International Journal of Markets and Business Systems (5 papers in press)

Regular Issues

• Systems thinking in problem solving  
  by Janos Korn 
  Abstract: Survival and achievement of ambitions are suggested as the fundamental activities in the living sphere which are innate and carried on incessantly by individuals, organisations and in the variety of communities. An undesirable, equilibrium state of an object or agent and a consistent, future state are recognised. The transformation is accomplished by a matching dynamic system/product which interacts with an environment. Recognition and transformation is called problem solving which is driven by an urge towards higher complexity to satisfy convenience, emotions, less mental and physical efforts leading to benefit or harm to the environment especially when conducted on a large scale. Natural language as the primary model is used for initial symbolising the recognition as a story of a scenario which is converted into a reasoning structure by linguistic modelling into an integrated theory of problem solving for evaluation of the benefit or harm followed by remedial action.
  Keywords: survival; ambition; systems; product; harm; benefit; environment.
  DOI: 10.1504/IJMABS.2025.10072571
   
  
• The main challenges of forming a higher education and science cluster in the country of Georgia  
  by Ana Polodashvili 
  Abstract: Research organisations and academics specialising in the innovative development of local economies are progressively acknowledging the pivotal role that clusters play, particularly in the context of the ongoing digital transformation. This paper explores how the cluster of higher education and science can act as a tool for fostering effective collaboration between academia, business, and research, enabling the commercialisation of scientific discoveries and the introduction of innovative products to the market. The paper presents an analysis of two qualitative researches. The first research revealed that the majority of respondents support greater academic freedom, staffing and legislative reforms, improved infrastructural support, increased transparency of information, and enhanced funding. The research of the wheat production cluster in Georgia revealed that a wheat production microcluster is present in the Marneuli Municipality. The findings of the researches presented in this paper will be of particular interest to the identified stakeholders of the cluster, especially the relevant ministries.
  Keywords: higher education; science; commercialisation of scientific research; entrepreneurial ecosystem; entrepreneurial university; cluster; sakpatenti; innovation and technology agency of Georgia; Rustaveli Foundation; Georgia.
  DOI: 10.1504/IJMABS.2025.10073066
   
  
• Segmentation, targeting and positioning strategy in marketing massage services for the disabled  
  by Dumadi, Catur Raharjo Febrayanto, Lintang Prahita Ningarum 
  Abstract: Massage services enable visually impaired individuals to work independently through mobile services or massage parlours. However, competition from non-disabled therapists often limits income potential. To address this, a segmentation, targeting, and positioning (STP) strategy is needed to market massage services more effectively. This study aims to identify the STP strategies used by Sanggar Pijat Distrarastra, a massage centre run by visually impaired individuals in Pemalang, Indonesia. Using a qualitative descriptive method, data were collected through interviews, observations, and documentation. The findings show that Sanggar Pijat Distrarastra applied geographic, demographic, and psychographic segmentation. The selected target market was the middle-income and lower middle-income population, chosen for their empathy and connection to the social service sector. The positioning strategy emphasised affordability and service quality, while seeking to gradually strengthen brand awareness in order to build a stronger image in consumers minds.
  Keywords: segmentation; targeting; positioning; marketing strategy; brand awareness; service quality; customer perception; visually impaired therapists; social enterprise; massage services.
  DOI: 10.1504/IJMABS.2025.10074500
   
  
• Impact of corporate governance and underwriter reputation on IPO underpricing: an Indian market perspective  
  by Abhrajit Sarkar, Ayush Kumar, Rajan Pandey 
  Abstract: This paper examines the impact of corporate governance and underwriters reputation on initial public offering (IPO) underpricing among firms offering IPOs in the Indian equity market. To capture the impact of corporate governance mechanisms on initial returns, we have analysed 338 underpriced IPOs from 2003 to 2019. Our findings suggest that director independence and the underwriters reputation are negatively and significantly associated with the underpricing of IPOs. We also find evidence suggesting a positive but statistically insignificant association between CEO duality and the extent of underpricing. This paper examines the intricate interplay among IPO underpricing, underwriter reputation, CEO Duality, and the independent fraction of directors. It underscores the pivotal role of governance dynamics and underwriters reputations in influencing underpricing levels within the Indian market.
  Keywords: IPO; initial public offering; underpricing; board structure; economic policy; corporate governance; independent directors; Indian equity market; board independence.
  DOI: 10.1504/IJMABS.2026.10074581
   
  
• Trafficking in human beings: new challenges and old shadows through a cybernetic perspective  
  by Claudia Pretto 
  Abstract: Trafficking in Human Beings is a serious crime against humanity, involving the exploitation of vulnerable individuals through abuse for financial gain. Criminal networks are increasingly using social media platforms to attract, monitor, and control their victims, to understand the economic market and to organise their activities in the most productive way. Digital technologies undoubtedly constitute a new resource for both criminal actors and those involved in protection. The problem is the inadequacy of the resources and strategies available to those tasked with protecting victims and prosecuting criminals. Trafficking in Human Beings could be analysed and managed from a cybernetic perspective by those working to protect victims, prosecute criminals and prevent the phenomenon, as this analysis would open the possibility of identifying new strategies to try to eradicate this serious crime.
  Keywords: trafficking in human beings; crime; rule of law; human dignity; new technologies; profiling victims; protection; prevention; prosecution; cybernetics.
  DOI: 10.1504/IJMABS.2025.10074653