Indian Journal of Science and Technology

Abstract

Background/Objectives: The local small giant support project for cultivating Korean hidden champions is formal rather than bringing practical effect. This study aims to help companies practically by suggesting customized growth strategies for local small giants. Methods/Statistical Analysis: A growth strategy system for local small giants was presented and the effectiveness of the growth strategy presented was verified. Also, an interview for satisfaction research was conducted with 5 consultants and 14 company managers, who specialize in planning growth strategies for local small giants, using standardized questionnaires. The questionnaire consists of questions about satisfaction, work concentration and strategy compliance. Findings: The growth strategy system maintains the growth strategy systems of the world-class 300 enterprises and reinforces the key technology securing strategies for developing future growth engines, from the perspective of BSC (Balanced Score Card). According to the survey on the effectiveness of these customized growth strategies for local small giants, 94.7% of the subjects were satisfied with the growth strategy system suggested. 55.6% of them replied that it could provide practical help and 38. % of them replied that it lightened the burden of paperwork. All the consultants answered that they got time to concentrate on the companies and it would provide practical help by enabling them to present in-depth data. Application/ Improvements: Further researches for empirical studies to examine whether the growth strategy is connected to practical business performance and meet national competitiveness, is required.
Keywords: Growth Strategies, Hidden Champion, Local Small but Strong Businesses, Small and Medium-sized Businesses, World Class 300