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Learning outcomes of this study are as follows: conduct a comprehensive organizational diagnosis to uncover the peculiarities of managing a family business; evaluate the spirit of innovation of the new generation to drive rejuvenation initiatives in the family firm; reflect on the concept of stealth innovation and its manifestation in the context of transgenerational entrepreneurship; and assess the effectiveness of managerial decision-making and provide recommendations for securing the sustainability of a family firm.

This case starts with the entrepreneurial beginnings of Jack Misakyan, who transformed the small blacksmith venture of his father into a large and profitable family enterprise with operations across different countries and industrial sectors. Since the establishment of Misakyan Technical Solutions (MTS), Jack relied on the help of his brothers, Ara and Hovik, who have joined the ranks of owners and managers to drive the expansion efforts of the family firm. Over the years, the brothers were successful in pursuing a strategy of continuous growth and diversification by taking advantage of opportunities in several industries and regions of the world. They opened branches in Kuwait, Syria, the United Arab Emirates and Armenia, and operated in industries of heavy-truck maintenance, pharmaceuticals, marine shipping, construction materials, quarry and restauration. Yet, four decades after its launch, the company was entering in a phase of stagnation and was in need for entrepreneurial rejuvenation. The members of the third generation, who have recently joined the family firm, believed that it was their obligation to restructure the operations and revive the entrepreneurial spirit in their fathers’ organization. Moreover, after several months of market analysis and investigation, two of the cousins came up with a new business idea that was pursued entirely in a stealth mode. By describing the strategic events and family dynamics that shaped the evolution of MTS over time, the case offers an opportunity to assess the effectiveness of managerial decision-making and provide recommendations for ensuring the longevity of the family enterprise.

Upper undergraduate classes.

Teaching Notes are available for educators only.

CSS 11: Strategy.

The purpose of this paper is to answer for questions regarding vertical specialization in the Korea’s key exporting industries, such as the changing pattern toward VS or VS1 and the changing trend in the location of slicing up the value chain in these industries.

The framework of Koopman et al. (2014) is adopted to calculate the industry-level vertical specialization indices, VS and VS1.

VS1 is a dominant type of vertical specialization in the key exporting industries of Korea. The increasing net vertical trades (VS1−VS) verifies the upward trends in the locations of slicing up the value chain in the industries empirically.

The net vertical trade (VS1−VS) of each industry is an important indicator of the location of slicing up the value chain in the environment of the international production network.

The industry-level calculations of VS and VS1 are necessary in order to remedy the aggregation bias from the country-level calculation of VS and VS1 functioning in the opposite direction.

REASONS FOR REVIEWING THE EDUCATION OF TECHNICIANS The word Technician has been used for very many years without being given a precise meaning, but the recognition that there are groups of people carrying out types of work that can be given a general connotation — Technician work — has evolved gradually. The earliest recognition came in the electrical engineering industry, but recognition has now spread to other branches of industry, and to other activities in the life of the nation. The White Paper issued by the Ministry of Education in 1961, Better Opportunities in Technical Education, gave a lead to the technical colleges in designing courses of technical education specially for technicians. During the years following the issue of this White Paper, a great deal of attention was paid by teachers, training officers, industrialists and ministry staff to ways of implementing the recommendations contained in the White Paper, and particularly to shaping national certificate, national diploma, and City and Guilds courses better to meet the requirements of technicians. Although most of this attention was given to science‐based occupations, appreciation gradually developed that in commerce, business and service industries there exist also types of work that have responsibilities and requirements, of a similar nature, though differing in kind, to technician work in science based industry.

The aim of this paper is to highlight the importance of industrialization and its role in realizing technological innovation leading towards economic development. China has made a 15‐year plan to develop an innovation driven economy, for which it requires a strong and a structured industrial base. An overview of China's industrial strategy has been provided, followed by the challenges and the possible measures needed to be taken in order to achieve its long‐term goals.

Phenomenology, exploratory research and inductive approach for analysing management of technological innovation, industrial clusters and economic development, and, China's innovation plan.

China has emerged as the fastest developing economy and is currently in the transition stage from factor driven to investment driven. In order to stabilize and move towards the investment driven and then to the innovation‐driven stage, China requires a strong industrial base. In order to do so, China needs to cope with the challenges of: a weak system of intellectual property management: lack of skilled and technical labour and adequate financial resources: slow pace in competence and competitiveness upgrading: a weak educational system: industrial pollution; and, lack of basic research.

The paper serves as a guide to students and researchers by presenting a summary of global trends regarding technological innovation, industrial clusters, and China's industrial policies to develop an innovation driven economy.

Structural economists have been amongst the foremost proponents of a pro‐active industrial policy as the mechanism for promoting rapid economic growth (Lewis, 1956; Myrdal, 1957; Kaldor, 1967; Thirlwall, 1989). This is substantiated by the argument that manufacturing being characterised by increasingly specialised inter‐related activities, radiates tremendous impulses both intra and inter sectorally (Young, 1928: 527–42). Using a sample of 12 developed countries, Kaldor (1967:3–23; 1975:891–6; 1979; 1989:282–310) attempted an empirical study to support this relationship. A positive correlation between manufacturing growth and that of the economy has been defended on the grounds that manufacturing growth increases static (relate to size and scale of production units and are characteristic largely of manufacturing where in the process of doubling the linear dimensions of equipment, the surface increases by the square and the volume by the cube), as well as dynamic (relate to increasing returns brought about by ‘induced’ technical progress, learning by doing, external economies in production, etc.) returns (Thirlwall, 1989: 60). Since manufacturing also produces capital goods that are used in different industrial branches and other sectors, it is seen as a powerful mechanism for transmitting technical change (Weiss, 1988). It is for these reasons, structuralists generally prescribe government policies that favour manufacturing expansion. Malaysia is a good example of a natural resource rich country that has made manufacturing its main plank of economic growth especially since the launching of the New Economic Policy (NEP) in 1971 (see Malaysia, 1976). However, as industrial policy in each socio‐political space offers state‐specific characteristics, we will analyse industrialisation within Malaysia's setting.

The purpose of this paper is to enhance the capability in managing the maintenance of the transportation process from a quarry to a crushing plant, measured by the availability value and the process capability value.

The maintenance management plan consists of plans for three levels of management: strategy, tactical and operational maintenance plans. The Deming cycle is a continuous improvement tool use for controlling and monitoring activities of the plans. There are three Deming cycles according to these plans, the first of which involves the improvement of machine performance and investment evaluation. The second involves the improvement of plans, schedule, and activities of preventive maintenance including autonomous maintenance. The third is for human resource development on maintenance works. Moreover, the feedback of a prior round of each cycle comes early to detect abnormalities that provide better capability in maintenance.

Three Deming cycles can use for enhancing the maintenance management. The parameters are availability (A) of machines and the capability process (Cpk) of the transportation process. The results of this research state that the availability value of machines increases to 80-92 percent while the process capability value increases to 0.56.

The maintenance management, especially strategic plan, tactical plan and operational plan via the Deming cycle, can be implemented in other medium-sized industries with limited technology and personnel. It was found that the implementation of the plans has continued to progress with the Deming cycle.

This paper proposes how to successfully implement the maintenance management for medium-sized industries with limited technology and personnel. The maintenance management of three levels is carried out simultaneously by using the Deming cycle. This work has proven to be successful which can be expressed in the availability and the capability process values.

Industrial Training: Mr Marsh's progress report By the end of this year the Government hope to have set up Training Boards for the electricity, water, gas industries, the group of industries covering quarrying and the manufacture of cement, bricks, pottery and glass, woodworking and furniture, part of the textile industry, motor vehicle repair, passenger transport and road haulage. So stated Mr Richard Marsh, Parliamentary Secretary to the Ministry of Labour, speaking at the recent sixth Managing Directors Conference at Eastbourne.

The aim of the present study is to present in a systematic way the subject of industrial hazardous waste from the point-of-view of definitions in engineering, science and legislation. This analysis is necessary, as many different approaches and overlapping definitions are used for the classification of waste, leading to different results, a situation that often complicates the collection and interpretation of data on waste.

The study is conducted by bringing together the extended experience of the authors and other experts in the field of environmental legislation and a wide variety of scientific and legislative sources as well as articles and research reports. The focus is the European Union, while several approaches from the international area are presented.

The study presents and clarifies several waste typologies and provides a roadmap for professionals and researchers in the field of waste management. Furthermore, the findings reveal the need for a unified and robust definition of the term as well as the need for globalization of similar terms in order to unify and value the relevant data.

The study highlights the problem of definitions and approaches as well as the gap between what engineers and legislation experts mean by the term industrial hazardous waste. The paper represents an effort to establish a basis for unification of the relevant terms.

The paper provides an in-depth analysis on the industrial hazardous waste field and the relevant problems including actual data found in the international literature. The value of the research is that it brings together all existing experience and knowledge in the field in the form of a review paper, useful for professional and policy makers in the field.

Which British industries make the most effective use of manpower and equipment? How does your industry compare with others? Every company that takes manpower planning seriously should know the answers to these questions, yet surprisingly few people look at the right kind of figures. Within any one industry it is possible to make comparisons of output per man‐hour between different companies or different plants. But even these simple comparisons are fraught with danger if they concentrate on shopfloor labour and ignore the indirect workers and staff who all contribute to the final output. Comparisons between different industries are complicated by the problem of comparing, say, a tonne of steel with a motor vehicle, a suit of clothes, a chair, a ship or what have you. And companies are notoriously reluctant to release their own figures, though intrigued to know how well other people are doing. Fortunately, there is a reliable source of information that can supply the answers to the vital questions about manpower productivity. The Census of Production collects information from companies in all manufacturing industries and publishes the data in a series of reports. At one time, the census data came out too late to be of more than academic use (the 1963 figures finally emerged in 1968) but, thanks to computers, the data now emerge in provisional form within a year. What do the figures show, and how can manpower planners make use of the data?

As a result of accelerating globalisation, competitive dynamics of the world are rapidly changing. Nowadays, both small and large enterprises exist in the same arena, which was not possible before. Similarly, emerging countries have become both markets and competitors for developed countries.

In this chapter, competitive dynamics of Turkey, as an emerging market, will be analysed by evaluating export, import and production volume of the main sectors in Turkey. The concept of competitive positioning and also competitive positioning in emerging markets will be explained. Cases from different industries will be included in order to comprehend the big picture, to understand the competitive dynamics in Turkey and to show the roadmap in management and marketing of these companies. This chapter is planned to be a helpful tool to guide entrepreneurs and managers working in and with Turkish companies to survive and market their products in the Turkish market.