A Few Words of Introduction to a Holistic Approach to the Energy Market

The energy market currently faces exceptionally big challenges. This is particularly evident in the face of important political, social, and economic events and phenomena in recent years, which have additionally increased the unpredictability of the energy market while granting it even greater importance. Its role is strategic from the macroeconomic as well as microeconomic points of view. It is crucial for the survival of the world economy and the economies of individual countries. At the same time, it is fundamental for the smooth daily functioning of every modern household.

The key importance of the energy market stems from the fact that the way it operates directly affects every market player in the sphere of supply, as well as every entity representing the sphere of demand, regardless of the industry in which it operates. Of course, this also applies to the consumer goods and services market, where the key players are individual buyers and consumers striving to meet their diverse expectations and needs optimally. Their satisfaction depends to a large extent on the products offered in the energy market, including their prices, scope, etc. Due to the specificity of this market and its very high importance, it should be analyzed considering its multidimensionality and complexity. Only the results of such a research approach can be the basis for drawing conclusions with genuine cognitive and applied value, the implementation of which would allow the challenges faced by market participants to be met.

From the point of view of the energy market, phenomena that appear suddenly, and are thus impossible to predict and prepare for, are particularly important. These include the pandemic [1] or the outbreak of war in Ukraine [2]. Both of these phenomena have clearly impacted the functioning of virtually every country and company worldwide. Furthermore, they can be classified as destabilizing or even destructive phenomena from the point of view of entire societies, as well as individual market entities, including energy suppliers and the individual purchasers buying from them. However, we can also look at these phenomena from a different perspective, seeing them as a challenge and an opportunity to redefine the current way of conducting market activity.

From the point of view of energy suppliers, it is necessary to quickly find new management solutions [3], including the management of relations with individual buyers, adequate to the situation that allow it to turn into a market opportunity. In the consumer market of energy products, this opportunity is taken advantage of by adopting an open attitude toward final buyers. The dynamically changing market situation has become a catalyst for their market activity, including purchasing behavior and non-purchasing behavior, i.e., communication and creativity. Expanding the scope of previous activity by buyers and/or undertaking completely new forms of market activity additionally motivates them to enter new areas of non-purchasing behavior, making individual buyers more engaged and aware of market participants [4]. Thus, they become potentially even more valuable partners for energy suppliers, enriching their market potential and, thus, competitiveness, as A. Baruk and M. Grzesiak write in their article ‘Benefits Achieved by Energy Suppliers through Cooperation with Individual Recipients and Their Readiness for This Cooperation’ [5].

Final buyers are even referred to in the literature as key stakeholders [6], whose active participation in marketing activities together with bidders can certainly be considered the effect of a radical change in the rules of market functioning, leading to further changes and new opportunities for them. Thanks to their willingness to behave in this way, especially by actually engaging in it, individual buyers as active market participants [7] share their potential with bidders, contributing to the creation of a common market potential that is of inestimable value thanks to its uniqueness and compatibility with the expectations of both parties. The benefits achieved are, therefore, mutual. In order for them to appear, however, it is necessary to apply a marketing approach to the energy market, the starting point of which is a comprehensive analysis of the attitudes and behaviors of individual buyers and consumers. These aspects were examined by: I. A. Gardan et al. in the article ‘Consumers’ Attitude towards Renewable Energy in the Context of the Energy Crisis’ [8]; A. Baruk and A. Goliszek in the article ‘The Associations of Young Poles with Green Energy in the Context of Self-Assessment of Their Relevant Knowledge and the Importance Attached to the Energy Sources Used’ [9]; P. Bryła et al. in the article ‘Consumer Adoption of Electric Vehicles: A Systematic Literature Review’ [10]; and M. Sobocińska et al. in the article ‘Decision-Making Processes of Renewable Energy Consumers Compared to Other Categories of Ecological Products’ [11]. Thanks to the identification of attitudes and behaviors of final buyers and consumers, it becomes possible to effectively shape them through the use of appropriate marketing incentives, which is the subject of consideration in the study conducted by B. Zatwarnicka-Madura et al. titled ‘Influencer Marketing as a Tool in Modern Communication-Possibilities of Use in Green Energy Promotion amongst Poland’s Generation Z’ [12].

In order to properly identify the various factors determining the functioning of the energy market and to meet the increasing challenges faced by the participants of this market, it is necessary to analyze it from various perspectives, including the economic and econometric perspective adopted by J. Cha et al. in their studies on ‘Crisis Index Prediction Based on Momentum Theory and Earnings Downside Risk Theory: Focusing on South Korea’s Energy Industry’ [13] and B. Gajdzik et al. in their studies on ‘An Econometric Model of the Operation of the Steel Industry in POLAND in the Context of Process Heat and Energy Consumption’ [14]. Only a coherent and comprehensive, i.e., multidimensional, approach to the energy market allows the analysis to consider all the challenges facing this market. Unfortunately, using only the technological or macroeconomic perspective does not allow the dependencies and phenomena that occur in this market to be discovered. Adopting a holistic perspective avoids the fragmented analysis of the energy market, and thus allows the demonstration of effective solutions to meet the title challenges and trends that create the situational context of the functioning of the modern consumer market of energy products. This approach was the leitmotif of this Special Issue entitled ‘Challenges and Research Trends on the Contemporary Consumer Market of Energy and Other Products’, the reading of which is sure to provide inspiring insights for both energy market theorists and practitioners.