Targeting Open Market with Strategic Business Innovations: A Case Study of Growth Dynamics in Essential Oil and Aromatherapy Industry

Abstract

Essential oil and aromatherapy industry is increasingly gaining prominence in the global market. Previous studies have been carried out on the benefits of essential oils in healthcare and as part of the healing arts of many cultures, as a proven method of caring for our physical, spiritual and mental health. To enter an open market and promote the awareness of essential oils and aromatherapy, strategic planning capability is important to drive business growth. This paper utilizes a simulation-based strategic decision support system (SSDSS) to conduct a real-world case study with empirical data and examine the effectiveness of SSDSS applications in supporting market development and business growth with service innovations. Through iterative computer simulations and scenario analysis of healthcare promotion and business development for performance improvement, the effects of strategic business innovations could be systematically analyzed to identify different stages of adopters and effective approaches to achieve the established objectives with market value creation.

Keywords

• Business Model
• Strategy
• Decision Support
• Entrepreneurship
• Business Growth