28 research outputs found

    Strategic thinking in family businesses

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    Abstract: This practitioner orientated paper seeks to understand better how management knowledge is created, shared and disseminated in family businesses (FBs). It outlines the initial findings from an exploratory study with senior managers of 20 FBs and FB experts that sought to examine the extent to which FB directors engage in strategic thinking, the issues that are considered part of strategic thinking, and the processes and tools driving strategic decision making. The results indicate that strategic thinking is not consistent across generations of FBs, as second generation (SG) firms tend to focus on operational issues whereas third generation (TG) firms have a more strategic focus. While all generations have to balance the ‘business’ and ‘family’ issues, it is likely that the ‘family’ element will have greater complexities in third generation businesses due to business maturity and extended family involvement. Results also illuminate that certain strategic issues and challenges relating to financing and capital structure, amongst others, are thought of differently in family businesses. Our findings indicate that FBs have differing management strategies, control systems and means of operating that impact on the extent and shape of strategic thinking. Finally, we contend that the present volatile business environment is the ideal time to focus on the development of sound strategic thinking to inform strategic planning which focuses the firm on the changing external environment and encourages a realistic appraisal of possible responses, dealing with threats before they become insurmountable

    WHEN IS FREQUENT FACE-TO-FACE CONTACT NECESSARY IN INNOVATION? A COMPARATIVE STUDY OF TWO DISTRIBUTED PRODUCT DEVELOPMENT PROJECTS

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    This paper combines the concept of technological modularity from the product-development literature with the concept of brokers from literature about communities of practice to explain why some innovation project teams require frequent face-to-face interactions to efficiently co-create new technologies, whereas others do not. The explanation is explored through a comparative case-study analysis of two distributed product-development projects in the European software and telecommunications industries. These case-study projects traversed several geographical sites in Norway, Germany, Greece, England and the Netherlands as well various communities of practice related to a number of distinct technological specialisations. The method involved participative observations and 40 in-depth interviews with key project members, managers and consultants.International innovation projects, Face-to-face interactions, ICT, Communities of practice, Technological modularity,

    Fuzzy promises: explicative definitions of brand promise delivery

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    This article clarifies the commonplace assumption that brands make promises by developing definitions of brand promise delivery. Distinguishing between clear and fuzzy brand promises, we develop definitions of what it is for a brand to deliver on fuzzy functional, symbolic, and experiential promises. We argue (a) that brands deliver fuzzy functional promises through encouraging and facilitating courses of actions that are conducive to the promised functionality, whereas (b) brands deliver fuzzy symbolic promises through encouraging and facilitating ways in which consumers can use brands as narrative material to communicate self-identity. Finally, (c) we propose that brands deliver fuzzy experiential promises through effectively motivating consumers to adopt and play a social role implicitly suggested and facilitated by the brand. A promise is an inherently ethical concept and the article finishes off with an in-depth discussion of fuzzy brand promises as two-way ethical commitments that put requirements on both brands and consumers
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