Shift In Consumer Preferences Research Articles

Novel embedding model predicting the credit card's default using neural network optimized by harmony search algorithm and vortex search algorithm

In today's banking and financial system, using a credit card has become indispensable. The credit card industry has existed due to a shift in consumer preferences and a rise in national economic growth. The number of issuing banks, card issuers, and transaction volumes has increased significantly. Nevertheless, owing to the growth in the number of transactions made with credit cards, both the total amount due and the rate of defaults on credit card loans have become issues that cannot be neglected. This issue must be resolved to ensure the continued and prosperous growth of the banking industry in the years to come. Currently, a few optimization algorithms—Whale optimization algorithm (WOA), Harmony Search (HS), Multi-verse optimization (MVO), and Vortex Search (VS)—have been used to achieve this purpose. However, because credit card default data is volatile and unequal, it is challenging for typical optimization algorithms to offer steady approaches with optimal performance. Studies have indicated that optimizing algorithms with suitable properties can significantly improve performance. To improve performance, some tuning was applied to the ANN. This study will assess twenty-three parameters, and the efficacy of all four approaches will be compared using ROC and AUC evaluations. The suggested model's performance is contrasted with a scenario where the classifiers were trained using original data. In contrast, the AUC values for VS-MLP were 0.7407 and 0.7271, while those for HS-MLP were 0.7074 and 0.6997. In the training and testing phases, AUC values of 0.7469 and 0.7329 from MVO-MLP and 0.72 and 0.7185 from WOA-MLP, respectively. The results show that the training accuracy of HS, VSA, MVO, and WOA are similar; MVO has the highest training accuracy. The credit card industry can benefit significantly from this methodology, which may help resolve default probabilities.

Digital marketing as an element of sustainable development: trends, challenges and opportunities

In the intersection of digital marketing and sustainability, emerging trends and innovations are shaping the landscape as businesses increasingly recognize the importance of environmental and social responsibility. The article is devoted to the impact of digital marketing solutions on the process of achieving sustainable development goals. It analyzes trends indicating a significant shift in consumer preferences towards environmentally friendly products and socially responsible consumer behavior. The article provides examples of several international campaigns that illustrate successful efforts contributing to sustainable development. The role of digital technologies in achieving sustainable development goals examined, emphasizing the necessity of integrating sustainability issues into corporate digital strategies.

Preserving culinary heritage: Challenges faced by Takoradi technical university food service lab students

Preserving culinary heritage is crucial for maintaining cultural identity, promoting sustainable food systems, and safeguarding traditional knowledge and practices. This study investigates the challenges faced by students at Takoradi Technical University's Food Service Lab in integrating traditional Ghanaian dishes into their menus, as well as the efforts undertaken by the university's Hospitality Management program to preserve Ghana's culinary heritage. A quantitative survey of 300 final-year students revealed that the primary challenge is difficulty sourcing fresh, quality ingredients for indigenous foods. Additional obstacles include concerns about guest acceptance, higher preparation costs, and perceived lack of skills in cooking traditional cuisine. These findings align with previous research highlighting issues like inconsistent supply chains, shifting consumer preferences, and erosion of culinary knowledge transmission across generations. The study also examined strategies for promoting culinary heritage, which encompass robust collaboration between stakeholders, integration of traditions into policies and curricula, and public outreach initiatives. These comprehensive approaches correspond with recommendations from literature emphasizing cooperation and mainstreaming culinary heritage preservation. To address the identified challenges, recommendations include implementing food literacy campaigns, updating vocational training curricula, and fostering partnerships between educational institutions, community groups, non-profits, and government agencies. By tackling these obstacles through strategic, coordinated efforts, Ghana can safeguard its diverse foodways for future generations while championing sustainable culinary practices.'

The Commercialisation and Commodification of Bollywood Music

This study explores the evolution of Bollywood music. Shifts in consumer preferences and consequently commercialisation, the cultural impact of this shift and its larged commodification of Indian elements for mass consumption. The study analyses the changes in song structure and composition in Bollywood which is owed to westernisation of the film industry as well as consumer preferences. It also takes into account the origin of classical Indian compositions while providing context for general changes in Indian classical music over time- which is what Bollywood music stems from. Furthermore, it examines the commodification of songs due to the dilution of the industry and digitisation making music production easily accessible. It also explains the commercialisation of Bollywood music as a reaction- a response to consumer preferences as compared to an independent evolution caused by digitisation.

INNOVATIONS IN BUSINESS MODELS THROUGH STRATEGIC ANALYTICS AND MANAGEMENT: CONCEPTUAL EXPLORATION FOR SUSTAINABLE GROWTH

In today's rapidly evolving business landscape, the integration of strategic analytics and management practices has become increasingly crucial for organizations seeking sustainable growth and competitive advantage. This paper aims to explore the concept of leveraging strategic analytics within business models to drive innovation and foster sustainable growth. The modern business environment is characterized by unprecedented levels of complexity, volatility, and uncertainty. Globalization, technological advancements, and shifting consumer preferences have disrupted traditional business models, compelling organizations to adapt or risk obsolescence. In this context, strategic analytics emerges as a powerful tool for organizations to navigate uncertainty, mitigate risks, and capitalize on emerging opportunities. Strategic analytics involves the systematic collection, processing, and analysis of data to inform decision-making processes and drive strategic initiatives. By leveraging advanced analytical techniques such as predictive modeling, machine learning, and data mining, organizations can gain actionable insights into various aspects of their operations, including customer behavior, market trends, and competitive dynamics. By leveraging advanced analytical techniques, organizations can gain a deeper understanding of customer needs, optimize internal processes, and anticipate changes in the competitive landscape. This enables organizations to drive innovation, foster sustainable growth, and create value for customers, shareholders, and society as a whole. Through a conceptual exploration, we examine the fundamental principles, challenges, and opportunities associated with integrating strategic analytics into various facets of business models. Drawing upon theoretical frameworks and empirical evidence, this paper elucidates the transformative potential of strategic analytics in reshaping traditional business models and creating new avenues for value creation. Furthermore, we discuss the implications for managers, policymakers, and researchers, highlighting the imperative of embracing strategic analytics as a cornerstone for driving organizational success in the digital age.
 Keywords: Business, Model Innovation, Sustainable Growth, Management, Strategic Analytics.

Artificial Intelligence in ESG investing: Enhancing portfolio management and performance

Artificial Intelligence (AI) has emerged as a transformative force in Environmental, Social, and Governance (ESG) investing, significantly enhancing portfolio management and performance. This paper investigates the integration of AI technologies within ESG investment strategies, elucidating their profound impact on decision-making processes and financial outcomes. By leveraging advanced data analytics and machine learning algorithms, AI empowers investors to analyze extensive ESG-related datasets, extract actionable insights, and identify investment opportunities aligned with sustainability objectives. The application of AI-driven ESG analysis enables investors to construct well-structured portfolios that not only aim for financial success but also adhere to ethical and sustainable principles. Through the utilization of AI, investors can systematically evaluate the environmental impact, social responsibility, and corporate governance practices of potential investments. This approach facilitates the identification of ESG risks and opportunities with greater precision and efficiency, leading to more informed investment decisions. Moreover, AI enables investors to dynamically adjust their portfolios in response to changing market conditions and emerging sustainability trends. By continuously monitoring ESG factors and leveraging predictive analytics, investors can proactively manage risks and seize opportunities to enhance portfolio performance over the long term. This proactive approach not only mitigates potential ESG-related risks but also positions investors to capitalize on emerging market trends and shifts in consumer preferences. Furthermore, the integration of AI in ESG investing fosters transparency, accountability, and stakeholder engagement within the investment ecosystem. AI-powered tools facilitate the dissemination of ESG-related information, enabling investors to make informed decisions that align with their values and sustainability goals. By harnessing the capabilities of AI, investors can drive positive environmental and social impact while achieving competitive financial returns. In conclusion, the utilization of AI in ESG investing represents a paradigm shift in portfolio management, offering investors unprecedented opportunities to navigate complex ESG challenges and achieve sustainable financial success.

COMMUNITY EMPOWERMENT AND INNOVATION AS A STRATEGIC BUSINESS RESILIENCE EFFORT FOR BATIK AND WEAVING BUSINESS ACTORS

Purpose: This study aims to analyze the factors affecting economic resilience in the batik and weaving SME industry in Indonesia, focusing on Pekalongan Batik, Yogyakarta Batik, and Tenun Sengkang. Theoretical Reference: This study integrates National Resilience Theory and Resource-Based View (RBV) to form a robust basis for business resilience, emphasizing community empowerment and innovation. Community empowerment builds batik and weaving businesses on skilled human resources, while innovation facilitates adaptation and growth. Together, they address external challenges like global competition and shifting consumer preferences, enhancing the resilience of batik and weaving enterprises. Method: The research method used was a qualitative approach with descriptive data collection through observation, interviews, and document analysis. The focus of this research is on empowerment and innovation in SMEs of Pekalongan Batik, Yogyakarta Batik, and Sengkang Weaving in Wajo Regency, South Sulawesi. Results and Conclusion: The study reveals that batik and weaving entrepreneurs highly value competitor analysis and the adoption of competitive best practices. Government support through community empowerment initiatives is vital for industry growth, offering crucial assistance such as training, education, and market expansion. Continuous community empowerment and regular program evaluations are essential. Effective collaboration among government, entrepreneurs, and stakeholders is key to fostering a supportive business environment, significantly enhancing the batik and weaving sector's development and overall welfare. Implication of Research: Effective community empowerment hinges on the collaboration among government, entrepreneurs, and stakeholders, ensuring planning, implementation, and evaluation involve all parties. This approach fosters synergies and enhances program effectiveness. Involving entrepreneurs in decision-making tailors programs to actual business needs, while government should ensure entrepreneurs have access to necessary training and education. Orginality Value: This study introduces novel aspects by focusing on the batik and weaving SMEs in Indonesia's specific regions (Pekalongan, Yogyakarta, Sengkang), offering detailed insights into their unique challenges and potentials. It employs a comprehensive approach to business transformation, considering marketing, technology, entrepreneurship, and other performance-related factors, thus providing a wider view on industry development. Additionally, it emphasizes the government's role in fostering a supportive business ecosystem through community empowerment initiatives and highlights the significance of government support, training, education, and collaboration for industry advancement.

ЭВОЛЮЦИЯ ТОРГОВЫХ ЦЕНТРОВ И ПЕРСПЕКТИВЫ РАЗВИТИЯ

The article studies the development of shopping centers from marketplaces to the mall formats of the future. The author notes that trade as a phenomenon has existed since ancient times, over time the formats of shopping places have experienced significant changes, from small markets to complex shopping centers, adapting to changes in society and technology. The historical development of shopping centers is described, from the agoras of ancient Greece to modern shopping complexes, whose emergence was triggered by the industrial revolution and the development of automobile transportation. 
 The article also discusses the impact of internet shopping and the pandemic on classic shopping centers, highlighting the shift in consumer preferences towards online shopping and the need for shopping centers to adapt to the new conditions. The author offers reflections on the future of shopping centers, their potential evolution into socio-cultural and entertainment spaces capable of offering visitors a unique experience not available with online shopping. The analysis emphasizes the importance of innovation and flexibility in mall management for malls to continue to thrive in a changing world.

Business Model Innovation as a Structural Framework for Business Sustainability Growth: A Systematic Review

Business model serves as an essential structural foundation for companies amid the constant upheavals of the modern business world, guiding them through the intricacies of markets, competition, and shifting consumer preferences. A total of 213 papers published between 2010 and 2023 were examined from WOS and Scopus database as part of a comprehensive review of business model and business model innovation. The goal of this review study is to explore the methods of business model innovation, the impact of technology on the creation of novel models for business growth, and the development of business models in the context of global phenomena such as pandemics and climate change. In addition, the significant impact of customer expectations, ethical issues, and sustainability requirements on the dynamics of business model development are considered. These components enable companies to actively reshape its models and to take advantage of new opportunities and mitigate threats. This research provides companies and researchers alike with the knowledge and gaps they need to address the challenges and seize the opportunities that arise from the dynamic nature of contemporary business models by real-world case studies, providing practical strategies, and keeping a keen focus on emerging trends.

KOTA DORIA WEAVERS PLEADING FOR NEW DESIGNS!

Apart from agriculture, India's handloom industry has existed for ages and is the country's largest cottage industry in terms of employment opportunities. Despite having a glorious past, this ancient craft is now known for its dire situation and for slowly fading into obscurity as the industry struggles to survive due to numerous issues. The main causes of this include a large number of substituted products, insufficient training for skill upgrades, an unorganized structure, low wages, the reluctance of the younger generation to choose weaving as a means of subsistence, a small domestic market, the lack of creative designs and color combinations, fierce competition from power looms, the fast-fashion industry, poor marketing, shifting consumer preferences, and the availability of alternative employment opportunities. However, the handloom industry can still be revitalized as evidenced by the tenacity that handloom weavers continue to display in terms of survival and capacity for innovation. In order to contribute to the sustainability of traditional craft heritage and ensure continuous transmission of craft skills and knowledge from generation to generation, the current investigation aims to explore, identify, and address issues faced by traditional craftsmanship. This study offers Kota Doria Cluster insights at Kaithoon, Kota in order to help us better understand the cluster's current situation and offers recommendations for future development.

АНАЛИЗ И СОВЕРШЕНСТВОВАНИЕ АКЦИЗНОЙ ПОЛИТИКИ РОССИЙСКОЙ ФЕДЕРАЦИИ В ОТНОШЕНИИ АЛКОГОЛЬНОЙ ПРОДУКЦИИ

The article analyses the measures of the state anti-alcohol policy of modern Russia in the field of taxation and assessment of their impact on the receipt of excise taxes in the budget of the Russian Federation and the level of consumption of alcoholic beverages by the adult population of the country. Particular attention is paid to the study of the excise policy of the Russian Federation in relation to alcoholic beverages. Excise taxation is one of the effective instruments of state regulation of the production and consumption of alcoholic beverages. The purpose of the study is, based on the analysis, to develop recommendations for changing excise tax rates on various types of alcoholic products to enhance the fiscal potential of excise taxes and regulate alcohol consumption by the country's population. The study was carried out using methods of systematic comparative analysis of domestic and foreign literature and statistical data, as well as generalization and synthesis. It highlights the structure and dynamics of excise tax revenues to the budget of the Russian Federation by type of alcoholic beverages. It also considers restrictive measures relating to the production, sale and consumption of alcoholic beverages in Russia, as well as options for tax support for domestic producers of low-alcohol drinks. A study of the dynamics of the volume and structure of consumption of alcoholic beverages by the population showed the high effectiveness of government regulatory measures, including excise taxation instruments. However, despite the identified reduction, the level of alcohol consumption by the population of the Russian Federation remains high, which raises the need to improve excise policy in the field of taxation of alcoholic products. The increase in excise tax rates on strong alcohol and a change in the method of levying excise tax on beer proposed by the authors will ensure annual additional excise tax revenues to the budget, will lead to a reduction in the consumption of alcoholic beverages and a shift in consumer preferences towards low-alcohol drinks that cause less harm to human health.

STRATEGIC MANAGEMENT IN HORECA: A MODERN PERSPECTIVE

Currently, fundamental changes are happening in strategic management in the HoReCa sector due to the need for maximum flexibility in long-term development plans for operators and market participants in public catering and hospitality. The highlighted necessity is becoming more critical due to escalating competition, rapid shifts in consumer preferences, swiftly advancing technologies, and their increased importance in sustaining competitiveness and enhancing customer service. Beyond the aforementioned factors, the importance of strategic management flexibility is accentuated by the substantial vulnerability of enterprises in the HoReCa sector to economic crises. The article aims to outline the conceptual foundations of strategic management in the HoReCa sector. The conclusion has been reached that among the fundamental principles of flexible strategic management in the HoReCa sector are: prioritizing dynamic outcomes; adopting a reactive format for strategic action systems; embracing an experimental nature and strategic iteration in the strategic planning process; emphasizing resource efficiency; and actively engaging personnel in decision-making processes. It has been noted that the collective implementation of flexible strategic management principles results in the formation of a strategic management framework that assists HoReCa enterprises in sustaining operational efficiency amid fluctuations in both external and internal environments, and facilitates growth in unpredictable market conditions.

Research on the Market Testing in the Restaurant Industry

The restaurant industry is a fiercely competitive sector, demanding constant adaptation to shifting consumer preferences. Market testing plays a pivotal role in devising successful strategies, offering insights into consumer behavior, trends, and competition. While traditional qualitative methods like SWOT analysis are prevalent, emerging technologies such as Artificial Intelligence are transforming the landscape. Bayesian Optimization, in particular, shows promise in optimizing menu offerings and pricing strategies. This study delves into a diverse dataset, examining key metrics like ratings, number of ratings, and average cost. It uncovers correlations between services like online ordering/table booking and customer satisfaction. Cuisine analysis reveals dominant choices, guiding menu specialization. Geographical insights inform pricing strategies tailored to specific areas. The study concludes that market testing, in synergy with innovative technologies, forms the bedrock of effective restaurant strategies. It advocates for a continuous, adaptive approach in this dynamic industry. The research suggests avenues for future exploration including in-depth consumer behavior analysis and ethical considerations in AI implementation.

Analysis of Consumer Behavior towards Product Groups at Indomaret Sudiang Raya

Effective marketing necessitates a profound understanding of consumer behavior, and the SOR Model (stimuli-organisms-response) stands out as a crucial theory in this domain. This model identifies three stages in the purchasing process: stimuli, organism (consumer's mind), and response. In this study, we explore consumer responses within various product categories, seeking to unveil patterns in decision-making processes. The experiment at Indomaret Sudiang Raya involved observing 146 randomly selected individuals, ensuring gender balance among respondents. The research encompassed three key sections: initial purchase goals and desires, observations of consumer behavior, and a survey on reasons for purchasing products. Our findings shed light on diverse consumer behaviors, encompassing immediate purchases, indecisiveness, analytical reviews, and non-stop behavior across different product categories. Certain product groups were less frequently purchased, suggesting dynamic shifts in consumer preferences over time. We delved into the cognitive and personal responses of Indomaret shoppers, revealing distinct patterns such as experiential behavior (purchasing known products) and analytical behavior (meticulously analyzing options before purchasing). The study identified nuances across product categories, providing valuable insights into the intricate landscape of consumer decision-making processes.

Food safety in the age of transparency: clean label products in the post- COVID-19 ERA

Clean-label products are defined as foods and beverages formulated with simple, natural, and familiar ingredients, instead of using artificial ingredients and additives. The clean label movement has gained popularity because of a rise in consumer demand for authentic, transparent, and healthier foods and beverages. In the post-COVID-19 era, the clean label trend has evolved considerably, indicating a shift in consumer preferences and demands. The COVID 19 pandemic has had a significant effect on consumer behavior, particularly regarding food safety and products with clear labels. According to recent studies, during the pandemics, consumers have shown an increased interest in products with clean labels as they seek healthier choices. In addition, the pandemic has impacted consumer purchasing patterns, with a shift toward ingredient examination and an increased demand for healthful products. In conclusion, the COVID-19 pandemic has highlighted the significance of the clean label trend, redirecting consumers toward safe, natural, and transparent food products, and emphasizing the importance of local purchasing and sustainable supply chains.

Climate change, complexity, and policy design

Abstract The challenges of combatting climate change are unprecedented and now very urgent. Current approaches are not working fast enough. This paper, and this journal issue, conceive of the challenge as one of non-marginal structural and institutional change. Several different conceptual frameworks and pluralist theories are considered, emanating from complexity theory, economics, natural sciences, political economy, and strategy. These are deployed to identify potential accelerators, including synergies between climate action and other key political issues, and beneficial non-linear dynamics such as shifts in consumer preferences and technology learning curves. The delays in action also mean that removing carbon dioxide from the atmosphere is now necessary, and even unconventional geoengineering approaches may need to be considered. A pluralist and practical approach to climate action, accounting for different institutional and social contexts across countries, is argued to be required to accelerate action.

Product and Pricing Strategy in the Virtual Space Platform: A Case Study of “Vuturist”

Navigating through the dynamic landscape of Virtual Platforms, this study delves into the intricacies of Market Trends and strategic positioning, with a focus on Vuturist, a participant in this competitive sector. The background of the study is anchored in the swift technological progress and shifts in consumer preferences. The research stages involve an in-depth analysis of the market, Vuturist’s offerings, and the strategic implications of emerging trends. TThe primary objective is to furnish strategic recommendations that fortify Vuturist’s sustained growth and relevance in the market. The methodology encompasses a comprehensive review of market trends, the competitive landscape, and Vuturist’s internal capabilities. The research unveils insights into the demand for customizable virtual spaces and the necessity for Technological Integration. The findings spotlight avenues for Vuturist to enhance its Product Strategy and adapt its Pricing Models to align with market expectations. This study’s scientific contribution is manifested in its in-depth analysis and strategic recommendations tailored for the virtual platform domain. By addressing the research problem and objectives, and clearly outlining the contributions to the scientific community, the research offers a holistic perspective beneficial not only for Vuturist but also for other stakeholders in the industry.

Apna Store and E-commerce: Meeting Consumer Needs During COVID-19

Apna Store, a family-owned ‘kirana’ neighbourhood grocery store in suburban New Delhi, India, offers a diverse selection of 15,000 products. This case revolves around its owner, Mr Jagmohan Trehan, who faces a pivotal decision due to the ongoing COVID-19 pandemic: whether to revamp the store’s product range and venture into e-commerce. The pandemic has dramatically altered consumer behaviour, with a surge in online grocery shopping. E-commerce vendors’ enticing promotions and the entry of Reliance Jio with a unique business model have presented opportunities and challenges to Mr Trehan and the kirana store industry, the backbone of India’s retail sector. In March 2020, the pandemic prompted panic buying and shifts in consumer preferences, compelling Apna Store to adapt during the lockdown. As online grocery shopping gained traction, the idea of entering e-commerce emerged, but with reservations. In April 2021, as India faced another pandemic wave, consumers became more comfortable with online grocery shopping, and e-commerce operators improved supply chains and delivery. This case centres on whether Apna Store should embrace e-commerce and the associated costs and benefits.

Consumers Attitude Towards Purchase Decisions of Counterfeits Fashion Products Moderated by Personal Income

The luxury fashion products industry is a highly profitable business that has experienced phenomenal growth over the last few decades. However, concurrently, consumers have shifted their preference towards counterfeit luxury brand fashion products (hereafter referred to as counterfeit fashion products). The shift in consumer preferences towards counterfeit fashion products may be attributed to the high prices of authentic luxury brand fashion products. Consumers are drawn to counterfeit fashion products because they believe that wearing such products can enhance their social status and boost self-confidence. Up to 40% of imported products entering Indonesia are counterfeit and of substandard quality The primary factor driving the high demand for counterfeit fashion products is the consumer's attitude, which encompasses factors such as value consciousness, brand consciousness, perceived risk, materialism, and social influences, with personal income included as a moderating variable. The research utilized a sample of 270 data points selected through purposive sampling. The data collected were analyzed using Structural Equation Model (SEM) analysis with the assistance of the AMOS 24 software application. The results indicated that value consciousness and social influences had an insignificant impact. Conversely, brand consciousness, perceived risk, and materialism significantly influenced attitudes. Personal income has been demonstrated to moderate individuals' attitudes towards purchasing counterfeit fashion products.

A Study on Working Women Customer Expectations on Retail Apparel Store Merchandising

A well-designed and expertly kept retail environment can draw in more customers, keep them interested, and ultimately result in a more fulfilling shopping experience, raising the likelihood of repeat business and patronage. It takes time and effort to merchandise a store effectively. Evaluation of strategy efficacy frequently, follows market trends, and adjusts to shifting consumer preferences. By doing this, it make shopping enjoyable for customers, entice them to buy again, and ultimately increase sales and brand loyalty. The influence of store merchandising and customer expectations on the success of a retail store is a crucial aspect of retail management and marketing. Visual merchandising is a potent technique that companies use to draw customers in, make their shopping experience memorable, and ultimately encourage impulsive or unexpected purchases. This research study explains the working women customer expectations on store merchandising with respect to store exterior and store interior.