The overall conclusion, therefore, would be that any wedding SMEs in Korea should consider the application of PPM tools to strategize and manage growth. Figure 7 can offer a skeletal of what to consider for such a developmental strategy.
Figure 7: Proposed PPM based Growth management strategy.
The main PPM tools should manage time, cost, risks, and quality of provided goods and services. In addition to the tools, plan, ploy, pattern, and perspective based strategies should be adopted so as to help manage the internal and the external growth determinants which should enhance the competitive, financial, communication, capabilities and ability to satisfy and meet customer demands for the firm.
5.2.2 The efficiency of PPM based growth strategies
As hinted out in the literature review, the Market Penetration strategy would be perfect for a new firm venturing into the wedding sector. Notably, Kohit Wedding firm (Firm B) should adopt this strategy. In addition to this, it should incorporate PPM software tools for auditing, scheduling and risk assessment. Providing cost effective and risk ‘free’ services to the customers would definitely attract customers to the firms’ services and products. Even better, the firm would be able to deliver their services on time leaving the customers satisfied which would earn the customers’ trust, boost sales and thus increase the chances of growth of the firm.
When risk assessment PPM tools are incorporated into the Market and/or Product development strategies, an established firm such as Wedding Ritz Firm would highly benefit since it would be able to anticipate and also easily curb the many risks associated with the strategies. Time management tools would enable the firm to acquire a better hand at delivering a new service (product) in an existing market in an efficient and cost effective manner. Ultimately, the firm would be well established to even venture into the global markets.
5.2.3 Why incorporate the recommended PPM tools?
According to the primary research, the recommended PPM tools based Growth management strategy will help meet the financial status of both considered firms. Incorporating the PPM tools for risk management will help Farm B to deal with the oncoming risks in an enlightened manner. This is because the farm will be able to learn from the past errors that always lead to severe risks on their business and this will be possible through adoption of graphical risk representation software as discussed earlier. Farm A on the other hand will be able to improve their financial condition and thus will be able to grow into foreign markets even sooner.
5.2.4 How to implement the strategies
Clearly, the whole managerial unit and the firm at large (Firm A and B) should work together in establishing the growth strategies. The low managerial levels should work with the high managerial levels so that efficient information about the ventured market can be acquired not to forget the right information about the customers’ preferences. For instance, the designers should provide information on what designs and the deco teams the customers prefer; the human resource should recruit the best members of staff to deliver this preferences; the management through the finance department should allocate the required funds to meet these preferences. In all these steps, the auditing, risk assessment and time management teams should be vigilant in ensuring that the most time and cost effective means are used to meet the preferences with minimal risks possible. Therefore, the whole firm will gain a maximal turnover and satisfy the customer such that it will gradually grow from one stage to another.
Based on the research carried out, it can be seen that the wedding sector in Korea is propelled toward a boom period. The wedding industry has a bright future of growth on a local and a global level. Partnering between the small firms and the well established firms (such as hotels) will increase the capability of the industry to keep growing into new market coverage and operations due to the enhanced financial power.
5.4 Future studies
This study only concentrated on a minimum number of firms and respondents as a source of primary data due to the limits of time and accessibility to information. Future researchers should consider enlarging their scope of data sources so as to even make the generalization of results more credible.
Future researchers should consider use of more than one approach for data collection so as to overshadow any limitations resulting from each approach and thus improving the reliability of the findings.
Future researchers should base their research on more validated sources i.e. this research incorporated sources which were very backdated (before 2008) this may be considered a major limitation due to validity of old sources.
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(The questions were categorized into four sections)
Section A (based on the response in section A, the interviewee proceeded to relevant section)
1) What level of management are you in?
Middle level management
Low level management
Section B: Top Level Manager
2) Your organization has grown markedly in the last decade
3) What are the major challenges that you face as a manager as the company grows?
4) As an organization what challenges do you encounter during growth?
5) Does your company have any aspirations in terms of growth stages?
6) Are you familiar with any helpful tools of growth management for activities such as scheduling, risk management, decision making or auditing?
7) Which tools (from Q6) does your company apply for growth management?
8) What tools (apart from money) would you need as a company for a more effective growth management of your firm?
9) Any plans in expanding to serve foreign countries? What is your strategy?
Section C: Middle Level Manager
10) Are there any growth projects you are overseeing? If so which tools (if any) are you applying to manage growth? (Such as software for scheduling, cost management etc.)
11) At your level of work, what problems affect the growth of the firm?
12) What additional tools applied would you suggest to incorporate in your in a bid to control growth of your firm?
13) Has the company invested enough in growth of the firm? Explain
Section D: Low Level Manager
14) Are you aware of any tools applied by your firm to control growth in terms of time, cost or risk management such as software etc.?
15) If so, do you think they are effective according to your interactions with the customers?
16) Do you think the higher management is doing enough to manage growth of the firm?
17) What strategies would you make for the organization to improve on growth management?
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