TURBULENT BUSINESS ENVIRONMENT AND THE POSSIBILITY OF APPLYING MARKETING DECISION OPTIMIZATION ALGORITHMS USING THE EXAMPLE OF THE LATVIAN MARKET

Abstract

In this work an attempt is made to describe the experience of marketing decision development in the conditions of a turbulent business environment using the example of various Latvian enterprises. The main goal is to show the possibility of simple algorithm for strategic marketing solutions development of different business structures in Latvian market, which can be easily mastered by students of the 2-nd or 3-rd years during 100 academic hours. Using characteristic features of a turbulent business environment, the possibilities of applying marketing decisions offering algorithms both for the national (Latvian) market and for entry into international markets are discussed. This experience is part of the author's pedagogical activity at higher education institutions in Latvia (RISEBA) over the last 20 years and assumes training in new methods of marketing decision development, with use of modern marketing technologies, including matrix methods, as well as cluster, discriminant and screening analysis. The researched experience and potential for the application of the author's theoretical elaborations (the matrix “solution’s novelty – consumer’s demand for novelty”) are particularly relevant for developing creative marketing management solutions in the areas of business where the novelty of goods (services) may be an important competitive advantage in a turbulent business environment.