Innovative Business Practices

Innovative Business Practices

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This second decade of the millennium finds the world changing at a once unimaginable pace. Businesses, tangled in the interwoven threads of galloping globalization, technological advances, cultural diversity, economic recession and deep-rooted human social evolution, struggle to keep up with incessant changes; consequently and inexorably experiencing severe difficulties and disorientation. Executives, much bewildered, habitually turn to conventional, time-honoured strategies and practices, which increasingly fail to offer the much-sought answers and means to survival, competitiveness and growth. We are currently experiencing a business era of turbulence and dynamic change a€“ an era that inherently rejects conventionality and orthodox business theory to reward businesses embracing agility, reflex-style adaptability, innovation and creativity. This turbulence is, however, not a parenthesis or even a pattern, but the new reality in which each business must reinvent and redefine itself. This is a new reality of stakeholders that shift focus from the external to the internal, from the tangible to the intangible, and from fact to perception. This book presents research and paradigms that transcend classical theory in order to examine how business practice is positively affected by these conditions. Across a multitude of sectors and organisational types, scholars of different business specialisations set the theoretical foundations of contemporary thinking and present their practical implementations.With the expansion of marketing scope, three other elements: people, process, and physical evidence were added to the marketing mix and thus is now known as the a#39;7Ps of marketinga#39; (Kotler et al., 2009). This chapter will center on theanbsp;...

Title:Innovative Business Practices
Author:Demetris Vrontis, Alkis Thrassou
Publisher:Cambridge Scholars Publishing - 2013-07-16


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