PERSPECTIVE AREAS AND DIRECTIONS OF DEVELOPMENT OF THE UKRAINE TOURIST SECTOR WITH THE APPLICATION OF MODERN MARKETING TOOLS

The article summarizes the features of world tourism development in the context of strengthening globalization processes. It is determined that in the conditions of globalization tourist enterprises should not only improve the existing components of the marketing complex, but also look for innovative areas of strategic development of the effectiveness of the management of the Internet marketing system. The perspective spheres and directions of development of the system of Internet marketing of the enterprises of tourism of Ukraine are systematized. The influence of the development of digital technologies and the COVID-19 pandemic on the transformation of the marketing concept of the tourist product of Ukraine is substantiated. Priority areas for reorientation of the Internet marketing system of tourist enterprises have been identified. The priority directions of development of communication strategy of the system of internet marketing of tourist enterprises are offered. Innovative spheres of development of the system of Internet marketing of tourist enterprises are conceptualized. Among the most important are: development of innovative tourist products; complex and constant integration of innovative technological developments into the value chain; reorientation from e-commerce to m-commerce; development of own online platforms and use of created and offered by world and regional providers – market leaders; development of contextual and targeted Internet advertising; ensuring the development of infrastructure and speed of e-marketing and m-marketing; improving the tools of messenger marketing and promotion on social networks; formation of business metrics; introduction of omnichannel communication; development of competencies and experience of consumers; building communities of participants in the tourism process; clear CRI for internet marketing system.

Time Series Analysis and Forecasting Techniques for Foreign Direct Investment

Foreign direct investment are the net inflows of investment to acquire a lasting management interest which is 10 percent or more of voting stock in an enterprise operating in an economy other than the investor. It is the sum of equity capital, reinvestment of earnings, other long-term capital, and short-term capital as shown in the balance of payments. This paper will discuss the definitions and findings of previous studies regarding Foreign Direct Investment. This paper also will explain about forecasting techniques used in previous studies in forecasting Foreign Direct Investment. Time Series Analysis is used to determine a good model that can be used to forecast business metrics.

The integration of human factors into a company's production design process

Human factors (HF) considerations, integrated early in design of production assembly systems, can improve both worker health and business performance. A longitudinal case study using an action research style collaboration between researchers and a large electronics manufacturer was the platform for this investigation. The findings show “how” HF, previously outside engineering with HF specialists (HFS) performing reactive injury assessments, increasingly became integrated into each stage of the design process with HF adapted tools, enforceable targets, sign-off, and most HF work focused on proactive design alongside engineers. An operations research tool (cognitive mapping) was used to identify the HF perceptions of Senior Directors and link these to their strategic goals. As a result, HF specialists changed their focus from injury risk to reducing fatigue and improving worker performance and assembly quality. Several industrial engineering tools were also adapted for HF (eg. HF failure mode effects analysis, HF design-for-assembly) and used to quantitatively communicate HF concerns, drive continuous improvement, visibly demonstrate change, and lead to benchmarking. Qualitative data analyzed with a grounded theory methodology resulted in six constructs in the final “Design for Human Factors” theory. The theory propositions state that when: 1. HFS acclimate to the engineering process, language and tools; and 2. strategically align HF to the design and business goals, then HF becomes perceived as a means to improve business performance. This results in 3. HFS being pulled onto the engineering team, which increases HF application and engineers’ awareness of HF, and 4. Management hold engineers accountable for HF targets. Being on the engineering team leads to 5. Engineering tools adapted to include HF targets, and in combination results in 6. HF becoming embedded in the design process. Senior directors reported that increased HF application has improved the design of more recent assembly lines and made it easier for operators. The theory contributes an explanation about how HF can be integrated into design processes to inform researchers and practitioners and improve proactive HF application. Recommendations include increased education for HFS in engineering, and more collaborative research to develop tools that quantify and link worker performance to business metrics.

The integration of human factors into a company's production design process

Human factors (HF) considerations, integrated early in design of production assembly systems, can improve both worker health and business performance. A longitudinal case study using an action research style collaboration between researchers and a large electronics manufacturer was the platform for this investigation. The findings show “how” HF, previously outside engineering with HF specialists (HFS) performing reactive injury assessments, increasingly became integrated into each stage of the design process with HF adapted tools, enforceable targets, sign-off, and most HF work focused on proactive design alongside engineers. An operations research tool (cognitive mapping) was used to identify the HF perceptions of Senior Directors and link these to their strategic goals. As a result, HF specialists changed their focus from injury risk to reducing fatigue and improving worker performance and assembly quality. Several industrial engineering tools were also adapted for HF (eg. HF failure mode effects analysis, HF design-for-assembly) and used to quantitatively communicate HF concerns, drive continuous improvement, visibly demonstrate change, and lead to benchmarking. Qualitative data analyzed with a grounded theory methodology resulted in six constructs in the final “Design for Human Factors” theory. The theory propositions state that when: 1. HFS acclimate to the engineering process, language and tools; and 2. strategically align HF to the design and business goals, then HF becomes perceived as a means to improve business performance. This results in 3. HFS being pulled onto the engineering team, which increases HF application and engineers’ awareness of HF, and 4. Management hold engineers accountable for HF targets. Being on the engineering team leads to 5. Engineering tools adapted to include HF targets, and in combination results in 6. HF becoming embedded in the design process. Senior directors reported that increased HF application has improved the design of more recent assembly lines and made it easier for operators. The theory contributes an explanation about how HF can be integrated into design processes to inform researchers and practitioners and improve proactive HF application. Recommendations include increased education for HFS in engineering, and more collaborative research to develop tools that quantify and link worker performance to business metrics.

Investment Valuation of Modern Business Models

The paper's purpose is to identify the changes in investment decision-making processes in the hybrid (traditional and digital) economy. It is hypothesized that business models and the digital environment change the classical prerequisites for making investment decisions, and this needs to be reflected in the investment valuation. Methods of system and critical analysis, value-oriented approach are used. The predominance of competition between business models (including within ecosystems), rather than organizations, and the reduction of the investor's need for the organizational and legal design of the investment object with a variety of digital solutions are established. It is argued that the investment potential of a modern business model is influenced by the organizational architecture, the infrastructure, the value formed by the consumer, communication and interaction with the immutability of the supply. The authors developed the business model's architecture with the allocation of nine basic elements and options for investment decisions in order to reflect the increasing design complexity and individualism of the business model. New cost factors for investment evaluation of business models are identified, including digital rent, pricing approaches, digital paradox, ecosystem protection from the market, etc. The qualitative features of an effective business model are established while maintaining a quantitative assessment based on the generated cash flow. The deduction is that as the complexity of business models increases and it is possible to integrate digital business metrics and traditional financial indicators. However, at present it is advisable to maintain the existing methodology of investment assessment, supplemented with new qualitative adjustments.

Lifting the lid on the black box of corporate real estate decision-making; dealing with surplus property

Purpose The purpose of this paper is to identify the variables that influence corporate real estate (CRE) decision-making and gauge their relative importance to each other, thereby understanding the consequent challenges/implications for CRE managers (CREM’s). Design/methodology/approach Interviews were undertaken with experienced CREM’s using the causal network elicitation technique to create decision networks for the variables they considered for the specifically defined scenario: dealing with surplus property from a change of business strategy. These networks illustrate the complexity of the mental representations required for the realignment of the CRE portfolio. The key variables are more extensive than alignment theory suggests, namely, financial stakeholders. Additional variables identified include risk, lease accounting, costs, financial analysis, business metrics and motivational drivers. The latter indicates the importance of self-esteem and peer recognition for CREM’s and financial benefits for the C-suite. Accordingly strategy alignment needs to incorporate CRE both in terms of strategy creation and implementation. Findings These networks illustrate the complexity of the mental representations required for the realignment of the CRE portfolio. The key variables are more extensive than alignment theory suggests, namely, financial stakeholders. Additional variables identified include risk, lease accounting, costs, financial analysis, business metrics and motivational drivers. The latter indicates the importance of self-esteem and peer recognition for CREM’s and financial benefits for the C-suite. Accordingly, strategy alignment needs to incorporate CRE both in terms of strategy creation and implementation. Originality/value This research appears to be the first that looks in detail at the mental representations used by decision-makers while making CRE decisions.

“Hotel – OTA” interaction and its influence on the optimization of urban hotels’ distribution channels

Research background: The interaction between hotels and the online travel agencies (OTAs) influences the hotel sales, creating dependencies, which the hotel managers are reluctant to accept. The indicators that evaluate urban hotel sales in Bulgaria in the scope of partnership with OTA are examined. The influence of the modern digital tools to enhance business performance results is reviewed. Purpose of the article: Focusing on Bulgarian urban hotels, the research measures the impact of diverse factors for shaping an adequate business model of an urban hotel. The effect of the share of the hotel sales via OTA platforms, the number of OTAs used, the occupancy rate, the RevPAR and the Booking.com rating score is considered. Finding an appropriate model for digital behavior of urban hotel enterprises is one of the aims of the survey. Methods: A questionnaire distributed among urban hotels situated in industrial towns of Bulgaria is conducted. Linear regression and logistic regression methods are applied for the purpose of the study. Findings & Value added: The importance of channel manager technology for business metrics in this sector is concerned. Three generalized hotel operating models are extracted. It is concluded that there is a necessity for constant management and review of the hotel - OTA relations.

MODERN BUSINESS METRICS FOR EVALUATION OF EFFICIENCY OF MARKETING MEASURES

The article substantiates the need to use marketing analytics when planning marketing campaigns with the involvement of the maximum possible number of communication channels in a time dimension. The area of research is the search for effective business metrics used to assess the effectiveness of the implementation of marketing activities. The results of the study showed that at the present stage of development of analytical capabilities, traditional methods of selecting business metrics are changing and depend on the scope of business and the competitive environment, the channels of interaction with customers and their behavior. When choosing the correct metrics, analyst should take into account all the sources of the information, also who will use this data to draw conclusions and make business decisions. Thus, to analyze the performance of the website, we should determine the number of visits, conversion and retention rates. We can evaluate effectiveness of email campaigns by the proportion of open emails, the number of clicks, and return on investment. In the case of paid advertising analysts should estimate the quantity and cost of clicks, the number and value of potential customers. For effective management of marketing activities, it is advisable to use the following business metrics: the cost of attracting one consumer, the cost of the consumer throughout his/her life as a consumer of the company's products or services, the average monthly income per consumer and the proportion of users who performed the targeted action. The primary indicators for calculating business metrics are the company's revenue and expenses. To obtain a reliable value for a business metric, one should take into account all types of expenses associated with product promotion — salaries for specialists in advertising, the cost of photos and videos for advertising posts, designer’s work, payment for writing advertising texts, communication costs, and others. The sequence of metric selection according to one approach corresponds to the traditional conversion funnel. However, nowadays for the most services a high level of new user engagement does not necessarily mean success. Thus, better sequence of metrics is as follows: retention, activation, referral, revenue, acquisition.