This book has been inspired by a desire to illustrate issues that have been overshadowed by the dynamics of the new economy and global enterprise. The shortcomings of nation states on the global arena have increased the need for an institutional framework for the world economy. The different chapters illustrate the range of the issues that need to be addressed in the new debate on globalisation.
Knowledge and information have become an essential asset determining the profitability of technology-intensive enterprises. In knowledge-based industries, knowledge and information can be marketed to potential partners or clients separately from the products and services that are based on the application of specific knowledge. In the new, global computer-intensive economy, the knowledge base of the economy can determine the approval of an enterprise as a producer of future solutions. This means that it is crucial that enterprises identify and develop their knowledge base, not least in their market relationships. Knowledge emerges in network relationships between an enterprise and its surrounding organisations, and can be legally protected as intellectual property (IP). A clearer notion of the way IP can be analysed may improve the economic outcome of investments in innovation. Relationship marketing clearly has a role in the marketing of technological innovation and product development. A high-tech enterprise faces several decisions influencing its position in the market when developing its knowledge base. Key decisions determining the relationships established in a knowledge-intensive market include (i) make or buy decisions; (ii) organisational association or isolation; (iii) the innovation or adaptation of new technology; (iv) the protection or exploitation of knowledge; (v) public or private research funding; (vi) safeguarding or sharing of IP; and (vii) pioneering advantages or disadvantages.
Purpose – To identify essential building-blocks in the construction of the Latvian market after the Latvian transition to a market economy.
Design/methodology/approach – The research uses a social constructivist approach to deconstruct the Latvian experience of economic change. The Latvian market is viewed as socially constructed, and essential events in the economic transition and national independence are viewed as essential to the interpretation of the Latvian experience of inclusion in the global economy.
Research limitations/implications – The research is limited to Latvia, but is portrayed against the change taking place in Eastern Europe and the Baltic States in particular.
Practical implications – The practical implications of this research are many, and could be taken into consideration not least by enterprises investing in the Latvian economy.
Originality/value – The value of the paper lies in the interpretations of the broader context of the Latvian market and some of the conditions in which enterprises are managed. The Latvian experience of transition is a background for reaching a better understanding of Latvian society.
Purpose – This article aims to consider the usefulness of network theory in examining the marketing of high-technology products and services.
Design/methodology/approach – High-tech companies are analysed in light of a network approach to marketing.
Findings – The research finds that building marketing relationships can improve the viability of high-tech companies.
Originality/value – The article contributes to the development of theory that can enhance the marketing of high-technology products and services.
A growing number of patients seek medical care outside their country of residence. More mobile populations that seek access to information about international medical treatment alternatives have influenced a booming medical tourism industry. The countries engaged in medical tourism are ranging from countries with high cost of medical care like the USA and Japan to medium cost countries, like Singapore and Germany to low cost countries like India and Poland. Engaging in medical tourism by attracting patients internationally involves a process of internationalization of healthcare. Countries have commonly gone through different stages in their approach to medical tourism which has matured the industry. A first stage in the internationalization is encouraging regular travelers to consider treatment options in a destination. A second stage involves the signing of agreements with healthcare systems in countries that can remit patients abroad. A third stage is to develop an integrated organization taking patients all needs before, during and after treatment into consideration. Our study is based on more than 80 in-depth interviews as well as secondary data from countries in Europe, Asia and North America. Much lower medical treatment prices in many Asian and Latin American countries act as driving forces for medical tourism attracting Western medical tourists to seek treatment in those countries.
The East German transition to Market Economy became a selection process for former DDR companies. Most companies did not survive the transition to the market economy. However, some have survived and are able to compete in the market economy after the transition. Studying these companies renders evidence of what is approved by customers in the competitive markets in the global economy. The research into the survival of East German companies provides and insight into companies facing competition in a market economy, and suggests how market forces influences the functioning of enterprises. Six hypotheses have been developed to account for essential reasons why some East German companies have survived, and why and how they are capable of marketing products and services in the competitive market economy. The transition to market economy has had many consequences to East German companies. The productivity of the former DDR was substantially lower than that of the West. At the time of the reunification, the companies of Eastern Germany were not competitive, due to high production cost. West German wage levels and working conditions, and the West German institutional model called Model Germany, was transferred to Eastern Germany at the time of reunification (Wiesenthal 2003).
Patients seeking medical care are travelling greater distances for treatment. The globalisation of healthcare has given rise to a thriving global medical services industry. The ability to gain access to more advanced treatments, differences in cost and inflexible national healthcare systems encourage patients to seek treatment abroad. In the new information age, patients seek information about available treatment opportunities with less regard to national boundaries. International hospitals are seeking new marketing strategies for their services. Today, much of the marketing takes place on the Internet, which is accelerating the internationalisation of the medical services industry. This article presents a comparative and interpretive study. We have interpreted the market orientation and degree of specialisation of hospitals in Singapore and in Sweden, which in turn are compared to leading hospitals in the US. In this research, we present evidence of different approaches to medical tourism based on different organisational frameworks for the marketing of medical services to international patients. The study indicates that market orientation results in greater emphasis on superior service quality of health care. This in turn leads to the delivery of improved services to patients.
Suburbs represent an essential subject for regional studies and have a rapidly increasing economic significance within wider metropolitan regions (Phelps 2010). It is necessary to create inclusive suburbs with a stronger identity. The current growth of populations in major cities requires an ability to reorganize existing cities and a massive restructuring of urban infrastructure (Modarres and Kirby 2010). The interpretation of the needs of suburbs have previously called for a transdisciplinary and collaborative strategy (Després et al. 2004). We look at entrepreneurship and different types of 21 businesses as a source of vitalization of suburbs. These ventures are studied in the context of the diversity of the population of suburb. Entrepreneurial investments, the establishment of high impact enterprises as well as networking among local and migrant businesses represent elements that can vitalize previously marginalized suburbs. Enterprises that are clustered in suburban neighborhoods reflect the different impacts of suburban and city spatial forms. Newly arrived citizens draw upon the critical mass of ethnic members to form a niche market for ethnic business (Fong et al. 2007). Minorities may have limited access to financial capital in the larger urban economy, but ethnic enclaves may provide a source of a unique competitive advantage (Cummings 1999). Entrepreneurship rooted in a suburban surrounding represent a specific opportunity to become embedded in an economic and spatial dimension. The migrant may be seen as representing a diversity capital which penetrate specific market conditions located in ethnically diverse neighborhoods situated in the suburbs of major cities. The spatial and entrepreneurial dimension of ethnic business can thereby be given a relevant context for interpretation.
This article presents a study of networks in the financial services market. We invoke network theory to study the role of connection between market actors within investment banking. We look at the relationship between corporate governance and the networks and performance of financial market actors. A comprehensive set of secondary data is analyzed with a multiple correspondence analysis methodology. The data is compared with evidences of rankings of the financial service divisions of investment banks. We have found that the forming of formal networks ties between market actors can be associated with the rating of financial banking service. Actors with more network connections are rated higher in customer ratings than those with fewer network ties. The forming of formal ties in boards and committees has a positive impact on the performance ratings of providers of financial services. Our data consists of three clusters. The first entails international banks with high turnover and superior customer reviews. The second cluster consists of small unranked banks with considerably lower turnover, and the third cluster is represented by the midsized banks.
Our research has been driven by the apparent lack of rigorous theory within the branding literature. Theoretical concepts have seldom been linked to business theory. This article presents an approach to branding which links branding to different approaches to entrepreneurship and uncovers the essential role of brand strategies when connecting branding to the management literature. Strategy and branding overlap and strategy links contemporary branding and entrepreneurship literature. There are various approaches to entrepreneurship which is relevant to the analysis of brand strategies. For the sake of simplicity we have divided them into two strands, the business school approach and the Schumpeter school. Essential to our understanding of brands is the ability of brands to decrease the transaction cost and reduce the information asymmetries between consumers and producers in the market. By relying on brands the actors in the market can reduce their search and information cost and the total cost of performing a market transaction.
Abstract— Research into entrepreneurship has previously paid little attention to the role of brands. This article synthesizes theories of entrepreneurship, branding, transaction cost, and strategy. By developing a strong brand, managers distinguish their companies, products, or services from those of competitors. Brand theories can be linked to various entrepreneurship research perspectives. Brands can be regarded as innovations that reduce transaction costs for the buyer who can better make purchase decisions. The management literature defines brands in two main ways, using business-oriented and consumer-oriented definitions. The strategy literature encompasses both these approaches, linking the entrepreneurial function and brand development. It is through the use of strategy that entrepreneurs can develop their brands, making them integral to a modern definition of entrepreneurship.
The health service industry is becoming increasingly internationalized. People are travelling increasingly longer distances for medical treatment. A new rapidly expanding medical tourism industry has emerged. For health service providers to compete they have to specialize and become more innovative. These innovative strategies are not limited to technical innovation, but also organizational- and service-related innovations. Treatment costs which influence the price paid for treatment are becoming a major factor influencing competition. We have looked at recent changes made within the European health care sector, to find evidence of a new innovative climate for the provision of medical treatment to patients. The emergence of Centers of Excellence is an example of responses to a new competitive climate in a global industry.
Abstract: This paper focuses on contemporary applications of hospitality expertise, concepts and training to the management of hospitals. When viewed at one end of the Product-Service Continuum, traditional hospitals may be argued to resemble a factory assembly line where medical treatments are produced as rationally as possible. However, given the complexities of job roles, variability of personal relationships, perishability of beds, and intangibilities associated with patient experiences, hospitals are nowadays increasingly being perceived and managed as services, where the service is provided to individual patients. By defining the hospital as a service provider new insights into how individual care is offered from different service industries can shed new light on the treatment of hospitalized patients. We have studied service systems in hospital settings. The paper seeks to demonstrate the ways in which hospitals are using expertise and training from organizations within the hospitality sector across the whole hospital organisation. Research presented from 3 international high-end hospitals shows that intensive care and nutrition treatment are seen as examples of areas in which a service orientation can potentially improve treatment outcome. Our method is a qualitative tri-continental case study with semi-structured interviews from three countries, the United States, Sweden and Singapore.
The aim of this research is to describe and analyse four different strategies for the internationalisation of healthcare. We have looked at four major international hospitals that have taken alternative routes to reach a global health care market. The Mayo Clinic, Johns Hopkins Hospital, Karolinska University Hospital and Singapore General Hospital are all receiving international patients, but are pursuing different approaches to the international marketing of healthcare. We have conducted a large number of in-depth interviews with representatives for these hospitals and present four comparative case studies of the internationalisation of health care and what has become described as medical tourism. A growing number of patients are today seeking healthcare outside their country of residence. International health care is today one of the fastest growing industries with an annual growth rate of more than 20 per cent. Understanding the dynamics of this potent globalization is essential to researchers of international business. We have identified three modes of services offshoring development and two variables that have been essential to the understanding of hospitals internationalisation. First, the price range they are operating which determines which international markets they can penetrate. Secondly, the stage to which they have come in their internationalisation which influences movements into international markets. The four internationalisation strategies represent four distinct corners in a two by two matrix.
Purpose
The purpose of this article is to investigate the role of formal ties in the marketing of financial services and thus provide evidence concerning the relationship between formal ties and the customer appeal of banks and investment banks.
Design/methodology/approach
The article uses correspondence analysis to study formal ties between financial market actors and relates them to customer rankings. The formal ties are described as intra-, inter- and extra-organizational ties.
Findings
We find that there are several formal ties between financial market actors and provide compelling evidence illustrating how the attractions between financial service providers are related in several ways to the existence of formal ties between market actors.
Research limitations/implications
The research is limited to formal, as opposed to informal, ties. We examine the essential implications of such ties.Practical implicationsIn practice, banks and investment banks should consider the implications of formal ties and market connections to improve their performance.
Originality/value
The originality of this study consists in showing the relevance of various attributes in studying networks in financial markets and in contributing to an understanding of social attributes and formal organization.
Despite the growing popularity of medical tourism (MT) in emerging markets (EMs), little is known about how healthcare providers operationalize. This article analyzes how healthcare providers meet different challenges to market MT in an EM setting. A qualitative method was used for data collection and conducting case studies on healthcare services in the Philippines. The results show that trust and network building are necessary for mitigating the unfavorable characteristics, instability and lack of legitimacy caused by institutional constraints in EM. Word-of-mouth is found to be important to attract new customers and disseminate information about MT services.
Intellectual capital represents an increasingly important area in the world economy. Information and communication technologies (ICTs) have played an essential role in the globalization of the economy. The protection of intellectual property rights (IPRs) is an essential factor in international economic affairs. This article discusses the legal issues concerning proprietary and open software licensing and suggests alternatives to legally enforcing IPRs. Global technology networking and outsourcing have involved the use of open source software (OSS), and have implications for the enforcement of IPRs. Propriety and OSS licensing are analyzed in this article. Companies may adopt alternative strategies to the strict enforcement of IPRs. A relationship view of IPRs is presented, a perspective that adopts relationship marketing as a means of gaining profits from IPRs in the ICT sector. By establishing a relationship to customers, software producers may gain customer loyalty and commitment from users of their software and, in the long run, retain a position as a chosen supplier of software.
This paper aims to examine marketing of medical tourism (MT) from an emerging markets’ (EMs) perspective. In concrete, it analyzes how service providers develop trust, establish contacts with different actors and adapt to customers and the local environment to carry out the marketing in EM. A qualitative multiple case study approach has been employed. The result shows that trust- and network building is significant in mitigating the unfavorable feature, sustain the instability and legitimacy cause by institutional void. While, adaptation is necessary to customize service and support trust and network building. This study shows how healthcare providers are thriving in a turbulent environment in EM to promote medical service. Thus, it confers marketing science influence the MT industry. The proposed theoretical framework can be a relevant tool to improve understanding MT.
Storytelling is a powerful marketing tool. It represents a form of content marketing that appeals to the imagination of the consumer. We have studied the use of storytelling by Georgian wine makers. As a wine country, the former Soviet republic of Georgia has a compelling story to tell. The country represents the cradle of wine and has an unbroken 8000 year old history of wine production. In addition to the story of the origin of Georgian wine, the country is still producing wine in a tradition that dates from the antiquity. The Qvevry production method is still in use in Georgia and produces wine with a very characteristic taste. Furthermore, some of the vineyards in Georgia has a long history and is related to historical buildings often depicted on the label of the wine bottle. Finally, the grapes are originally from Georgia and has been grown here for thousands of years. We have followed four vineyards and their history in order to depict how storytelling is used the wine industry in Georgia.
Entrepreneurial processes are most often based on new physical or organizational innovations; however, prior research has shown that the opening of new markets for existing products can be a key innovative component in an entrepreneurial process. Most research on innovation focuses on new technologies, products and organizational forms. However, the key role played by different marketing tools in entrepreneurial processes is seldom highlighted. In this study, we highlight how story telling can become a vehicle in an entrepreneurial process to open new markets for existing products and how national history and culture are used in story telling. This article highlights how the Georgian wine industry uses story telling to open a new market for Georgian wines and identifies elements used to differentiate Georgian wines from the current market division into the ‘old’ and the ‘new world’, with a product that embodies an ancient heritage, opening a market for historical wines. The study is based on in-depth interviews and content analysis using both phenomenography and text analysis. Results unravel meaning in market communication and enabled the identification of stories and the archetypes used to create consumer recognition. Sources are in-depth interviews, field visits and homepages of wineries.
När nya bostadsområden byggs eller renoveras brottas samhällsplanerare med önskan att skapa förutsättningar för ’det goda livet’ i förortens bostäder. Bostadsområden som byggs eller renoveras lägger grunden för det lokala samhällets utveckling på längre sikt.
Därför är det viktigt att utreda vilka kan vara de viktigaste förutsättningarna för ett framgångsrikt bostadsområde. Inom forskargruppen Reinvent vid Södertörns högskola har vi brottats med frågor kring lyckade och misslyckade förorter. Den utsatthet som finns i många förorter bildar en bas för vår forskning som kretsar kring hållbarhet i förortsmiljön. Vi har identifierat tre faktorer som kan vara viktiga för hållbara förorter.
In this study of an economic field and its relationships to a cultural field, we apply Pierre Bourdieu’s central concepts of economic capital, cultural capital, symbolic capital and field, and thus follow in a tradition that at the outset was considered to be post-structuralism, but which by Bourdieu later has been brought into the realm of realism. We have mapped relationships between the actors and thus the field structures that these relationships entail. The fields in which a segment of an art world is operating is represented in multi-dimensional figures which illustrate relationships and bonds between the different categories of organizations. Some of the business actors we have studied are engaging in cultural activities with a great deal of autonomy, others are connected to the cultural field in less active ways. In participating in the cultural field they are in different ways and to different extents accumulating symbolic capital including prestige and honor. The method we have applied is multiple correspondence analysis which was frequently used by Bourdieu.
Studien har utgått från marknadsnotering av små och medelstora företag (SMF), vilka inte beforskats i Sverige sedan tidigare. Eftersom området är outforskat föll valet på en intervjustudie innebärande djuplodande empiri med stor nyansrikedom för att erhålla nödvändig kunskap om marknadens och företagens förutsättningar. Vidare föll urvalsramen på AktieTorget (sic), som är en marknadsplats för transaktioner av finansiella instrument, i huvudsak aktier, specifikt inriktat på just SMF, varför valet av AktieTorget var strategiskt. Tio semistrukturerade intervjuer med en blandning av olika typer av branscher och företagsstorlekar valdes ut från de 160 företag som är noterade på AktieTorgets lista. Dessa tio företag utgör således studiens nettourval. Intervjuerna genomfördes under perioden november 2016 till januari 2017. De teoretiska utgångspunkterna är i huvudsak nätverksteorier, Schumpeters teori om innovatör och entreprenör, agentteorin om principal och agent, informations- asymmetri samt effektiva marknadshypotesen (EMH). Studiens i huvudsak viktigaste resultat för företagen att marknadsnoteras är, förutom det vanligaste i.) att erhålla externt kapital, ii.) att markwnadsföra sig både internt mot aktieägare och anställda och mot externa aktörer som potentiella nya kunder, anställda och samhällsinstitutioner genom den ökade legitimitet en marknadsnotering innebär samt iii.) att erhålla ett uppdaterat marknadspris på företagets värde underlättande eller t.o.m. möjliggörande exit för företagens initiala ägare och att möjliggöra expansion genom att köpa upp andra verksamheter med egna marknadsnoterade aktier. I studien diskuteras att en marknadsnotering leder till en effektivare prissättning på företagets verksamhet innebärande en mer korrekt värdering av företaget, vilket har positiva effekter på samhällsnyttan. Några nackdelar som lyfts fram med marknadsnotering är i.) den ökade transparens marknadsnotering kräver innebärande ökade formella krav på verksamheten samt ii.) den ökade publicitet marknadsnotering innebär och som kan vara negativt vid tillfällen då företagen måste delge marknaden dålig information. En kvantitativ studie planeras som uppföljning till denna.