Category / Business & Management Studies

What is FoMO and how do you deal with it?

Student Engagement, student research

Students and staff attended 14:Live in the Student Centre, on Tuesday afternoon to hear from Dr Miguel Moital about FoMO.

FoMO is a fairly new area of research which looks into the psychology behind the ‘Fear of Missing Out’.

With the upcoming festival season, the session looked at FoMO in relation to festivals and marketing tactics used to convince consumers to attend.

Much of the research has been conducted by events management undergraduate students Ellie Taylor and Helena Jarman who previously worked on the topic as part of their dissertation.

Ellie was the pioneer conducting the first dissertation on the topic, whilst Helena worked with Dr Miguel Moital during June-July 2016 as a Student Research Assistant. Helena collated and organised material around FoMO in events leading up to the organisation of a workshop for local event professionals. The students created and provided a large amount of material for 14:Live.

The fear of missing out is a psychological fear that comes from a heightened sensation that everyone but us appears to be having more fun. Social media can often make us feel as though we’re missing out on socially driven events and experiences, because of posts from friends, family or even strangers.

FoMO appeals are often used by marketers to sell an event or product to consumers. Marketers often use specific communication tactics which play on someone’s emotions. This can include using ‘highlights videos’ and using techniques such as ‘75%’ sold out. This then encourages you to book early or attend at the risk of ‘missing out’ on the event.

Dr Moital commented “We looked at the types of emotions felt when experiencing FoMO, what it is people miss out on, how people may behave when they feel FOMO, the types of communication tactics that can be used when designing FoMO event marketing appeals, and what strategies can individuals reduce the levels of FOMO,”

“The session was very interactive and it was great to see a mix of colleagues from faculties and professional services, as well as a number of very engaged students.”

If you’d like to hear more about FoMO please contact Dr Miguel Moital.

14:Live is monthly lunchtime session, that discusses the different areas of research being undertaken here at BU. If you’d like to hear more about 14:Live please contact Hannah Jones.

‘How boards strategize’ explored in new student-staff study

student research

Marg Concannon

The strategy work of boards of directors has been a puzzle in the corporate governance literature for a long time. But the picture is becoming clearer, thanks to a paper soon to be published and co-written by a Master’s graduate and staff member in the Faculty of Management at BU.

After the financial crisis the work of boards became especially pertinent, for companies and public policy. Some boards — think of Royal Bank of Scotland and HBOS — manifestly failed both in strategizing  and in monitoring the performance of managers. The shortcomings contributed to a long, global economic malaise. Margaret Concannon earned an MSc in Corporate Governance with Distinction at BU in 2015 with a dissertation that examined how the work of boards has changed. Now, writing with Donald Nordberg, Associate Professor of Strategy and Corporate Governance, her study has become a journal article, due to appear soon in European Management Journal.

Donald Nordberg

Their paper, “Boards strategizing in liminal spaces: Process and practice, formal and informal,” shows how the theory of liminality, developed in anthropology to study rites of passage and adapted in organisation studies, can explain how, after the crisis, the increasingly hierarchical nature of the monitoring work of boards has pushed often strategy off the formal agenda. But strategizing has emerged again in new, informal settings and spaces, where the creativity possible in liminality can reassert itself. The paper explores what benefits that brings — and what risks.

British Academy Visit – reserve your place now!

Funding opportunities

british_academy_logoThe British Academy is returning to BU on 8 March 2017.  This is an invaluable opportunity to find out more about the international and domestic funding available through the organisation.  For those of you who are not familiar with the British Academy, it is the UK’s leading independent body for the humanities and social sciences, promoting funding, knowledge exchange and providing independent advice within the humanities. 

The session will last just over  1 hour (13:00-14:15) and will comprise a presentation focusing on international and domestic funding opportunities along with an overview of the British Academy, followed by a Q&A session.

Representatives of the British Academy will be available to answer any individual queries not covered in the presentation or Q&A session, and members of the Research and Knowledge Exchange Office will be on hand should you wish to discuss BU’s processes for bidding to the organisation.

Places for this event can be reserved through Organisational Development here.

 

Wanted! External Bid Writers

Funding opportunities, Grants Academy, international, Knowledge Exchange, REF Subjects, Training

rkeo-dev-logo-banner

 

As part of the Research and Knowledge Exchange Development Framework, Bournemouth University is expanding its pool of external bid writing expertise, through a tendering process.

If you have worked with a good bid writer or, as an external subscriber to this blog, you have written successful research funding applications, please contactus in the Research & Knowledge Exchange Office

We are particularly interested in those who can provide short courses, one-to-one support, bid writing retreats, application review or a range of these and related activities.

Examples of key funders include:

  • British Academy
  • European Commission funds including Horizon 2020
  • Innovate UK
  • Leverhulme Trust
  • National Institutes of Health and other US Federal funders
  • Research Councils
  • Royal Society
  • Wellcome Trust
  • etc.

We look forward to hearing from you.

Fusion project leads to best paper award

Fusion, Fusion Investment Fund

Work by BU researchers examining the human aspects of Digital Rights Management has won a best paper award at the Fourth International Workshop on Artificial Intelligence and IP Law. This is joint work carried out by Marcella Favale, Neil McDonald, Shamal Faily, and Christos Gatzidis.

This work, which resulted from research carried out during the FIF funded MADRIGAL project, examines the perspective of DRM from the perspective of content creators using qualitative socio-legal analysis.

In addition to this work, we were also invited to write an extended version of this paper for SCRIPTed, which is currently in press.

Well done Marcella and the rest of the MADRIGAL team!

ESRC Festival of Social Sciences

BRIAN, Business Engagement, innovation, Knowledge Transfer

Dr John Oliver, from the Advances in Media Management research cluster, recently delivered a keynote lecture at the Open Innovation Design Jam competition at the University of Glasgow. The event formed part of the ESRC’s Festival of Social Science programme of activities that ran from 5th-12th November across the UK.

The Design Jam also involved a number of short, intensive brainstorming sessions in which teams developed innovative solutions to challenges. This event was an opportunity for innovators and businesses to explore open, collective and user-led innovation.
Dr Oliver’s talk on media innovation strategies presented empirical data on how the innovation practices of UK media firms had transformed firm capabilities and corporate financial performance.

WTM eTourism: Disrupting innovations for Tourism and Hospitality

Fusion, international

Join Professor Dimitrios Buhalis on Monday 7 November, as part of the World Travel Market 7-9 November, in London.This discussion will take place in our Inspire Theatre, in Fusion, between 10:30am-12:15.

The event will host a series of speakers including: Kevin May, Tnooz.com; Mario Hardy Pacific, Asia Tourism Association, Thailand; Nathaniel Green, DUETTO Research, USA; Richard Hatter Hotel Icon, Hong Kong; Andy Owen-Jones, BD4Travel, Germany; and Matthew Gardiner, UnderTheDoormat, UK.

This session will  discuss how disrupting innovations generate significant market structure changes, modifying the operating practices, industry structure and dominant logic. This structural change is affecting the organisational networks and the services tourism players are supposed to use to perform well in markets. Both opportunities and challenges emerge for the whole tourism and hospitality industry. Relationships between players change as their respective roles change; this is driven by e-commerce / e-business and disruptive innovation. For instance hotels, thanks to e-business technological platforms, can now use algorithms to set yield and revenue management strategies, monitor competition in real time and allow consumers to use mobile devices to access several services. In the tourism industry, many innovations have been initiated from companies in the information technology sector. Generally, Information technology is revolutionizing products, services and markets.

For more information please click here.

The session is free however, to attend you must join the World Travel market, please click here.

Professor Dimitrios Buhalis invited to the University of Pretoria

international

Professor Dimitrios Buhalis Head of Department of Tourism and Hospitality at Bournemouth University was invited to the University of Pretoria, on 9 September 2016, to deliver a keynote speech on Universal Accessibility for Tourism and meet the South Africa’s Minister of Tourism, Derek Hanekom.

The Department of Tourism and Hospitality, Bournemouth University is a partner with the University of Pretoria, one of the oldest and most established Universities in South Africa. Professor Buhalis had discussions with the Head of Department of Tourism Professor Berendien Lubbe and her colleagues about research partnerships that will cover a number of areas including eTourism, accessibility, destination management and marketing, and wildlife tourism.

During the Tourism Symposium Professor Buhalis had the opportunity to reflect on Accessibility as welcoming all everywhere any time and he explored several global best practice examples in accessible tourism. He contributed to the Symposium that included a range of important South African and global operators including SANparks, Sun International, Tourvest and SATSA.

Professor Buhalis had the opportunity to meet the Minister of Tourism of South Africa RH Derek Hanekom and to discuss accessibility issues as well as the marketing of South Africa as a destination and global issues such as Brexit, political uncertainty and emerging markets and how they can contribute to tourism and economic development.

Professor Dimitrios Buhalis, Bournemouth University and Derek Hanekom, South Africa’s Minister of Tourism

Professor Buhalis said “I am very glad to establish collaboration with the tourism team of the University of Pretoria South Africa. They are doing very interesting tourism research and a very challenging and rewarding environment. We look forward to develop our research and academic collaboration with the University of Pretoria and develop our research agenda and impact of our research globally. South Africa has unique resources and opportunities to develop tourism as well as challenges that need to be addressed for the benefit of all stakeholders.”

Tourism Management Institute Annual Convention- 11-12 October 2016

The Tourism Management Institute Annual Convention will take place over two days, on the 11-12 October 2016.

The TMI Annual Convention is an annual gathering and conference for all those who work in destination management across the UK, whether in DMOs, regions, towns, national parks or events, and is open to all directors, practitioners, academics, consultants and students.

11th October will see a ‘University/Practitioner/Student Summit’ hosted at Bournemouth University Talbot Campus from noon until 3.30pm, which will be especially relevant for our members working in higher education. A selection of study tours will follow then an informal evening get together at the Keywest Restaurant at the Pier at 7.30pm preceeded by the TMI AGM at 7pm. The following day, the TMI 2016 Convention will take place at the new Bournemouth Hilton Hotel, between 9am-4:45pm.

For more information about this event, please click here.

Alternative paths to access finance for small and medium scale enterprises in the UK

conferences, Funding opportunities

Small and Medium Enterprises (SMEs) form a crucial part of United Kingdom’s (UK) economy. However, limited/or lack of access to finance continue to hinder the growth of SMEs in the country. This situation has been the compelling factor behind Bournemouth University’s seminars series on “Access to Finance for SMEs”, of which the last was held at Royal Institute of Chartered Surveyors, London on 13 September, 2016. This final part of the seminar series was aimed at identifying alternative sources of finance for SMEs in the UK.

professor-stella-fearnley-first-from-left-with-the-keynote-speaker-sir-john-bourn-middle-and-the-principal-investigator-professor-jens-h%d3%a7lscher-first-from-right

Professor Stella Fearnley (first from left) with the keynote speaker Sir John Bourn (middle) and the Principal Investigator professor Jens Hӧlscher (first from right)

Experts at the seminar identified the following as the reasons why there is limited/or lack of access to finance for SMEs in the UK:

  • Lenders face difficulties in accurately assessing the viability of SMEs with limited track records because of information asymmetries between borrowers and lenders. This makes it difficult for lenders to secure the appropriate information they require to make an informed decisions on SME loan applications,
  • New SMEs often end up defaulting in debt repayment,
  • There is regional bias when it comes to SME access to finance in the country. For instance, London and the South-East often obtain disproportionately more funding than SMEs in other parts of the UK.

Are there alternative sources of funding for SMEs?

Consensus was broad-based among participants that alternative sources of finance for SMEs is growing in the UK —it grew by 75% to £1.26bn in 2015—despite the fact that only 3% of SMEs are aware of these other sources. Some of the alternative funding sources that were suggested include:

  • Equity finance

This is a method of raising capital through the sale of shares in an enterprise. A presenter at the seminar showed that equity funding has improved significantly in the UK, with seed stage flows growing 48% p.a. since 2012. Other participants also observed that SMEs are often skeptical of equity finance for fear of loss of control. But the fact remains that most of them use equity finance without even realising it. For instance, SMEs often rely on angels and venture capital to raise funds for their businesses.

  • Angels and venture capital

This form of equity finance may be undertaken directly by individuals or industrial companies; and indirectly through financial institutions or government agencies. Venture capitalists on the other hand usually invest in SMEs with high return prospects. Though SMEs’ awareness about venture capital in the UK continue to increase, only 22% of them know of a specific fund to approach.

  • Business Angels

They are private individuals who invest in new SMEs with good growth prospects, in exchange for a share of the company’s equity. Business angels often invest in business start-ups and also provide assistance in the form of consultancy (sometimes free) to the SMEs.

  • Family and friends

This source of finance has long been an important route for start-ups. However, there is always the need to maintain professionalism and a formal environment for business growth which may stand against the business owner’s informal relationship with the financiers. The big mistake many companies make is that they fail to formalise the funding arrangement with friends and family.

  • Crowdfunding

This is a method of raising finance by asking a large number of people to individually contribute a small amount of money to fund a project or venture, typically via the Internet. Though it is becoming the new ‘buzz’ going around in the investment game, existing SMEs, individuals, and startups are increasingly looking to raise funds through this method. One of the participants indicated that it is cheaper, faster and easier to access finance through this source. Another participant at the seminar showed that crowdfunding in 2015 amounted to 2.5 billion pounds in the UK.

Road map to SME access to finance

On the various alternative sources of SME funding identified, seminar participants were of the view that there is the need to critically examine each of them since it will unpack their appropriateness to different economies. You can check gold price today from the reliable sources and buy them from such sources. You will get immediate cash when you sell gold Adelaide in the market through the local jewellers or traders.

Apart from individual publications, there were also proposal for pathways to impact which will include one or two edited books and potentially a Special Issue of the International Small Business Journal, the leading UK and European Entrepreneurship journal, as deliverables.

Contesting corporate governance – research at BU

Research themes

Prime Minister Theresa May has recently mooted a Germanic-turn for corporate governance in the UK, an echo of a heated debate over the shape of boards of directors in listed companies raging over the past 25 years. By coincidence, BU’s Donald Nordberg, Associate Professor in the Faculty of Management, has been examining the controversies over board design since the Cadbury Code was written in 1992, as investors, corporate chairmen and others wrestled with whether to recommend continuing with unitary boards or follow the German model of dual boards with worker representation. His paper, “Contestation over board design and the development of UK corporate governance,” has just won the prize as Best Paper in Management and Business History at the British Academy of Management conference in Newcastle. Could history be about to repeat itself? The conference paper is at http://eprints.bournemouth.ac.uk/23744/.

Friday 16th September: Professor Christoph Teller presents ‘Why consumers shop where they do’

Image result for christoph teller

Professor Christoph Teller, Chair in Retailing and Marketing at the University of Surrey, will discuss why shoppers shop where they do through a presentation of a meta-analyses study.  The study he presents aims to identify the major antecedents of offline and online retail patronage. In his talk he will outline the retail patronage work of Pan and Zinkhan (2006) and discuss how he extends their view and develops conceptual models of offline and online retail patronage based on Sheth’s (1999) integrated theory of patronage behaviour and Finn and Louviere’s (1996) specification in a retail patronage context. The models he identifies proposes direct effects between antecedents (stimuli), i.e., mainly manageable attributes of retailers, and the retail patronage (response or shopping predisposition). The study is based upon a meta-analysis of more than 300 empirical studies and makes a theoretical as well as practical contribution to the topic area as it provides an overview on, and detailed insights into, patronage research in an offline as well as online context.

This free event, hosted by the Influences on Consumer Behaviour Research Cluster, will take place on Friday 16th September 2016, 2-3.30pm in the Inspire Lecture Theatre.  Please book your place through Eventbrite: ‘Why consumers shop where they do’

Business practitioners’ perspectives on the value of mobile technology: New Paper published by Dr Elvira Bolat

Publishing, Research themes

Dr. Elvira Bolat in the Faculty of Management published her latest paper today in the Journal of Customer Behaviour. This paper focuses on one of the issues Dr. Bolat has explored in her PhD thesis – values deriving from mobile technology use. No existing research maps and discusses holistically the values deriving from mobile technology use, capturing both strategic and operational opportunities, which are most likely to emerge in the business-to-business (B2B) context. This empirical paper addresses this gap. An adapted grounded theory approach is applied to collect and analyse in-depth interviews with 28 B2B practitioners from advertising and marketing firms. Whether mobile technology is a simple means to advanced communication with no physical boundaries of time and location, or a business tool to boost creative thinking, this study concludes that mobile technology represents a novel and unique category of technology because of its core distinctive feature, ‘being mobile’. B2B practitioners argue that the true nature of mobile technology lies in seeing it as a source of value that derives from using mobile technology. B2B practitioners view mobile technology not only as a purely technical tool (functional value) enabling effective communication (social value) but as a strategic tool driving balanced and flexible ways in managing business (emotional value) and enabling creative thinking (creative value). Additionally, mobile technology has enabled businesses move to online payments which helps them reach more customers. Merchant account services encompass a range of solutions designed to support businesses in processing electronic payments.

Full reference to the article: Bolat, E., 2016. Business practitioners’ perspectives on the value of mobile technology. Journal of Customer Behaviour, 15 (1), 31-48.

Read full paper at http://dx.doi.org/10.1362/147539216X14594362873451