Digital economy creates waves and waves of disruptions. To survive and thrive in digital economy, where technology is disrupting industries from education to even manufacturing, companies are looking for new approaches to stay relevant. As the world becomes more digitalized, customercentric approach to product development, short product cycles and rapid decision-making is needed. At the same time, while optimizing the existing core business, companies must grow more entrepreneurial culture and transformational growth engines inside the companies. Following this path, the major challenge for companies is how to implement strategic growth innovation along with executing traditional business model and operational excellence. This paper aims to explore and present the importance of digital transformation and innovations. Companies should strive to build collaborative relationships as a means to creating transformational growth. It is suggested that information and communications technologies are significant in the process of strategic planning. The Paper also emphasizes the importance of organizational structure and culture required for implementing strategies that are aligned with digital transformation.
The aim of this paper is to present the current state and wine tourism potential in the Republic of Srpska with the primary focus on its wineries and their activities towards attracting wine tourists from all over the world. To achieve this, a survey was conducted among 37 wineries in the Republic of Srpska. The first part of the questionnaire included data about planted grape varieties, annual yield, wine production, vineyards areas, and winery staff information. The second part of the survey was dedicated to the degree of participation of wineries in wine tourism activities and the services offered to wine tourists. Results indicate that the major factors thwarting further wine tourism development are the lack of accommodation and catering facilities as well as tours in foreign languages. One of the problems is the current lack of wine routes generally seen as critical supporting tools for wine tourism development. Based on the research results, the authors propose two wine routes in the Republic of Srpska, the Northern and Southern wine routes. Further wine tourism development should be focused mainly on these areas.
The theory of business and management is changing rapidly, and changes are expected to continue. Emerging concepts and paradigms are being introduced and applied to organizational life. Knowledge management (KM) is not new but
Power is a very important element of negotiation, because it gives advantage to one party over the other. Various tactics used by negotiators are either aimed at increasing their own power or decreasing the power of the opponent. This paper presents a conceptual analysis and research proposals that build on past research on power and negotiation. The main purpose of the present study was to investigate sources of negotiation power most used among business professionals. We have developed an extensive list of sixteen sources of negotiating power. In this exploratory study we used a qualitative approach based on semi-structured interviews. We chose purposive sampling in order to capture perceptions from different groups of negotiators. The results from thirty-one interviews show that need is the most relied upon source of power in any given situation, followed by perception, credibility, alternative, relationship, intangible factors, authority, material resources, and knowledge/information. Although qualitative research cannot be used to make generalisations about the entire population, this study should help negotiators to focus on the most probable sources of negotiation power and to prepare for negotiations adequately.
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