VUCA AND BANI WORLDS - CHALLENGES FOR NOWADAYS BUSINESS MODELS. COULD CIRCULAR ECONOMY AND VARIOUS DIGITAL INSTRUMENTS LIKE INTERNET OF THINGS HELP A BUSINESS MODEL TO RESPOND TO SUCH CHALLENGES? AN EXAMINATION OF SOLUTIONS AND FUTURE STRATEGIES THROUGH MARKETING LENS

Denisa-Roxana Botea-Muntean () and Raluca Constantinescu ()

Journal of Information Systems & Operations Management, 2024, vol. 18, issue 1, 38-54

Abstract: The present paper constitutes a research endeavour grounded in a fundamental question posed by its title: 'Could circular economy and various digital instruments like Internet of Things help a business model to respond to such challenges?' This inquiry is intrinsically linked to the broader context of the last decades, which have witnessed a rapid technological revolution, reshaped global industries, and nurtured a digital ecosystem. While this transformation has yielded considerable advantages, it has concurrently introduced formidable challenges, encompassing climate change, resource depletion, large-scale migrations, pandemic, and conflicts, all of them provoking profound contemplation on the way forward for both businesses and humanity. In the context of this research, we will delve into the crucial topic of how VUCA, a framework for risk assessment and response, has played a central role in adapting and developing new business marketing strategies to effectively navigate complexity. Additionally, we will explore the significance of BANI, emphasizing the vital need for flexible marketing strategies when confronting unforeseen global crises. The paper focuses on the role of VUCA and BANI frameworks in guiding businesses' marketing strategies. Therefore, the case study will explore how these frameworks have influenced marketing strategies, and what they mean in response to unforeseen global crises. In our interconnected world, IoT is vital for understanding consumer behaviour and creating data-driven marketing strategies. The transition to circular business models, influenced by environmental concerns, fosters sustainable marketing through eco-friendly products. To navigate the intricate VUCA and BANI landscape, marketers need innovative strategies blending digital technologies, big data, and AI with IoT insights and circular economy principles. This paper will provide essential insights for understanding whether circular economy and various digital instruments like the Internet of Things can empower a business model to effectively respond to the multifaceted challenges of the modern era.

Date: 2024
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