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This research aims to aid product development managers to estimate the expected cost associated with the development of cost-intensive physical prototypes considering transitions associated with pertinent states of quality of the prototype and corresponding decision policies under the Markovian setting.

The authors evolve two types of optimization-based mathematical models under both deterministic and randomized policies. Under the deterministic policy, the product development managers take certain decisions such as “Do nothing,” “Overhaul,” or “Replace” corresponding to different quality states of prototype such as “Good as new,” “Functional with minor deterioration,” “Functional with major deterioration” and “Non-functional.” Under the randomized policy, the product development managers ascertain the probability distribution associated with these decisions corresponding to various states of quality. In both types of mathematical models, i.e. related to deterministic and randomized settings, minimization of the expected cost of the prototype remains the objective function.

Employing an illustrative case of the operator cabin from the construction equipment domain, the authors ascertain that randomized policy provides us with better decision interventions such that the expected cost of the prototype remains lower than that associated with the deterministic policy. The authors also ascertain the steady-state probabilities associated with a prototype remaining in a particular quality state. These findings have implications for product development budget, time to market, product quality, etc.

The authors’ work contributes toward the development of optimization-driven mathematical models that can encapsulate the nuances related to the uncertainty of transition of quality states of a prototype, decision policies at each quality state of the prototype while considering such facets for all constituent subsystems of the prototype. As opposed to a typical prescriptive study, their study captures the inherent uncertainties associated with states of quality in the context of prototype testing, etc.

This study aims to undertake a comprehensive analysis of innovation models, tracing their evolution from Innovation 1.0 to Innovation 4.0 and introducing the concept of Innovation 5.0. It explores the intersection between innovation models and the principles of sustainability, resilience and human-centeredness, providing insights into their implications for Industry 5.0, and their potential to foster a resilient ecosystem amidst challenges and multiple crisis.

To achieve this objective, the authors used a systematic literature review approach, considering academic articles on Innovation 4.0, Industry 5.0 (specifically in the context of innovation) and helix models of innovation. The authors conducted thematic analysis and content analysis, followed by keyword co-occurrence analysis, enabling us to systematically synthesize and interpret the relevant literature.

The results conclude that Innovation 5.0 is a new paradigm for innovation that fosters broader societal engagement, and emphasizes sustainability, resilience and human-centeredness. Innovation 5.0 is evolving, but it has the potential to transform the way we produce, consume and live. Using insights from the sextuple helix model, this research leverages media and ICT as sixth helix vital role of knowledge sharing, digital transformation, innovation ecosystem and next industrial revolution in this process.

This study contributes to the ongoing discourse on exploring Innovation 5.0 through the sextuple helix model, offering a fresh perspective on innovation models and their collaborative potential. Its contribution lies in providing practical insights into the transition to Innovation 5.0, emphasizing the need for sustainability, regulatory support and awareness while also offering clear recommendations for future research.

This research studies the development of the evolving dynamic system model and explores the important elements or factors and what detailed attributes are the main influences model in achieving the success of a business, industry and management. It also identifies the real and major differences between static and dynamic business management models and the detailed factors that influence them. Later, this research investigates the benefits/advantages and limitations/disadvantages of some research studies. The studies conducted in this research put more emphasis on the capabilities of system dynamics (SD) in modeling and the ability to measure, analyse and capture problems in business, industry, manufacturing etc.

The research presented in this work is a qualitative research based on a literature review. Publicly available research publications and reports have been used to create a research foundation, identify the research gaps and develop new analyses from the comparative studies. As the literature review progressed, the scope of the literature search was further narrowed down to the development of SD models. Often, references to certain selected literature have been examined to find other relevant literature. To do so, a supporting tool (that connects related articles) provided by Google Scholar, Scopus, and particular journals has been used.

The dynamic business and management model is very different from the static business model in complexity, formality, flexibility, capturing, relationships, advantages, innovation model, new goals, updated information, perspective and problem-solving abilities. The initial approach of a static system was applied in the canvas business model, but further developments can be continued with a dynamic system approach.

Based on this study, which shows that businesses are developing more towards digitalisation, wanting the ability to keep up with the era that is moving so fast and the desire to increase profits, an instrument is needed that can help describe the difficulties of the needs and developments of the future world. This instrument, or tool of SD, is also expected to assist in drawing future models and in building a business with complex variables that can be predicted from the beginning.

This study will contribute to the SD study for many business incubator research studies. Many practical in business incubator management to have a benefit how to achieve the business performance management (BPM) in SD review.

The significant differences between static and dynamics to be used for business research and strategic performance management. This comparative study analyses some SD models from many authors worldwide. Their goals behind their strategic business models and encounter for their respective progress.

This paper reviews the literature on the business models of small and medium-sized enterprises (SMEs). It seeks to examine the profile, conceptual and intellectual structure of the literature whilst leveraging the findings to suggest promising future paths to advance our knowledge on business models of SMEs.

The study resorts to a systematic literature review that conducts descriptive, bibliometric (i.e. co-word occurrence analysis and bibliographic coupling of documents analysis) and content analyses to review the literature on business models of SMEs. The research protocol included 301 articles collected in the Web of Science (WoS) database in the descriptive and bibliometric analyses. The bibliometric analysis was performed using the VOSviewer software.

The descriptive analysis portrayed the profile of this research stream. The systematisation of the co-word occurrence analysis describes the four clusters that comprise the conceptual structure of this research field. The content analysis of the bibliographic coupling of documents’ clusters portrays the seven clusters that involve the intellectual structure of this research area.

The integrated and holistic approach adopted in this study provides a detailed overview of the literature on business models of SMEs. We propose an integrative framework for the literature that bridges the main themes that form the conceptual and intellectual structure of this field of research. A comprehensive agenda for future research is suggested and implications for theory, policy and practice are stated.

This paper examines the relationship between marketing automation emergence and the marketers' use of heuristics in their decision-making processes. Heuristics play a role for the integration of human decision-making models and automation in augmentation processes, particularly in marketing where automation is widespread.

This study analyzes qualitative data about the impact of marketing automation on the scope of heuristics in decision-making models, and it is based on evidence collected from interviews with twenty-two experienced marketers.

Marketers make extensive use of heuristics to manage their tasks. While the adoption of new automatic marketing tools modify the task environment and field of use of traditional decision-making models, the adoption of heuristics rules with a different scope is essential to defining inputs, interpreting/evaluating outputs and control the marketing automation system.

The paper makes a contribution to research on the relationship between marketing automation and decision-making models. In particular, it proposes the results of in-depth interviews with senior decision makers to assess the impact of marketing automation on the scope of heuristics as decision-making models adopted by marketers.

COVID-19 has forced Big 4 firms to challenge existing management control arrangements and adapt their ways of working. Yet, we know little about how management control might be enacted in the future of the sustainable workplace. The objective of the study is to examine the patterns of management control change in the Big 4 accounting firms during the COVID-19 pandemic.

Adopting an exploratory qualitative research design, the authors draw on 42 interviews with directors and associates in the Big 4 professional services firms.

The findings reveal two pathways of management control change including alignment and displacement. The authors found that relatively minor adaptions to action and result controls were relied upon to respond to substantial cultural and personnel control changes.

The contributions are threefold: the authors take a temporal perspective to (1) unpack the changes to management control arrangements; (2) theorise the findings by developing a three-dimensional taxonomy of change pathways encompassing pace, scope and longevity of management control change and (3) contextualise management control arrangements in a hybrid work setting.

1. COVID-19 has forced Big 4 firms to challenge existing management control arrangements.

2. Literature has focused on traditional, onsite work settings and largely ignored change pathways.

3. The authors take a temporal perspective to unpack changes to management control arrangements.

4. Big 4 firms adapted to hybrid work with substantial changes to personnel and cultural controls.

5. The authors theorise the findings by developing a three-dimensional taxonomy of change pathways.

COVID-19 has forced Big 4 firms to challenge existing management control arrangements.

Literature has focused on traditional, onsite work settings and largely ignored change pathways.

The authors take a temporal perspective to unpack changes to management control arrangements.

Big 4 firms adapted to hybrid work with substantial changes to personnel and cultural controls.

The authors theorise the findings by developing a three-dimensional taxonomy of change pathways.

This teaching case aims to analyze the business model of Amaro, a company that directly sells lifestyle goods to end consumers (B2C), focused on the women's market. Amaro's original business model is introduced and a challenging dilemma is proposed: could Amaro innovate its business model, moving from a digitally native vertical brand (DNVB)-type company to a platform, specifically a vertical marketplace focused on the female audience? Would Amaro be prepared for this evolution or would it be more appropriate to focus on or strengthen the DNVB model?

This teaching case was developed based on in-depth interviews with Amaro's leadership. The teaching notes were proposed based on business model innovation, competitive positioning and market trends concepts. The teaching case considers a new type of business model called DNVB. Students can review the concepts, create analyses and recommend which strategic options can leverage the company for a new growing cycle.

Using the case study in the classroom should promote the discussion and reflections on business model innovation and the future of retail in omnichannel contexts - Amaro offers products online (on an e-commerce platform and native mobile applications) and physically in locations called guide shops. The authors suggested the adoption of frameworks and tools (e.g. the competitive positioning map to allow students to visualize ways to compare strategies and make decisions).

The case introduces a fictional dilemma related to the decision to maximize offline or online investments or completely change the company's business model by adding a new vertical marketplace approach.

This teaching case contributes to the student's learning about business model innovation and evolution. Case discussions could explore contemporary concepts such as value proposition, disintermediation and omnichannel commerce.

Offering goods directly to the consumers by using modern technological architecture through vertical integration within the supply chain makes the DNVB business model an original topic in the start-up segment.

This article aims to conduct a bibliometric study using structural and relational approaches amongst the extracted documents and investigates the connections between business incubation and entrepreneurship-related papers to describe the field comprehensively.

A total of 259 articles have been retrieved from Scopus database in order to conduct the bibliometric analysis. Performance analysis and science mapping techniques of bibliometrics have been used along with data visualisation software, i.e. VOSviewer and RStudio. The network collaboration and intellectual structures, i.e. bibliographic coupling, co-occurrence analysis, word cloud and trending topics, have been presented to identify the field’s latest trends, themes and development.

The findings highlight annual publication trends, including the most frequently cited articles, the most productive authors, countries and highly influential journals that contribute the most to the said field. The intellectual structures have been developed to identify research themes and trends by running co-occurrence analysis and bibliographic coupling. The findings of this study emphasize the value of technology transfer, mentorship programmes, entrepreneurship education and an emphasis on innovation and creativity through entrepreneurial universities and academia. These findings provide policymakers and administrative officials with crucial guidance for fortifying the pillars of entrepreneurship and education for the comprehensive development of the economy. Further, this article attempts to identify the most influential and relevant publications as well as the newest trends in the area of business incubation in combination with entrepreneurship.

The article contributes not only to broaden the scope of knowledge on the said research discipline but also to comprehend how the field has evolved over a period of time. This study also attracts the interest of scholars/academicians, leading to the significant production of scholarly documents in business incubation and entrepreneurship.

The field of entrepreneurship and business incubation is one of the important pillars for the growth and development of the economy. This piece contributes to this arena by focusing on the areas that must be taken care of by developing the entrepreneurial ecosystem and fostering the progress of startups. The fundamentals of this research highlight the importance of mentorship programs, entrepreneurship education, technology transfer and a focus on innovation and creativity through entrepreneurial education and efforts by universities/academia, giving an important direction to the policymakers and administration for strengthening the pillar of entrepreneurship and education for the holistic development of the economy.

Business incubation is an emerging field of academic research connected to startups, venture formation and entrepreneurship ecosystems, making it a potential scholarly discipline. This study presents a thorough bibliometric analysis over the last three decades, offering comprehensive details on the most significant developments in the field of business incubation. Moreover, the various analytical methods applied to this study make it more attractive.

The learning outcomes of this study are to assess the shared value model and elaborate on new multi-stakeholder approaches to business, where the stakeholders include the founders, investors, partners, employees, clients and the surrounding community; to consider the synergies between community development, environmental stewardship, sustainable business practices and the long-term health of organisations and communities, considering these as the new fundamentals of business; to examine the interconnectedness of vision, strategy, purpose and leadership in creating and evolving the shared value model; to explore the relationship between shared value practices and collective well-being, and a specific reference to nurturing transformative experiences through nature, personal development and community upliftment is made; and to assess Grootbos’ ability to translate their purpose and value proposition into a strategy and sustainable vision with a possibility of Grootbos achieving global impact through its evolving model, beyond the founder.

This case study explores the evolution of Grootbos Private Nature Reserve and Foundation, a luxury hospitality lodge and award-winning ecotourism destination, from humble beginnings in the Western Cape of South Africa to a global example of conservation, community, commerce sustainability and transformative experiences. The establishing of Grootbos and its growth and widespread recognition can be attributed to the vision and inspirational leadership of its founder, Michael Lutzeyer. Although much success has been achieved in conservation, community upliftment and individual development of community members within their region, Lutzeyer’s and ultimately, Grootbos’ vision extended well beyond South Africa and aspired to elevate their floral kingdom and model of development and conservation to a global platform of awareness. Although a shared value vision and strategy had transformed the business, placing Grootbos as a leader in transforming their industry and sparking an evolution in the shared value model itself through the interjection of transformative experiences, the larger question remained: How can Grootbos extend the impact, towards people and planetary well-being, beyond the scope of their individual place-based business and their industry? And in terms of the dilemma Lutzeyer and the management team at Grootbos faced: How will this vision and global ambition continue through succession, beyond Luzeyer’s personal drive at the helm?

Experienced leaders within a graduate degree program, executive Master of Business Administration (MBA) or executive education in the areas of leadership development, strategy, shared value and international business.

Teaching notes are available for educators only.

CSS4: Environmental management.