0 5.1 IntroductionSo far, the study has proceeded to the point at which and the qualitative findings have been analyzed and fully discussed. In what follows the study will be wrapped up by an overall conclusion based on what has been discussed in the previous chapter and also based on the objectives of this study. On top of the conclusion, precise recommendations will be given to the researchers who, in the future, would wish to expound on the subject of this study or any other related topic within the management sector.
The recommendations will therefore entail tips on how to better this research and also the limitations associated with such a study as this and ways they can be minimized.5.2 ConclusionThe study was successful in that all the objectives were attained through the approach taken for data collection and analysis acquired. The study resumed with an introduction that gave the background of the study and also the major aim of the study. The relevance of the study was also expounded in this chapter.
To recap, the main aim of this study was to develop relevant growth strategies for the Korean wedding SME companies through the application of PPM tools. In a bid to reach this aim, the study was hinged on various objectives; analyzing the trend of wedding SMEs focusing mainly on Korea; critically reviewing growth models for SMEs; reviewing PPM tools for growth management; explore SMEs growth overseas; identify current position of wedding SMEs; investigate the factors that affect growth in SMEs; recommend SMEs to grow through PPM tools of management. The objectives have been achieved insofar at different stages of the study. In what follows each objective will be explored alongside how it has been achieved in the study so as to generalize on this study.
To start with, the trend of the wedding SMEs industry was from theory seen to be developing at a tremendous speed. Focusing on Korea, the wedding SMEs industry was also seen to be improving with passing time from theory. A conclusive implication can thus be developed; from all this review of empirical studies that there exists a positive trend in the number of SMEs worldwide. In this category, the wedding industry can be said to be increasing in the number of firms (as well as employees) even in Korea.Two similar models were critically reviewed in the study, the Greiner Model and the Scott and Bruce Model of growth of SMEs.
It was seen that both models are perfect remedies for strategizing and focusing appropriate resources towards growth of SMEs. In light of this, primary data was developed to confirm the correctness of this fact and conclusively the models of growth for SMEs were confirmed to be quite effective in managing growth strategically by gaining the knowledge of the anticipated crises faced during growth. Actually, another growth model; Churchill and Lewis growth model, which is closely related to the Scott and Bruce Model, was encountered in the course of the study being applied in a renowned wedding company. To sum it all up, all the mentioned growth models are good enough for application by any SME even the wedding SMEs in Korea and worldwide. However, the Scott and Bruce and the Churchill and Lewis growth models are recommended for SMEs since they are more detailed than the initial Greiner Model. Furthermore, they are both ‘upgraded’ hybrids of research, yielded from the Greiner Growth Model.
Growth management has been proved to be essential for all firms including SMEs. Of specific interest in this study was the management of this growth using PPM tools. Major PPM tools for managing SMEs growth were reviewed for cost, time, risks and quality. For instance, certification was the major tool used for quality management. The management tools were seen to play very crucial roles in the management of SMEs growth with the roles ranging from project and program scheduling to assessment and anticipation of risks. In conclusion, these tools proved essential for a healthy growth of any SME or even any large enterprise.
For wedding companies to grow overseas there is much need of the companies to first set deep roots that will sustain it in its home country. This was one of the findings acquired from the study. To put it more clearly, the company has to gather most of its funds from the local market before it can grow to foreign countries. In this case, the company should seek popularity and ‘dominancy’ in the local market first and in due time it will grow beyond boarders. Conclusively, the local market is the main booster of any wedding SME wishing to have a beyond boarder market scope. Hence creating good roots in the local market will give a clear ticket to the foreign market, all other factors (affecting growth) held constant.
It was established that the wedding industry in Korea is well known and appreciated. Notably, Hallyu tradition being the major Korea culture is appreciated and envied by many who even seek to wed in Korea so as to experience the culture. The SWOT analysis of the wedding industry in Korea also proved this fact far much better. The reviewed theory clearly showed that the industry was well established in the country even though it may be prone to many threats. In conclusion, the wedding sector in Korea has a successful and bright future based on the strengths and opportunities available in that country. Many factors were seen to affect growth if SMEs in the current business era.
Factors such as institutional factors (such as corruption); competition (environmental factor); firm characteristics (size, age etc.); and other human factors (such as age, educational background etc.) were seen to greatly affect growth of SMEs worldwide. All this factors were acquired from the available literature theory. To test the reality of these factors in the wedding industry, qualitative data was corrected and on analysis yielded the evidence that these factors really affect or hinder growth. Of interest was the stiff competition available in the industry even within the Korean wedding firms.
Competition of the wedding companies from the market was seen to affect all levels of firm available in the competitive market including the new entry industry. It was seen from literature that this competition even results to poor product and service production by the wedding companies. This was witnessed to be a critical issue in Korea where the customers go to the extents of suing the wedding companies. In conclusion, SMEs have to adopt strategic measures towards curbing the effects of the enlisted factors if they are to remain afloat and functional in the expanding business world infested with financial crises.
As mentioned earlier, the PPM tools are a good remedy for the growth of SMEs. Consequently, if a company wills to grow in a manageable manner, the company should consider the application of unique PPM tools which enable them to manage the key determinants of growth; cost, time and quality. These tools include the software versions of cost and time manager; certification documents such as ISO; and risk management graphic representations. These are the major tools that if kept in the system, for any SME, then growth shall be attained efficiently.