Presenting a New Management Strategy Overcoming the Limitations of Traditional Market-Centered Business Strategies
Marcol Consulting Group, a public affairs consulting firm led by CEO Lee Bo-hyung, announced that the second paper from its industry-academic collaborative research with Oxford University professors, which began in 2016, was officially published on October 30 in the globally renowned multidisciplinary research journal, the Journal of the Royal Society Interface.
Titled "New Lessons from Biology for Economics and Business: A Systems Approach to Non-Market Environments," this paper introduces Systems Public Affairs, a strategic framework for cooperation between business and society. It focuses on applying the concept of altruistic cooperation found in biology to business, helping achieve short-term business performance and enabling sustainable business practices.
The paper was co-authored by Lee Yoon-hee, Chairperson of Marcol Consulting Group; Professor Colin Mayer of the Blavatnik School of Government at Oxford University; Professor Denis Noble of Balliol College, Oxford University; and Dennis Snower, Chair of the Global Solutions Initiative.
The core of this research is to explore how principles of systems biology can be applied to business strategy. In particular, the paper explains that systems biology emphasizes managing and predicting complex interactions, and these principles provide important insights for businesses to effectively manage the complexity and uncertainty they face in non-market environments.
Professor Colin Mayer, a distinguished management scholar and former Dean of the Said Business School at Oxford University, and Professor Denis Noble, the founder of systems biology and multiple-time Nobel Prize nominee, stated, "The traditional foundations of economics, which focused on markets and competition, are being profoundly shaken by the fundamental reconfiguration of ongoing biological concepts." They explained the significance by saying, "The paper provides clear guidelines for companies to reference, and Systems Public Affairs (SPA) offers direction for companies to adjust their evolution in response to rapid changes in market and non-market environments."
Lee Yoon-hee, Chairperson who designed and led this research, explained the purpose of the study: "Having conducted public affairs consulting for over 20 years, I have experienced the limitations of traditional market-centered management strategies and the importance of non-market strategic management. From the stage of formulating management strategies, market and non-market strategies must be combined, and through cooperation with society, a path for joint prosperity between companies and society should be found."
Just as many economic and management theories, including game theory, are based on biological logic, this paper explains how the cooperative competition model proven by systems biology can be usefully developed in economics and management. Furthermore, as with the co-authors' first paper published in 2019, Against the Microfoundation Hegemony: Cooperation in Biology, Business and Economics, this paper includes real business cases to aid managers' understanding.
Meanwhile, Marcol Consulting Group is a leading public affairs consulting firm that launched Korea's first public affairs consulting service in 2002 and has led many consulting firms to enter the public affairs market and provide services. Since 2016, it has expanded its public affairs services into non-market strategic management consulting and supports the creation of favorable policy and regulatory environments throughout the entire business lifecycle through a systems approach.
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