success of orange economy has been discussed in this research. The data has been collected from 30 small-owned creative business units which are spread across Karnataka. An interview schedule has been conducted with the creative business owners to understand the creative business units and its functionality. The structured interview has three layers which include (layer 1: questions related to creative business, layer 2: impact of Covid-19 pandemic on creative business units and layer 3: questions related to marketing, promotion and sales strategies used by creative business units. All the collected data has been exposed to a manual qualitative content coding to find new variables, new themes, cause, and effect and to construct a new conceptual model. The model has been suggested to the creative business units for active consideration and implementation. If the creative business units make use of the suggested marketing mix and strategies, they will be able to sustain themselves in the post-Covid-19 pandemic.

Keywords

Orange economy, Creative products and services, Orange mix, Content marketing strategy, Marketing Mix, Economic factors, Creative economy,

Metrics

Metrics Loading ...

References

  1. Agyei, S. K., Isshaq, Z., Frimpong, S., Adam, A. M., Bossman, A., & Asiamah, O. (2021). COVID-19 and food prices in sub-Saharan Africa. African Development Review. 33, 102-113. https://doi.org/10.1111/1467-8268.12525
  2. Akbarov, S. (2022). Consumer ethnocentrism and purchasing behavior: moderating effect of demographics. Journal of Islamic Marketing. 13(4), 898-932. https://doi.org/10.1108/JIMA-02-2020-0047
  3. Ansari, S., Ansari, G., Ghori, M. U., & Kazi, A. G. (2019). Impact of Brand Awareness and Social Media Content Marketing on Consumer Purchase Decision. Journal of Public Value and Administration Insights. 2(2), 5-10. https://doi.org/10.31580/jpvai.v2i2.896
  4. Ashley, C., & Tuten, T. (2015). Creative Strategies in Social Media Marketing: An Exploratory Study of Branded Social Content and Consumer Engagement. Psychology and Marketing. 32(1), 15-27. https://doi.org/10.1002/mar.20761
  5. Asur, S., & Huberman, B. A. (2010). Predicting the future with social media. Proceedings - 2010 IEEE/WIC/ACM International Conference on Web Intelligence intelligent agent technology, 1, 492-499. https://doi.org/10.1109/WI-IAT.2010.63
  6. Barron, F., & Harrington, D. M. (1981). Creativity, Intelligence, and Personality. Annual Review of Psychology, 32(1), 439-476. https://doi.org/10.1146/annurev.ps.32.020181.002255
  7. Bartlett, J. &. (2013). 済無No Title No Title. Journal of Chemical Information and Modeling, 53(9), 1689–1699. https://doi.org/10.1021/ci400128m
  8. Berger, B., Staffler, J., & Hess, T. (2016). Content Marketing. MedienWirtschaft. https://doi.org/10.15358/1613-0669-2016-1-48
  9. Bernecker, R. (2012). International Fund for Cultural Diversity. The UNESCO Convention on the Protection and Promotion of the Diversity of Cultural Expressions, 465–479. https://doi.org/10.1007/978-3-642-25995-1_20
  10. Bisaria, C. (2021). Impact of Covid-19 on Consumer Behaviour. Revista de Investigaciones Universidad Del Quindío, 33(2), 86-96. https://doi.org/10.33975/riuq.vol33n2.506
  11. BOP Consulting. (2017). How to Make a Living in the Creative Industries. 8.
  12. Buitrago, F., Duque, I., Buitrago Restrepo, P. F., & Duque Márquez, I. (2013). The Orange Economy: An Infinite Opportunity. Iadb.
  13. Brodie, R. J., Hollebeek, L. D., Jurić, B., & Ilić, A. (2011). Customer Engagement: Conceptual Domain, Fundamental Propositions, and Implications for Research. Journal of Service Research, 14(3), 252–271. https://doi.org/10.1177/1094670511411703
  14. Buttner, E. H., & Gryskiewicz, N. (1993). Entrepreneurs' problem-solving styles: an empirical study using the Kirton adaption/innovation theory. Journal of small business management, 31, 22-22.
  15. Chollisni, A., Syahrani, S., Dewi, S., Utama, A. S., & Anas, M. (2022). concept of creative economy development-strengthening post COVID-19 pandemic in Indonesia. Linguistics and Culture Review, 6, 413–426. https://doi.org/10.21744/lingcure.v6nS1.2065
  16. Clarke, T. (2001). The knowledge economy. Education + Training, 43(4/5), 189-196. https://doi.org/10.1108/00400910110399184
  17. Concordia. (2020). Creative Economies in Isolation: Where is the Orange Economy Headed in the Time of Covid-19. Available: https://www.concordia.net/newsroom/blog/creative-economies-in-isolation-where-is-the-orange-economy-headed-in-the-time-of-covid-19/
  18. Di Crosta, A., Ceccato, I., Marchetti, D., la Malva, P., Maiella, R., Cannito, L., Cipi, M., Mammarella, N., Palumbo, R., Verrocchio, M. C., Palumbo, R., & Domenico, A. Di. (2021). Psychological factors and consumer behavior during the COVID-19 pandemic. PLoS ONE, https://doi.org/10.1371/journal.pone.0256095
  19. Du Plessis, C. (2017). The role of content marketing in social media content communities. SA Journal of Information Management, 19(1), 1-7. https://doi.org/10.4102/sajim.v19i1.866
  20. Dubina, I. N., Carayannis, E. G., & Campbell, D. F. J. (2012). Creativity Economy and a Crisis of the Economy? Coevolution of Knowledge, Innovation, and Creativity, and of the Knowledge Economy and Knowledge Society. Journal of the Knowledge Economy, 3, 1-24. https://doi.org/10.1007/s13132-011-0042-y
  21. Ellen MacArthur Foundation. (2015). Circularity Indicators: An Approach to Measuring Circularity. Ellen MacArthur Foundation.
  22. Nurani,N., Zul Fahmi, M.K.B., and Zul Fauzi, M.A.B. (2021). Micro Medium and Small aEnterprise Human Resources’ Creativity in West Java Through Intellectual Property Rights (IPR) License in the Pandemic Covid-19 Situation. Turkish Journal of Computer and Mathematics Education (TURCOMAT), 12(4), 684-694. https://doi.org/10.17762/turcomat.v12i4.553
  23. Ellis, S. (2008). Market Hegemony and Economic Theory. Philosophy of the Social Sciences, 38(4), 513–532. https://doi.org/10.1177/0048393108324215
  24. Fajgelbaum, P., Grossman, G. M., & Helpman, E. (2011). Income distribution, product quality, and international trade. Journal of Political Economy, 119(4), 721–765. https://doi.org/10.1086/662628
  25. FDRE. (2020). Sustainable Jobs for All: Plan of Action for Job Creation (2020-2025), Brifing document by Job Creation Comission Ethiopia.
  26. Furnham, A., & Bachtiar, V. (2008). Personality and intelligence as predictors of creativity. Personality and Individual Differences, 45(7), 613-617. https://doi.org/10.1016/j.paid.2008.06.023
  27. Gaviria, L., Gómez, H., & Montiel, H. (2019). Orange Economy: Study on the Behavior of Culturaland Creative Industries in Colombia. International Journal of Mechanical Engineering and Technology (IJMET), 10(12), 160-173.
  28. Goncharova, N. V., Pelymskaya, I. S., Zaitseva, E. V., & Mezentsev, P. V. (2022). Green Universities in an Orange Economy: New Campus Policy. Lecture Notes in Networks and Systems, 345. https://doi.org/10.1007/978-3-030-89708-6_23
  29. Grandgirard, J., Poinsot, D., Krespi, L., Nénon, J.P., & Cortesero, A. M. (2002). Costs of secondary parasitism in the facultative hyperparasitoid Pachycrepoideus dubius: Does host size matter?. Entomologia Experimentalis et Applicata, 103(3), 239–248. https://doi.org/10.1046/j.1570-7458.2002.00982.x
  30. Hartley, K., van Santen, R., & Kirchherr, J. (2020). Policies for transitioning towards a circular economy: Expectations from the European Union (EU). Resources, Conservation and Recycling, 155, 1-29. https://doi.org/10.1016/j.resconrec.2019.104634
  31. Hawkins, D. (2008). Self-sufficiency and the creative economy. Times and Transcript, 2008.
  32. Hollebeek, L. D., Conduit, J., Sweeney, J., Soutar, G., Karpen, I. O., Jarvis, W., & Chen, T. (2016). Epilogue to the special issue and reflections on the future of engagement research. Journal of Marketing Management, 32(5–6), 586–594. https://doi.org/10.1080/0267257X.2016.1144340
  33. Iarmosh, O., Prokhorova, V., Shcherbyna, I., Kashaba, O., & Slastianykova, K. (2021). Innovativeness of the creative economy as a component of the Ukrainian and the world sustainable development strategy. IOP Conference Series: Earth and Environmental Science, 628(1). 1-8.https://doi.org/10.1088/1755-1315/628/1/012035
  34. Ihani, W., Syofya, H., Sari, A.L., Mulawarman, W.G., & Sriyanto, S. (2020). The role of the creative industry in economic development. Journal of Environmental Treatment Techniques, 8(1), 268–271.
  35. Ismailovna, I. S., & Azimdjonovna, I. N. (2022). The Role of Creative Marketing in The Development of Innovative Economy. World Economics and Finance Bulletin, 17, 62–65.
  36. Järvinen, J., & Taiminen, H. (2016). Harnessing marketing automation for B2B content marketing. Industrial Marketing Management, 54, 164-175. https://doi.org/10.1016/j.indmarman.2015.07.002
  37. Jirásek, M., & Sudzina, F. (2020). Big five personality traits and creativity. Quality Innovation Prosperity, 24(3),91-105.https://doi.org/10.12776/qip.v24i3.1509
  38. Kanungo, A. K. (2022). Glass Bangles in India: Antiquity, Functional Use and Traditional Production. South Asian Studies, 38(1), 19-39. https://doi.org/10.1080/02666030.2021.2001250
  39. Kim, W. C., & Mauborgne, R. (1997). Fair process: managing in the knowledge economy. Harvard Business Review, 81(1), 127-136.
  40. Komarek, A.M., Dunston, S., Enahoro, D., Godfray, H.C.J., Herrero, M., Mason-D’Croz, D., Rich, K. M., Scarborough, P., Springmann, M., Sulser, T. B., Wiebe, K., & Willenbockel, D. (2021). Income, consumer preferences, and the future of livestock-derived food demand. Global Environmental Change, 70(June), 102343. https://doi.org/10.1016/j.gloenvcha.2021.102343
  41. Kotler, P. (2000). Marketing Management, Millenium Edition. Marketing Management. https://doi.org/10.1016/0024-6301(90)90145-T
  42. Kearsley, G., & Shneiderman, B. (1998). Engagement theory: A framework for technology-based teaching and learning. Educational Technology, 38(5), 20–23.
  43. Lazzaro, E. (2021). Linking the creative economy with universities’ entrepreneurship: A spillover approach. Sustainability (Switzerland), 13(3), 1–12. https://doi.org/10.3390/su13031078
  44. Lestariningsih, E., Maharani, K., & Lestari, T. K. (2016). Measuring Creative Economy in Indonesia : I . Introduction. 99–114.
  45. Liang, C., & Lin, W.-S. (2015). The Interplay of Creativity, Imagination, Personality Traits, and Academic Performance. Imagination, Cognition and Personality. 34(3), 270–290. https://doi.org/10.1177/0276236614568638
  46. M, A. S. R., & Kannappan, S. (2020). Marketing agility and E-Commerce agility in the light of COVID-19 pandemic: A study with reference to fast fashion brands. Asian Journal of Interdisciplinary Research. 3(4), 1-13. https://doi.org/10.34256/ajir2041
  47. Murray, J. A. (1979). Strategic marketing. Long Range Planning. 12(2), 76-83. https://doi.org/10.1016/0024-6301(79)90075-X
  48. Munck, R. (2013). Market Hegemony (1973–2001). In: Rethinking Latin America. Palgrave Macmillan, New York. https://doi.org/10.1057/9781137290762_6
  49. McKeown, T. (1983). Hegemonic stability theory and 19th century tariff levels in Europe. International Organization, 37(1), 73-91. https://doi.org/10.1017/S0020818300004203
  50. Neal, C. P. (2009). Marketing management. In Marketing Management. https://doi.org/10.4324/9781315842783-16
  51. Neubauer, A. C., & Martskvishvili, K. (2018). Creativity and intelligence: A link to different levels of human needs hierarchy? Heliyon. 4(5), e00623. https://doi.org/10.1016/j.heliyon.2018.e00623
  52. No, I. V., & Setiawan, S. (2018). Research in Business and Social Science Prospects and Competitiveness in Economy : Evidence from Indonesia. 7(2), 47–56.
  53. Parameswara, A., Nyoman Saskara, I. A., Utama, M. S., & Wiwin Setyari, N. P. (2021). The Role of Place Identity, Local Genius, Orange Economy and Cultural Policies for Sustainability of Intangible Cultural Heritage in Bali. International Journal of Sustainable Development and Planning, 16(8), 1551–1561. https://doi.org/10.18280/ijsdp.160816
  54. Pennerstorfer, D., Schindler, N., Weiss, C. R., & Yontcheva, B. (2020). Income inequality and product variety: Empirical evidence. September. https://www.econstor.eu/handle/10419/225948
  55. Pires, B. (2012). The impact of ‘Creative Industries’ definitions on subsector typologies. 1–59.
  56. Pletsan, K., Havryliuk, A., Kostromina, H., Muratova, I., & Kholodynska, S. (2022). The Modern Practice of Creative Industries’ Functioning under the Conditions of Sustainable Development. WSEAS Transactions on Environment and Development, 18, 349–357. https://doi.org/10.37394/232015.2022.18.35
  57. Powell, W. W., & Snellman, K. (2004). The knowledge economy. In Annual Review of Sociology. 30, 199-220. https://doi.org/10.1146/annurev.soc.29.010202.100037
  58. Raja, A. S. (2020). Digital Integrated Marketing Communication (Dimc) and it’s Logical Relationship With Co-Branding And Brand Values With Reference To Coke Studio Anand Shankar Raja M, CHRIST (Deemed to be University). 24(1).
  59. Ramli, H. A. M., Mayana, R. F., & Santika, T. (2020). Fostering a creative economy with copyright protection: “Weightless economy” and creativity-based sustainable development. International Journal of Innovation, Creativity and Change. 10(10), 432-443.
  60. Report, A., & Global, O. N. (2019). Islands Economic Cooperation Forum the 21st Century Maritime Silk Road.
  61. Runde, D. F., & Metzger, C. (2019). Lessons for Building Creative Economies. December. https://www.csis.org/analysis/lessons-building-creative-economies Accessed on August 2023
  62. Rosado-Pinto, F., & Loureiro, S. M. C. (2020). The growing complexity of customer engagement: a systematic review. EuroMed Journal of Business, 15(2), 167–203. https://doi.org/10.1108/EMJB-10-2019-0126
  63. Sherly, S., Halim, F., & Sudirman, A. (2020). The Role Of Social Media In Increasing Market Share Of Msme Products In Pematangsiantar City. Jurnal Manajemen Dan Bisnis. 9(2), 61-72. https://doi.org/10.34006/jmbi.v9i2.206
  64. SI, S. (2015). Social Media and Its Role in Marketing. Business and Economics Journal. https://doi.org/10.4172/2151-6219.1000203
  65. Singh, S., Nourozi, S., Acharya, L., & Thapa, S. (2020). Estimating the potential effects of COVID-19 pandemic on food commodity prices and nutrition security in Nepal. Journal of Nutritional Science. 9, E51. https://doi.org/10.1017/jns.2020.43
  66. Sorrentino, A., Leone, D., & Caporuscio, A. (2022). Changes in the post-covid-19 consumers’ behaviors and lifestyle in italy. A disaster management perspective. Italian Journal of Marketing. 2022, 87–106. https://doi.org/10.1007/s43039-021-00043-8
  67. Steimle, J. (2014). What Is Content Marketing? Forbes. https://www.forbes.com/sites/forbesagencycouncil/2022/10/28/what-is-the-purpose-of-content-marketing/?sh=54943f763373 Accessed on August 2023
  68. Suchek, N., Fernandes, C. I., Kraus, S., Filser, M., & Sjögrén, H. (2021). Innovation and the circular economy: A systematic literature review. Business Strategy and the Environment. 30(8), 3686-3702. https://doi.org/10.1002/bse.2834
  69. Sugiyanto, S., Suma, D., & Prayeki, P. (2020). Positive Value of Covid 19 Pandemic for MSMEs: A Case Study In Yogyakarta. International Journal of Economics, Business and Accounting Research. 4(3), 229-241. https://doi.org/10.29040/ijebar.v4i03.1121
  70. Syaifullah, J., Syaifudin, M., Sukendar, M. U., & Junaedi, J. (2021). Social Media Marketing and Business Performance of MSMEs During the COVID-19 Pandemic. Journal of Asian Finance, Economics and Business. 8(2), 523-531. https://doi.org/10.13106/jafeb.2021.vol8.no2.0523
  71. Tepper, S. J. (2002). Creative assets and the changing economy. Journal of Arts Management Law and Society, 32(2), 159–168. https://doi.org/10.1080/10632920209596971
  72. Tien, N. H., Ngoc, N. M., Ba, D., & Anh, H. (2021). Change of consumer behavior in the post Covid-19 period. International Journal of Multidisciplinary Research and Growth Evaluation. 2(1), 53-58.
  73. U20. (2020). Inclusive Creative Economy and the Future of Work. U20. https://www.urban20.org/wp-content/uploads/2020/11/Inclusive-Creative-Economy-and-the-Future-of-Work.pdf Accessed on August 2023
  74. United Nations. (2019). International Year of Creative Economy for Sustainable Development, 2021. United Nations, General Assembly A/C.2/74/L.16/Rev.1, 11(3), 1–4. https://www.unesco.org/en/articles/international-year-creative-economy-sustainable-development Accessed on August 2023
  75. Vasantha, S., & NavithaSulthana, A. (2018). Impact of pillars of social media marketing on the promotion of business. International Journal of Engineering and Technology (UAE). 7(3), 1087-1090. https://doi.org/10.14419/ijet.v7i3.12495
  76. Veeraraghavan, V. (2009). Entrepreneurship and innovation. Asia Pacific Business Review, 5(1), 14-20. https://doi.org/10.1177/097324700900500102
  77. Welsch, H. P., & Young, E. C. (1982). The information source selection decision: The role of entrepreneurial personality characteristics. Journal of Small Business Management (pre-1986), 20(000004), 49.
  78. World Economic Forum, & McKinsey & Company. (2018). Creative Disruption: The impact of emerging technologies on the creative economy in collaboration with McKinsey & Company. February, 3–25. http://www3.weforum.org/docs/39655_CREATIVE-DISRUPTION.pdf Accessed on August 2023