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Article
Publication date: 5 January 2015

Jiří Fotr, Miroslav Špaček, Ivan Souček and Emil Vacík

The purpose of this paper is to elucidate on specific risk mitigation approach which is known as “scenario approach”. Description of stepwise process of their elaboration, which…

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Abstract

Purpose

The purpose of this paper is to elucidate on specific risk mitigation approach which is known as “scenario approach”. Description of stepwise process of their elaboration, which is worth considering for managers, offers feasible tool not only for company risk management improvement but also for significant enhancement of the quality of company strategic planning. Authors also draw attention to advantages and disadvantages of investment and strategic scenario planning. Theoretical implications of using scenario approaches are exemplified both by the set of investment projects and company strategic planning process where method in question was applied.

Design/methodology/approach

As for methods applied which fulfilled research strategies, it is worth mentioning following items: analysis which explores particular parts of methodology of scenario elaboration and application, the way of obtaining information, impact on strategy, working with risks and organizational support of outcomes in company environment; synthesis observing context and natural relation of problems solved which supports research hypotheses formulation; induction generalizing facts acquired from results in companies; deduction to be grounds on which conclusion of this paper was drawn up; abstraction used upon evaluation of case studies; comparison assessing consistency and inconsistency of phenomena and objects; description inevitable for characterization of companies and environment in which they operate; interview collecting information inevitable for the evaluation of the way of working with scenarios and company knowledge standards; modelling was used upon consideration about possible future development of factors observed.

Findings

The paper arrived at conclusion, that scenario approach, when used appropriately, may significantly mitigate risk exposure of the company. Conclusions which have been made on selected industrial companies can be extended to other industrial branches. Practical application of scenario planning method confirmed that this approach was superior to deterministic single scenario model. Scenario technique thus compensates for deficiencies and omissions which are inherent in simplistic deterministic model. In cases where an investment scenario planning process proved to be insufficient, the paper refers to more advanced techniques like simulation methods or real options.

Research limitations/implications

Over past ten years practical test of proposed stepwise process of scenarios elaboration was repeatedly tested on approx ten industrial companies during the tenure of Mr Soucek and Mr Špaček in top managerial positions.

Practical implications

This paper offers flexible and feasible toll for scenario elaboration and their further development. Such an approach contributes significantly to the enhancement of company risk management process. Proceedures described were successfully tested in managerial practice by two of authors while holding CEO positions in oil prcessing and pharma business.

Social implications

This paper does not have direct social implication. But scenario approach as a powerful tool of risk management process may significantly contribute to company survival and thus impact social status all stakeholders concerned. Therefore social implications should be identified rather on the background of the problem.

Originality/value

Notwithstanding some general notion about scenario concept, there is still little evidence that scenario approach is applied in larger extent. It is prevalently due to lack of expertise of respective managers who are obviously puzzled with numerous outcomes to be obtained by this approach. Clearly define procedure of scenarios formation may be conducive to larger exploitation of this approach. Design of the elaboration and application of scenario approach which was proven to be functioning in the practice brings new benefits to risk management exploration.

Details

Baltic Journal of Management, vol. 10 no. 1
Type: Research Article
ISSN: 1746-5265

Keywords

Article
Publication date: 12 April 2022

Philip Coombes

The purpose of this paper is to present the findings of a bibliometric analysis of the evolution and structure of business model research in industrial marketing scholarship…

Abstract

Purpose

The purpose of this paper is to present the findings of a bibliometric analysis of the evolution and structure of business model research in industrial marketing scholarship during the period between 2011 and 2020 and to discuss potential directions for future empirical research.

Design/methodology/approach

Bibliometric methodologies are deployed to objectively evaluate the business model research that has made the most impact within industrial marketing scholarship as well as the prominent scholars and key topics driving the discipline at points in time.

Findings

The findings demonstrate the formative but increasing engagement that industrial marketing scholarship has had with business model literature and the limited but increasing degree that business models have influenced industrial marketing literature. Potential directions for the empirical development of business model literature are argued to lie in the areas of collaboration and coopetition by examining the notion of value within the relationships, interactions and/or networks evidenced in European seaports business models.

Research limitations/implications

Bibliometric analysis is retrospective in nature so developments in the literature appear only after some time has elapsed. Different keyword selection when formulating search strings for sampling may have brought some deviations in the analysis.

Originality/value

Research that investigates the link between business models and industrial marketing is still scarce. This paper is among the few that analyze objectively the evolution and structure of business model literature in industrial marketing scholarship from a longitudinal perspective with a particular emphasis on the period between 2011 and 2020.

Details

Journal of Business & Industrial Marketing, vol. 38 no. 3
Type: Research Article
ISSN: 0885-8624

Keywords

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