Staffordshire Business School – Research update

Staffordshire Business School aspires to be a leader in making a real impact on business and society through research and innovation. Our team have successfully delivered many industry/business and government funded research projects and have extensive experience of leading large team projects including local, UK, EU and internationally funded projects. Many of our team members combine rich industry and practitioner experience with academic rigour in conducting world-leading research in the areas of entrepreneurship and innovation, digital transformation, environmental health etc. Here are some of the exciting research projects that researchers at Business School have been doing:


Austerity, Welfare and Work: Exploring Politics, Geographies and Inequalities

In his new book, Prof David Etherington provides bold and fresh perspectives on the link between welfare policy and employment relations as he assesses their fundamental impact on social inequalities. Drawing on international and national case studies, the book reviews developments, including rising job insecurity, low pay and geographical inequalities.

Environmental health inequalities resource package

Prof Jon Fairburn is the lead author of a recent World Health Organization publication. The publication is aimed at local, regional and national policy makers hoping to improve environmental health especially for deprived and other groups. Jon has been collaborating with WHO for over 10 years on this subject.

Covid-19 and Smart Cities – What’s Changed? Getting ahead of the Game

Prof Fang Zhao and her team have been conducting research and analysis of a range of changing scenarios of smart cities in post-Covid-19 and pinpoint the opportunities and challenges for businesses, city councils and universities. Their research focuses on strategies, tactics and digital transformation.

The Impact of COVID-19 on BAME Owned Businesses in the UK

The project led by Dr Tolulope Olarewaju is investigating the specific challenges that BAME business owners faced during the COVID-19 pandemic and lockdown, the strategies that they used to keep their businesses afloat, and how they engaged with financial and regional support. The project is funded by the British Academy.

People, Place and Global Order: Foundations of a Networked Political Economy

This book co-authored by Dr Andrew Taylor explores how the convergence of technology and globalisation is shifting value creation out of products and processes and into digital networks and, in the process, leaving many people behind. He is looking into examples and models of how people and place may flourish within global networks. 

Leadership typology reveals how smart city leaders prefer to tackle inequality

The research of Associate Professor Alyson Nicholds sheds light on how leaders, operating in different organisations, roles and sectors prefer to tackle inequality differently. Her latest writing draws on organisational concepts of leadership and philosophy to show the benefits this type of understanding can reap for society.

Entrepreneurs in Residence

Business School has recently appointed Entrepreneurs in Residence providing students and staff with hands-on experience in conducting research to spot business opportunities, conduct market analysis and better understand consumer behaviour, leading to business venture creation.

For more information and collaboration and partnership, please contact Prof Fang Zhao – Associate Dean Research and Enterprise at fang.zhao@staffs.ac.uk.

The past, the present and the future

By Ema Talam

From 2016 to the present day, Brexit vote has already led to the numerous consequences on the UK economy. Some of the consequences involve: fall of sterling; higher inflation; higher uncertainly which further had an impact on investment and productivity growth; and lower GDP level than projected had the Brexit vote never happened (Bank of England, 2018). Furthermore, the evidences suggest that the anticipated trade costs related to the Brexit vote have already had a significant negative impact on the business investment in the UK (Gornicka, 2018).

Reports published two years ago on the potential consequences of Brexit did not widely discuss, or sometimes did not even acknowledge, its potential impact on productivity and innovation (discussed in greater details in my previous blog. However, in the reports published this week, the impacts of the vote on productivity are widely acknowledged.

The Bank of England’s (2018) report, published this Wednesday, looks at different scenarios and short-run impacts of Brexit on the UK economy. In the scenarios where the Economic Partnership between the UK and the EU is implemented, it is estimated that output per hour will be lower by 1.25% to 3.5% by the end of 2023 compared to May 2016 trend, depending on the exact terms of the Economic Partnership. The negative impact on GDP will be between 1.25% to 3.75% over the similar time period. In case no deal is negotiated and there is no transition period, by the end of 2023 compared to May 2016 trend, the negative impact on the output per hour will be approximately 5%, while the impact on GDP will be between -7.75% to -10.5%.

The Centre for Economic Performance and the UK in a Changing Europe’s (2018) report looks at the long-run consequences of Brexit and the Withdrawal Agreement on the UK economy, compared to the UK staying in the EU. The estimated long-run impact on GDP per capita from changes in trade and migration, in the case where the deal is reached, ranges from -1.9% (without productivity assumption) and -5.5% (with productivity assumption).

The impact on GDP per capita will be larger in case of no deal being reached and ranges from -3.5% (without productivity assumption) and -8.7% (with productivity assumption). The estimated fiscal impacts, as a percentage of GDP, in case the deal is reached, range from -0.4% (without productivity assumption) and -1.8% (with productivity assumption). However, in case of no deal being reached, the estimated impacts range between -1.0% (without productivity assumption) and -3.1% (with productivity assumption).

The Brexit vote has led to the numerous consequences on the UK economy. However, from the reports published this week, it is clear that it will have a significant impact on the economy both in the short- and the long-run.

References:

  1. Bank of England (2018) ‘EU withdrawal scenarios and monetary and financial stability: A response to the House of Commons Treasury Committee’. Available at: https://www.bankofengland.co.uk/report/2018/eu-withdrawal-scenarios-and-monetary-and-financial-stability (Accessed: 28th November 2018)
  2. Centre for Economic Performance and the UK in a Changing Europe (2018) ‘The economic consequences of the Brexit deal’. Available at: http://ukandeu.ac.uk/wp-content/uploads/2018/11/The-economic-consequences-of-Brexit.pdf (Accessed: 28th November 2018)
  3. Gornicka, L. (2018) ‘Brexit Referendum and Business Investment in the UK’, Working Paper No. 18/247. Available at: https://www.imf.org/en/Publications/WP/Issues/2018/11/21/Brexit-Referendum-and-Business-Investment-in-the-UK-46318?cid=em-COM-789-38014 (Accessed: 27th November 2018)

8 Trends To Keep Your Eyes On In 2018

1. Instagram Stories Drive Upcoming Instagram Trends

Instagram Stories is a big deal and they’re not going away. Daily viewers of Instagram Stories surpassed daily SnapChat viewers just one year after launch, and the growth isn’t stopping.

Instagram Stories was likely the biggest single change in the Instagram UX, and its marketing implications are huge.

A huge deal with Instagram Stories is this: accounts with over 10,000 followers can now add a link within the feature. Considering the fact that the only other place you can put a link on Instagram is just the one buried on your profile page, this is a huge deal, as it multiplies buying or inquiry opportunities by orders of magnitude.

Instagram Stories in particular will be relevant from a marketing perspective because, compared to other transitory video platforms, Instagram metrics are eminently trackable.

A final note on Instagram Stories: Their foundation is social media engagement gold. Video drastically outperforms all other forms of content on every test.

2. Influencer Marketing Makes Major Contributions to Social Media Engagement

Influencer marketing is big business — a billion dollar industry by some counts. There is an exhaustive list of micro-celebrities who earn six figure incomes. And this isn’t a fluke. Influencer marketing is uniquely keyed to exploit certain facts about a growing number of buyers.
As Millennials advance their careers, and Generation Z starts theirs, an enormous population’s purchasing power is increasing swiftly. These two groups — who, combined, literally comprise most of the world’s population — are uniquely influenced by this marketing method.

3. Generation Z to Decide Social Media Trends

We’ve mentioned Generation Z in both of the previous topics for good reason.

RetailDive had this to say about Generation Z and their associated social media trends:

“Gen Z is two- to three times more likely to be influenced by social media than by sales or discounts — the only generation to value social media over price when it comes to making purchase decisions…”

Furthermore, 81% report watching at least one hour of online video per day, or more, according to a study by Fluent, covered by AdWeek. Combine these facts and realize that droves of Generation Z will graduate college and/or start careers next year, and you start to see the powder keg.

4. Messaging Platforms Make Companies Accessible

 

What do you know about WeChat? They’re a wee little Chinese messaging company . . . errr, one that’s looking to cross 1 billion users this quarter. WeChat and WhatsApp are absolutely ubiquitous across either ocean, reaching across many different functions to dominate social media, direct messaging, and even purchasing and commerce.

Every year more and more buyers are Millennials and Gen Z, and fewer and fewer are older. In case you’re not aware of these people’s overwhelming preferences when it comes to talking to a company, we’ll illustrate in their native language:

top-social-media-trends-20185. Live Streaming Explodes

Live streaming isn’t about live streaming. At least not in the way we’re going to be talking about it. You’re going to see a lot more of it in 2018, and the people who do it well will be fully with the times and accelerating. Its prevalence will increase because it works.

But there’s something more at work here.

It’s actually about technology. We get better phones every year. Does that mean that we’re running the same apps better? Sometimes. But once the technological baseline of the average user has clearly moved up a notch, it becomes about making more robust apps that do more and fully take advantage of that new technology.

The smartphones of today are better than what we used to have by orders of magnitude. Furthermore, our data speeds are better, and are poised to make yet another insane leap in the next few years when 5G becomes the standard.

Live streaming is a medium or implementation of social technology that’s uniquely positioned to take advantage of hardware improvements for the next several years. The resolution of an image the size of a phone screen can only get so good before you have to zoom in to see a difference.

But better video processing across the board means all devices involved can handle more streaming at a better quality across more channels at the same time. This is such a huge change that it’s possibly unclear that anyone is even capable of fully understanding the ramifications.

6. Twitter is Going to Change

And they themselves might not even know how just yet.

Twitter has been slowly circling the drain, in some respects, for a long time now. 2017 pulled no punches with the social network, either. Twitter needs to make some big changes to stay relevant, as its growth is the slowest of all the major social media platforms.

7. Online Hangouts Become the Norm

Online hangouts go hand-in-hand with the live streaming trend, and with Generation Z. Consider Houseparty — an app for multiple friends to essentially FaceTime with each other in a group setting.

Houseparty made quite a wave in 2017 with rapid growth, and hit its stride well enough to inspire copycats, including perhaps an effort on the way coming from (no surprise here) Facebook.

The online hangouts trend is also going to intersect with VR. Sure, everyone promised everything this year with VR and AR, and all that ultimately came of it was two weeks of Pokemon GO.

But this year actually has the potential to be different. Many promising programs have another year of beta testing still left under their belts, but the technologies are improving in exciting ways. Once again, Facebook is at the epicentre, with Facebook Spaces.

8. Social Platforms See More Hardcore Moderation

The last year or so has forced the hand of several tech and social media titans to intervene and play a more active role in content moderation. Those manoeuvres, in retrospect, felt more like damage control than any sort of final solution.

We’re likely going to see companies revisit this in a more significant or longer-lasting way, and definitely more proactive than reactive.

As leveraging social media outlets for marketing first took flight, some were dubious of their staying power. The years since have changed sceptic’s into believers, and what’s on the forefront will clearly and easily amplify the channels’ relevance even further.

2018 is here… but were you prepared?

2018 social media trends predict that time on social media platforms will increase. This means you will need to improve your online presence in the year to come.

 

By Richard Holland – MSc Digital Marketing Student

 

Contact –

Linkedin- Richard Holland

Instagram – Ricardo J

Brand –

Instagram – Ricco London

Twitter – Ricco London

Facebook – Ricco London

Technology, Opportunity and Entrepreneurship

Technology has fabulously changed our jobs market since it transformed the production landscape during the industrial revolution, but even more so in the past three decades. Like in the 16th century, many jobs that were once considered crucial are now obsolete, and new job descriptions are being created in the labour market even as many forms of automation are presently being integrated into the production process. One does not have to go far to see how technology has changed our lives in forms of communication, transportation, work and leisure. Your being able to read this article has been greatly enhanced by technology and I as the writer have had to have some basic skills in technology to be able to deliver this article to you.

As an economist, there used to be a time when my profession worried about what humankind would do when we ran out of oil but recent technological advancements have once again rendered that discussion archaic. There also used to be a time when the factors of production were firmly believed to be land, labour, capital and entrepreneurship but some economists will argue that there is a need to include one additional factor of production in the modern era – you guessed it “technology”.

So what does this mean for young people as they decide their future? Should we be scared of this trend? How far reaching will advancements in technology be felt? Humankind has been very fortunate to have been able to grasp the benefits of technology and we have used it to live longer healthier lives, explore space and other planetary objects, and open great doors for the future but we have also made many mistakes along the way. Young people need to wary of this and know that they have to be the ones to decide on how we harness this power and what we use it for.

Business Management students at BMW in Munich

Business Management students at BMW in Munich

My area of focus in economic research right now is entrepreneurship and I became interested in entrepreneurship particularly because entrepreneurs are the ones who combine all the other factors of production to actually benefit humankind. Without the entrepreneur, other factors of production would be idle. Entrepreneurs however need to be somewhat knowledgeable to be able to do their jobs properly. Adam Smith, one of my favourite economists used the example of a small grocery to illustrate this point:

“The owner of such an enterprise [a business] must be able to read, write, account, and must be a tolerable judge too of perhaps, fifty to sixty different sorts of goods, their prices, qualities, and the market where they are to be had cheapest.”

This example shows that a business owner needs a modest amount of education to function profitably. This education might not necessarily be formal but the entrepreneur must know their stuff.

In our current society we are awash with technological advancements and these seem to be changing the way we live and do business. Businesses that have not kept abreast of current vagaries or have been slow to make investments in innovation have found themselves left behind, and entrepreneurs will need to know that they will face the same fate if they do not stay knowledgeable about technological developments that affect their customers and market.

This also presents some opportunities for entrepreneurs as they can be avant-gardists and influencers of the future. Imagine the impact that innovators have had on our current society not just in terms of social media but virtually in all productive fields. The world needs smart means of using its limited resources to improve the quality of our lives, and individuals who can do this successfully will be blessed with the commensurate rewards.

A holistic education is thus needed to be successful in the present climate as well as an open mind and the right sort of social capital. As the saying goes “no one is an island” and “many hands make light work”. Business owners and potential successful entrepreneurs will also be wise not to jump into the water with both feet but to test out their ideas and products carefully before venturing out boldly into the wide world.