Shashishekar M.S., Sandip Anand and Arun Kumar Paul
Smart connected products (SCP) are the new archetype of products evolving. SCP are subtly changing the product-centric business to system-centric. Development and monetization of…
Abstract
Purpose
Smart connected products (SCP) are the new archetype of products evolving. SCP are subtly changing the product-centric business to system-centric. Development and monetization of new SCP is an uphill task, it necessitates unique market orientation and business models. The purpose of this study is to establish a framework of variables influencing new smart connected products performance (NSCPP) at the market place, suggest methods to operationalize the framework.
Design/methodology/approach
The study identified key variables influencing NSCPP from existing literature. Conceptualized unique theoretical frameworks of these variables and empirically validated structural relationships. The study performed structural equation modeling using the data collected from 163 respondents having managed the development and monetization of 138 new SCP launches.
Findings
The study established structural relationships among selected variables proactive market orientation (ProMO), new product development proficiency (NPDPro) and business model innovation (BMoI). It revealed that the effect of ProMO is manifested through NPDPro. BMoI and NPDPro significantly influence NSCPP.
Practical implications
The study presented “ProMO Canvas” to plan and operationalize ProMO integrated with new product development (NPD) stage-gate activities. The study suggested the practitioners to execute ProMO activities preceding NPD activities and execute NPD, business model development activities in parallel to attain superior NSCPP.
Originality/value
This study is a novel effort to derive a unique empirical framework of variables ProMO, NPDPro and BMoI to attain superior NSCPP.
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SHANTARAM P. HEGDE and SANJAY B. VARSHNEY
We argue that uninformed subscribers to an initial public offering (IPO) of common stocks are exposed to greater ex ante risk of trading against informed traders in the secondary…
Abstract
We argue that uninformed subscribers to an initial public offering (IPO) of common stocks are exposed to greater ex ante risk of trading against informed traders in the secondary market because the advent of public trading conveys hitherto private information and thereby mitigates adverse selection. The going‐public firm underprices the new issue to compensate uninformed subscribers for this added secondary market adverse selection risk. We test this market liquidity‐based explanation by investigating the ex‐post consequences of ownership structure choice on the initial pricing and the secondary market liquidity of a sample of initial public offerings on the New York Stock Exchange (NYSE). Consistent with our argument, we find that initial underpricing varies directly with the ex post trading costs in the secondary market. Further, initial underpricing is related positively to the concentration of institutional shareholdings and negatively to the proportional equity ownership retained by the founding shareholders. Finally, the secondary market illiquidity of new issues is positively related to institutional ownership concentration and negatively to ownership retention and underwriter reputation. Thus, the evidence based on our NYSE sample supports the view that the entrepreneurs' choice of ownership structure affects both the initial pricing and the subsequent market liquidity of new issues.
Susheel Pandey, Rajeev Srivastava, Christ Prakash Paul, Arun Kumar Rai and Rakesh Narain
The aim of this paper is to study the effect of laser shock peening (LSP) on mechanical behaviour of the laser-directed energy deposition (LDED)-based printed 15-5 PH stainless…
Abstract
Purpose
The aim of this paper is to study the effect of laser shock peening (LSP) on mechanical behaviour of the laser-directed energy deposition (LDED)-based printed 15-5 PH stainless steel with U and V notches. The study specifically concentrates on the evaluation of effect of scan strategy, machining and LSP processing on microstructural, texture evolution and fatigue behaviour of LDED-printed 15-5 PH steel.
Design/methodology/approach
For LSP treatment, 15-5 PH steel was printed using LDED process with bidirectional scanning strategy (XX [θ = 0°) and XY [θ = 90°]) at optimised laser power of 600 W with a scanning speed of 300 mm/min and a powder feed rate of 3 g/min. Furthermore, LSP treatment was conducted on the V- and U-notched fatigue specimens extracted from LDED-built samples at laser energy of 3.5 J with a pulse width of 10 ns using laser spot diameter of 3 mm. Post to the LSP treatment, the surface roughness, fatigue life assessment and microstructural evolution analysis is performed. For this, different advanced characterisation techniques are used, such as scanning electron microscopy attached with electron backscatter diffraction for microstructure and texture, X-ray diffraction for residual stress (RS) and structure information, Vicker’s hardness tester for microhardness and universal testing machine for low-cycle fatigue.
Findings
It is observed that both scanning strategies during the LDED printing of 15-5 PH steel and laser peening have played significant role in fatigue life. Specimens with the XY printing strategy shows higher fatigue life as compared to XX with both U- and V-notched conditions. Furthermore, machining and LSP treatment led to a significant improvement of fatigue life for both scanning strategies with U and V notches. The extent of increase in fatigue life for both XX and XY scanning strategy with V notch is found to be higher than U notch after LSP treatment, though without LSP samples with U notch have a higher fatigue life. As fabricated sample is found to have the lowest fatigue life as compared to machines and laser peened with both scan strategies.
Originality/value
This study presents an innovative method to improve the fatigue life of 15-5 PH stainless steel by changing the microstructure, texture and RS with the adoption of a suitable scanning strategy, machining and LSP treatment as post-processing. The combination of preferred microstructure and compressive RS in LDED-printed 15-5 PH stainless steel achieved with a synergy between microstructure and RS, which is responsible to improve the fatigue life. This can be adopted for the futuristic application of LDED-printed 15-5 PH stainless steel for different applications in aerospace and other industries.
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Deepika Jhamb, Arun Aggarwal, Amit Mittal and Justin Paul
Conventionally, consumers perceive luxury products as a means of displaying their wealth and prosperity. Consumption of luxury products has usually been considered the prerogative…
Abstract
Purpose
Conventionally, consumers perceive luxury products as a means of displaying their wealth and prosperity. Consumption of luxury products has usually been considered the prerogative of the Western world. Although there are a number of studies capturing the pre-purchase and purchase behaviour of consumers, there is a dearth of quality studies that have been conducted in this field to understand the post-purchase behaviour of consumers towards luxury brands, especially in the context of young shoppers in an emerging market context. Studying the post-purchase behaviour of shoppers is important to understand their experience with the brand. A negative experience could lead to a post-purchase dissonance, which in turn could lead to an unbalanced or distorted attitude towards the brand and other marketing stimuli. Keeping this in consideration, the purpose of this study is to explore the experiences and attitudes of young shoppers in India towards luxury consumption.
Design/methodology/approach
The study captured responses from young shoppers of Chandigarh and its satellite cities located in the relatively prosperous northwest region of India. The data were collected from 200 participants through a structured questionnaire that was based on an adapted “Attitude towards the concept of luxury” scale by Dubois and Laurent (1994) and “Brand Experience” Scale by Brakus et al. (2009). The structural equation modeling technique was applied to test the proposed model.
Findings
The empirical results indicate that sensory, intellectual, behavioural and affective experience play a significant role in building the attitude of consumers towards luxury brands.
Research limitations/implications
The study selected university students from Chandigarh (India) Tricity region as target respondents, which may limit the generalisability of the results to other target respondents in different regions of India or other countries.
Practical implications
The study is useful for researchers, academicians, marketers and retailers of luxury brands, as it gives fresh insights into understanding the consumer behaviour of a young segment towards the consumption of luxury brands in the post-purchase scenario, especially in the context of an emerging market.
Originality/value
The uniqueness of the study lies in the fact that it examines the post-purchase behaviour of a segment consisting of young, educated and aspirational individuals in one of the world’s fastest-growing major economies.
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Vikas Kumar and Arun Kumar Kaushik
This study aims to examine factors influencing purchase intentions of households toward solar rooftops, using diffusion of innovation theory.
Abstract
Purpose
This study aims to examine factors influencing purchase intentions of households toward solar rooftops, using diffusion of innovation theory.
Design/methodology/approach
Six dimensions from the diffusion of innovation theory have been contemplated to assess households’ purchase intentions toward solar rooftops. Primary data was collected from 863 respondents by using a purposive sampling technique from different parts of India. The study used structural equation modeling analysis to examine the data.
Findings
Results confirmed that the dimensions, namely, relative advantage, compatibility, complexity, innovations and observability, positively influence households’ purchase intentions of solar rooftops, except for the trialability dimension.
Research limitations/implications
Data for the study is based on a purposive sampling technique that restricts the representation of the whole population. There may be variance in public perception from place to place due to demographic and psychographic differences.
Practical implications
The present study would facilitate devising a roadmap to improve the quality of the environment. Policy planners, researchers and professionals would find the implications of this study helpful in developing critical strategies.
Originality/value
The research practically explores households’ intention to purchase solar rooftops by filling the gap in previous literature. Findings of the study can equip firms with several advantages. Through the present study, one gets to know that developed and developing economies have similar energy usage issues. Further, it empirically examines the applicability of diffusion of innovation theory in the solar rooftops context.
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Ishani Sharma, Weng Marc Lim and Arun Aggarwal
With a growing preference for active, authentic, and cultural experiences over traditional ones, creative tourism has garnered significant academic interest. This study offers a…
Abstract
Purpose
With a growing preference for active, authentic, and cultural experiences over traditional ones, creative tourism has garnered significant academic interest. This study offers a comprehensive review of creative tourism research, delineating its evolution, prominent contributors, pivotal areas, and prospective trajectories through a bibliometric analysis.
Design/methodology/approach
Employing a bibliometric analysis using the biblioshiny and VOSviewer software, this study systematically reviews 198 articles on creative tourism identified and retrieved from the Scopus database.
Findings
A notable increase in creative tourism research is witnessed in recent times, with Portugal and the Netherlands leading in publications and citations, respectively. This review also pinpoints key authors, countries, institutions, and journals shaping the field, and presents emerging themes such as authenticity and creative experience, culture and heritage, urban and rural contexts, and co-creation in creative tourism.
Practical implications
Identifying core research contributors (authors, countries, institutions, journals) and contributions (themes, topics) assists academics in seeking collaborations and shaping future research. Practitioners are advised to adapt these trends (authenticity, co-creation, sustainability) into their strategic planning to meet market demands.
Originality/value
This study offers a seminal review of creative tourism through a bibliometric analysis, a technique that leverages the power of technology (data, software) to engage in retrospection and projection—the hallmark of benchmarking studies across fields, including tourism. Noteworthily, this study provides a detailed summary of the field’s trajectory and significant trends, positioning itself as an essential reference for academic scholars, industry professionals, and policymakers with a keen interest in creative tourism.
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Ramaa Arun Kumar and Mahua Paul
This study aims to estimate total factor productivity (TFP) growth for the post-2008 period for selected industries in the manufacturing sector at NIC 3-digit. Total factor…
Abstract
Purpose
This study aims to estimate total factor productivity (TFP) growth for the post-2008 period for selected industries in the manufacturing sector at NIC 3-digit. Total factor productivity growth (TFPG) estimates are based on the theoretical framework provided by studies such Hall (1988), Abraham et al. (2009) and Crepon et al. (2005) that incorporate market imperfection in labour and product market, thereby modifying the traditional TFP estimation as Solow Residual.
Design/methodology/approach
Based on the theoretical model that incorporates market imperfections in labour as well as product market in modifying the TFP estimates using the Levinsohn–Petrin framework of empirical estimation, the authors have calculated industry wise TFPG for 62 industries at NIC 3-digit level.
Findings
The study finds three distinct trends: first, there are considerable industrial disparities in productivity growth in terms of TFP. The estimates have been found to be higher than the conventional Solow Residual for most industries, indicating the role played by market imperfections in affecting the conventional measure of productivity growth. Second, estimates of bargaining power are found to be lower than those compared to the earlier estimates in Maiti (2013) for the Indian organised manufacturing case for 1998-2005. This observation is commensurate with the observation in recent years of a falling share in labour wage in total output in organised manufacturing sector. Finally, the study also found a statistically significant contribution of greater mechanisation on TFPG while an adverse effect of the rising dependence of organised manufacturing on contractual labour.
Originality/value
The role of market imperfections in measuring TFPG has been undertaken, and it has been found to be an important factor, as the estimated measures vary from the conventional measures of TFPG. Moreover, the study has considered a very recent period from 2008-2015 in estimating TFPG, as well as analysing the factors behind the trends in TFPG at industrial level.
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Mohammad Rishad Faridi, Arun Patni, Ryhan Ebad and Neelima Patni
At the end of the case study discussion, students will able to state the importance of outsourcing with comparing pros and cons in business decision-making; review the value…
Abstract
Learning outcomes
At the end of the case study discussion, students will able to state the importance of outsourcing with comparing pros and cons in business decision-making; review the value bestowed to the community in using sustainable raw material while at the same time conserving the ancient style of artwork particular to the area; discuss the utility of the products manufactured by “Flying Colours,” especially for the lockdown period which was because of the pandemic; and demonstrate and interpret the use of shark and mosquito bite matrix.
Case overview/synopsis
Arun Kumar Patni, 47, and his wife Neelima Patni, 43, are co-founders of Flying Colours, a start-up company based in Jaipur, in the state of Rajasthan, India. Their enterprise was engaged in the manufacturing and marketing of bird products and accessories, including bird feeders, bird houses, earthen water bowls, etc. In July 2020, post-lockdown, they were desperate to hire carpenters to restart their factory. However, COVID-19 posed a serious challenge, making it very difficult to replace their skilled carpenters, who had returned to their native places and had not come back. This disrupted production and order fulfilment. Keeping this situation in perspective in anticipation of the continuing pandemic crisis, Neelima was in favour of outsourcing basic production and designing the birdfeed decoration and artwork in-house. Meanwhile, Arun instead favoured continuing full in-house production as before, by hiring replacement carpenters. Yet for an in-house full-scale production, procuring raw material was a difficult task because of the lockdown. The situation had earlier taken a turn for the worse when Arun had advertised an exchange marketing policy to let customers return their old bird feeders for a 20% discount on a new one. This campaign was a huge success and resulted in a sales spike but unfortunately it caused a huge stock of returned products in their warehouse. Arun initially planned to repair and resell them as refurbished products. It now seemed impossible, because local carpenters demanded higher labour charges than the regular carpenters did. Flying Colours had provided skills workshops and hired external trainers to train unskilled carpenters prior to lockdown, so now all the training investment was in vain. Cash liquidity, sales, marketing, etc. were almost at a standstill.
Complexity academic level
This case particularly focuses on undergraduate-level students pursuing business or commerce programs, especially those studying core course: Entrepreneurial Strategic Management.
Supplementary materials
Teaching notes are available for educators only.
Subject code
CSS 3: Entrepreneurship.
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Purpose. This chapter discusses the challenges and different strategies to increase skill development for the future workforce.Methodology. Multiple sources on the topic were…
Abstract
Purpose. This chapter discusses the challenges and different strategies to increase skill development for the future workforce.
Methodology. Multiple sources on the topic were studied and reviewed in this chapter. The idea of skill and its development is discussed in the literature review.
Findings. Different nations’ governments have promoted human capital development by providing up-skilling and retraining programs to balance supply and demand. Skills gaps need to be brought to the attention of stakeholders, such as governments, businesses, and the educational system. Teachers, employers, and other stakeholders need to develop strategies and action plans to ensure that the skills gaps are appropriately identified and adequately addressed. These initiatives must be developed with input from various stakeholders.
Practical Implications. The research results would inform the curriculum, incorporating skill development processes tailored to various scenarios. These findings would aid business organisations in crafting skill development programs that address identified skill gaps. Challenges in skill development would be taken into account during course development, and relevant teaching–learning materials would be created. Key stakeholders, such as accrediting organisations, employers, and students, should exert more influence on academic institutions to prioritise societal demands for economic development.
Originality/Value. The uniqueness and significance of this chapter lie in its concise summary of the strategies to tackle the hurdles in skill development.
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Rajeev Kumar, Preeti Aneja, Ranjana Jadaun, P. B. Narendra Kiran, Neha Saxena, Shubham Saxena, Priyank Kumar Singh and Arun Kant Painoli
The metaverse represents a rapidly evolving digital environment that blurs the lines between physical and virtual reality, and it offers unique opportunities and challenges for…
Abstract
Purpose
The metaverse represents a rapidly evolving digital environment that blurs the lines between physical and virtual reality, and it offers unique opportunities and challenges for businesses and marketers. The purpose of this study is to provide a comprehensive review of metaverse marketing research. The present study reviews the literature on metaverse to identify theories, contexts, gaps and methodologies using TCCM framework (Theories, Contexts, Characteristics and Methodology) to set a future research agenda.
Design/methodology/approach
A review was conducted of 179 English papers related to metaverse marketing from 2010 to 2023 from the Scopus and Web of Science core collection after applying relevant filters using the TCCM framework.
Findings
The findings suggest that the studies have inadequately distinguished metaverse as something that only builds interactive experiences that combine the virtual environment and the real world, whereas the theoretical domain of metaverse is dominated by studies in various domains. The applicability of metaverse marketing research is pertinent in various domains of the management field. The study explores various facets of metaverse marketing to capture its dynamic nature.
Research limitations/implications
By presenting a comprehensive review, themes and knowledge gaps of the research on metaverse marketing, this study will enhance research output and provide valuable tools for future research on metaverse.
Practical implications
By analyzing metaverse in marketing, the companies will be able to use this concept effectively to formulate innovative marketing strategies and personalized consumer experiences and understand consumer behavior. Furthermore, research into metaverse marketing will be helpful in offering predictions about future trends in consumer behavior, technology adoption and virtual world development.
Originality/value
This study provides a thorough analysis of the current state of research on metaverse in marketing and provides a road map for further research in this area.