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QUOTE

“Never put off until tomorrow what you can do the day after tomorrow.”

-Mark Twain

FEATURE PAPER

Important Effects of Innovation: Norwegian SMES

The following paper was written by Sherry Robinson of Penn State University and Buskerud University College and Hans Anton Stubberud of Buskerud University College. It was presented at the 2011 Allied Academies International Conference in Orlando.

Abstract

Innovation is frequently viewed as the key to success in many arenas, from individual businesses to a nation’s general economic growth. Business performance has been linked to overall innovativeness (Akgun, Keskin, Byrne & Aaren, 2007), and in a study of British SMEs, innovative firms were more likely to be operating profitably while non-innovators were more likely to be struggling (Gray, 2006). It is not surprising, then, that innovation is seen as a vital element in economic growth in Norway (Norwegian Ministry of Trade, 2010). Similar to many other nations, Norway is dominated by small and medium-sized businesses (Norwegian Ministry of Trade, 2010). SMEs face increases challenges in innovating due to their small size and limited resources. According to Eurostat (2009), larger companies are more likely than SMEs to control the resources necessary for innovation, including human and financial capital. This study uses data from the Eurostat Community Innovation survey to more closely examine innovation by
analyzing the self-reported effects of innovation on Norwegian SMEs and comparing these to the effects reported by businesses with 250 or more employees.

Introduction

Innovation is frequently viewed as the key to success in many arenas, from individual businesses to a nation’s general economic growth. It is seen as a vital element in economic growth in Norway (Norwegian Ministry of Trade, 2010), where the economy is dominated by small and medium-sized businesses (Norwegian Ministry of Trade, 2010). SMEs, however, face significant challenges in their attempts to innovate due to their small size and limited resources. According to Eurostat (2009), larger companies are more likely than SMEs to control the resources necessary for innovation, including human and financial capital.

This study uses data from the Eurostat Community Innovation survey to more closely examine innovation by analyzing the self-reported effects of innovation on Norwegian SMEs. These reports effects are compared by business size, including small (10-49 employees), medium (51-249 employees) and 250 or more employees. In the next section, a brief review of the motivation for innovation is presented, followed by the methodology, results and analysis of this study.

(Read Entire Paper)

TIP OF THE WEEK

Building Customer Profiles for a CRM Program

Most entrepreneurs say that the best way to stay in touch with customers and to identify their needs is to talk to them. Such conversations lead to a detailed understanding of each customer and thus offer insights from which to build a customer profile, a collection of information about a customer, including demographic data, attitudes, preferences, ad other behavioral characteristics, as defined by CRM goals. IN a very small business, the customer profiles maintained in the entrepreneur’s head often constitute the company’s CRM “database.” At some point in a company’s growth, however, it becomes impossible for the small business owner to continue to develop profile using this method alone. It is then time to turn to formal, computer-based databases.

Customer profile are essential to a successful CRM program, as they represent building material for the required knowledge of customers. Customer contact data, from sources such as warranty cards and accounting records, can be used to develop a profile. For Web-based ventures, current information can be collected at the point of contact, as customers order online.

Transactions. A Complete purchase history with accompanying details such as price paid, SKU (which identifies the product purchased), and delivery date.
Customer contacts. Sales calls and service requests, including all customer- and company- initiated contacts.
Descriptive information. Background information used for market segmentation and other data analysis purposes.
Responses to marketing stimuli. Information on whether or not the customer responded to a direct marketing initiative, a sales contact, and/or any other direct contact

Small Business Management: Entrepreneurship and Beyond
Timothy S. Hatten
Page 411
South-Western, Cengage Learning
Copyright 2012

ANNOUNCEMENTS

NBES

The fourteenth annual conference of the National Business & Economics Society will be held March 6 through March 9, 2013 at the Marriott Los Suenos Ocean Resort & Casino in Herradura, Costa Rica. NBES is a multi-disciplinary academic association which focuses on promoting interdisciplinary research of both a theoretical and practical nature. It includes scholars from the fields of Finance, Accounting, Marketing, Management, Information Systems, Operations Research, Economics, Public Health & Administration, Psychology and related areas. Our goal is to broaden the expertise of business school academics and other professionals by promoting access to research and ideas in all disciplines. For more information, click here.

NASBITE International

2012 marks a special year for NASBITE International who has been assisting trade professionals, educators, and government in bridging the gap in trade education and promotion for 25 years! Portland, Oregon, “The City of Roses” will be a memorable location. As the ??second largest city in the Pacific Northwest, it is known for its scenic beauty, sustainable business focus, and lively music scene. The conference will be held at the Nines Hotel. Rooms are still available at the Nines on April 20 and 21. For more information, click here.

ICSB 2012 Public Agencies Forum

How can government bodies – such as policy departments, advisory services, regulators and service agencies – develop the most effective means of engagement, communication and information sharing with small businesses?

The Forum will explore the many differentways that agencies have done this, using international examples from across the world and to also share the findings of research activities which can shed some light on how such engagement mightbe more effectively tailored in future.

The event will be held in conjuction with the ICSB 2012 conference June 14th in Wellington Town Hall, New Zealand. For more information, click here.

Southern Management Association

It’s time to start planning for the Southern Management Association’s 2012 Annual Meeting. The SMA meeting will take place October 30-November 3, 2012 in Fort Lauderdale, Florida. The meeting will be held at the Westin Beach Resort and Spa. The hotel’s waterfront location offers access to miles of beautiful white beaches, but is also close to shops, entertainment, and business centers. For more information, click here.

Flip the Switch Workshop

Are you frustrated with technology distractions in the classroom? On June 1st in Philadelphia, PA we’ll show how to hijack these distracting mobile devices to engage with students at a deeper level and bring them back into the learning conversation. For more information, click here.

ICSB

International Council for Small Business will be holding its International World Conference during June 10-13, 2012 in Wellington, New Zealand. For more information, click here.

CONFERENCES

IABE
Who: International Academy of Business and Economics
What: IABE-2012 Venice- Summer Conference
Where: Venice, Italy
When: June 8-10, 2012
Find out more
SHSU
Who: SHSU Department of General Business and Finance
What: Fourth Annual General Business Conference
Where: Huntsville, TX
When: April 13-14, 2012
Find out more
SBR
Who: Society of Business Research
What: Society of Business Research Conference
Where: Phoenix, AZ
When: March 29-31, 2012
Find out more
Flip the Switch
Who: Cornell University’s Deborah Streeter
What: Flip the Switch workshop
Where: Philadelphia, PA
When: June 1st, 2012

Find out more
GBC
Who: General Business Conference
What: 2012 4th Annual Conference
Where: Huntsville, Texas (North of Houston)
When: April 13-14, 2012

Find out more
IGEE
Who: Education for Sustainability
What: International Greening Education Event
Where: Karlsruhe, Germany
When: Oct 10-12, 2012

Find out more
HICB
Who: Hawaii International Conference
What: 12th Annual Hawaii International Conference on Business
Where: Waikiki Beach Marriott Resort and Spa, Honolulu, Hawaii
When: May 24-27, 2012
Find out more
ICSB
Who: International Council for Small Business
What: ICSB World Conference 2012
Where: Wellington, New Zealand
When: June 10-13, 2012

Find out more
AA
Who: Allied Academies
What: Allied Academies Conference
Where: New Orleans, LA
When: April 4-6, 2012
Find out more
GERC
Who: Gateway Entrepreneurship Research Conference
What: 23rd Gateway Entrepreneurship Research Conference
Where: St. Louis University, St. Louis, Missouri
When: April 20-22, 2012
Find out more

CALLS FOR PAPERS

ASC
Who: American Society for Competitiveness
What: 23rd Annual Conference
Where: Washington D.C. area
When: October 25-27, 2012
Submission Deadlines: June 17, 2012
Find out more
MAA
Who: Management Marketing Association
What: 17th Annual MMA Fall Educators’ Conference
Where: Minneapolis, MN
When: Sept 19-21, 2012
Submission Deadlines: June 8, 2012
Find out more

SBANC STAFF

Main Office Phone: (501) 450-5300

Don B. Bradley III, Executive Director of SBANC & Professor of Marketing - Direct Phone: (501) 450-5345

Matt Yancey, Development Intern

Raven Ambers, Development Intern

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Small Business Advancement National Center - University of Central Arkansas
College of Business Administration - UCA Box 5018 201 Donaghey Avenue
Conway, AR 72035-0001 - Phone (501) 450-5300 - FAX (501) 450-5360