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Strategies for emerging business environment

Strategies for emerging business environment

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Author 1: Prof. Pradeepa S.V.

JSPM’s Imperial College of Engineering and Research, Wagholi, Pune.

7420029699/7358549930

e-mail id: pradeepavel87@gmail.com

Co Author: Mr. V. Ganeshrajan

Chief Manager, Polyplastics Pvt. Ltd, MIDC, Pune.

9884020680

e-mail id: ganeshrajan1981@gmail.com

Abstract:

As the world is moving towards a global smart village, organisations need to adopt various strategies to adapt themselves to the ongoing change and portrait their presence globally among the competitive environment.In this paper we will discuss in brief about the various strategies which the organisations should employ for their move towards the path of success.By adopting the strategies like use of artificial intelligence, live interactions through social media and corporate social responsibility the organisations will definitely improve their business development process and satisfy all the stakeholders of the business.Moreover, due to the changing needs of the customers, organisations are forced to adopt various strategies which may symbiotically benefit all the stakeholders of the organisation simultaneously. This review paper investigates the dimensions of how the various strategies like AI, Social media and CSR contributes to the company’s success.

Key words: Strategy, artificial intelligence, social media, corporate social responsibility.

Introduction

There are various strategies which the companies have started deploying in their business. Some strategies like use of Artificial Intelligence in the business, implementation of CSR to develop a strategic branding have their roots in the market previously. The new strategy like the live interactions through social media and focussing on the community and not the buyers alone in social media marketing is one such strategy which is in the fledging phase and slowly making its significance among the stake holders. Apart from these strategies, companies should also focus on various social learning methods like digital learning forums where they can interact with the peer employees and learn from them through the various interactive methods.

In this paper we will discuss about the strategies like how the use of artificial intelligence strategy will help the organisation in improved decision-making opportunities apart from the redundant works assigned to the machine. In addition to these we will also focus on how the emerging trend of social media can be used as a better marketing strategy by the organisations.

1. Artificial Intelligence:

When we think of artificial intelligence (AI), we might think of dehumanizing interactions. We should not confuse AI with primitive marketing automation. Leading companies are embracing AI to perform repeatable, redundant tasks and to process large amounts of data not to avoid human interaction, but to enrich it.

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AI has become a norm for many practical consumer experiences. Google maps are one such example where the customer uses real time data using the GPS facility available in their phones. In some cases AI can also be used as a rescue crew team by the local municipal corporations in the natural calamities like hurricane or flood. We can also expect to have well utilised applications of AI in near future based on the extensive utilisation of the AI in their business activities.

AI is also used for several Decision Support systems and in decision sciences for the organisational decision making which leads to the challenging and emerging business techniques. (Michael Goul)

The application and use of AI in the business are represented in the figure below.

Source: Christopher Penn, AI Expert

2. Strategy of Corporate Social Responsibility:

Sometimes, CSR is associated with the concept of sustainable development and hence, strategy of sustainable development is the core concern of responsibility in the emerging business environment. Therefore, companies strategizing on CSR need to focus on innovating or finding such solutions for business activities, which are socially responsible, ecologically friendly and economically valuable. (Rok, 2010).

The modern organizations have engaged their management to navigate their stakeholders’ concerns while implementing business model. These organizations identify the stakeholders through their own specific methods because there is no general standardized method of identification and the organization have to categorize the stakeholders for their CSR programs & their implementation would be a strategic move for the company to sustain the benefit in some way for the organization & its stakeholders.

Any organisation should adopt any of these four levels of CSR Activities to have a sustainable growth among the stakeholders. The four levels of the CSR responsibilities are as shown in the below figure:

Source: Adapted Caroll’s Model in 1999

3. Strategies through Social Media

Nowadays Social Media plays a vital role in having virtual encounters before the in personal relationships. We also have number of websites which provides the review of the product in all 360 degrees and from which we have the prospective customers. So Social media plays a vital role in the emerging business environment and definitely it helps in the promotion of the business if handled properly by the organisations.

3.1 Use of Live Streaming Videos Strategy

From the last decade we can observe that the usage of the mobile phones to a great extent. The increase in the usage of smart phones by the people todayhas made us think that the social media is better than the direct personal interactions. Karine Pires in his research has found that the popularity of any entity increases in a live streaming video mode and it is the most recent trend to attract the people. So, the companies have started developing great community engenders to encounter the long-term brand loyalty through the most recent trend i.e. live streaming of the videos rather than the recorded video. The best example for this would be the Facebook Live Video.

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Moreover, Smart companies must realize that social media and technology do not replace the need for in-person interactions but make in-person interactions more valuable. Since consumers are already connected in the virtual world, in person relationships can be built at a rapid pace because they have already interacted with the person previously in the virtual environment.

3.2 Use of Online Reviews through the Social Networks:

In the recent days as we have savvy consumers, who do their own research by looking into various websites, online reviews of the product before they reach the retail outlets. Also”,from the research study ofJon Reed, we understand thatthe marketing people should think of the buyer’s community and not only on the buyer’s network. Reed has also said buyers are always not buying and learning from the purchases they have made. So, the organisations should always not focus on the target customers but focus on the community of the customers.

According to Christy M.K. Cheung”,the reviews of the online customers have a great impact on the buying behaviour of the customers and it needs to be handled in a suitable manner to improve the sales of the product.

As a result, the old ‘buyer’s purchasing journey has given way to more realistic models that accounts to reality. Due to this the prospects of the buyers are no longer very smooth and predictable. So, the organisations should develop an appropriate trust networks of experts inside and outside of the company to handle the informed buyers.

Conclusion:

From the above review, we can understand that the organisations have to adopt various upcoming strategies as per the changing technology and the customer needs to have a strong root base for the future growth of the organisation. Artificial Intelligence is one kind of strategy where the businesses were just initially using machines for redundant jobs, but as the development in the technology it is widely used in various areas where there is a dynamism in the input data and the decisions are to be made appropriately as per the changing inputs.

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Even though CSR is one kind of very old strategy, nowadays the customers have started to do research about the various responsibilities the corporate organisations have towards the society because of the growing environmental and socio-economic concerns.

Social Media marketing is having a rising acceptance in the youths, because of the smart phone usage. All the organisations should consider this strategy, as the word of mouth through the electronic media is not only transferred to their networks but to the community as a whole. Hence the influence of the electronic word of mouth has more impact on the people before the buying decision when compared to the traditional buying behaviour activity. If the organisation fails to change their business strategies in correlation with the recent trends, then the organisation will be forced to face various pitfalls in their business.

References:

1. Christy M.K. Cheung, Matthew K.O. Lee, Neil Rabjohn, (2008) “The impact of electronic word‐of‐mouth: The adoption of online opinions in online customer communities”, Internet Research, Vol. 18 Issue: 3, pp.229-247″,

2. Michael Goul, John C. Henderson, Fred M. Tonge, The Emergence of Artificial Intelligence as a Reference Discipline for Decision Support Systems Research, November 1992″,Volume 23, Issue 6

3. Afzal, S., &Thiengnoi, P. (2009). A Comparative Analysis of CSR Strategies, Implementation and Outcomes: A Qualitative Case Study of IKEA, Starbucks and H&M.

4. Beenalawania, strategic corporate social responsibility: companies’ perspective volume no. 9 (2018), issue no. 05 (May) ISSN 0976-2183

5. Lee, M. D. P. (2008). A review of the theories of corporate social responsibility: Its evolutionary path and the road ahead. International journal of management reviews, 10(1).

6. Rok B., 2010, Potrójnaliniaprzewodniaczylitrzytwórczestrategiezarządzania, www.nu.fob.org.pl

7. Freeman, R. Edward (1984). Strategic Management: A stakeholder approach. Boston: Pitman.

8. https://www.forbes.com/sites/ianaltman/2017/12/05/the-top-business-trends-that-will-drive-success-in-2018/#4c438c3701ad

9. Katrin Scheibe, Information Behavior on Social Live Streaming Services, Journal of Information Science Theory and Practice http://www.jistap.org Research Paper J Inf Sci Theory Pract 4(2): 06-20, 2016 eISSN : 2287-4577 pISSN : 2287-9099

10. Brandtzæg, P.B., & Heim, J. (2009). Why people use social networking sites. Lecture Notes in Computer Science, 5621, 143-152

11. Cheung, C.M.K., Chiu, P.-Y., & Lee, M.K.O. (2011). Online social networks: Why do students use Facebook? Computers in Human Behaviour, 27, 1337- 1343

CSR responsibilities

Philanthropic

Economic

Legal

Ethical

Artificial Intelligence

Machines performing normal tasks as Humans

Machines learning on their own

Deep learning by Machines on their own through the chain of rich learning process

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