Search results for: cross business strategy

Authors: Niranjani Ruba Pandian

Abstract:

In today’s multicultural global business community, most of the businesses and industries are linked with various countries in which different nationalities have different roles and responsibilities throughout the project. The purpose of this research is to examine the cross-cultural challenges between Indian and French and the ways to minimize these challenges to manage effectively the cross-cultural aspect of human resources for the success of global business in an automotive industry. The conducted study utilized quantitative methodology to analyze the data on Indian and French employees' perceptions of 6 cultural dimensions such as power versus distance, individualism versus collectivism, masculinity versus femininity, uncertainty versus avoidance, pragmatic versus normative and indulgence versus restraint. Employees of 4 multinational companies filled in the questionnaire based on the 5-point Likert scale to present quantitative results. The data was analysed with the correlation and multiple regression statistical analyses. It was found that Indian and French have major gap in uncertainty versus avoidance followed by individualism versus collectivism. However, this article highlights the way to minimize these gaps by adopting certain sequenced methodologies.

Keywords: automotive industry, cross cultural challenges, globalization, global business

Procedia PDF Downloads 464

Authors: Michiko Miyamoto

Abstract:

This paper empirically investigates whether information technology (IT) strategies, business strategies, and divisions are aligned to meet overall business goals for Korean Small and medium-sized enterprises (SMEs), based on structure based Strategic Alignment Model, and make comparison with those of Japanese SMEs. Using 2,869 valid responses of Korean Human Capital Corporate Panel survey, a result of this study suggests that Korean human resources (HR) departments have a major influence over IT strategy, which is the same as Japanese SMEs, even though their management styles are quite different. As for IT strategy, it is not related to other departments at all for Korean SMEs. The Korean management seems to possess a great power over each division, such as Sales/Service, Research and Development/Technical Experts, HR, and Production.

Keywords: IT-business alignment, structured based strategic alignment model, structural equation model, human resources department

Procedia PDF Downloads 271

Authors: A. J. Otjen

Abstract:

Native American communities are struggling with unemployment and depressed economies. A major cause is a lack of business knowledge, education, and cultural desire. And yet, in the history of the American West, Native Americans were considered the best traders and negotiators for everything from furs to weapons to buffalo. To improve these economies, there has been an effort to reintroduce that heritage to todays and tomorrows generation of tribal members, such Crow, Cheyenne, and Blackfeet. Professors at the College of Business Montana State University-Billings (MSUB) teach tribal students in Montana to create business plans. These plans have won national small business plan competitions. The teaching and advising method used at MSUB is uniquely successful as theses business students are now five time national champions. This article reviews the environment and the method of learning to achieve a winning small business plan with Native American students. It discusses the five plans that became national champions. And it discusses the problems and solutions discovered in the process of achieving results. Students who participated in this endeavor have graduated and become CPAs, MBAs, and gainfully employed in their chosen professions. They have also worked to improve the economies of their native lands and homes. By educating members of these communities with business strategy and plan development, they are better able to impact their own economies.

Keywords: entrepreneurship, native American economies, small businesses, unemployment

Procedia PDF Downloads 476

Authors: Ju Shan Lin

Abstract:

The challenges for traditional industries in Taiwan the past few years are the changes of overall domestic and foreign industry structure, the entrepreneurs not only need to keep on improving their profession skills but also continuously research and develop new products. It is also necessary for the all traditional industries to keep updating the business strategy, let the enterprises continue to progress, and won't be easily replaced by the other industries. The traditional industry in Taiwan attach great importance to the field of enterprises upgrading and innovation in recent years, by the enterprise innovation and transformation can enhance the overall business situation also enable them to obtain more additional profits than in the past. Except the original industry structure's need to transform and upgrade, the brand's business and marketing strategy are also essential. This study will take a certain plastic company as case analysis, for the brand promotion of traditional industries, brand values and business innovation model for further exploration. It will also be mentioned that the other traditional industries cases which were already achieved success on the enterprise's upgrading and innovation, at the same time, the difficulties which they faced with and the way they overcome will be explored as well. This study will use the case study method combined with expert interviews to discuss and analyze this certain plastic company's current business situation, the existing products and the possible trends in the future. Looking forward to providing an innovative business model that will enable this plastic company to upgrade its corporate image and the brand could transform successfully.

Keywords: brand marketing strategy, enterprise upgrade, industrial transformation, traditional industry

Procedia PDF Downloads 239

Authors: Sandra Hartl, Meena Chavan

Abstract:

This paper presents the outcome of a four year Ph.D. research on cross-cultural conflict management in transnational business relationships. An important and complex problem about managing conflicts that arise across cultures in business relationships is investigated, and conflict resolution strategies are identified. This paper particularly focuses on transnational relationships within a Chinese, German and Middle Eastern framework. Unlike many papers on this issue which have been built on experiments with international MBA students, this research provides real-life cases of cross-cultural conflicts which are not easy to capture. Its uniqueness is underpinned as the real case data was gathered by interviewing top executives at management positions in large multinational corporations through a qualitative case study method approach. This paper makes a valuable contribution to the theory of cross-cultural conflicts, and despite the sensitivity, this research primarily presents real-time business data about breaches of contracts between two counterparties engaged in transnational operating organizations. The overarching aim of this research is to identify the degree of significance for the cultural factors and the communication factors embedded in cross-cultural business conflicts. It questions from a cultural perspective what factors lead to the conflicts in each of the cases, what the causes are and the role of culture in identifying effective strategies for resolving international disputes in an increasingly globalized business world. The results of 20 face to face interviews are outlined, which were conducted, recorded, transcribed and then analyzed using the NVIVO qualitative data analysis system. The outcomes make evident that the factors leading to conflicts are broadly organized under seven themes, which are communication, cultural difference, environmental issues, work structures, knowledge and skills, cultural anxiety and personal characteristics. When evaluating the causes of the conflict it is to notice that these are rather multidimensional. Irrespective of the conflict types (relationship or task-based conflict or due to individual personal differences), relationships are almost always an element of all conflicts. Cultural differences, which are a critical factor for conflicts, result from different cultures placing different levels of importance on relationships. Communication issues which are another cause of conflict also reflect different relationships styles favored by different cultures. In identifying effective strategies for solving cross-cultural business conflicts this research identifies that solutions need to consider the national cultures (country specific characteristics), organizational cultures and individual culture, of the persons engaged in the conflict and how these are interlinked to each other. Outcomes identify practical dispute resolution strategies to resolve cross-cultural business conflicts in reference to communication, empathy and training to improve cultural understanding and cultural competence, through the use of mediation. To conclude, the findings of this research will not only add value to academic knowledge of cross-cultural conflict management across transnational businesses but will also add value to numerous cross-border business relationships worldwide. Above all it identifies the influence of cultures and communication and cross-cultural competence in reducing cross-cultural business conflicts in transnational business.

Keywords: business conflict, conflict management, cross-cultural communication, dispute resolution

Procedia PDF Downloads 162

Authors: Vani Tanggamani, Azlan Amran

Abstract:

The issues of Corporate Social Responsibility (CSR) have been extended from developmental economics to corporate and business in recent years. Research in issues related to CSR is deemed to make higher impacts as CSR encourages long-term economy and business success without neglecting social, environmental risks, obligations and opportunities. Therefore, CSR is a key matter for any organisation aiming for long term sustainability since business incorporates principles of social responsibility into each of its business decisions. Thus, this paper presents a theoretical proposition based on stakeholder theory from the organisational perspective as a foundation for better CSR practices. The primary subject of this paper is to explore how looping concept can be effectively embedded into corporate CSR strategy to foster sustainable long term growth. In general, the concept of a loop is a structure or process, the end of which is connected to the beginning, whereas the narrow view of a loop in business field means plan, do, check, and improve. In this sense, looping concept is a blend of balance and agility with the awareness to know when to which. Organisations can introduce similar pull mechanisms by formulating CSR strategies in order to perform the best plan of actions in real time, then a chance to change those actions, pushing them toward well-organized planning and successful performance. Through the analysis of an exploratory study, this paper demonstrates that approaching looping concept in the context of corporate CSR strategy is an important source of new idea to propel CSR practices by deepening basic understanding through the looping concept which is increasingly necessary to attract and retain business stakeholders include people such as employees, customers, suppliers and other communities for long-term business survival. This paper contributes to the literature by providing a fundamental explanation of how the organisations will experience less financial and reputation risk if looping concept logic is integrated into core business CSR strategy.The value of the paper rests in the treatment of looping concept as a corporate CSR strategy which demonstrates "looping concept implementation framework for CSR" that could further foster business sustainability, and help organisations move along the path from laggards to leaders.

Keywords: corporate social responsibility, looping concept, stakeholder theory, sustainable growth

Procedia PDF Downloads 400

Authors: Elizabeth F. Rodrigues, Julia da R. Mattos, Naira Q. Leitão, Roberta T. da Cunha

Abstract:

The business strategy of many companies has two factors in common: the search for the competitive edge and its long term maintenance. The thing that differentiates the companies’ performance in their abilities to set the right strategy, which depends on their capacity to analyze and apply all sort of management support tools. In this context, the sponsorship of events stands out as an important way to increase brand awareness, especially when it is a worldwide event, such as Rio 2016 Olympic and Paralympic Games. This paper will present the case of a car maker company, which chose to invest on sponsorship as a way to reach its goals and grow in the brazilian market.

Keywords: strategy, sponsorship, events, management

Procedia PDF Downloads 497

Authors: S. N. Susenburger, D. Boecker

Abstract:

In the age of Volatility, Uncertainty, Complexity, and Ambiguity (VUCA), where digital transformation is challenging long standing traditional hardware and manufacturing companies, innovation needs a different methodology, strategy, mindset, and culture. What used to be a mindset of scaling per quantity is now shifting to orchestrating ecosystems, platform business models and service bundles. While large corporations are trying to mimic the nimbleness and versatile mindset of startups in the core of their digital strategies, they’re at the frontier of facing one of the largest organizational and cultural changes in history. This paper elaborates on how a manufacturing giant transformed its Corporate Information Technology (IT) to enable digital and Internet of Things (IoT) business while establishing the mindset and the approaches of the Innovation Inside-Out/Outside-In Strategy. It gives insights into the core elements of an innovation culture and the tactics and methodologies leveraged to support the cultural shift and transformation into an IoT company. This paper also outlines the core elements for an innovation culture and how the persona 'Connected Engineer' thrives in the digital innovation environment. Further, it explores how tapping domain-focused ecosystems in vibrant innovative cities can be used as a part of the strategy to facilitate partner co-innovation. Therefore, findings from several use cases, observations and surveys led to conclusion for the strategy tandem of Innovation Inside-Out/Outside-In. The findings indicate that it's crucial in which phases and maturity level the Innovation Inside-Out/Outside-In Strategy is activated: cultural aspects of the business and the regional ecosystem need to be considered, as well as cultural readiness from management and active contributors. The 'not invented here syndrome' is a barrier of large corporations that need to be addressed and managed to successfully drive partnerships, as well as embracing co-innovation and a mindset shifting away from physical products toward new business models, services, and IoT platforms. This paper elaborates on various methodologies and approaches tested in different countries and cultures, including the U.S., Brazil, Mexico, and Germany.

Keywords: innovation management, innovation culture, innovation methodologies, digital transformation

Procedia PDF Downloads 144

Authors: Seonjae Lee, Sungjoo Lee

Abstract:

Excavation is necessary to remain competitive in the current business environment. The company survived the rapidly changing industry conditions by adapting new business strategy and reducing technology challenges. Traditionally, the two methods are conducted excavations for new businesses. The first method is, qualitative analysis of expert opinion, which is gathered through opportunities and secondly, new technologies are discovered through quantitative data analysis of method patents. The second method increases time and cost. Patent data is restricted for use and the purpose of discovering business opportunities. This study presents the company's characteristics (sector, size, etc.), of new business opportunities in customized form by reviewing the value chain perspective and to contributing to creating new business opportunities in the proposed model. It utilizes the trademark database of the Korean Intellectual Property Office (KIPO) and proprietary company information database of the Korea Enterprise Data (KED). This data is key to discovering new business opportunities with analysis of competitors and advanced business trademarks (Module 1) and trading analysis of competitors found in the KED (Module 2).

Keywords: value chain, trademark, trading analysis, new business opportunity

Procedia PDF Downloads 372

Authors: Reza Khani, Ziba Hosseini

Abstract:

Ever since the importance of language learning strategy instruction (LLS) has been distinguished, there has been growing interest on how to teach LLS in language learning classrooms. So thus this study attempted to implement language strategy instruction based on CALLA approach for Iranian EFL learners in a real classroom setting. The study was testing the hypothesis that strategy instruction result in improved linguistic strategy of students. The participant of the study were 240 EFL learners who received language learning instruction for four months. The data collected using Oxford strategy inventory for language learning. The results indicated the instruction had statistically significant effect on language strategy use of intervention group who received instruction.

Keywords: CALLA, language learning strategy, language learning strategy instruction, Iranian EFL language strategy

Procedia PDF Downloads 570

Authors: Shari S. C. Shang, Lynn S. L. Chiu

Abstract:

In the digital payment market, some consumers use only one payment wallet while many others play multi-homing with a variety of payment services. With the diffusion of new payment systems, we examined the determinants of the adoption of multi-homing behavior. This study aims to understand how a digital payment provider dynamically expands business touch points with cross-business strategies to enrich the digital ecosystem and avoid the trap of multi-homing in customers. By synthesizing platform ecosystem literature, we constructed a two-dimensional research framework with one determinant of user digital behavior from offline to online intentions and the other determinant of digital payment touch points from convenient accessibility to cross-business platforms. To explore on a broader scale, we selected 12 digital payments from 5 countries of UK, US, Japan, Korea, and Taiwan. With the interplays of user digital behaviors and payment touch points, we group the study cases into four types: (1) Channel Initiated: users originated from retailers with high access to in-store shopping with face-to-face guidance for payment adoption. Providers offer rewards for customer loyalty and secure the retailer’s efficient cash flow management. (2) Social Media Dependent: users usually are digital natives with high access to social media or the internet who shop and pay digitally. Providers might not own physical or online shops but are licensed to aggregate money flows through virtual ecosystems. (3) Early Life Engagement: digital banks race to capture the next generation from popularity to profitability. This type of payment aimed to give children a taste of financial freedom while letting parents track their spending. Providers are to capitalize on the digital payment and e-commerce boom and hold on to new customers into adulthood. (4) Traditional Banking: plastic credit cards are purposely designed as a control group to track the evolvement of business strategies in digital payments. Traditional credit card users may follow the bank’s digital strategy to land on different types of digital wallets or mostly keep using plastic credit cards. This research analyzed business growth models and inter-firms’ coopetition strategies of the selected cases. Results of the multiple case analysis reveal that channel initiated payments bundled rewards with retailer’s business discount for recurring purchases. They also extended other financial services, such as insurance, to fulfill customers’ new demands. Contrastively, social media dependent payments developed new usages and new value creation, such as P2P money transfer through network effects among the virtual social ties, while early life engagements offer virtual banking products to children who are digital natives but overlooked by incumbents. It has disrupted the banking business domains in preparation for the metaverse economy. Lastly, the control group of traditional plastic credit cards has gradually converted to a BaaS (banking as a service) model depending on customers’ preferences. The multi-homing behavior is not avoidable in digital payment competitions. Payment providers may encounter multiple waves of a multi-homing threat after a short period of success. A dynamic cross-business collaboration strategy should be explored to continuously evolve the digital ecosystems and allow users for a broader shopping experience and continual usage.

Keywords: digital payment, digital ecosystems, multihoming users, cross business strategy, user digital behavior intentions

Procedia PDF Downloads 158

Authors: Troy A. Tyre

Abstract:

Organizational behavior and organizational change are elements of the ever-changing global business environment. Leadership and organizational behavior are 21st century disciplines. Network marketing organizations need to understand the ever-changing nature of global business and be ready and willing to adapt to the environment. Network marketing organizations have a challenge keeping up with a rapid escalation in global growth. Network marketing growth has been steady and global. Network marketing organizations have been slow to develop a 21st century global strategy to manage the rapid escalation of growth degrading organizational behavior, job satisfaction, increasing attrition, and degrading customer service. Development of an organizational behavior and leadership theory for the 21st century to help network marketing develops a global business strategy to manage the rapid escalation in growth that affects organizational behavior. Managing growth means organizational leadership must develop and adapt to the organizational environment. Growth comes with an open mind and one’s departure from the comfort zone. Leadership growth operates in the tacit dimension. Systems thinking and adaptation of mental models can help shift organizational behavior. Shifting the organizational behavior requires organizational learning. Organizational learning occurs through single-loop, double-loop, and triple-loop learning. Triple-loop learning is the most difficult, but the most rewarding. Tools such as theory U can aid in developing a landscape for organizational behavioral development. Additionally, awareness to espoused and portrayed actions is imperatives. Theories of motivation, cross-cultural diversity, and communications are instrumental in founding an organizational behavior suited for the 21st century.

Keywords: global, leadership, network marketing, organizational behavior

Procedia PDF Downloads 553

Authors: Danuvasin Charoen

Abstract:

The study investigates the business process and business model of GRABTAXI. The paper also discusses how the company implemented strategies to gain competitive advantages. The data is derived from the analysis of secondary data and the in-depth interviews among staffs, taxi drivers, and key customers. The findings indicated that the company’s competitive advantages come from being the first mover, emphasising on the ease of use and tangible benefits of application, and using network effect strategy.

Keywords: taxi, mobile application, innovative business model, Thailand

Procedia PDF Downloads 299

Authors: Sarah E. Stief, Anne Theresa Eidhoff, Markus Voeth

Abstract:

Despite all progress firms are facing the increasing need to adapt and assimilate digital technologies to transform their business activities in order to pursue business development. By using new digital technologies, firms can implement major business improvements in order to stay competitive and foster new growth potentials. The corresponding phenomenon of digital transformation has received some attention in previous literature in respect to industries such as media and publishing. Nevertheless, there is a lack of understanding of the concept and its organization within firms. With the help of twenty-three in-depth field interviews with German experts responsible for their company’s digital transformation, we examined what digital transformation encompasses, how it is organized and which opportunities and challenges arise within firms. Our results indicate that digital transformation is an inevitable task for all firms, as it bears the potential to comprehensively optimize and reshape established business activities and can thus be seen as a strategy of business development.

Keywords: business development, digitalization, digital strategies, digital transformation

Procedia PDF Downloads 427

Authors: Xhevrie Mamaqi

Abstract:

Organization capacity learning is a process referring to the sum total of individual and collective learning through training programs, experience and experimentation, among others. Today, in-business ongoing training is one of the most important strategies for human capital development and it is crucial to sustain and improve workers’ knowledge and skills. Many organizations, firms and business are adopting a strategy of continuous learning, encouraging employees to learn new skills continually to be innovative and to try new processes and work in order to achieve a competitive advantage and superior business results. This paper uses the Resource Based View and Capacities (RBV) approach to construct a hypothetical relationships model between training and business results. The test of the model is applied on transversal data. A sample of 266 business of Spanish sector service has been selected. A Structural Equation Model (SEM) is used to estimate the relationship between ongoing training, represented by two latent dimension denominated Human and Social Capital resources and economic business results. The coefficients estimated have shown the efficient of some training aspects explaining the variation in business results.

Keywords: business results, human and social capital resources, training, RBV theory, SEM

Procedia PDF Downloads 299

Authors: Hussain Abdullah Al-Salamin, Elias Ogutu Azariah Tembe

Abstract:

Supply chain (SC) is an operational research (OR) approach and technique which acts as catalyst within central nervous system of business today. Without SC, any type of business is at doldrums, hence entropy. SC is the lifeblood of business today because it is the pivotal hub which provides imperative competitive advantage. The paper present a conceptual framework dubbed as Homomorphic Conceptual Framework for Effective Supply Chain Strategy (HCEFSC).The term homomorphic is derived from abstract algebraic mathematical term homomorphism (same shape) which also embeds the following mathematical application sets: monomorphism, isomorphism, automorphisms, and endomorphism. The HCFESC is intertwined and integrated with wide and broad sets of elements.

Keywords: homomorphism, isomorphism, monomorphisms, automorphisms, epimorphisms, endomorphism, supply chain, operational research (OR)

Procedia PDF Downloads 372

Authors: Edi Artono, Budi Tamtomo, Gema Wahyudi Purnama

Abstract:

The world energy demand increasing extreamly high time by time, including domestic demand. That is impossible to avoid because energy a country demand proportional to surge in the number of residents, economic growth and addition of industrial sector. Domestic Oil and gas conventional reserves depleted naturally while production outcome from reservoir also depleted time to time. In the other hand, new reserve did not discover significantly to replace it all. Many people are investigating to looking for new alternative energy to answer the challenge. There are several option to solve energy fossil needed problem using Unconventional Hydrocarbon. There are four aspects to consider as a management reference in order that Unconventional Hydrocarbon business can work properly, divided to: 1. Legal aspect, 2. Environmental aspect, 3. Technical aspect and 4. Economy aspect. The economic aspect as the key to whether or not a project can be implemented or not in Oil and Gas business scheme, so do Unconventional Hydorcarbon business scheme. The support of regulation are needed to buttress Unconventional Hydorcarbon business grow up and make benefits contribute to Government.

Keywords: alternative energy, unconventional hydrocarbon, regulation support, management strategy

Procedia PDF Downloads 349

Authors: Kartina Sury Kariman

Abstract:

Brand-to-customer (B2C) engagement has been well established through the traditional platform such as direct sales, advertising, customer service center, customer hotline as well as brand usage experiences. Increasingly, interest to B2C has evolved to include customer-to-customer (C2C) interaction analysis aligned with the vast growth of web 2.0. Hence, discussion on C2C interaction and brand strategy have captured social media as it enables brands and C2C interaction to be connected in various ways, providing opportunities for marketers to shape their brand engagement strategy while reaching C2C as the targeted outcomes. The objective here is to provide a preliminary review of C2C interaction consisting the antecedents and consequences while highlighting areas of research interest within the context from marketers perspective and the business outcomes. This paper discusses how C2C interaction defines marketers’ brand and communication strategy and how social media trend shapes the strategy when promoting the awareness of life insurance industry and educating the target market.

Keywords: social media, brand engagement, customer interaction, customer engagement, brand strategy, life insurance

Procedia PDF Downloads 459

Authors: Azmi Umar, Rohana Ngah

Abstract:

The aim of this paper is to examine the relationship of entrepreneurial competencies on business success in the context of Malaysian SMEs. In the recent study, when the business environment is hostile and dynamic, the entrepreneurial competencies are identified as the most important factor in business success. Entrepreneurial competencies are also connected directly to business performance. Beside entrepreneurial competencies, the entrepreneurs should also be competent to create an innovation and brand equity for business growth. The innovation and brand equity contributed to competitive advantages that lead to business growth and success. This paper adopts the Resource Based Theory (RBT) which emphasize that entrepreneurial competencies, innovation and brand equity are valuable and intangible resources that lead towards the success of business; and Brand Equity Creation Process Model (BECPM). A quantitative methodology was used to collect the data from owner/managers of Malaysian SMEs. Data were analyzed by using SPSS and SEM software. Hence, findings of the present study would be essential for owner/managers and strategy makers to enhance the entrepreneurial competencies; innovation and brand equity of SMEs in Malaysia towards global competition.

Keywords: entrepreneurial competencies, innovation, brand equity, business success, SMEs

Procedia PDF Downloads 383

Authors: Ferhat Demir

Abstract:

Even if strategic management is highly critical for all types of organizations, only a few maturity models have been proposed in business literature for the area of strategic management activities. This paper updates previous studies and presents a new conceptual model for assessing the maturity of strategic management in any organization. Strategic management maturity model (S-3M) is basically composed of 6 maturity levels with 7 dimensions. The biggest contribution of S-3M is to put innovation into agenda of strategic management. The main objective of this study is to propose a model to align innovation with business strategies. This paper suggests that innovation (breakthrough new products/services and business models) is the only way of creating sustainable growth and strategy studies cannot ignore this aspect. Maturity models should embrace innovation to respond dynamic business environment and rapidly changing customer behaviours.

Keywords: strategic management, innovation, business model, maturity model

Procedia PDF Downloads 194

Authors: Mats Nilsson

Abstract:

The European electricity markets have been changing from a regulated market, to in some places a deregulated market, and are now experiencing a strong influence of renewable support systems. Firm’s that rely on subsidies have a different business logic than firms acting in a market context. The article proposes that an offspring to the regular business models, the business-to-citizen, should be used. The case of the European electricity market frames the concept of a business-citizen business model, and a research agenda for this concept is outlined.

Keywords: business logic, business model, subsidies, business-to-citizen

Procedia PDF Downloads 462

Authors: Muhammad Mustafizur Rahaman

Abstract:

Social business is a new concept in the field of Business Economics and Capitalist Economy. It has increased the importance in economic and social development in emerging economies. Professor Muhammad Yunus is the founding father of the notion. While conventional business underscores profit maximization as a core business principle, social business calls for addressing social problems at the expense of profit. This underlying principle gives social business advantageous position over conventional businesses to serve those who live at the bottom of the pyramid. It also poses grave challenges to the social business because social business sacrifices profit at one hand and seeks financial sustainability on the other. For the sake of its financial sustainability, the social business might increase the price of its product or service which might lower its social impact, thus, makes the business self-defeating. Therefore, social business should be more innovative in every business process including production, marketing, and management. Otherwise, the business is unlikely to be driven out from the society.

Keywords: innovativeness, self-defeat, social business, social problem

Procedia PDF Downloads 619

Authors: Sunitha Thappa

Abstract:

Business environment is a set of complex interdependent dimensions that corporates have to always be vigil in identifying the influential waves. Over the year business environment has evolved into a basket of uncertainties. Every organization strives to counter this dynamic nature of business environment by recurrently evaluating the primary and support activities of its value chain. This has led to companies redesigning their business models, reinvent business processes and operating procedure on unremitting basis. A few specific issues that are placed before the present day managers are breaking down the functional interpretation of any challenge that organizations confronts, reduction in organizational hierarchy and tackling the components of the value chain to retain their competitive advantage. It is how effectively managers detect the changes and swiftly reorient themselves to these changes that define their success or failure. Given the complexity of decision making in this dynamic environment, two important question placed before the B-schools of today. Firstly, are they grooming and nurturing managerial talent proficient enough to thrive in this multifaceted business environment? Secondly, are the management graduates walking through their portals, able to view challenges from a cross-functional perspective with emphasis to customer and process rather than hierarchy and functions. This paper focuses on the need for a process oriented approach to management education.

Keywords: management education, pedagogy, functional, process

Procedia PDF Downloads 332

Authors: Odunayo S. Faluse, Roger Telfer

Abstract:

Customer relationship management is a business strategy that is centred on the idea that ‘Customer is the driving force of any business’ i.e. Customer is placed in a central position in any business. However, this belief coupled with the advancement in information technology in the past twenty years has experienced a change. In any form of business today it can be concluded that customers are the modern dictators to whom the industry always adjusts its business operations due to the increase in availability of information, intense market competition and ever growing negotiating ideas of customers in the process of buying and selling. The most vital role of any organization is to satisfy or meet customer’s needs and demands, which eventually determines customer’s long-term value to the industry. Therefore, this paper analyses and describes the application of customer relationship management operational strategies in some of the major industries in business. Both developed and up-coming companies nowadays value the quality of customer services and client’s loyalty, they also recognize the customers that are not very sensitive when it comes to changes in price and thereby realize that attracting new customers is more tasking and expensive than retaining the existing customers. However, research shows that several factors have recently amounts to the sudden rise in the execution of CRM strategies in the marketplace, such as a diverted attention of some organization towards integrating ideas in retaining existing customers rather than attracting new one, gathering data about customers through the use of internal database system and acquiring of external syndicate data, also exponential increase in technological intelligence. Apparently, with this development in business operations, CRM research in Academia remain nascent; hence this paper gives detailed critical analysis of the recent advancement in the use of CRM and key research opportunities for future development in using the implementation of CRM as a determinant factor for successful business optimization.

Keywords: agriculture, banking, business strategies, CRM, education, healthcare

Procedia PDF Downloads 223

Authors: Kruti Dave

Abstract:

Social media marketing is an essential component of 21st-century business. Social media platforms enable small and medium-sized businesses to enhance brand recognition, generate leads and sales. However, the research on social media marketing is still fragmented and focuses on specific topics, such as effective communication techniques. Since the various ways in which social media impacts individuals and companies alike, the authors of this article focus on the origin, impacts, and current state of Social Media, emphasizing their significance as customer empowerment agents. It illustrates their potential and current responsibilities as part of the corporate business strategy and also suggests several methods to engage them as marketing tools. The focus of social media marketing ranges from defenders to explorers, the culture of Social media marketing encompasses the poles of conservatism and modernity, social media marketing frameworks lie between hierarchies and networks, and its management goes from autocracy to anarchy. This research proposes an integrative framework for small and medium-sized businesses through social media, and the influence of the same will be measured. This strategy will help industry experts to understand this new era. We propose an axiom: Social Media is always a function of marketing as a revenue generator.

Keywords: social media, marketing strategy, media marketing, brand awareness, customer engagement, revenue generator, brand recognition

Procedia PDF Downloads 197

Authors: James Alberto Ortega Morales, Nelson Andrés Martínez Marín

Abstract:

The bulding industry is one of the most important sectors all around the world in terms of contribution to index like GDP and labor. On the other hand, it is a major contributor to Greenhouse Gases (GHG) and waste generation contributing to global warming. In this sense, it is necessary to establish sustainable practices both from the strategic point of view to the operations point of view as well in all business and industries. Business models don’t scape to this reality attending it´s mediator role between strategy and operations. Business models can turn from the traditional practices searching economic benefits to sustainable bussines models that generate both economic value and value for society and the environment. Recent advances in the analysis of sustainable business models find different classifications that allow finding potential triple bottom line (economic, social and environmental) solutions applicable in every business sector. Into the metioned Advances have been identified, 11 groups and 45 patterns of sustainable business models have been identified; such patterns can be found either in the business models as a whole or found concurrently in their components. This article presents the analysis of a case study, seeking to identify the components and elements that are part of it, using the ECO CANVAS conceptual model. The case study allows showing the concurrent existence of different patterns of business models for sustainability empirically, serving as an example and inspiration for other Latin American companies interested in integrating sustainability into their new and existing business models.

Keywords: sustainable business models, business sustainability, business model patterns, case study, construction industry

Procedia PDF Downloads 113

Authors: Lisandy A. Suryana, Lidia Mayangsari, Santi Novani

Abstract:

Creative industry in Indonesia become an important aspect of the economy. One of the sectors of creative industry which give the highest contribution toward Indonesia’s GDP is fashion sector. In line with the target of Indonesia in 2020 to be the qibla’ of moeslem fashion of the world, all of the stakeholders of the business ecosystem should collaborate. Rather than focus on the internal aspects of producer, external aspects such as customers, government, community, etc. become important to be involved in the ecosystem to support the development and sustainability of those fashion sector. Unfortunately, although Indonesia has the biggest moeslem population, the number of hijab business penetration only 10%. Therefore, this research aims to analyze and develop the virtual co-creation platform for hijab creative industry as the strategy to achieve sustainability and increase the market share. This preliminary research describes the main stakeholders in the hijab creative industry based on business model approach. This business model is adapted by considering the service science context, and the data is collected by using the qualitative approach especially in-depth interview. This business model shows the relationship between resource integration, value co-creation, the value proposition of the company, and also the financial aspect of the business.

Keywords: value co-creation, Hijab Fashion Industry, creative industry, service business model, business model canvas

Procedia PDF Downloads 379

Authors: Henrie Yunianto, Dermawan Wibisono

Abstract:

PT. XYZ is a family business (private company) in Indonesia that provide an educational program and consultation services. Since its establishment in 2011, the company has run without any strategic management system implemented. Though the company could survive until now. The management of PT. XYZ sees the business opportunity for such product is huge, even though the targeted market is very specific (niche), the volume is large (due to large population of Indonesia) and numbers of competitors are low (now). It can be said if the product life cycle is in between ‘Introduction stage’ and ‘growth’ stage. It is observed that nowadays the new entrants (competitors) are increasing, thus PT. XYZ consider reacting in facing the intense business rivalry by conducting the business in an appropriate manner. A Performance Management System is important to be implemented in accordance with the business sustainability and growth. The framework of Performance Management System chosen is Integrated Performance Management System (IPMS). IPMS framework has the advantages of its simplicity, linkage between its business variables and indicators where the company can see the connections between all factors measured. IPMS framework consists of perspectives: (1) Business Result, (2) Internal Processes, (3) Resource Availability. Variables and indicators were examined through deep analysis of the business external and internal environments, Strength-Weakness-Opportunity-Threat (SWOT) analysis, Porter’s five forces analysis. Analytical Hierarchy Process (AHP) analysis was then used to quantify the weight of each variable/indicators. AHP is needed since in this study, PT. XYZ, the data of existing performance indicator was not available. Later, where the IPMS is implemented, the real data measured can be examined to determine the weight factor of each indicators using correlation analysis (or other methods). In this study of IPMS design for PT. XYZ, the analysis shows that with current company goals, along with the AHP methodology, the critical indicators for each perspective are: (1) Business results: Customer satisfaction and Employee satisfaction, (2) Internal process: Marketing performance, Supplier quality, Production quality, Continues improvement; (3) Resources Availability: Leadership and company culture & value, Personal Competences, Productivity. Company and/or organization require performance management system to help them in achieving their vision and mission. Company strategy will be effectively defined and addressed by using performance management system. Integrated Performance Management System (IPMS) framework and AHP analysis help us in quantifying the factors which influence the business output expected.

Keywords: analytical hierarchy process, business strategy, differentiation strategy, integrated performance management system

Procedia PDF Downloads 307

Authors: Aisha Iddrisu, Ferruh Uztuğ

Abstract:

This study is a quantitative content analysis of advertising message strategies used in Ghana’s TV commercials (2020-2021) using the modified strategy of Wang and Praet (2016) with the objective of exploring the various advertising message strategies used in Ghana’s TV advertisement, its variation according to product category including the most widely used message strategy. The findings indicate that, out of the 220 commercials used in the study, the Affective message strategy (n=122, 55%) was the dominant message strategy used in Ghana’s TV commercials. The most advertised product category in Ghana’s TV commercials (2020-2021) was the food category, and a significant relationship was observed between message strategy and product category as well as message strategy and brand type.

Keywords: advertising, message strategy, Ghana, television

Procedia PDF Downloads 184

Authors: S. H. Liao, J. M. Huang

Abstract:

The delivery service business model is the final link in logistics for both online-and-offline businesses. The online-and-offline business model focuses on the entire customer purchasing process online and offline, placing greater emphasis on the importance of data to optimize overall retail operations. For the retail industry, it is an important task of information and management to strengthen the collection and investigation of consumers' online and offline purchasing data to better understand customers and then recommend products. This study implements two-stage data mining analytics for clustering and association rules analysis to investigate Taiwanese consumers' (n=2,209) preferences for delivery service. This process clarifies online-and-offline purchasing behaviors and preferences to find knowledge profiles/patterns/rules for cross-channel collaborative recommendations. Finally, theoretical and practical implications for methodology and enterprise are presented.

Keywords: delivery service, online-and-offline purchasing, retail cross-channel, collaborative recommendations, data mining analytics

Procedia PDF Downloads 31