Maftei, Maria-Magdalena; Butnaru, Gina-Ionela

Article
Companies' market adaptation strategies in the academic
literature

CES Working Papers

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Centre for European Studies, Alexandru Ioan Cuza University

Suggested Citation: Maftei, Maria-Magdalena; Butnaru, Gina-Ionela (2023) : Companies' market

adaptation strategies in the academic literature, CES Working Papers, ISSN 2067-7693, Alexandru
Ioan Cuza University of Iasi, Centre for European Studies, Iasi, Vol. 15, Iss. 1, pp. 71-88

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CES Working Papers – Volume XV, Issue 1

Companies’ market adaptation strategies in the academic literature

Maria-Magdalena MAFTEI*, Gina-Ionela BUTNARU**

Abstract

Adapting to market changes is the lifeblood of any business. In the context of an increasingly dynamic
environment, the need for a company to survive, adapt, and perform in the marketplace requires
innovative strategies supported by digitalization. Developing the entrepreneurial behavior of human
capital and maximizing the company’s financial performance requires continuous learning, time
management, and building strong and constructive relationships. In this study, an up-to-date review
of the specialized literature sets the stage for classifying companies’ market adaptation strategies
into internal and external strategies. Thus, the results obtained are in line with the company's
objectives to identify strategies for market adaptation in a dynamic and challenging environment.
Among them, innovative strategies to adapt the company to the market, based on education and
experience, have long-term positive effects on economic growth and development in the field.

Keywords: business administration, strategic adaptation, strategies, companies market

Introduction

In the context of globalization, current studies examine the adaptability that generates economic
performance to identify the best strategies for entrepreneurs and managers. Studying companies’
adaptability Harries (2021, p. 1) believes that a dynamic small business sector contributes to increased
competitiveness and innovation, prevents economic stagnation, and supports the growth of
developing economies. Thus, due to the ever-changing economic context, the adaptive strategies of
companies in the service sector require the constant attention of academic researchers.
Strategic entrepreneurship involves the efficient use of resources to adapt to the market by
exploiting market opportunities to sustain the firm's performance. The resource orchestration theory
analyzed by Baert et al. (2016, p. 346) emphasized the role of entrepreneurs and managers in
managing firm resources to achieve strategic objectives.

*
Maria-Magdalena MAFTEI is PhD student at IOSUD - Business Administration, “Ștefan cel Mare” University of
Suceava, Romania, e-mail: [email protected].
**
Gina-Ionela BUTNARU is Professor Dr. Habil. at Faculty of Economics and Business Administration, “Alexandru Ioan
Cuza” University of Iasi, Romania, e-mail: [email protected].

71
This work is licensed under a Creative Commons Attribution License
Maria-Magdalena MAFTEI, Gina-Ionela BUTNARU

Considering the complexity of this research topic based on the evolution of entrepreneurial
activities over time and previous research, the objective of this study is to identify the innovative
adaptation strategies of companies in the market. Such a study can be an important contribution to
the specialized literature.
The study will be structured in 4 sections: the first section presents a review of specialized
literature regarding the company’s market adaptation phenomenon and the most important firms’
adaptation strategies to the market in general; the second part presents the methodology applied in
this study; the third section presents the results and discussions on the main strategies adopted by
managers and owners of companies in the last decade, taking into account the difficulties and crises
that characterized this period. The last part presents the main conclusions, theoretical and practical
implications, limitations of the study, and new directions for future research.

1. Literature review

In business management, the internal and external conditions of organizations determine their
better maturation, by adapting to an ever-changing environment and increasing financial
performance. The organization manages its ability to adapt to new market changes by learning from
past experiences (Araújo et al., 2021, pp. 1252-1246). “Adaptive organizational behavior involves
learning and action, based on adaptation and renewal to cope with environmental changes” (Martin-
Rios and Pasamar, 2018, p. 5). Thus, studies in psychology show that learning “is a systematic
activity, guided by an organized framework, whose objective is the accumulation of knowledge and
the formation of character and personality”, while internal and external conditions generate the
achievement of the desired results (Sălăvăstru, 2004, p.14).
According to Moi and Cabiddu (2021, p. 1148) adapting to market changes and anticipating
industry trends can be considered as "the ability to proactively perceive and respond to market signals,
continuously learn from market experiences, and integrate and coordinate resources across networks."
Thus, Barcik (2018, p. 128) considers competition as an important factor in economic development,
and thus an important factor in the process of adapting companies to the market. Gomes et al. (2018,
p. 1) define adaptation strategy as "a company's decision to change the elements of its internal
marketing mix to attract specific foreign markets" in the context of globalization.
The success of the company depends on the internal capabilities to respond quickly and
efficiently and adapt to the influence of external factors, to ensure strategic stability in a turbulent
business environment (Zaitseva, 2017, p. 158). Therefore, adaptation involves the interaction between

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 Companies’ market adaptation strategies in the academic literature

two entities: the individual/organization/system and its external or internal environment. The result
is a re(self) organization through different strategies starting from the need to survive, to compensate,
to innovate, to educate mediated by a vital decision-making process (Simonet, 2010, p. 6) with the
aim of the organization’s thriving. In this sense, Grant (2021, p. 9) concludes that adaptation implies
the coherence of a company's strategy with the external environment and with its internal
environment.
In an unpredictable and constantly changing environment, the ability to meet the demands of
the market is an important factor in the activity of companies and their development. The ability to
adapt to the new reality allows companies to survive and aspire to a leadership position.
Sánchez et al. (2011, p. 15) stated that strategic adaptation can be considered a process
consisting of a series of external and internal responses. According to them, the company's adaptation
strategies to the market are realized through internal reactions such as: (1) redefining the company's
architecture, (2) updating the organizational chart, (3) incorporating new knowledge, (4) updating
processes, (5) introducing new incentive systems for employees, (6) changing the company’s culture.
External responses are embodied in market adaptation strategies focused on the outside of the
company such as (1) new and differentiated products/services, (2) relationships with new suppliers
and customers, (3) vertical integration or disintegration, (4) expansion or contraction of internal
markets etc.
At the same time, strategic adaptation can be seen as a dynamic process of adjusting to
environmental change and uncertainty, to maintain effective adaptation to them while internal
interdependencies can be addressed, through internal market adaptation strategies, such as (1) process
development, (2) product development, (3) research or (4) creating a new organization (Borowski
and Kupczyk, 2015, pp. 7-25).
Knowledge strategies should be created taking into account the internal and external business
environment, and decision-makers should reconsider the strengths and weaknesses of the company
to identify new opportunities and threats, especially in times of crisis (Bratianu and Bejinaru, 2020,
p.13). Marketing agility feeds into this planning (Moi and Cabiddu, 2020, p. 2) to commit resources
that enable companies to adapt their strategies to the ever-changing global market demands (Gomes
et al., 2020, p. 1). Sinha and Sinha (2020, p. 20) concluded that sustainable business growth is the
merit of an "innovation process through agile strategies and responsible leadership" in a "volatile,
uncertain, complex and ambiguous" environment (U.S. Army Heritage and Education Center, 2022).
Hossain et al. (2022, p. 10) divide firms' market adaptation strategies into short-term strategies
and long-term strategies.

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Maria-Magdalena MAFTEI, Gina-Ionela BUTNARU

Short-term strategies describe the threats that the company faces in the market related to
financial liquidity and supply chain disruptions. Kahveci (2022, p. 5) mentions short-term strategies
such as cutting costs, postponing or canceling current investments, professional training programs,
using consulting services, seeking new sources of financing, reducing rents or closing jobs, freezing
wages, reducing employees’ working hours, reducing wages. These strategies are used by all
companies, especially in times of crisis. Crises can be classified as follows: environmental crises,
socio-political crises, health crises, technology-related crises, and economic-related crises
(Mihalciuc, 2022, p. 3).
The health crisis caused by Covid-19 has intensified studies in 2020-2021. For example, Li et
al. (2021, p. 2) identified 4 response strategies to this health crisis: retreat strategy, persistence
strategy, innovation strategy, and market exit strategy. Adaptation strategies, as observed by Ratten
and Jones (2021, p. 7) are classified considering the time of onset of the crisis, as follows: strategies
before the crisis, strategies during the crisis, and strategies after the crisis. According to the authors,
these crises are considered as an opportunity to rethink the strategies of the company by completely
reorienting the original strategies and focusing on new initiatives, which include introducing new
business models, rapidly changing the global supply chain, and strengthening the team. Strategies
used during the crisis include creating local communities and supporting them, digital technology,
networking, global strategies, entrepreneurial education for economic growth, maintaining the
environmental balance, and social justice. In addition, Mazorodze and Buckley (2020, p. 6)
recommend creating communities of practice, implementing mentoring, and storytelling, creating
succession plans, coaching, and finally developing domain-specific knowledge.
Long-term strategies represent the company's capabilities and target long- and medium-term
results, as follows: (1) creation of new products/services, (2) identification of new markets, (3) focus
on the local market and new customer niches, (4) creation of loyalty programs, (5) implementation
of technological and digital innovations, (6) innovative marketing plans. The results obtained by
Luamba et al. (2021, p. 430) led to the identification of 3 growth strategies for companies: adaptation
to change, marketing planning, and technological innovation. In this context, business strategies
(OECD and Eurostat, 2018, p. 106) express the ability of a company to innovate.
Therefore, market adaptation strategies are developed starting from the following components
(Eurostat, 2018, p. 3) described in Table 1: (1) price, (2) quality, (3) market leadership, risk approach
(engagement in high-risk, high-reward activities versus favoring low-risk activities), (4) degree of
openness (seeking new collaborative partners versus building close and stable relationships with key
partners), (5) transformation (seeking new business models versus continuous improvements of the

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 Companies’ market adaptation strategies in the academic literature

existing business model), (6) focusing on a single product market versus (7) simultaneously serving
multiple markets.

Table 1. Components describing the market adaptation strategies of an innovative company

No. Innovative company market adaptation strategies
1. Focus on improving existing goods or services
2. Focus on introducing new goods or services
3. Focus on low prices (price leader)
4. Focus on high quality (quality leader)
5. Focus on a wide range of goods or services
6. Focus on one or a few important goods/services
7. Focus on standardized goods or services
8. Focus on customized solutions
9. Focus on satisfying established customer groups
10. Focus on reaching new customer groups
11. Focus on improving existing organizational processes
12. Focus on introducing new organizational processes
13. Focus on new business models
14. Focus on building close and stable relationships with partners
15. Focus on finding new collaboration partners
Source: author's elaboration based on Eurostat (2010, 2018)

According to Havlovska et al. (2020, p. 1053), the strategic approach to adaptation is key to
achieving positive long-term results and can become a factor of competitive advantage (Borowski,
2013, p. 1).
The adaptation process can be observed and analyzed in companies that are at least seven to ten
years old, and the results obtained can be tested for this appropriate time frame in which performance
can be measured (Sánchez et al., 2011, p. 20). Thus, the results and performance achieved by the
company are visible in the long term through the profit balance and the salary level of the employees
(Galloway and Brown, 2002, p. 403). At the same time, they enable the calculation of performance
indicators in companies and the evaluation of the success of strategies implemented in the long term
(Irimiaș, 2021, p. 160). In addition, business performance, according to Cho and Lee (2018, p. 128)
can be divided into two categories, financial performance and non-financial performance,
performances measured by different indicators of economic profitability. In this sense, strategy is
defined by how the company uses its resources and capabilities to achieve its objectives (Conti and

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Maria-Magdalena MAFTEI, Gina-Ionela BUTNARU

Pencarelli, 2017, p. 141), through a set of internal activities determined by shareholders and
managers, in a specific industry as an external environment (Nonaka and Takeuchi, 2021, p. 5).

2. Methodology research

According to Zaiţ and Spalanzani (2006, p. 140) the methodology used in the study, involves
a methodological approach through an explanatory content analysis. The results obtained will
describe the important concepts identified in the literature related to the company's adaptation
strategies to the market. The review of the literature used electronic primary information sources such
as scientific articles on the company's adaptation strategies to the market. This information validates
the collected information due to the credibility of the selected research, through the possibility of
mentioning and recognizing the sources used and also due to the systematic control of the information
presented by the professionals (Irimiaș, 2021, p. 171).
In the first phase of the study, a review of academic literature was elaborated (Hossain et al.,
2022, p. 1). The study used a protocol that involved establishing selection criteria (Rosalina et al.,
2021, p. 135) for a qualitative content analysis of articles returned from academic databases. Recent
publications or scholarly articles from 2008-2021, were selected to demonstrate the timeliness of a
topic. The following selection criteria were established: level of organizational analysis, focus on the
adaptation phenomenon, the role of knowledge and experience in the adaptation process, and the
goals and achievements of the companies.
In the second phase, a detailed qualitative analysis of the scientific articles was carried out, the
processing of which was done using the Microsoft Office package (Excel and Word). The workflow
included: the identification of keywords, the identification of the strategies used by the companies,
the identification of the actors involved, and the synthesis of the results obtained.
In the third phase, the technique of data extraction (Bar-Ilan, 2008, p. 10) enabled the regular
review of the targeted literature (2021-2022) and its improvement through the acquisition of
additional relevant information, including the identification of new sources of information and the
study of trends.

3. Results and discussion

Companies’ market adaptation strategies, especially under the direct influence of external
factors and internal factors of the company, were extracted from scientific articles published online

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 Companies’ market adaptation strategies in the academic literature

during the period 2008-2021. These strategies consider education, innovation, sustainability,
behavior, entrepreneurship, local development, communication, service quality, and transformative
experiences (Table 2).

Table 2. Synthesis of the market adaptation strategies for the companies

Adaptation strategies regarding: Author Year
The quality of service activities Vena-Oya et al. 2021
Increasing volume of hikers and shorter stays Kristiana et al. 2021
Creativity and innovation Mínguez et al. 2021
Increase spending, increase in direct, indirect, or induced income Beata et al. 2021
Education, research, development Maftei and Kicsi 2021
Creativity and innovation, co-creation and knowledge Haller et al. 2020
Innovation (technological, digital, social) Arrobas et al. 2020
Entrepreneurship and sustainability Wilson 2020
Communication Pung and Del Chiappa 2020
Transformative service Ramazanova et al. 2018
Sustainable development of the region Butnaru et al. 2018
Institutional measures at the national and international levels Li and Chuan 2012
Lasting development Li and Chuan 2012
Education Lyons 2008
Source: author's elaboration

The qualitative analysis of the selected articles allowed the identification of difficulties and
challenges faced by firms in general. The analysis of the specialized literature regarding the
difficulties and challenges faced by companies on the market allows the classification of the firms’
adaptation strategies into two categories: internal and external (Table 3).

Table 3. Companies’ market adaptation strategies in the last decade. Summary of the academic
literature

Market adaptation strategies

Level of analysis by areas of analysis Author
Education Li and Chuan, 2012; Cleland et al., 2015; Beata et
al., 2021; Harries, 2021; Vodă et al., 2020; Sarta et
Internal Level al., 2020; Bratianu and Bejinaru, 2020; Mínguez et
al., 2021; Beata et al., 2021; Quansah and Hartz,
2021

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Maria-Magdalena MAFTEI, Gina-Ionela BUTNARU

Innovation Sánchez et al., 2011; Badulescu et al., 2018;

Gismera Tierno et al., 2020; Badea et al., 2020;
Vodă et al., 2020; Kristiana et al., 2021; Mínguez et
al., 2021; Maftei and Kicsi, 2021; Araújo et al.,
2021
Education and Sánchez, 2011; Özarallı and Rivenburgh, 2016;
Vodă et al., 2020; Sarta et al., 2020; Gismera
entrepreneurial experience
Tierno et al., 2020; Harries, 2021
Entrepreneurship Lafuente-Ruiz-de-Sabando et al., 2018; Fernandes
et al., 2018; Gismera Tierno et al., 2020; Badea et
al., 2020; Vodă et al., 2020; Sarta et al., 2020
Financial resources
Haller, 2012; Sarta et al., 2020
Human Resources (HR)
Ulman et al., 2021
Economic performance
Haller et al., 2020
The political and economic
environment
Sarta et al., 2020
Competition
Barcik, 2018; Vodă et al., 2020
Sustainable Development Li and Chuan, 2012; Ramazanova et al., 2018;
Badulescu et al., 2018; Ulman et al., 2021; Arrobas
External Level et al., 2020
The institutional
Butnaru et al., 2018; Sarta et al., 2020; Harries,
environment
2021
Market Pung and Del Chiappa, 2020; Vodă et al., 2020;
Sarta et al., 2020;
Networking
Vodă et al., 2020; Badea et al., 2020
Source: author's elaboration

The companies’ market adaptation strategies are the key to achieving competitive advantages
and long-term performance. Organizations in an ever-evolving context adapt, according to Kristiana
et al. (2021, p. 213) through continuous creativity and innovation. Innovation and entrepreneurship
have been considered since the beginning of the 20th century as generators of economic growth,
(Schumpeter, 1972). Innovation, technical or social, represents a factor of progress in the evolution
of humanity and is determined by the creativity of the individual, according to Burciu (2008, p. 76).
Innovation strategies are developed through internal and external factors of the organization (Araújo
et al., 2021, p. 1246) determining the adaptation of the company to the market and obtaining results.
Also, active involvement in partnerships and relationships with a wide range of stakeholders, creating

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 Companies’ market adaptation strategies in the academic literature

strong links with business incubators, technology parks, and other external initiatives are considered
necessary educational components for innovative companies (Badulescu et al., 2018, p. 102).
Technological and digital innovation in the educational environment (Lafuente-Ruiz-de-Sabando et
al., 2018, p. 8) aims to offer academic programs and practical programs regarding the training of the
future workforce, the human capital that will make a difference in economic growth and development.
Innovation thus becomes a key endogenous process that enables companies to respond quickly and
with better market performance. High-performing companies have above-average innovation
management practices and develop innovative behavior (Sánchez et al., 2011, p. 34).
Various strategies have been proposed in the literature to prevent, manage, and mitigate the
negative effects that some companies face due to different types of crises. In the studies conducted
by Bratianu and Bejinaru (2020, p. 14), strategies based on emotions and human values and strategies
based on rational knowledge and economic data were identified. The comparative analysis of the two
types of strategies was done starting from the analysis of criteria such as time perception and future
dynamics, systemic thinking, prevailing logic, mental models, and the prevailing type of knowledge
processes that help managers better adapt to the crises facing humanity. The response strategies to
the different types of crises are crucial for the reputation of companies in the market and for the
retention of customers.
Sarta et al. 2020 (pp. 43-67) consider adaptation as a "process of intentional decision-making
by organizational members, leading to observable actions aimed at reducing the distance between the
organization's environment and the economic and institutional environment in which it operates."
Subsequently, Harries (2021, p. 1) analyzed the adaptation of companies in the context of natural
crises. It identified the following statistically significant predictors regarding the adaptation of
companies to the market, such as owner's education, gender (sex), age of the business, and business
sector. Also, the determination of appropriate management strategies is attributed to the continuous
education of leaders in the company, who are also agile and flexible. "In addition, they leverage time
management processes, build strong and productive relationship networks, and create a positive,
family-oriented workplace culture to increase the chances of survival" (Quansah and Hartz, 2021).
According to Vodă et al. (2020, p. 24), self-reliance and networking have an important impact on
entrepreneurial activity in both developed and less developed countries.
Currently, the adaptation process of companies is related to sustainable development and the
flexibility of companies to adapt to a constantly changing environment through innovative strategies.
A case study by Barcik (2018, p. 132) identified that a company's strategies can be built on three
values: "sustainable development, quality, and leadership", which are found in the responsibility of
the corporation "by providing a safe, healthy, and friendly working environment for employees,

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Maria-Magdalena MAFTEI, Gina-Ionela BUTNARU

producing products that promote a sustainable lifestyle and create sustainable infrastructures, efficient
use of natural resources and high recycling rates, responsible use of the environment and limiting the
impact on water, soil, and air quality, commitment, and active participation in the life of local
communities". A sustainable society is prosperous if it is economically, socially, and environmentally
prosperous (Ulman et al., 2021, p. 3).
The last decades have seen the educational environment as a promoter of the social mission of
stimulating the local economy through the transfer of technology to local businesses (Tomasi et al.,
2020, p. 1). Human capital development strategies are considered to be the most important for
building the future alongside and with the help of digital technology (Nonaka and Takeuchi, 2021, p.
1). Education is considered to be one of the most important factors in economic growth (Li and Chuan,
2012, p. 509) and social growth (Beata et al., 2021, p. 806).
The creation of companies is essential to the development of a country, as it contributes to the
dissemination of innovation, job creation, improved competitiveness, greater social cohesion, and
well-being (Fernandes et al., 2018, p. 139).
Formal university education is necessary to stimulate entrepreneurship (Gismera Tierno et al.,
2020, p. 1), and the educational environment is currently facing an important challenge to prepare the
new generation for entrepreneurship (Özaralli and Rivenburgh, 2016, p. 26). Sánchez (2011, p. 239)
considers important from a practical point of view for those developing entrepreneurial training
programs, the development of entrepreneurial skills in addition to the knowledge and resources
needed to start a business, as traditionally considered. As it emerges from the analysis of specialized
literature, continuous education, and experience generate innovation, which is the key to the
performance of economic agents and constitutes one of the basic strategies in the process of adapting
the company to the market.
The education and experience of the company’s employees can help increase the efficiency of
the decision-making process through the company’s market adaptation strategies. Experts can make
better use of resources and express accurate insights to a much greater degree than non-experts
(Righini, 2012, p. 74). However, the situations are so complex that they are considered new and
unpredictable, and therefore the mixture of firms’ market adaptation strategies can be considered a
necessary option.
The context generated by the Covid-19 pandemic forced everyone’s adaptation at the global
level, especially companies in the service sector whose mission is the provision of satisfaction through
human interaction (Mishra, 2021, pp. 175-198). Therefore, companies have applied "creative
strategies" and "technological and digitization strategies" to adapt to market changes. Creative

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 Companies’ market adaptation strategies in the academic literature

strategies aim to survive by minimally changing business models, gaining social legitimacy, creating
communities of social connection among customers, and educating these communities online. In the
current context, companies have adopted a set of mixed strategies. For companies that chose to
continue, persistence enabled (re)building trust with clients and, in some cases, generated higher
performance. Many entrepreneurs considered the crisis an opportunity for growth and development.
Haller (2012, p. 71) presents one of the contradictions of development and progress in any
economy. This contradiction describes the discrepancy between "limited resources (raw materials,
power, production capacity, labor force, financial means) and productive and individual consumption
needs, increasingly diversified and growing". Therefore, internal factors generate internal adaptation
strategies that mainly relate to human capital and financial resources. External factors determine
external adaptation strategies that take into account the network of actors (networking) that contribute
to the creation of the product, the institutional environment, the market, competition, sustainability
objectives, social responsibility, and interculturality.
The reconfiguration of the business environment to the new global reality can only be achieved
if we have leaders oriented toward the adoption of innovative strategies aligned with the objectives
of sustainable development (Maftei and Kicsi, 2021).

Conclusions, theoretical and practical implications, limitations, and future research

The strategic adaptation of the organization starts from the desire to create a better future,
morally, with value for the company and shareholders on the one hand, and on the other hand, it is
concerned with its customers and the community (Nonaka and Takeuchi, 2021, p. 1), citizens (Kaplan
and Norton, 2004, p. 10).
The benefit of this research is to provide accurate, scientifically validated information on how
companies adapt to market demands. We can acknowledge that this work contributes to the general
business management literature and provides an understanding of how entrepreneurs and managers
can adapt to the constant challenges of value creation and performance in a difficult business
environment. The analysis of the strategies used by companies in each case provides additional details
and information from the post-crisis reality and can be a source of recommended actions.
The limitations of the study relate to the intensive use of articles available online. It should be
emphasized that most publications currently provide this access option, and therefore this option does
not have a significant impact on the research results. However, the data presented contributes to the
general understanding of the concepts described in the study and forms the basis for future research
on firms’ market adaptation strategies using specific bibliometric methods. Another important

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Maria-Magdalena MAFTEI, Gina-Ionela BUTNARU

research direction is to correlate the performance of market adaptation strategies with captured
organizational outcomes (Martin-Rios and Pasamar, 2018, p. 3). The mix of these strategies in
organizational activity targets performance, economic growth, wealth, and welfare and is reflected in
business outcomes.

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