Theories on the impact of weather on consumer spending and retail sales

Vrijeme utječe na četiri osnovne kupovne odluke, tj. što, kada, gdje i u kojoj količini kupiti. Iako trgovina na malo nije tradicionalno shvaćana kao djelatnost izložena vremenskom riziku, rezultati studija pokazuju da vrijeme ima signifikantan utjecaj na posjećenost prodavaonica i prodaju mnogih kategorija proizvoda. U radu su predstavljene teorije utjecaja vremenskih prilika na potrošnju i prodaju u trgovini na malo te je dan pregled rezultata postojećih relevantnih istraživanja. Ukratko, može se zaključiti da utjecaj vremenskih prilika na potrošnju i prodaju u trgovini na malo nije uniforman, već se razlikuje ovisno o mjesecu u godini, kategoriji proizvoda i formatu prodavaonice. Vremenski rizik u trgovini na malo predstavlja nedovoljno istraženo područje. U skladu s time, cilj rada jest razviti svijest o vremenskom riziku u trgovini na malo i postaviti osnovu za daljnja istraživanja.Weather affects four basic purchasing decisions: what, when, where and in what quantity to buy. Even though retail is not traditionally perceived to be a weather sensitive sector, results of studies show that weather has a significant impact on store traffic and sales of numerous product categories. The paper outlines theories on the effects of weather on consumer spending and retail sales, and gives an overview of the results of former relevant research studies. It can be concluded that the impact of weather on consumer spending and retail sales is not uniform, but that it varies depending on the month of the year, product category and store format. Therefore, further studies on weather sensitivity and weather risk in retail are necessary. The purpose of this paper is to help raise awareness of weather risk in retail, and to provide a firm foundation for future research on weather sensitivity and weather risk in retail

The Interdependence of Institutional Framework and Business Success of Internationally Oriented Croatian Road Freight Transporters

The road freight industry is a structurally competitive sector which is oriented towards distribution, logistics and basic physical transport. Road freight transport represents the leading transport branch in the European Union, and the same situation is on Croatian transport market. The activities of the Croatian road freight transporters on the foreign market have been continually increasing. This paper aimed to analyse the need for the influence of the institutional framework on the business success of Croatian road freight transporters. Special attention in conducted primary research has been given to examining the relationship between the distribution of the CEMT permits and business success. The results have confirmed that institutional conditions are essential for interpreting the changes in the business success of Croatian road freight transporters. The companies that stated how the CEMT permits and bilateral distribution system negatively influences their business have the lowest average values of the profit (loss) in relation to the assets and the capital. It is crucial to provide more CEMT and bilateral permits for Croatian road freight transporters in the future. It is necessary to coordinate the legislators with the practice to ensure that the amendments that will be adopted in the future also ensure sufficient conditions for successful business

S-COMMERCE: HOW TO TURN # INTO $

First it was brick and mortar, then it came Internet and retail went online. Just as retailers became accustomed to possibilities of e-commerce, customers switched to their smartphones and m-commerce was commenced. With web advancement into web 2.0, social media gained new dimension thus enabling the emergence of social commerce or s-commerce. Nowadays, more and more consumers utilize social media in purchasing process, from recognizing the need to actual purchase and post purchase evaluation. Retailer who quickly adopts social media can gain multiple benefits. Moreover, if their target customers are young consumers, s-commerce is no longer an option but a must in order to strengthen their brand, tighten the relationship with customers and enhance sales. The purpose of the paper is to present major opportunities of social media for retailers, introduce the new trend in retailing and outline major drivers of s-commerce. The value of paper lies in numerous managerial implications that contribute to better understanding of the way today’s young consumers shop

THE CONCEPT AND TYPES OF BASIS RISK IN THE WEATHER DERIVATIVES MARKET

Vremenske izvedenice iako prisutne na tržištu već više od 20 godina, i dalje predstavljaju nedovoljno istraženo područje u znanstvenoj literaturi, posebice domaćoj. Kao instrumenti zaštite od vremenskog rizika koriste se s ciljem smanjenja volatilnosti odnosno neizvjesnosti budućih novčanih tokova. Uz mnoge prednosti pred alternativnim načinima zaštite od vremenskog rizika, vremenske izvedenice karakterizira značajan bazni rizik koji dokazano smanjuje njihovu učinkovitost i tako ograničava njihovu širu primjenu. Bazni rizik na tržištu vremenskih izvedenica specifičan je i kompleksan. Kako se ne suočavaju svi korisnici vremenskih izvedenica s istom vrstom baznog rizika potrebno je detaljno razumijevanje ovog problema kako bi se kreiralo adekvatno rješenje za upravljanje vremenskim i baznim rizikom. Svrha rada jest detaljno objasniti pojam i vrste baznog rizika na tržištu vremenskih izvedenica, kako i zašto do njega dolazi, njegov utjecaj na učinkovitost vremenskih izvedenica i kako ga minimizirati. Pri tome su korištene sljedeće znanstvene metode: metoda analize, klasifikacije i deskripcije, kombinirana metoda slaganja i razlika, metoda popratnih (zajedničkih) promjena, komparativna metoda, te metode konkretizacije, sinteze i generalizacije. Vrijednost rada ogleda se u sveobuhvatnom pregledu vrsta baznih rizika kojima su korisnici vremenskih izvedenica izloženi i mogućim načinima upravljanja pojedinim vrstama baznih rizika. Znanstveni doprinos rada sastoji se u jedinstvenom zaključku glede utjecaja baznog rizika na učinkovitost vremenskih izvedenica u zaštiti od vremenskog rizika, neovisno o djelatnosti u kojoj se primjenjuju, donesenom temeljem pregleda brojnih istraživačkih radova.Weather derivatives, although present for more than 20 years now, still are an underrepresented area in scientific literature, particularly domestic. As hedging instruments against weather risk, they are used to reduce volatility or uncertainty of future cash flows. In addition to many advantages over alternative methods of weather hedge, weather derivatives are characterized by a significant basis risk which has proven to reduce their effectiveness and thus limit their wider application. The basis risk in the weather derivatives market is specific and complex. Since not all weather derivatives users face the same type of basis risk, a detailed understanding of this problem needs to be developed in order to create an adequate weather risk and basis risk management solution. The purpose of the paper is to explain in detail the concept and types of basis risk in the weather derivatives market, how and why it emerges, its impact on the effectiveness of weather derivatives and how to minimize it. The following scientific methods were used: the method of analysis, classification and descriptiveness, the combined method of arrangement and differences, the method of the common changes, the comparative method, and the methods of concretization, synthesis and generalization. The value of the paper is in providing comprehensive review of possible types of basis risk that weather derivatives users face with, as well as discussing possible ways of basis risk management. Scientific contribution of the paper consists in a single conclusion regarding the impact of the basis risk on the weather derivatives effectiveness, regardless of the sector in which weather derivatives are applied, outlined as a result of numerous research papers review

CONSUMERS\u27 WILLINGNESS TO PAY MORE FOR ORGANIC FOOD IN CROATIA

Taking into consideration growing concerns about conventional agricultural practices, food safety, human health, animal welfare and the environment, the main goal of this paper is to identify the predictors of consumers\u27 willingness to buy organic food and to pay a premium price for it. The research was conducted on a representative sample of respondents in the Republic of Croatia, a growing organic food market, using a highly structured questionnaire. Research results indicate that respondents in Croatia perceive organic food as more expensive, healthier and tastier than conventional food; also, they believe that the origin of organic food is strictly controlled. The results of hierarchical regression analysis indicate that higher monthly household income predicts a greater willingness to pay (WTP) a higher price for organic food compared to conventional food. Also, perception of organic food as healthier and tastier than conventional food predicts a greater WTP a higher price for organic food compared to conventional products. It is expected that research results will be useful for food retailers in their market communication strategies towards further development and overall growth of the organic food market in Croatia. This research is one of its kind as it captures WTP a premium price for organic food and identifies the main factors influencing WTP a premium price for organic food on the growing Croatian market

Impact of Croatian EU accession on its foreign trade and customs system

The paper provides an overview of the effects of Croatian EU accession on its foreign trade and customs system, with special emphasis on bilateral trade with EU and CEFTA countries. With Croatia entering the EU, Croatian trade agreements with the South Eastern European countries no longer apply due to its simultaneous exit from CEFTA. These processes will certainly lead to certain changes in the Croatian foreign trade. The paper, therefore, analyses the current state and the dynamics of foreign trade with EU and CEFTA member countries in the period from 2007 to 2013. Moreover, we also offer an overview of possible changes in foreign trade and customs system, as well as the potential effects of these changes estimated within the previous theoretical and empirical research

EXPLORATIVE ANALYSIS OF CORPORATE SOCIAL RESPONSIBILITY REPORTING: THE CASE OF LEADING EUROPEAN FOOD RETAILERS

The purpose of this paper is to give an insight into the corporate social responsibility (CSR) activities reported in CSR reports published on the web sites of the leading European food retailers. Paper explains the importance of the CSR, followed by the latest state-of-art on the CSR issues reported by food retailers, with special emphasis and focus on international, leading European food retailers. The findings of explorative analysis of corporate social responsibility reporting of the leading European food retailers reveal their dedication to CSR issues and consideration of their own activities. However, based on the previous style of reporting activities, we observe the positive shift from focal company view to the holistic view of the entire supply chain and consequentially, sustainable supply chain perspective. This observation confi rms that leading food retailers are power holders and trend-setters in the CSR issues

UTJECAJ DEMOGRAFSKIH KARAKTERISTIKA POTROŠAČA NA PROCES DONOŠENJA ODLUKE O KUPOVINI

Ponašanje potrošača u procesu kupovnog odlučivanja određeno je mnogim čimbenicima, a cilj ovog rada je istražiti utjecaj demografskih čimbenika na proces donošenja kupovne odluke. Za potrebe rada provedeno je primarno istraživanje među hrvatskim potrošačima instrumentom anketnog upitnika s ciljem ispitivanja utječu li, i na koji način, demografske karakteristike ispitanika poput spola, dobi, obrazovanja, radnog statusa i osobnih prihoda na proces donošenja odluke o kupovini. Identificiranje demografskih obilježja potrošača pomaže maloprodavačima u određivanju ciljnih tržišta te u predviđanju budućih kupovnih navika potrošača. Znanstveni doprinos rada ogleda se u tome što je kupovni proces istraživan zasebno po fazama procesa temeljem čega se mogu donijeti konkretni zaključci i preporuke maloprodavačima kako prilagoditi maloprodajnu strategiju ciljanom segmentu potrošača. U obradi rezultata korišteni su statistički testovi, t-test i ANOVA. Rezultati pokazuju da demografske karakteristike ispitanika utječu na proces donošenja odluke o kupovini, te da se njihov utjecaj razlikuje, kako međusobno, tako i po fazama kupovnog procesa