Experiential learning:inspiring the business leaders of tomorrow

Purpose: The complex challenges of sustainable development and the need to embed these issues effectively into the education of future business leaders has never been more urgent. The purpose of this paper is to discuss different approaches taken by two UK signatories to the UN Principles for Responsible Management Education (PRME). Design/methodology/approach: The two approaches examined are: MSc Entrepreneurship students opting for placements with social enterprises; and MBA students undertaking workshops using "live" case studies. A content analysis of the experiences of students from their written reflective narratives is presented. This is supplemented by reflections of the facilitators and tutors. Findings: The analysis reveals that the opportunity to work with social entrepreneurs and/or "responsible" business professionals provides the business students with inspirational role models and positive social learning opportunities. Research limitations/implications: This paper suggests that experiential learning is an effective way of integrating ethics, responsibility and sustainability into the curriculum but the research draws on the experience of two schools. Further research is important to explore these findings in other contexts. Practical implications: The authors argue that direct exposure to a business culture (and/or behaviour) that is predicated upon ethical/social responsibility and sustainability is an effective means to embed these values in the curriculum. Originality/value: This paper contributes by drawing on social psychological research related to behaviour change to examine how experiential learning on traditional Business Masters programmes can provide students with the knowledge, motivation and skills to contribute positively to society, in a way that more traditional pedagogies cannot. © Emerald Group Publishing Limited.

UK business schools : historical contexts and future scenarios:summary report from an EBK/AIM Management Research Forum

This report begins with an analysis of the historical development of management education in Britain since 1945. It provides a context for understanding conflicting themes in current debates about business schools and examines how the different types of business school have evolved in the UK within very different education institutions. It places the current challenges faced by business schools in context, offers guidance on the strategic options available, and discusses some of the practical implications of the different paths outlined.

The failure and the future of accounting: Strategy, stakeholders, and business value

Book Review: The failure and the future of accounting: Strategy, stakeholders, and business value, by David Hatherly, Farnham, Gower Publishing, 2013, 222 pp., £55 (paperback), ISBN 978-1-4094-5354-3

Knowledge representation with ontologies:the present and future

Recently, we have seen an explosion of interest in ontologies as artifacts to represent human knowledge and as critical components in knowledge management, the semantic Web, business-to-business applications, and several other application areas. Various research communities commonly assume that ontologies are the appropriate modeling structure for representing knowledge. However, little discussion has occurred regarding the actual range of knowledge an ontology can successfully represent.

Preparing Aston Business School students for placement

Aston Business School (ABS) has offered four-year sandwich degrees (including a year long placement) for over 30 years, and ABS has often been ranked top for graduate employability. This report outlines the activities ABS uses to meet its ever increasing placement targets. ABS builds relationships in students’ thinking between theory and practice, and this has implications for their study, the placement period and beyond. Developing the links has certainly been a factor in the enhanced employabilility of ABS graduates, resulting in ABS having been ranked top for graduate employability for many years. The eight employability skills used as the basis for the placement preparation objectives originate from Smith at al’s (2002) work on employability. We were encouraged to find that these employability skills overlap with the benchmark of the ‘Profile summary for Business and Management’ outlined by Hawkridge (2005). In this case study we provide a rationale and then the objectives of the placement preparation period, followed by specific details of the preparation process. The evaluation highlights key achievements and areas for development, and the discussion is future-focused. Readers should note that the ABS Undergraduate curriculum is aimed at preparing students for employment but this case study focuses on the role of the Placements Team.

The role of personal advisors at Aston Business School

Aston Business School has moved away from a traditional Personal Tutoring model to the Personal Advisor model. During 2006, a review was undertaken of the existing system and proposed the new scheme. This session will present the current model of supporting students within Aston Business School’s Undergraduate Programme. It will discuss the research undertaken at the beginning of the change process which informed the decisions and structure of the Personal Advisor Scheme. It will also present evaluation research undertaken with students into their perceptions of the new scheme. The session will conclude with the plans for the future.

Business process orientated holonic (PrOH) modeling

Purpose: The purpose of this paper is to describe how the application of systems thinking to designing, managing and improving business processes has resulted in a new and unique holonic-based process modeling methodology know as process orientated holonic modeling. Design/methodology/approach: The paper describes key systems thinking axioms that are built upon in an overview of the methodology; the techniques are described using an example taken from a large organization designing and manufacturing capital goods equipment operating within a complex and dynamic environment. These were produced in an 18 month project, using an action research approach, to improve quality and process efficiency. Findings: The findings of this research show that this new methodology can support process depiction and improvement in industrial sectors which are characterized by environments of high variety and low volume (e.g. projects; such as the design and manufacture of a radar system or a hybrid production process) which do not provide repetitive learning opportunities. In such circumstances, the methodology has not only been able to deliver holonic-based process diagrams but also been able to transfer strategic vision from top management to middle and operational levels without being reductionistic. Originality/value: This paper will be of interest to organizational analysts looking at large complex projects whom require a methodology that does not confine them to thinking reductionistically in "task-breakdown" based approaches. The novel ideas in this paper have great impact on the way analysts should perceive organizational processes. Future research is applying the methodology in similar environments in other industries. © Emerald Group Publishing Limited.

Outcomes of service encounter quality in a business-to-business context

Service encounter quality is an area of growing interest to researchers and managers alike, yet little is known about the effects of face-to-face service encounter quality within a business-to-business setting. In this paper, a psychometrically sound measure of such service encounter quality is proposed, and consequences of this construct are empirically assessed. Both a literature review and a dyadic in-depth interview approach were used to develop a conceptual framework and a pool of items to capture service encounter quality. A mail survey of customers was undertaken, and a response rate of 36% was obtained. Data analysis was conducted via confirmatory factor analysis and structural equation modeling. Findings reveal a four-factor structure of service encounter quality, encompassing professionalism, civility, friendliness and competence dimensions. Service encounter quality was found to be directly related to customer satisfaction and service quality perceptions, and indirectly to loyalty. The importance of these findings for practitioners and for future research on service encounter quality is discussed.

What's in a handshake? Exploring business-to-business relational exchange

Despite its importance in the development of competitive advantage, attempts to unify diverse classifications of business-to-business relational exchange (B2B RE) have been largely unsuccessful. We used 18 semi-structured, in-depth interviews with managers from a range of industries to explore the B2B RE construct. Analysis of the data revealed that B2B RE comprises five key dimensions. These are communication, understanding, commitment, trust and power symmetry. The research identifies the importance of personal interaction in business relationships and provides additional insights into the importance of affective commitment. In addition we uncover a number of negative consequences of affective commitment, which have been previously unexplored. This research contributes to the domain of B2B research by synthesising and advancing knowledge in this area to provide a new conceptual framework of B2B RE and directions for future research.

The future of offshoring FDI in high-tech sectors

This paper examines what is still a relatively new phenomenon in the literature, the outsourcing/offshoring of high-technology manufacturing and services. This has become a concern for both policy makers and academics for two reasons. Firstly, policy makers have become concerned that the offshoring of high-technology sectors in the West will follow the more labour intensive sectors, and move to lower cost locations. Secondly, international business theory has tended to view low costs, and high levels of indigenous technological development as being the two main drivers of location advantage in the attraction of FDI. We show that this may not be the case for offshored high-technology manufacturing or services.

Business processes and knowledge management

Knowledge has been a subject of interest and inquiry for thousands of years since at least the time of the ancient Greeks, and no doubt even before that. “What is knowledge” continues to be an important topic of discussion in philosophy. More recently, interest in managing knowledge has grown in step with the perception that increasingly we live in a knowledge-based economy. Drucker (1969) is usually credited as being the first to popularize the knowledge-based economy concept by linking the importance of knowledge with rapid technological change in Drucker (1969). Karl Wiig coined the term knowledge management (hereafter KM) for a NATO seminar in 1986, and its popularity took off following the publication of Nonaka and Takeuchi’s book “The Knowledge Creating Company” (Nonaka & Takeuchi, 1995). Knowledge creation is in fact just one of many activities involved in KM. Others include sharing, retaining, refining, and using knowledge. There are many such lists of activities (Holsapple & Joshi, 2000; Probst, Raub, & Romhardt, 1999; Skyrme, 1999; Wiig, De Hoog, & Van der Spek, 1997). Both academic and practical interest in KM has continued to increase throughout the last decade. In this article, first the different types of knowledge are outlined, then comes a discussion of various routes by which knowledge management can be implemented, advocating a process-based route. An explanation follows of how people, processes, and technology need to fit together for effective KM, and some examples of this route in use are given. Finally, there is a look towards the future.

The finance of biotechnology:investment in new biotechnology firms by British venture capitalists-attitudes to, and evaluation of, business proposals

A notable feature of the recent commercialisation of biotechnology has been the success of 200 or so new firms, established in America since 1976, in exploiting specialised market niches. A key factor in their formation has been the ready availability of venture capital funding. These firms have been instrumental in establishing America's lead in exploiting biotechnology. It is this example which Britain has attempted to emulate as part of its strategy for developing its own biotechnology capabilities. This thesis investigated some aspects of the relationship between biotechnology and venture capital, concentrating on the determinants of the venture capitalist's investment decision. Following an extensive literature survey, two hypothetical business proposals were used to find what venture capitalists themselves consider to be the key elements of this decision. It was found that venture capitalists invest in people, not products, and businesses, not industries. It was concluded that venture capital-backed small firms should, therefore, be seen as an adjunct to the development of biotechnology in Britain, rather than as a substitute for a co-ordinated, co-operative strategy involving Government, the financial institutions, industry and academia. This is chiefly because the small size of the UK's domestic market means that many potentially important innovations in biotechnology may continue to be lost, since the short term identification of market opportunities for biotechnology products will dictate that they are insupportable in Britain alone. In addition, the data analysis highlighted some interesting methodological issues concerning the investigation of investment decision making. These related especially to shortcomings in the use of scoresheets and questionnaires in research in this area. The conclusion here was that future research should concentrate on the reasons why an individual reaches an investment decision. It is argued that only in this way can the nature of the evaluation procedures employed by venture capitalists be properly understood.

Computer integrated manufacturing (CIM) and the principle of business control

In response to the increasing international competitiveness, many manufacturing businesses are rethinking their management strategies and philosophies towards achieving a computer integrated environment. The explosive growth in Advanced Manufacturing Technology (AMI) has resulted in the formation of functional "Islands of Automation" such as Computer Aided Design (CAD), Computer Aided Manufacturing (CAM), Computer Aided Process Planning (CAPP) and Manufacturing Resources Planning (MRPII). This has resulted in an environment which has focussed areas of excellence and poor overall efficiency, co-ordination and control. The main role of Computer Integrated Manufacturing (CIM) is to integrate these islands of automation and develop a totally integrated and controlled environment. However, the various perceptions of CIM, although developing, remain focussed on a very narrow integration scope and have consequently resulted in mere linked islands of automation with little improvement in overall co-ordination and control. This thesis, that is the research described within, develops and examines a more holistic view of CIM, which is based on the integration of various business elements. One particular business element, namely control, has been shown to have a multi-facetted and underpinning relationship with the CIM philosophy. This relationship impacts various CIM system design aspects including the CIM business analysis and modelling technique, the specification of systems integration requirements, the CIM system architectural form and the degree of business redesign. The research findings show that fundamental changes to CIM system design are required; these are incorporated in a generic CIM design methodology. The affect and influence of this holistic view of CIM on a manufacturing business has been evaluated through various industrial case study applications. Based on the evidence obtained, it has been concluded that this holistic, control based approach to CIM can provide a greatly improved means of achieving a totally integrated and controlled business environment. This generic CIM methodology will therefore make a significant contribution to the planning, modelling, design and development of future CIM systems.

An evaluation of motivations for studying pharmacy, career commitment and future career plans

It has been predicted that there will be a full time pharmacist workforce shortage of over 15,000 by 2013. It is therefore necessary to recruit more students of a suitable calibre to undergraduate pharmacy degree courses. This study was designed to investigate the motivations of pre-university and MPharm students for studying pharmacy. A series of focus groups was conducted with Year 12 students and a national survey of Year 13, 1st year MPharm and 4th year MPharm students was undertaken. The study found that amongst Year 12 students, pharmacy is perceived as a background profession and was also perceived as being of a lower status than medicine and dentistry. It was concluded that there was a need for greater promotion of pharmacy as a career amongst pre-university students, including the provision of structured work experience placements. Analysis of UCAS applicant data for pharmacy shows that the applicant pool is buoyant and that the majority of applicants are female. Female respondents to the surveys were significantly more likely than males to wish to work part time if they had a family. This could lead to further shortages in the full time workforce. The largest ethnic group of applicants to pharmacy degree courses were Asian. Business ownership and self-employment were motivations for entering the procession of pharmacy and career aims for significantly more Asian than White respondents. Ownership of independent pharmacies is declining and this could be a barrier to future recruitment to pharmacy degree courses. A high degree of interest in locum working may present a problem for continuity in commissioned services within community pharmacy practice. Further work is needed to examine the motivations for working as a locum pharmacist.

The impact of transactional and relational strategies in business markets:an agenda for inquiry

The impetus for the special issue of Industrial Marketing Management is the importance of understanding the implications of transactional and relational strategies in business-to-business contexts. The objective of the special issue is to integrate conceptual and empirical research in this area. We highlight research that extends current thinking in the area to ensure that this special issue serves an impetus for future research on this important topic.