Increase Business Profitability Research Articles

Review of Literature: The Impact of Competitive Advantage on Business Marketing Performance

This research aims to thoroughly investigate the impact of competitive advantage on the marketing performance of businesses. Companies possessing a competitive advantage consistently demonstrate an understanding of changes in market structure and the ability to choose effective marketing strategies. Competitive advantage can be achieved through various means, such as offering high-quality products or services, establishing uniqueness compared to competitors, or targeting specific market segments. Recognizing how to sustain a competitive advantage is a key factor in a company's success in a competitive environment. In summary, the roles of competitive advantage in the marketing performance of business actors include its impact on company performance, increasing business profits, influencing financial performance, affecting work performance, and shaping buyer decisions

Food Security Model Based on Consumer Characteristics in East Nusa Tenggara Province

Purpose: This study aims to formulating a regional food security model based on the relationship between the characteristics of production, consumption and entrepreneurship areas with the performance of the community's food business in NTT Province based on consumer perceptions. Method: The research locations are in six areas in NTT namely Ende, Manggarai, West Manggarai, Southwest Sumba, North Central Timor and Kupang, which have Farmer Shops designated by the government as LUPM partners. Farm in six randomly selected government-defined blood. The distribution of sampling is done proportionally. The data analysis technique used is descriptive statistics and non-parametric statistics, namely Partial Least Square (PLS). Results and conclusion: The results of the structural model analysis based on consumer perceptions of rice show empirically strong evidence to accept the proposed hypothesis, namely the characteristics of production, consumption and entrepreneurship areas simultaneously affect the performance of PUPM in NTT Province in realizing food security. Implications of the research: To achieve good PUPM performance, it is necessary to pay attention to consumer characteristics so that food security for the NTT community can be realized. Originality/value: This research examines the consumption characteristics model through a community food business development program to achieve food security. Place, price, product, personality and motivation are important indicators that influence consumption characteristics. Capital, prices, task and result orientation, as well as increasing business profits of business actors are important indicators for improving the performance of community food business development through regional characteristics of production, consumption and entrepreneurship.

Calculation of Production Prices Using the Full Costing Method and Cost of Sale Using the Cost Plus Pricing Method on D'atabajo Coffee

This study aims to compare the calculation of the cost of goods produced between the full costing method and the cost of goods sold based on the cost plus pricing method at the D'atabajo Coffee business, and evaluate its impact on sales profit. The research method used is qualitative research with the place and time of research at D'atabajo Coffee, Labuan Bajo, West Manggarai. The data used includes qualitative data in the form of business history and accounting policies, and quantitative data in the form of production costs and selling price calculations. Data collection techniques involved interviews and documents. Data analysis includes data collection, validity test, analysis, and conclusion. From the results of the study, there is a significant difference between the cost of goods produced from the two methods. The difference for the calculation of cost of goods manufactured by D'atabajo Coffee for arabica is Rp 17,909 and for robusta is Rp 8,898. Meanwhile, the difference from the selling price for arabica is IDR 2,711 and for robusta is IDR 4,569. This difference indicates the potential to review the pricing strategy to match the expected margin and increase business profitability.

Aplikasi Whatsapp Sebagai Media Marketing Digital Untuk Mempromosikan dan Meningkatkan Produktifitas Kue Kacang Sari Rasa Prima

This research aims to see the application of the Whatapps application in reaching consumers of the Sari Rasa Prima Nut Cake Business, and increasing business profitability. The method used is a qualitative research method, with data collection techniques through in-depth interviews and observation. With data obtained from several sources, it was concluded that the Whatapps (WA) application can be used to build good interpersonal relationships with consumers. There is certainty and accuracy in managing information from consumers. This ensures that trust is always maintained between producers and consumers. However, one of the obstacles faced is that the numbers used in WA are private and limited to use. This research shows that the use of the WA application can increase profits for producers of the Sari Rasa Prima Nut Cake Business, as well as build trust with consumers

Development of digital financial instruments and their use in the activities of entities of the pharmaceutical industry of Ukraine


 
 
 The pharmaceutical industry of Ukraine is an important component of its economy and the health of its population. At all stages of its development, it was and remains the centre of innovations, where the scientific and technological potential of the region is concentrated.
 Theoretical and practical aspects of the development of innovative digital financial instruments and financial support were investigated and on their basis the activities of enterprises of the pharmaceutical industry in the conditions of the digital economy and electronic commerce as the most perspective segment of the modern market in the conditions of restrictions on direct contacts and the movement of people due to measures to combat the pandemic have been studied, military actions and security of people have been studied. It was determined that financial instruments can be conditionally divided into traditional and digital. They have similar content, functions, and features, however, they have different spheres of manifestation, advantages, disadvantages, and risks. At the same time, the implementation of digital financial instruments allows to significantly save the time of entrepreneurs and customers or services; it also saves cash; simplifies administration and, as a result, it increases the profitability of enterprises, in particular, the pharmaceutical industry.
 The study shows wide opportunities for the development and application of embedded finance in the pharmaceutical sphere with the aim of increasing business profitability by saving time, premises and other means of providing and implementing financial activities; and economic benefits to consumers and partners; optimization of business processes and management of activities in general; promotion of innovation, investment and integration processes.
 
 

Pengaruh Entrepreneurial Marketing terhadap Kinerja Biro Penyelenggara Perjalanan Ibadah Umrah di Provinsi Sulawesi Selatan

The phenomenon of Umrah worship is currently increasing, as evidenced by the large number of pilgrims who perform Umrah every year. The Umrah pilgrimage has also become a business phenomenon for many industries, including the travel and tourism industry. The Umrah pilgrimage travel agency has an important role in facilitating pilgrims in performing the Umrah pilgrimage by meeting their needs such as transportation, accommodation, and so on. Therefore, the increase in the phenomenon of the Umrah pilgrimage also affects the performance of bureaus organizing the Umrah pilgrimage. Based on data from the Ministry of Religion, there has been a significant increase in the number of bureaus organizing Umrah services in the province of South Sulawesi in 2020 by 46 bureaus. Entrepreneurial Marketing is the ability to develop innovative and effective marketing strategies. By using the right marketing strategy, the Umrah travel agency can increase the number of pilgrims registered with the company, while increasing business profits. This can be an opportunity for Umrah travel agents in South Sulawesi Province to improve their performance and develop their business by observing this trend. In this study a correlative descriptive research method was used and 100 questionnaires with a five-point Likert scale were distributed among someone who worked at the Umrah travel agency in South Sulawesi province using the simple random sampling method. To analyze the data, structural equation modeling based on partial least squares was used using SmartPLS. The purpose of this study is to investigate whether Entrepreneurial Marketing has a positive and significant influence on the performance aspects of bureaus organizing Umrah travel in the province of South Sulawesi.

МЕТОДИЧЕСКИЕ РЕКОМЕНДАЦИИ ПО ВЫЯВЛЕНИЮ КЛЮЧЕВЫХ БИЗНЕС-ПРОЦЕССОВ ДЛЯ ПОВЫШЕНИЯ ДОХОДНОСТИ КОМПАНИИ

The article presents the practice of assessing the current state of the organization from a profitability standpoint. The criteria for choosing the optimal approach when planning measures to increase business profitability are defined. Key factors influencing the efficiency of cash flow generation in a strategic direction are designated. The components of a successful strategy for increasing a company's profitability affecting diversification, investment and routine tasks are identified. Recommendations for building key business processes in the organization have been clarified.

Analisis Penerapan Target Coting Dalam Upaya Efisiensi Biaya Produksi Dan Peningkatan Laba Usaha Pada Usaha Kecil Menengah

UD. Adon Jaya which is located at Jl. Bima, Ds. Kebonsari RT 05 RW 01, Kec. Candi, Sidoarjo Regency, East Java is a Small and Medium Enterprise (UKM) owned by Pak Sulaiman which operates in the food sector, namely salted eggs. Salted eggs produced by UD. Adon Jaya has an interesting innovation where the salted eggs have different flavors and processing methods, such as original, fried, grilled and oven flavoured. Daily sales can reach 400 to 500 salted eggs with an income of IDR 16,000,000 to IDR 18,000,000 per month with a profit percentage of 31%. The research objective to be achieved in accordance with the research questions explained above is to find out, analyze and answer how the application of target costing affects production cost efficiency and increasing business profits at UD. Adon Jaya. This research took informants from UD owners. Adon Jaya, namely Mr Sulaiman and production employee Mas Zaky. In its implementation in the field, this research took secondary data including company history, financial and sales report data, as well as an explanation of the salted egg production process. The type of research that will be used is qualitative methods. The analysis technique used is comparative analysis between manual calculations used by UD. Adon Jaya with calculations that apply target costing carried out by the author. These results show that implementing target costing can streamline production costs by 12%, so that the resulting profit also increases 37%. The results of the analysis findings conclude that the application of target costing at UD. Adon Jaya has a positive influence by streamlining production costs so as to increase profits.

System Design Singel Vendor Marketplace

Single Vendor Marketplace is a web-based application or mobile-based application where there is only one seller who provides products. Seller sales transactions only involve sellers and buyers directly without any third parties or intermediaries. The advantage of this system is that you can manage your profits directly yourself. Some also call this application a Stand Alone Website.
 The revised Borg and Gall research and development method allows the system design of this information system to be completed well. This design process has several stages. The Borg and Gall development model has a series of steps or stages consisting of information gathering, planning stage, initial product design development stage, field trial stage, main product revision stage, field test stage, operational product revision, field testing stage, product revision stage final, and also the socialization and implementation stages.
 A structured system design is needed at this stage where in general the design consists of system design, database design, interface design and prototype product design. It is hoped that this marketplace application with a single vendor system can improve the quality of management thereby increasing business profits

Differences in Perceptions Between Small Businesses and Large Businesses on Effectiveness of HR Management in Achieving Business Goal: Based on Field Evidence

Human resources (HR) are a very important or key factor in the form of individuals or groups of people or workers as movers, thinkers and planners to achieve the business goals of a business. In business development to carry out greater expansion, a business's human resources function as assets that can be trained and developed in accordance with business interests in the business. HR management is tasked with recruiting, evaluating worker performance, ensuring that each person carries out their duties and responsibilities in accordance with their job, and maintaining worker satisfaction with their work environment so as to create effective conditions that support workers in increasing business profits for a business. However, the perception of the approach taken by HR management varies according to the size of the business, whether small or large. In this article, the difference in perception between small businesses such as Risol "Margo" and large businesses such as PT. Unilever's HR management effectiveness is based on 4 (four) factors, namely resource availability, recruitment and retention processes, employee responsibilities, and organizational structure which will influence both businesses in achieving their business goals.

Artificial Intelligence: Increasing Business Profits at the Cost of Consumer Privacy

Artificial Intelligence may be the most significant technological breakthrough since the development of computers. The promise of greater efficiency and effectiveness is very appealing, especially as that translates into more profitable businesses. The potential applications appear almost endless, crossing every industry and every form of business activity. The potential results cannot even be estimated.
 Artificial Intelligence can assist in detecting misinformation, but it can also assist in spreading misinformation when faulty algorithms collect incorrect data. An example of this occurs when customer demographic data mixes information from consumers with the same names. Persons who frequently relocate may also be more likely to have faulty consumer data collected by business research companies. However, in our rush to be the first and the best, we must ask ourselves how much of our privacy we are willing to give up? In this paper, the authors examine this fascinating emerging technology with a preview of the technology’s business potential.

МЕТОДИЧНІ ПІДХОДИ ДО ОЦІНЮВАННЯ ЕФЕКТИВНОСТІ ЗБУТОВОЇ ДІЯЛЬНОСТІ ПІДПРИЄМСТВ

The article analyzes methodical approaches to assessing the efficiency of sales activities of enterprises. It has been established that there are a large number of different methodological approaches to the assessment of sales activity, but they are not complete and comprehensive. Also, there is no unified approach to the comprehensive assessment of the sales activity of enterprises. It was determined that the assessment of the effectiveness of sales activities should be considered comprehensively, starting with the provision of the necessary production (non-current, working and human capital) and financial (equity and loan capital) resources, compliance with financial discipline, achieving expanded reproduction, increasing business profitability, which in total directly affects on the effectiveness of sales activities. It was determined that the assessment of the effectiveness of sales activities should be considered comprehensively, starting with the provision of the necessary production (non-current, working and human capital) and financial (equity and loan capital) resources, compliance with financial discipline, achieving expanded reproduction, increasing business profitability, which in total directly affects on the effectiveness of sales activities. A methodical approach to assessing the effectiveness of sales activity is proposed, which will take into account not only the current state of sales activity, but also help identify reserves that can be used to improve the effectiveness of the company's sales activity. The described methodical approach includes five groups of indicators, based on the assessment of efficiency in different areas: assessment of resource provision; assessment of financial condition and solvency; assessments of the efficiency of resource use; determination of business profitability; evaluation of sales activity. The developed methodological approach makes it possible to comprehensively assess the effectiveness of sales activity, taking into account not only the current state of sales activity, but also to identify reserves that can be used to improve the effectiveness of the company's sales activity.

Основні інструменти інтернет-маркетингу в публічному управлінні в умовах глобальної цифровізації

Formulation of the problem. The year 2020 convinced the whole world that the Internet is one of the best channels for transmitting information, selling goods and providing services, because thanks to its use, a certain part of businesses avoided bankruptcy, and some companies were able to increase sales and, most importantly, meet the needs of almost all spheres of life in society in crisis conditions. Global digitalization has opened up new opportunities for interaction for business and society in general, has given impetus to new forms of cooperation, which determines the relevance of research, especially in conditions of war. Analysis of recent research and publications. Internet marketing in public administration and global digitization processes are studied by many scientists, in particular, it is worth mentioning such scientists as Yanchuk T., Gnot T., Vynogradova O., Nedopako N., Kryzhko O., Ilyashenko S., Bradulov P., Ordynskyi V. and others. These researchers study the application of Internet marketing technologies in the sales activities of an enterprise, peculiarities of theoretical and practical studies of their application, consider conceptual approaches to modelling the Internet marketing strategy and propose stages of its formation, tools for developing a strategy, methods and models, and reveal modern trends in the use of Internet technologies in marketing. Isolation of previously unresolved parts of the general problem. The issue of researching modern Internet marketing tools in the context of global digitalisation remains an urgent problem. Summary of the main research material. Today, new Internet technologies are one of the main factors in the development of the global and unified world information space. The article highlights the main tools of Internet marketing in public administration, including contextual and targeted advertising, affiliate, content, social media and email marketing, search engine optimisation, the combination of which will increase business profitability and satisfy the need of consumers for quality goods and efficient services. The use of these tools in public management deserves special attention, as it allows authorities and public organizations to interact with the public, inform citizens about decisions and services, involve citizens in participating in various programs and initiatives, as well as improve access to information, increase the level of citizen participation in the process management. However, it is necessary to take into account the transparency and security of processing citizens' data when using digital tools in public management. Conclusions. The main tools in the field of Internet marketing in public administration considered in the study are extremely effective and relevant, but in addition to the above, direct interaction with customers and advertising via popular messengers such as WhatsApp, Facebook Messenger, Viber, Telegram, etc. play an important role. An effective marketing strategy may include a combination of these methods, depending on the target audience and marketing goals of the business.

Research on Fresh Produce Sales Prediction Algorithm for Store Based on Multidimensional Time Series Data Analysis

INTRODUCTION: Fresh produce is a daily necessity; however, offline stores often rely on personal experience for purchase, which is highly subjective and may result in inaccurate estimation of purchase quantities. This can lead to produce wastage and subsequently impact the profitability of business. This paper introduces a fresh produce sales prediction model, which can predict fresh produce sales by analyzing multidimensional time series data that influence sales. This model aims to provide guidance for fresh produce purchase in offline stores.OBJECTIVES: The purpose of this study is to predict fresh produce sales by analyzing multidimensional time series data that influence sales. This aims to provide a basis for fresh produce purchase in stores, reduce produce wastage, and enhance business profitability.METHODS: This paper proposes a fresh produce sales prediction model by analyzing multidimensional time series data that affect store sales of fresh produce. An essential component of this model is the ARIMA-LSTM combined prediction model. In this study, the weighted reciprocal of errors averaging method is selected as the weight determination method for the ARIMA-LSTM combined prediction model.RESULTS: In this paper, the ARIMA-LSTM combined model is used for prediction in two scenarios: when the single-model prediction accuracy is superior and when it is inferior. Experimental results indicate that in the case of lower accuracy in single-model prediction, the combined prediction model outperforms, improving prediction accuracy by 3.86% as measured by MAPE. Comparative experiments are conducted between the fresh produce sales prediction model proposed in this paper and time series prediction framework Prophet, traditional LSTM model, and ARIMA model. The experimental results indicate that the proposed model outperforms the others.CONCLUSION: The fresh produce sales prediction model proposed in this paper is based on multidimensional time series data to predict fresh produce sales in stores. This model can accurately predict the sales of fresh produce, providing purchase guidance for fresh produce stores, reducing fresh produce wastage caused by subjective purchasing factors, and increase business profits.

An Empirical Study on the Effects of Managerial Competence on Firm Profitability

Profits are generated by managing assets and using them wisely to create revenues that exceed costs. This study aimed to analyse the effects of managerial competence on firm profitability listed in the Dar es Salaam stock exchange (DSE). The quantitative research design was used to collect, analyse and interpret data in this research while Panel Regression Model was selected to analyse the influence of Managerial competence on profitability of listed firms. POLS technique was used to check robustness and Diagnostic tests were used to meet the criteria of regression analysis. The regression analysis indicate that managerial competence had a significant effect on firm profitability. Raising managerial competence has the potential to significantly increase business profitability, as managers play a key role in an organization's overall functioning. The researchers suggested that shareholders should thoroughly analyse potential managers' competencies and credentials before allocating managerial duties since hiring a competent management team is likely to have a beneficial impact on the firm's profitability. Shareholders should strive to reduce the risk of choosing managers who lack the requisite abilities to maximize the firm's profitability by performing due diligence in the selection process.

Critical Factors in user Preferences for Internet Service Provider: A Factor Analysis Approach

This research is motivated by the increasingly sharp development of internet use. Almost every aspect is supported by technology, making us increasingly unable to live without the internet. Using the internet with a WiFi network offers easy and fast communication. However, each user has their preferences in using a Wi-Fi network. The non-fulfillment of user preferences results in user turnover problems. Therefore, the purpose of the study is to find out what factors have the most influence on user preferences. The factors are service quality, cost, brand image, and promotion. The target of this research is Wi-Fi network users in Indonesia. In collecting data from users, a questionnaire is used which is distributed through social media. Before testing the hypothesis, conduct validity and reliability tests on the instrument used. The results can be more easily understood using the multiple linear regression analysis methods. After conducting research, it is known that the most critical factor in determining user preferences for Internet Service Providers (ISPs) is the quality of services provided. From these results, the Internet Service Provider (ISP) can improve all aspects according the factors to solve problems and increase business profits

Development of digital financial tools and their use in tourism, hotel, and restaurant business enterprises

The subject of the study is the theoretical and practical aspects of the development of digital financial instruments and financial support based on them for the activities of tourist and hotel and restaurant enterprises in the conditions of the digital economy and electronic commerce as the most promising segment of the modern service market in the conditions of restrictions on direct contacts and the movement of people due to measures to combat with the pandemic, military actions and to improve the personal safety of people. The purpose of the article is to determine the main factors of the formation of digital financial instruments and their components, as well as to identify their properties, possible risks, and to substantiate the future prospects of their use in the activities of tourist and hotel and restaurant enterprises. The methodological basis of the article is the methods of: system-structural analysis and synthesis (when establishing the set of factors and the level of influence on digital financial instruments; determining the composition and structure of the digital economy, electronic commerce, digital finance; historical and monographic (for comparing traditional and digital financial instruments; when identifying the stages of development, sectoral and territorial spread of the introduction of digital financial instruments); statistical and economic (to establish and analyze quantitative indicators of the state, problems, trends and prospects of the development of digital financial instruments; the effectiveness of their use in the activities of tourist and hotel and restaurant enterprises). Results of the article. It was determined that financial instruments can be conditionally divided into traditional and digital. They have similar content, functions and properties, but different areas of manifestation, advantages, disadvantages and risks. At the same time, the use of digital financial instruments allows to significantly save the time of entrepreneurs and consumers of services or products; cash; simplifies administration and, as a result, increases the profitability of enterprises, in particular, tourist and hotel-restaurant enterprises. Field of application of results. The results of the article can be applied in the work of financial institutions, enterprises and organizations; activities of individuals; scientific and educational process and administration of institutions of higher education. Conclusions. Indispensable users of digital financial instruments are supranational financial institutions and states; insurance and banking and financial institutions; pension, investment and hedge funds; enterprises, corporations, industrial and financial groups; individuals. This testifies to the wide possibilities of their application, including in the field of tourism and the hotel and restaurant industry in order to increase business profitability by saving time, premises and other means of providing and carrying out financial activities; provision of convenience and economic benefits to consumers and partners; optimization of business processes and administration of activities in general; promotion of innovation, investment and integration processes.

Legal basis of contractual relations at the enterprise

The article examines the legal foundations of the organization and implementation of contractual relations in business entities. The classification features and types of existing business contracts were studied. The key characteristic features of economic contracts, which take place in domestic and foreign practice, are studied. On the basis of the author's approach, the methodological set of functions of business contracts under modern business conditions has been supplemented. The system of labor relations in Ukraine is analyzed as one of the most widespread types of contractual relations at the enterprise. The comparative assessment of the attractiveness level of labor contractual relations for employees in the context of European practice was carried out. The prospects for the use of electronic contracts in the system of contractual relations of business entities are analyzed. The connection between the system of business contracts and the potential opportunities for business value creation has been studied. It was determined that digitalization reserves based on the creation of digital contact platforms can be an effective tool for increasing business profitability at the expense of contractual contracts. Modern regulatory and legal digital platforms are capable of performing the functions of a legal repository of contracts with the ability to search quickly and conveniently for the necessary information, which increases the efficiency, accuracy and predictability of the activities of business entities and businesses. Examples of such digital platforms can be the SaaS platform, software tools of the PandaDoc multifunctional system, etc. Based on the results of the conducted research, promising directions for improving the legal and practical foundations of the implementation of contractual relations at enterprises were substantiated. Among the main ones, the following are proposed: the use of tools for managing the life cycle of contractual contracts, contract data for tracking the value of business partnerships, automation of tracking the fulfillment of obligations by contacts, increasing the degree of analytics of contractual relationships based on the application of blockchain. Keywords: regulatory and legal support, contractual relations, business contracts, contacts, management, wages, digital tools, business entities, enterprises.

Education and Assistance for Strengthening Micro Business Institution at GKI EMAUS Surabaya

The community service is carried out to increase the knowledge of small business owners related to entrepreneurship. The form of community service implementation has carried out education and assistance to achieve all aspects of business, significantly increasing business profits. The community service partner is a member of the GKI EMAUS church who has a small business in Surabaya. They sell their products in food and beverages with most church members. This series of activities consisted of preparation and implementation until the evaluation phase, which took three months from November 2021 to January 2022. The community activities also involved the students using the service-learning method. The lecturer teams provide the material as the implementation of the course. Furthermore, together with the lecturers, the students did the community service in education and business strengthening for three months. MSME partners from GKI EMAUS feel many benefits, such as recording financial transactions, improving the formation of the right product price, and documenting the products. The results of community service are felt to have a high impact on partners because there have been improvements in small business management and sales.

Artificial intelligence and people management: A critical assessment through the ethical lens

The dramatic increase in the use of Artificial Intelligence (AI) in workplaces around the world has tremendous potential to increase business profitability. While AI has numerous useful applications and can help speed up business processes or transform systems, its use in human resources (HR) processes and systems presents a complex series of ethical considerations that require organizational leaders to tread with caution. In this paper, we argue that as the foremost worker advocates in the firm, HR managers must be ethically sensitive and accountable. They have responsibility to carefully monitor AI programs to ensure that these systems do what they are purported to do and protect the dignity of the worker through transparency regarding the data being collected and privacy regarding its usage. Lastly, the HR manager must closely monitor the fairness and equity impacts of AI such that its use is procedurally and distributivity just.