Testing the decoy effect in the presence of store brands

Purpose – The purpose of this paper is to test decoy effect in the framework of sales promotion, by conducting several experiments to figure out how this decoy effect is influenced by the presence or absence of a store brand. Design/methodology/approach – Several experiments have been conducted to test the validity of the decoy effect and rule out some explanations for the changes in demand that take place. The experiments consider three brands (two national brands and one store brand). All the brand names and prices employed in the experiment are real. Findings – The results indicate that, as expected, the inclusion of a decoy in the choice set significantly increases the consumer’s relative preference for the promoted product; however, more importantly, the results also show that store brand consumers are more influenced by a decoy than national brand consumers. Originality/value – This paper presents the first evidence of the decoy effect in the presence of store brands

LA CALIDAD Y SU IMPACTO SOBRE LA RENTABILIDAD Y LA VOLATILIDAD

The purpose of this paper consists in analyzing the impact of obtaining a quality certification (ISO 9000) on firms¿ market value, and to examine its influence on volatility. The sample used contains all the firms that, while trading in the Spanish stock market, have ever obtained a quality certification based on ISO 9000 norms between 1993 and 1999. To estimate the stock market reaction, we have estimated the mean ¿abnormal¿ change in the stock prices of the firms obtaining this certification. To estimate the variation in volatility, we have used four tests, two parametric, one non-parametric and a proposal of a semi-parametric one. The results show that the stock market reacts positively to the obtaining of a quality certification, increasing also volatility. El objetivo del presente estudio consiste en analizar el impacto que la publicación de la noticia de obtención de un certificado de calidad (ISO 9000) tiene sobre el valor de mercado de la empresa y sobre la volatilidad del precio de cotización de las acciones. La muestra utilizada incluye todas las empresas que, habiendo obtenido un certificado de calidad, han cotizado en el mercado secundario de valores español entre los años 1993 y 1999. Para medir el impacto de la obtención un certificado de calidad sobre los resultados se ha analizado los excesos de rentabilidad, mientras para medir la variación en la volatilidad se han realizado cuatro test, dos paramétricos, uno no paramétrico y una propuesta de test semiparamétrico. Los resultados indican que el mercado de capitales reacciona positivamente a la obtención de este certificado, provocando además un incremento en la volatilidad de los precios de cotización.Calidad, Certificado ISO 9000, rentabilidad, volatilidad. Quality, ISO 9000 certification, returns, volatility.

The Bundling Strategy: The One-Click Effect on Loss Aversion

This research aims to determine different levels of loss aversion in the context of price responsiveness and service bundling. Considering that nonlinearities in price responses may exist in a bundling strategy, this research tests the existence of different degrees of loss aversion, depending on whether an individual books one service independently of another (e.g., an airline ticket independently of accommodation) or as part of a bundle (e.g., a package that includes an airline ticket plus accommodation). We estimate a random parameter logit model. Empirical application shows that people who book a flight independently of accommodation are more loss averse than those who book a package that includes flight and accommodation. To explain this result, we propose the one-click effect so that people who find a price higher than expected (loss aversion) are more willing to accept it if the product is included in a bundle

Eficiencia en la distribución: una aplicación en el sector de agencias de viajes

El objetivo de este trabajo consiste en estimar la eficiencia productiva y de escala con la que operan los intermediarios del sector minorista español de distribución turístico. Adicionalmente, se pretende examinar los determinantes de la eficiencia en términos de la integración vertical, concentración horizontal, tamaño y resultados de las entidades. La metodología aplicada se apoya en diversas técnicas de medición de eficiencia (paramétrica de naturaleza estocástica y no paramétrica del Análisis Envolvente de Datos, DEA), así como en modelos tobit para conocer el impacto de los factores del mercado y de la empresa sobre los niveles de eficiencia. La aplicación empírica realizada en una muestra de 50 agencias de viaje de nuestro país evidencia, por un lado, unos elevados índices de ineficiencia técnica y de escala, destacando en el último caso los rendimientos decrecientes; y por otro, que el tamaño y el ROA son los factores determinante de la eficiencia de escala, mientras que la concentración del mercado explica la eficiencia técnica.The aim of this paper is to analyse the efficiency of the travel agencies operating in Spain, and to examine the determining factors of such efficiency, in terms of vertical integration, market concentration, size and performance. The methodology employed is based on different techniques for the measurement of the efficiency (stochastic frontier production function and Data Envelopment Analysis, DEA), as well as on Tobit regression models. The empirical application carried-out on a sample of 50 Spanish travel agencies reveals, on the one hand, high levels of technical and scale inefficiencies, specially decreasing returns to scale; and, on the other hand, that size and performance are the determining factors of scale efficiency, while market concentration is the determining factor of technical efficiency

Estratégia de internacionalização de uma PME familiar do sector têxtil e vestuário: o caso Univest

Num mundo cada vez mais globalizado, e num contexto de atual internacionalização de PMEs, este projeto apresenta estratégias de crescimento e sobrevivência para o caso de uma empresa em particular. Tentou-se compreender, em primeiro lugar, o processo de internacionalização da empresa sob o ponto de vista teórico, tendo-se enfatizado os princípios básicos deste estudo. Posteriormente, apresentam-se as linhas de orientação estratégica, através de uma análise ao conjunto de recursos e competências distintivas da empresa. Optou-se pela metodologia qualitativa de estudo de caso a partir da revisão de literatura, que forneceu base teórica decisiva para a relação com o processo de internacionalização da empresa, facultando uma perspetiva integrada do mesmo. A empresa em estudo pertence ao sector têxtil e do vestuário. Devido ao declínio do mercado interno e consequente decréscimo das vendas, iniciou o seu processo de internacionalização para Espanha devido à curta distância psicológica. No entanto, no que respeita a mercados mais distantes, parece apresentar algumas dificuldades que este estudo pretende colmatar. Através deste estudo de caso, procurou-se, portanto, compreender e aperfeiçoar o processo de internacionalização, na sua vertente interna e externa, desta empresa em particular.In an increasingly globalized world, and in a contemporary context of internationalization of small and medium-sized enterprises, this project brings forward a growth and survival strategy to be applied in a particular company. We attempt to understand, firstly, the company internationalization process under a theoretical scope, emphasizing the basic principles of that study. Posteriorly, we brought forward strategic guidelines, through the analysis of resources set and distinctive skills of the company. We choose qualitative methodology of the study case from the literature review, which provided the crucial theoretical basis to the internationalization process of the company, providing an integrated view. The company studied belongs to the textile and clothing sector. Due to the domestic market decline, and the consequent decrease in sales, it began its process of internationalization to Spain in virtue of the short psychological distance. However, with regard to more distant markets, the company seems to present some difficulties that this study aims to fulfill. Through this case study, we tried to understand and improve the process of internationalization in its internal and external aspects, in this particular company

Evaluation of condylar position by CBCT after static and dynamic registration in edentulous patients

AbstractObjectivesThe aims of this study are to: compare the condylar position in articular fossa after static and dynamic registration; analyze symmetry between right and left condyles and examine the relationship between articular eminence and condylar position.MethodsTwenty completely edentulous patients were included in this study, after signing a written informed consent. Static registration was obtained by mandibular manipulation and dynamic registration was performed by Gothic Arch Tracing. Patients were submitted to one cone beam in static registration, followed by another with dynamic registration. Radiographic image measurements in lateral and frontal cuts were made.ResultsNo statistically significant differences between the two methods were found. In dynamic registration all the distances were smaller, more consistent and equidistant. Condyles stayed in a closer position to the articular fossa and in a centred position. For this registration a higher symmetry between left and right condyle exists, revealed by homogeneous results. Static registration had a higher heterogeneity of results, due to the fact that it is dependent upon a number of factors.ConclusionsDynamic registration seems a reliable and an accurate method to use. With the higher condylar symmetry and the centred position in articular fossa, it seems that this registration reproduces a physiologic condylar position