Abstract
This study explores strategies for sustainable business development via the process and performance of business consulting by using 200 samples of different industry sectors in South Korea. The main purposes of this paper are to build the consulting model framework and to analyze the relationships between consulting factors and consulting performance for establishing strategies for sustainable business development. First, the findings show that the support of CEOs for consulting projects and the innovation activities via exploration and exploitation (and ambidexterity) have higher impacts on the contribution to business performance than other consulting factors. Similarly, according to the results of IPMA, these variables are placed in a group of high importance and performance, so the findings indicate that the support of CEO and innovation activities play a central role in the consulting model. Second, the competency of CEOs for recognizing the awareness of newly changing market conditions and the importance of utilizing business consulting can serve as an engine to reach their sustainable business development. Moreover, the firms’ innovation activities via business consulting can increase their ability to utilize and absorb the external resources and knowledge for establishing strategies for sustainable business development. These abilities are used not only to induce their business innovation internally but also to pioneer new market opportunities amid a rapidly changing market environment.
Highlights
In recent years, a business ecosystem has been changed rapidly by the new era like an information society and knowledge economy
There is a different magnitude of each path coefficient, so the effect of task competency of consultant on the exploitation is greater than the effect on the exploration in both statistically and numerically
With regard of the theoretical background on the previous literature, it is highly probable that task competency of consultant is more effective in exploitation than exploration during the consulting projects because task competency implies a deep knowledge of a given area or a specific field
Summary
A business ecosystem has been changed rapidly by the new era like an information society and knowledge economy. Amid the accelerated development of information and communication technologies (ICTs), the boundary of a market for goods and services is no longer limited in the off-line and online marketplaces, but it has extended to the mobile market [1,2,3]. In this situation, firms are required to establish new management strategies for their sustainable business development [4]. SMEs usually handle and solve their business problems through advising services from external experts, in which situation is called business or management consulting
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