Today's Turbulent Environment Research Articles

THE IMPORTANCE OF KNOWLEDGE BREADTH IN THE DIGITALIZATION PROCESS OF SOCIAL ENTREPRENEURSHIP

One of the ways to solve economic and social problems is social entrepreneurship. In today's turbulent environment, the question of survival is posed to all economic entities, including those who operate as entities of social entrepreneurship. Digitization of business is a necessary process in innovating business models. In this research, we observed the impact of the knowledge breadth on the process of digitalization of the business of social entrepreneurship entities. In order to measure the knowledge breadth, we used the plans according to which the education in the field of digitization is carried out, the number of certified and expert lecturers, the number of sources of knowledge, patents and creativity. The main goal of the research is to determine whether the knowledge breadth can contribute to accelerating the process of digitization of social entrepreneurship and thereby contribute to its development. 97 social entrepreneurship entities from Bosnia and Herzegovina (B&H) participated in the research. Data were collected using questionnaires and analyzed using correlation and regression methods. We investigated the importance of the knowledge breadth in the process of digitization of social entrepreneurship. According to the results of the research, the knowledge breadth significantly affects the application of digitization in social entrepreneurship entities.

The strategy of a commercial bank in the stock market

Aim . To consider the principles and examples of development of the strategy of a commercial bank in the stock market. Tasks . To characterize the principles of developing the strategy, to reveal and describe the peculiarities of the stock market; to substantiate the possibility and necessity of the presence of the commercial bank in the stock market; to analyze the example of the strategy taking into account modern realities. Methods . The author used general scientific methods of research (analysis, synthesis), as well as methods of strategic analysis. Results . The strategy of commercial bank on the stock market, taking into account the obvious changes in the economy in 2022-2023 was developed. Conclusions . The process of development of the strategy of the commercial bank in the stock market is an event that requires a comprehensive approach. This development is aimed at achiev­ing long-term stability and profitability of the credit institution, which requires the development of rules and procedures for risk management in accordance with current legislation and inter­national standards. The bank in today's turbulent environment must adapt its strategy to con­stantly changing economic conditions.

Analysis of Industry 4.0 and circular economy enablers: A step towards resilient sustainable operations management

Originating in Germany, Industry 4.0 quickly became the new standard with industries adopting it worldwide. However, in the hurry to become digitalized for increasing production and efficiency, industries have failed at embracing the sustainability aspect of production. With the rise in concern for environmental safety and the re-introduction of circular economy, the authors have identified the integration of I4.0 and CE as a strong research point for overcoming the obstacles in achieving sustainable operations management (SOM). The research explains the criticality of the integration of I4.0 and CE and how it is the next step in becoming sustainable and resilient in today's turbulent environment. The study incorporates a four-step hybrid methodology with the identification and validation of enablers as the first phase using the PRISMA statement and PF-Delphi technique respectively. The second phase employs the PF-AHP technique for calculating the criteria weights which are subsequently used in the third phase by applying PF-CoCoSo to rank the enablers in priority order. Lastly, sensitivity analysis is performed to check the robustness of the results. The paper identified service and policy framework as the most critical criteria and product lifecycle management as the highest priority enabler for achieving SOM. The authors have also put forward seven recommendations for industries looking to implement I4.0 and CE for SOM by taking instances from previous case studies.

Theoretical aspects, components and characteristics of enterprise development in turbulent markets

Introduction. The development of an enterprise in turbulent markets is a complex and multifaceted process, since such markets are characterised by rapid changes, high degree of uncertainty, competition and instability. Turbulent markets can arise from a variety of factors, such as economic crises, technological changes, political instability or global events. In today's turbulent environment, enterprises must constantly improve and implement changes to not only survive in the market, but also maintain their competitive advantage. Commercial enterprises should focus on a management strategy that increases the efficiency of the entire system, while paying special attention to resource conservation and environmental protection. Therefore, the implementation of the concept of sustainable development is the most acceptable for a modern enterprise to maintain stable operations and a competitive position in the market. The purpose of the article is to form a theoretical basis for the development of an enterprise in turbulent conditions, namely, to systematise and generalise approaches to the interpretation of the concept of "economic development of an enterprise", to substantiate the components of ensuring the economic development of an enterprise and to identify the main elements of enterprise development in turbulent markets. Research methodology. The theoretical and methodological basis of the study are the works of leading domestic and foreign scholars, methodology and systemic principles of conducting comprehensive scientific research. Among the special research methods used in the work are: abstract-logical - to study the development of the problem and summarise the findings; theoretical generalisation - in the process of disclosing the essence of the category "enterprise development"; observation, comparative advantages, economic analysis, clustering and comparison - to study the components, indicators, functions and factors of influence on ensuring the development of an enterprise in conditions of turbulence. Results. The theoretical basis of enterprise development, characteristics and phenomena of the economic process are studied. A classification of ensuring the economic development of enterprise has been developed, which includes a system of indicators, features, factors and functions, allowing to make a decision on the possibility of rapid adaptation of the enterprise to changes in the business environment, provided that the needs of potential business entities are taken into account to the greatest extent possible, which guarantees the satisfaction of consumer needs. The factors of influence on the economic development of enterprise, which are determined by the impact of the scale of their activities and require strategic planning and development of alternative options for behaviour in conditions of uncertainty and turbulence in the enterprise environment, have been identified. A system of elements of enterprise development with a possible reaction to market turbulence is proposed for use, which will allow timely recognition and development of proactive actions.

The omnichannel continuum: Integrating online and offline channels along the customer journey

This paper provides a framework for conceptualizing omnichannel integration as a continuum, identifies phenomena that determine how firms should position along that continuum, and summarizes empirical research regarding these phenomena. The framework combines the customer journey (search to purchase to aftersales) and channel choice (online vs. offline). This generates a range of omnichannel strategies, anchored by “Unconnected” on one extreme and “Complete” on the other. In between, “Vertical” strategies integrate channels over the customer journey, while “Horizontal” strategies integrate across channels at a given stage in the customer journey. We draw on more than 200 articles to identify 10 consumer and marketing phenomena (“determinants”) that influence where a firm should position along the continuum. This however raises challenges. For example, empirical research surprisingly finds many customers belong to an offline-focused segment. This suggests a Vertical strategy linking offline channels. However, today's turbulent retail environment questions whether the offline-focused segment will endure. Should the retailer cater to offline-focused customers or facilitate their progression to “multichannelism”? Another finding is that consumers strongly prefer consistency across channels. This suggests a Horizontal strategy. However, consistency might create channel cannibalization. How can the retailer avoid this? We discuss these and several other findings regarding the impact of the 10 determinants on omnichannel continuum strategy. We identify issues researchers need to research and managers need to consider when developing omnichannel continuum strategy.

Perceived technological turbulence and individual ambidexterity – The moderating role of formalization

Today's turbulent environment, with fast and unpredictable technological changes, requires employees to increasingly act ambidextrously, i.e., to simultaneously incorporate exploitative and explorative tasks in their work roles. To improve our understanding of how to foster individual ambidexterity in technologically turbulent environments, we draw on organizational management theories by arguing (1) that perceived technological turbulence directly affects individual ambidexterity in a positive way and (2) that organizations can strengthen this effect by providing employees with internal stability in these times of external changes through high degrees of formalization. Using data collected in a three-wave online survey of 739 German employees, this study demonstrates that employees who perceive high degrees of technological turbulence in their organization's environment show high degrees of ambidexterity in their work. In addition, we show that formalization in the form of written rules, procedures, and instructions positively moderates this relationship so that employees' ambidexterity is highest when both perceptions of technological turbulence and formalization are high. We conclude by discussing the implications of these findings for the ambidexterity literature, for future research and managerial practice.

Entrepreneurs as designers of problems worth solving

Finding meaningful problems to address is a critical driver of innovation and entrepreneurship in today's turbulent environment, possibly even more so than problem solving. While the literature has mostly investigated problem finding in terms of discovering hidden user needs or root causes, this paper takes a different approach, namely problem finding as a design act. In particular, the paper introduces key concepts and methods for designing problems worth solving predicated on the practice of reframing, thus creating novel frames to look at a situation from an original perspective and make new sense of it.

Transformational Leadership, Career Adaptability, and Work Behaviors: The Moderating Role of Task Variety.

Career adaptability is a set of individual resources that benefit one’s sustainable development in his/her lifelong careers, especially in today’s turbulent environment. However, how to foster employees’ career adaptability through managerial strategies and eventually contribute to organizations remains to be studied. Guided by the career construction theory, we posit a moderated mediation model that transformational leadership (TFL) could strengthen employees’ career adaptability and further foster their task performance and organization-directed citizenship behavior (OCBO), with task variety moderating the mediation effect. We conducted a three-wave survey with 558 supervisor-employee dyads to test the overall model. The results validated that career adaptability mediated the links between TFL and task performance as well as OCBO. Furthermore, the mediation effect was stronger for employees who had higher levels of task variety. In short, our study offers the groundwork to understand that employees’ career adaptability can be activated by transformational leaders and is self-regulatory to benefit work behaviors in the task variety context. It enlightens organizations to cultivate employees’ career adaptability in the way of TFL and job design, with the objective of promoting the sustainable development for both the employees and the organizations.

Strategic Marketing Management: Achieving Superior Business Performance through Intelligent Marketing Strategy

In the age of drastic changes organizations need sustainable competitive advantage to cope with changes and to succeed. They can create, sustain and use competitive advantage through strategic management. Organizations can formulate strategies that their implementation results in sustainable competitive advantage. Marketing strategies seem to be an important type of these strategies. Traditionally, according to an integrated approach which integrates resource-based view (RBV) and market-based view, organizations could develop marketing strategies based on their internal capabilities and external position. Then they implement these strategies to create competitive advantage through their core competencies include creating value for customers, attracting and satisfying them. Marketing strategies play two important roles to sustain competitive advantage: (1) encourage customers to return (according to market-based view), and (2) create distinctive competencies through making core competencies VRIO (according to RBV). VRIO refers to Valuable, Rare, not Imitable and to be able to Organize. In today's turbulent environment, VRIO and customer retention are necessary but not adequate to sustain competitive advantage and achieve superior performance. Then organizations must be market/customer oriented, think and act based on innovative knowledge, make a useful and long term relationship with their customers. This qualification is for those organizations that are able to be knowledge-based, formulate its marketing strategies and sustain its competitive advantage based on its own knowledge. In other words its marketing strategy is intelligent. Organizations must consider innovative knowledge as a new input to sustain competitive advantage and to develop intelligent marketing strategy (more than internal capability and external position as existing inputs). In this paper, we are going to contribute a new perspective to develop marketing strategy. It is sustaining competitive advantage and developing intelligent marketing strategy (IMS) through innovative knowledge to achieve superior performance. Accordingly we have developed a comprehensive model of Intelligent Marketing Strategy.

The Differential Effect of Development Speed and Launching Speed on New Product Performance: An Analysis in SMEs

In the last decade, two new components have emerged in the innovation literature: the importance of performance indicators and the time perspective. It is assumed that innovation speed is vital in today's competitive, uncertain, and turbulent market environment. Our study offers a review of the different ways in which innovation speed has been conceptualized and measured. Based on the analysis of 159 small and medium‐sized enterprises, this study indicates that there is a need to differentiate between development speed and launching speed. The results show the key role of entrepreneurial orientation and innovation speed for .

The impact of market orientation culture on market performance in Gilan's small and medium-sized companies

Companies to survive and improve performance in today's turbulent environment have put market orientation on their agenda, therefore contemporary marketing, have shifted towards market orientation. In marketing a greater tendency to market orientation as an intangible factor that might influence on organization performance is. The purpose of this study was to evaluate the effect of market orientation on the performance of small and medium sized enterprises. For this purpose, data were collected from 152 companies. For data analysis, structural equation modeling with partial least squares approach (SEM-PLS), was used. All research hypotheses, except the impact of customer orientation on market performance was approved.

Management settings enabling value creation: the case study of a social enterprise

Today's turbulent competitive environment is strongly challenging the value creation drivers of traditional enterprises, mainly focused on shareholders satisfaction. Although in the last decades the competitive environment has deeply changed, no significant changes occurred in companies' management models. This inertia results even more in companies' crisis, reduction or shutting down. In this panorama, the social enterprise (SE), instead, is increasing the production and the opening of new units, distinguishing for its surviving capability and competitiveness. This paper investigates the reasons at the basis of such SE's performance, identifying in its management model set up the main reason: multi-stakeholder structure, balanced value creation among stakeholders, integrated management of three key dimensions (compliance, process performance, knowledge and learning).

Selection of Priority Cause and Effect Chains on the Strategy Map of Goals Using AHP Multiple Criteria Analysis

Today, when the labor market is extremely dynamic, and there is great competition, a certain level of knowledge is expected of every individual. This has influenced an increase in the number of higher education institutions, primarily in the private sector. To cope better with the growing global competition, the management of private higher education institutions is becoming increasingly aware of the needs to select the appropriate management methods. That would ensure the achievement of strategic goals and make a unique and clear methodology, easily applicable in today's turbulent environment. The paper proposes a unique management methodology which would represent a strategic management framework applicable to most private higher education institutions. The creation of a strategy map of goals by linking SWOT and BSC methods with multiple criteria decision method is described. An emphasis is placed on the application of the multiple criteria decision-making method in the objective selection of priority cause and effect chains in the BSC strategy map. The result of the application of the proposed methodological framework targets the priority cause and effect chains, i.e. strategies which would enable the achievement of vision and mission.

Does the EFQM Model Identify and Reinforce Information Capability?

The efficient management of information is a success factor that has become critical in today's turbulent global environment. The quality of the information employed directly affects results, and a company can rely on the quality of information used when it has information capability. Total Quality Management (TQM) models and practices help organizations to achieve better results and to increase competitiveness. In order to successfully implement quality systems, organizations need an effective information system that provides quality information; therefore, we can assume that there should be a relationship between information capability and TQM models. The aim of this study is to explore whether information capability is identified and reinforced in companies when adopting a TQM model, in particular the EFQM model.

Exploring the links between information capability and the EFQM business excellence model: the case of Basque Country Quality award winners

In today's turbulent global environment, using and efficiently managing information is a critical success factor that enables organisations to improve their results. Information capability is a source of competitive advantage and helps companies to achieve higher levels of efficiency. Total quality management (TQM) models are designed to guide organisations in their journey towards business excellence, and they help to identify the role and importance of information as a capability. The aim of this study is to find whether companies with TQM models actually use and manage information efficiently so that they have information capability. In order to achieve this goal, after defining the components of information capability, we reviewed the European Foundation for Quality Management (EFQM) criteria described in the reports of Basque Country Quality award winners to find evidence of these components. In addition, interviews with members of those companies were conducted in order to get additional insights into the findings. This paper presents evidence from organisations at the forefront of TQM practice, showing that many information capability practices are covered in the EFQM model. We found evidence of many information practices, and we saw from the information collected that the most highly developed competence in these companies is the Information Management Competence, while practices related to the information technology Competence and the Information Behaviours and Values Competence are not as evident. Nevertheless, this study is a first approach and is limited by the information shown in the self-assessment reports.

From ISO quality standards to an integrated management system: an implementation process in SME

The effective implementation of an integrated management system (IMS) is increasingly recognised as essential for all types of organisations facing today's turbulent and competitive environment. Literature stresses that most companies could benefit from moving from the mere adoption of the International Standards Organisation (ISO) quality standards to the implementation of an IMS linking strategy and operations by means of an interrelated set of management tools. However, despite the wide range of investigated issues, scholarly literature still mainly focuses upon large organisations, and although much progress has been made in recent years, many questions on how an IMS could be implemented in small- and medium-sized enterprises (SMEs) remain unanswered. In order to contribute to this research gap, this paper investigates the process characterising the effective implementation of an IMS in a leading SME and the main factors enabling the changeover from the adoption of ISO quality standards to the implementation of an IMS. The implementation process identified here is synthesised in a framework which can support the understanding and the implementation of an IMS in SMEs.

Entrepreneurship, knowledge integration capability, and firm performance: An empirical study

From the knowledge-based view, an organization is considered an entity that integrates and distributes knowledge to produce products and services. Knowledge is acknowledged as a sustainable basis of competitive advantage that many organizations possess. Entrepreneurial activity also has been viewed as an essential feature for organizations to survive and prosper in today's turbulent environment. In this study, we explore the effect of entrepreneurship on organizational performance through knowledge integration capability. Our research model depicts the firm as a knowledge integration institution that produces its offerings through specialized knowledge integration capability that consists of learning culture, knowledge management process, and information technology capability. The results show a strong support for the relationship between entrepreneurship and knowledge integration capability. We also found that the effect of entrepreneurial activities on firm performance was mediated by knowledge integration capability.

Quality strategy for transformation: a case study

PurposeThis paper aims to address the issue of sustainability of excellence in today's turbulent environment and evaluates the effectiveness (to achieve objectives) of quality strategy in a DAP‐winning company.Design/methodology/approachA face‐to‐face interview and a literature review were carried out in a case study mode.FindingsThe paper finds that total quality management (TQM) implemented in the Deming Application Prize (DAP) framework has a positive effect on business performance. To sustain excellence, it is important to maintain strategic focus, match strategic options with aspirations, link the human resource mission with the company vision, and work for transformation.Research limitations/implicationsInformation provided/reported by the case company is fully relied upon and the required data are extracted.Originality/valueWorking definitions of TQM and business excellence are presented and the issue of “transformation” is explored. The study adopts creative approach for identifying critical success factors, discovers the possibility of including “flexibility” as the fifth angle in DAP examination, and proposes a framework for further research.

Key attributes of successful knowledge management: an empirical study in telecommunication and software industries

In today's turbulent environment, KM is considered much more than a buzzword; rather it has emerged as a critical competitive differentiator – a delicate balance of people, processes and tools. The aim of this paper is to provide the empirical support for successful implementation of knowledge management (KM) in Indian telecom and software industries, that have, to date, received very little attention in the literature. This paper is based on an empirical study conducted on 80 knowledge workers, project managers, team members, consultants, researchers and designers randomly drawn from Indian telecommunication and software industries, using a detailed questionnaire survey. Statistical analytical tools like coefficient of correlation and other descriptive statistics scores have been used for presenting the data. The results revealed sufficient evidence to establish a correlation between organisational culture, organisational learning, collaboration, innovation and KM. The factors described in this paper are based on the existing KM practices at organisations with well-established KM programs. These can serve as pragmatic guidelines for KM practitioners in developing knowledge culture.

Improvisation model for team performance enhancement in a manufacturing environment

PurposeThe core purpose of the paper is to propose that improvisational practices have the potential to bring an additional dimension to the learning process in a typical manufacturing organization governed by a culture‐implied “plan what we do and do what we plan” environment. In today's turbulent environment employees should possess both the capability to follow a plan, while at the same time remaining able to respond instinctively to outcomes that are unexpected.Design/methodology/approachSeveral authors view the concept of improvisation associated with performing arts and creativity‐based artistic productions such as jazz performance, comedy and improvisational theater as a model to shape organizational processes. The instances of improvisation cited in the literature are first classified as either proactive or reactive. Using the jazz metaphor, the paper offers a model of decision making by an agent and a process view of communication.FindingsThe authors propose that a culture of a manufacturing environment described as “plan what we do, do what we plan, but improvise with bias toward improved system performance” is very desirable and should be legitimized.Research limitations/implicationsAlthough the model is conceptual, it will benefit from more empirical or case‐based research.Practical implicationsFor practising managers, this work offers a goalpost toward productive thinking.Originality/valueThe paper argues that improvisational experience of other domains of activity (e.g. in creativity‐based artistic productions such as jazz bands, theatres) should be considered for adoption into the manufacturing environment after a suitable transformation.