The Innovative Business Model Design of Mugwort Industry Based on Grounded Theory

  • Yali Ding
  • Muhammad Azman Ibrahim
  • Lanlan Yang

Abstract

Mugwort (Artemisia Argyi), is a herbaceous perennial plant. Mugwort and mugwort products have a very broad prospect of domestic and international market demand. However, the mugwort industry only has scale advantage but no competitive advantages, which has greatly affected the development of the mugwort industry. Based on the grounded theory, this paper conducted various research methods, such as visiting and reviewing a large amount of literature related to the mugwort industry for tertiary coding analysis in order to explore the key points in the design of innovative business models for the mugwort industry. The results of the study show that the innovative business model can be developed in four aspects: product
proposition, sales proposition, value proposition, and brand building. From this basis, the corresponding optimisation path options are proposed. It is expected that the results of this study will help enterprises and sectors related to the mugwort industry to have a better understanding of the solutions to existing problems, as well as create high-value products and services effectively, so that the mugwort industry can embark on an intensive, efficient and healthy development path.

Published
2023-09-29
How to Cite
DING, Yali; IBRAHIM, Muhammad Azman; YANG, Lanlan. The Innovative Business Model Design of Mugwort Industry Based on Grounded Theory. International Journal of Service Management and Sustainability, [S.l.], v. 8, n. 2, p. 1-16, sep. 2023. ISSN 2550-1569. Available at: <https://myjms.mohe.gov.my/index.php/IJSMS/article/view/24183>. Date accessed: 21 july 2024. doi: https://doi.org/10.24191/ijsms.v8i2.24183.