Germany have reached at least the semi-final stage of the last four major tournaments but have not lifted a trophy since Euro 1996, over 16 years ago.
Hoeness suggests Low must alter his attitude towards his squad to get the best possible results in the 2014 World Cup and beyond.
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"I think that Low needs to rethink his behaviour towards the players after the Euros urgently," he told German media outlet derwestern.
"Only if professional footballers are treated tougher can the national coach get the last five percent out of them."
Uefa’s decision to implement their Financial Fair Play has already seen many clubs being denied their European match fees because of outstanding debts this campaign.
However, as a result Hoeness thinks Bundesliga clubs will "rule Europe" in 10 years "if the Financial Fair Play will totally be followed."
He added that Germany had better requirements for this "than any other country in the Western world.”
Bayern splashed out a huge sum of money - €40 million - to bring Spain international Javi Martinez from Athletic Bilbao, but the Allianz Arena chief insists spending like this within the next decade is unlikely.
"I have relied on [head coach] Jupp Heynckes and [director of sport] Matthias Sammer. I intentionally haven't watched the player," Hoeness admitted.
"Nevertheless people should not think, that now there will be an era of crazy spending at Bayern.
"The possibility that we will do another transfer of that amount within the next 10 years is remote."