The contributions of netnography in new product development

Netnography has been studying in various aspects (e.g. definitions of netnography, application of netngoraphy, conducting procedure…) within different industrial contexts. Besides, there are many studies and researches about new product development in various perspectives, such as new product development models, management of new product development project, or interaction between customers and new product design, and so on. However, the connection and the interaction between netnography and new product development have not been studied recently. This opens opportunities for the writer to study and explore unrevealed issues regarding to applying netnography in new product development. In term of the relation between netnography and new product development, there are numerous of matters need to be explored; for instance, the process of applying netnography in order to benefit to new product development, the involvement degree of netnography in new product development process, or eliminating useless information from netnography so that only crucial data is utilized, and so on. In this thesis, writer focuses on exploring how netnography is applied in new product development process, and what benefits netnography can contribute to the succeed of the project. The aims of this study are to understand how netnography is conducted for new product development purpose, and to analyse the contributions of netnography in the new product development process. To do so, a case-study strategy will be conducted with triple case studies. The case studies are chosen bases on many different criteria in order to select the most relevant cases. Eventually, the writer selected three case studies, which are Sunless tanning product project (HYVE), Listerine (NetBase), and Nivea co-creation and netnography in black and white deodorant. The case study strategy applied in this thesis includes four steps e.g. case selection, data collection, case study analysis, and generating the research outcomes from the analysis. This study of the contributions of netnography in the new product development process may be useful for the readers in many ways. It offers the fundamental knowledge of netnography market research method and basic understanding of new product development process. Additionally, it emphasizes the differences between netnography and other market research methods in order to explain the reasons why many companies and market research agents recently utilized netnography in their market research projects. Furthermore, it highlights the contributions of netnography in the new product development process in order to indicate the importance of netnography in developing new product. Thus, the potential readers of the study can be students, marketers, researchers, product developers, or business managers.

Mobiilialan Start-up -yrityksen jakelukanavan valinta

Diplomityössä tutkitaan mobiilisovellusten keskitettyjä jakelukanavia Start-up – yritysten näkökulmasta. Työssä selvitetään, mitkä tekijät vaikuttavat Start-up – yrityksen jakelukanavan valintaan ja millä perusteilla valinta tehdään. Työn tuloksena saatiin 318 sovelluskehittäjän arvio kymmeneen valintakriteeriin. Merkittävin yksittäinen tekijä Start-up –yrityksille on laitekannan koko. Lisäksi Start-up –yritykset arvostavat muita enemmän sovellusten löydettävyyttä, odotettuja tulovirtoja ja omaa asiantuntemustansa. Mielipiteet Start-up –yritysten kesken jakaa kuitenkin valittu jakelukanava. Suurin yksittäinen päätöskriteeri on markkinatutkimus, yksin tai yhdessä media- ja lehdistötietojen kanssa.

Microenterprise success and failure factors

The purpose of this study is to identify factors contributory to success or failure of a microenterprise. Microenterprise is an enterprise with less than10 employees. About 99 % of all Finnish enterprises fall in this category. Earlier studies do not provide a comprehensive view on microenterprise success and failure factors. The theoretical part discusses the definition of success and failure, previous research and results already established about the topic and categories of business environment. The empirical part is founded on quantitative survey results from 204 Finnish microenterprises. The questions of the survey were based on previous surveys, literature and intuition. Both success and failure factors were enquired. Summary of the results was made and the results were compared among successful and unsuccessful enterprises. In open-end questions, the most important factors mentioned to affect enterprise performance positively were "Employees", "Customers" and "Skills, knowledge, education and experience." The most important factors affecting enterprise performance negatively were "Economical situation", "Employees availability and attitudes" as well as "Political decisions and passed laws". In Likert-scale set of questions, the most significant factors from the point of view of enterprise performance were "Product and / or service good quality", "Good reputation of the company" and "Staff's strong skills". The least significant factors were "Effect of marketing and promotion", "Conflicts" and "Differences of points of views of different generations". By Likert-scale set of questions, it was also tested which operations the enterprises perform, and according to the results, successful enterprises found "Performing a market research", "Use of distribution channel in sales" and "Expanding to new markets" less important than unsuccessful enterprises. The tests proved that the age of the enterprise correlates with the level of success of the enterprise: The younger the enterprise, the more successful it is. In addition, the results show that if the enterprise is family based, the less successful it is. In addition, there was also slight correlation between success and the level of growth, indicating that higher the level of growth the more successful the enterprise is. From the business environment point of view, the key finding was that internal factors affect more on the success of an enterprise than external factors, and that external factors affect more on the failure of an enterprise than internal factors.

Craft distillery internationalization - Case: Kyrö Distillery Company

The purpose of this thesis is to identify attractive foreign markets for Kyrö Distillery Company. A small company with limited resources, it needs to make the right choices in their internationalization process to be able to succeed. Market research is needed. The amassed theory at the beginning gives insight and a general framework that we follow later in the empirical part; should they go abroad, where should the go and how are answered. After analyzing the company, the industry and all the necessary forces affecting the environment it was evident that they are ready to start their internationalization process and that the time is opportune. They have a quality brand that will not shy away even under closer inspection and their biggest impediment is access to distribution channels. After concluding that the company is fit to enter foreign markets a system of ranking countries in our target region was formed. Market data was painstakingly collected and analyzed resulting in an a priori list of attractive foreign market options to aid in the company's decision making. Finally we concluded that according to the transaction cost theory, it is beneficial for Kyrö Distillery Company to engage in partnerships, where local companies handle logistics and sales on their behalf.

Suitability of LiDAR technology for forest inventory in Russia

LiDAR is an advanced remote sensing technology with many applications, including forest inventory. The most common type is ALS (airborne laser scanning). The method is successfully utilized in many developed markets, where it is replacing traditional forest inventory methods. However, it is innovative for Russian market, where traditional field inventory dominates. ArboLiDAR is a forest inventory solution that engages LiDAR, color infrared imagery, GPS ground control plots and field sample plots, developed by Arbonaut Ltd. This study is an industrial market research for LiDAR technology in Russia focused on customer needs. Russian forestry market is very attractive, because of large growing stock volumes. It underwent drastic changes in 2006, but it is still in transitional stage. There are several types of forest inventory, both with public and private funding. Private forestry enterprises basically need forest inventory in two cases – while making coupe demarcation before timber harvesting and as a part of forest management planning, that is supposed to be done every ten years on the whole leased territory. The study covered 14 companies in total that include private forestry companies with timber harvesting activities, private forest inventory providers, state subordinate companies and forestry software developer. The research strategy is multiple case studies with semi-structured interviews as the main data collection technique. The study focuses on North-West Russia, as it is the most developed Russian region in forestry. The research applies the Voice of the Customer (VOC) concept to elicit customer needs of Russian forestry actors and discovers how these needs are met. It studies forest inventory methods currently applied in Russia and proposes the model of method comparison, based on Multi-criteria decision making (MCDM) approach, mainly on Analytical Hierarchy Process (AHP). Required product attributes are classified in accordance with Kano model. The answer about suitability of LiDAR technology is ambiguous, since many details should be taken into account.

Pk-yrityksen kansainvälistyminen – Case Hakaniemen Metalli Oy

Tutkimuksen tavoitteena oli selvittää kansainvälistymisteorioiden toimivuus laadittaessa kohdeyrityksen hankkimalle juustolaiteliiketoiminnalle kansainvälistymisstrategian linjaukset. Taustamateriaalina tutkittiin laajalti kohdeyrityksen näkökulmasta valittujen kansainvälistymisteorioiden esille tuomia kansainvälistymisen haasteita, edellytyksiä sekä toteuttamismuotoja. Lisäksi tutkittiin kohdeyrityksen juustolaiteliiketoiminnan historian aikana toteutuneet kansainvälistymisvaiheet ja verrattiin niitä vastaaviin kansainvälistymisteorioihin. Juustolaiteliiketoiminnan kansainvälistymistä varten haastateltiin juustoalan asiantuntijoita, juustoliiketoiminnan entisiä avainhenkilöitä sekä kohdeyrityksen johtoa ja hallituksen jäseniä. Juustomarkkinoiden laajuus ja houkuttelevuus sekä alan tärkeimmät kilpailijat analysoitiin tehdyn markkinaselvityksen avulla. Kerätyn tutkimusmateriaalin perusteella laadittiin kohdeyrityksen juustolaiteliiketoiminnalle kansainvälistymisstrategian linjaukset. Johtopäätöksenä todetaan aikaisemmin tehtyjen tunnettujen kansainvälistymisteorioiden yhdistelemisen käyttökelpoisuus tapauskohtaisesti sovellettuna useimpien teollisuudenalan pk-yritysten kansainvälistymissuunnitelmien laadinnassa. Jatkotutkimuksia ehdotetaan tehtäväksi globalisaation ja digitalisoitumisen avatessa uusia kansainvälistymismahdollisuuksia.

State of Logistics and Operations Management in Finnish and Swedish Companies – Survey Research Findings

In this research we are examining what is the status of logistics and operations management in Finnish and Swedish companies. Empirical data is based on the web based questionnaire, which was completed in the end of 2007 and early 2008. Our examination consists of roughly 30 answers from largest manufacturing (highest representation in our sample), trade and logistics/distribution companies. Generally it could be argued that these companies operate in complex environment, where number of products, raw materials/components and suppliers is high. However, usually companies rely on small amount of suppliers per raw material/component (highest frequency is 2), and this was especially the case among Swedish companies, and among those companies, which favoured overseas sourcing. Sample consisted of companies which mostly are operating in an international environment, and are quite often multinationals. Our survey findings reveal that companies in general have taken logistics and information technology as part of their strategy process; utilization of performance measures as well as system implementations have followed the strategy decisions. In the transportation mode side we identify that road transports dominate all transport flow classes (inbound, internal and outbound), followed by sea and air. Surprisingly small amount of companies use railways, but in general we could argue that Swedish companies prefer this mode over Finnish counterparts. With respect of operations outsourcing, we found that more traditional areas of logistics outsourcing are driving factors in company's performance measurement priority. In contrary to previous research, our results indicate that the scope of outsourcing is not that wide in logistics/operations management area, and companies are not planning to outsource more in the near future. Some support is found for more international operations and increased outsourcing activity. From the increased time pressure of companies, we find evidence that local as well as overseas customers expect deliveries within days or weeks, but suppliers usually supply within weeks or months. So, basically this leads into considerable inventory holding. Interestingly local and overseas sourcing strategy does not have that great influence on lead time performance of these particular sourcing areas - local strategy is anyway considerably better in responding on market changes due to shorter supply lead times. In the end of our research work we have completed correlation analysis concerning items asked with Likert scale. Our analysis shows that seeing logistics more like a process rather than function, applying time based management, favouring partnerships and measuring logistics within different performance dimensions results on preferred features and performance found in logistics literature.

Research of wood fuel market in Ukraine and the Republic of Belarus

The goal of the present work was to describe the wood fuel market of Ukraine and the Republic of Belarus, to estimate wood fuel potential and to research opportunities of wood fuel trading. Nowadays the wood waste, wood residues and by-products are becoming more and more potential raw materials for energy production. Against the background of unstable prices of traditional energy sources and environmental degradation, European States are planning to get 12% of energy from alternative sources already in 2010. Wastes of wood-working and agricultural productions are such sources. At present time the most popular wood biofuels are wood pellets, briquettes, wood chips and logs. Ukraine and the Republic of Belarus have a rather big potential of wood fuel resources. But wood fuels markets of these countries are on the entry level and quite disorganized. There is almost no domestic usage of wood biofuel. All produced pellets, briquettes as well as wood chips and logs go to the export, but the volumes are not high at present time. Ukraine and the Republic of Belarus have a very suitable geographical location. The most promising directions of wood fuel trading are developed wood fuel markets of Northern countries, Austria, Germany as well as actively developing markets of Poland and Hungary. At the long distance truck and sea transportation are the most appropriate. At a short distance cheap transportation by rail is more suitable. Thereby export is a potential opportunity for development of wood fuel production and in the future for usage in the researched countries.

Research of wood fuel market in North-West of Russia

The main purposes of this study are analyzing of forest sector of North-West and research of potentials of wood fuel market in this region. Research is focused on definition of the most perspective areas for export of wood fuel: logging residues, industrial wood processing residues, pellets and briquettes. Russian wood energy industry is very young in comparison with European countries. Nowadays there are no support and serious attention from the government to this sector. Hence almost all wood fuel market is oriented to the Western Europe. Export of wood fuel is dominated over the internal consumption. Pellet production in North –West is rapidly growing. Despite internal market has been developed the lion's share of pellets goes to export. Part of industrial wood processing residues is used by producers for their own goals, part goes to the export and rest of them is not used at all. Logging residues as raw materials for fuel have great potentials; most of them are left in a forest. Special techniques for their processing are too expensive for Russian entrepreneur. Some parts of North –West, which are situated close to the border with European countries, are potential for export. Political, economical and logistical challenges are complicated facilities for foreign customer to purchase wood fuel in remote parts of North-West. However some decisions for solving this problem exist and Russian manufactures are still interested in export of their products.

Essays on pricing of risk and international linkage of Russian stock market

Last two decades have seen a rapid change in the global economic and financial situation; the economic conditions in many small and large underdeveloped countries started to improve and they became recognized as emerging markets. This led to growth in the amounts of global investments in these countries, partly spurred by expectations of higher returns, favorable risk-return opportunities, and better diversification alternatives to global investors. This process, however, has not been without problems and it has emphasized the need for more information on these markets. In particular, the liberalization of financial markets around the world, globalization of trade and companies, recent formation of economic and regional blocks, and the rapid development of underdeveloped countries during the last two decades have brought a major challenge to the financial world and researchers alike. This doctoral dissertation studies one of the largest emerging markets, namely Russia. The motivation why the Russian equity market is worth investigating includes, among other factors, its sheer size, rapid and robust economic growth since the turn of the millennium, future prospect for international investors, and a number of important major financial reforms implemented since the early 1990s. Another interesting feature of the Russian economy, which gives motivation to study Russian market, is Russia’s 1998 financial crisis, considered as one of the worst crisis in recent times, affecting both developed and developing economies. Therefore, special attention has been paid to Russia’s 1998 financial crisis throughout this dissertation. This thesis covers the period from the birth of the modern Russian financial markets to the present day, Special attention is given to the international linkage and the 1998 financial crisis. This study first identifies the risks associated with Russian market and then deals with their pricing issues. Finally some insights about portfolio construction within Russian market are presented. The first research paper of this dissertation considers the linkage of the Russian equity market to the world equity market by examining the international transmission of the Russia’s 1998 financial crisis utilizing the GARCH-BEKK model proposed by Engle and Kroner. Empirical results shows evidence of direct linkage between the Russian equity market and the world market both in regards of returns and volatility. However, the weakness of the linkage suggests that the Russian equity market was only partially integrated into the world market, even though the contagion can be clearly seen during the time of the crisis period. The second and the third paper, co-authored with Mika Vaihekoski, investigate whether global, local and currency risks are priced in the Russian stock market from a US investors’ point of view. Furthermore, the dynamics of these sources of risk are studied, i.e., whether the prices of the global and local risk factors are constant or time-varying over time. We utilize the multivariate GARCH-M framework of De Santis and Gérard (1998). Similar to them we find price of global market risk to be time-varying. Currency risk also found to be priced and highly time varying in the Russian market. Moreover, our results suggest that the Russian market is partially segmented and local risk is also priced in the market. The model also implies that the biggest impact on the US market risk premium is coming from the world risk component whereas the Russian risk premium is on average caused mostly by the local and currency components. The purpose of the fourth paper is to look at the relationship between the stock and the bond market of Russia. The objective is to examine whether the correlations between two classes of assets are time varying by using multivariate conditional volatility models. The Constant Conditional Correlation model by Bollerslev (1990), the Dynamic Conditional Correlation model by Engle (2002), and an asymmetric version of the Dynamic Conditional Correlation model by Cappiello et al. (2006) are used in the analysis. The empirical results do not support the assumption of constant conditional correlation and there was clear evidence of time varying correlations between the Russian stocks and bond market and both asset markets exhibit positive asymmetries. The implications of the results in this dissertation are useful for both companies and international investors who are interested in investing in Russia. Our results give useful insights to those involved in minimising or managing financial risk exposures, such as, portfolio managers, international investors, risk analysts and financial researchers. When portfolio managers aim to optimize the risk-return relationship, the results indicate that at least in the case of Russia, one should account for the local market as well as currency risk when calculating the key inputs for the optimization. In addition, the pricing of exchange rate risk implies that exchange rate exposure is partly non-diversifiable and investors are compensated for bearing the risk. Likewise, international transmission of stock market volatility can profoundly influence corporate capital budgeting decisions, investors’ investment decisions, and other business cycle variables. Finally, the weak integration of the Russian market and low correlations between Russian stock and bond market offers good opportunities to the international investors to diversify their portfolios.

Market anomalies and tactical asset allocation: Utilising market anomalies in multiple asset class portfolios with the Black−Litterman model

This thesis discusses the basic problem of the modern portfolio theory about how to optimise the perfect allocation for an investment portfolio. The theory provides a solution for an efficient portfolio, which minimises the risk of the portfolio with respect to the expected return. A central feature for all the portfolios on the efficient frontier is that the investor needs to provide the expected return for each asset. Market anomalies are persistent patterns seen in the financial markets, which cannot be explained with the current asset pricing theory. The goal of this thesis is to study whether these anomalies can be observed among different asset classes. Finally, if persistent patterns are found, it is investigated whether the anomalies hold valuable information for determining the expected returns used in the portfolio optimization Market anomalies and investment strategies based on them are studied with a rolling estimation window, where the return for the following period is always based on historical information. This is also crucial when rebalancing the portfolio. The anomalies investigated within this thesis are value, momentum, reversal, and idiosyncratic volatility. The research data includes price series of country level stock indices, government bonds, currencies, and commodities. The modern portfolio theory and the views given by the anomalies are combined by utilising the Black-Litterman model. This makes it possible to optimise the portfolio so that investor’s views are taken into account. When constructing the portfolios, the goal is to maximise the Sharpe ratio. Significance of the results is studied by assessing if the strategy yields excess returns in a relation to those explained by the threefactormodel. The most outstanding finding is that anomaly based factors include valuable information to enhance efficient portfolio diversification. When the highest Sharpe ratios for each asset class are picked from the test factors and applied to the Black−Litterman model, the final portfolio results in superior riskreturn combination. The highest Sharpe ratios are provided by momentum strategy for stocks and long-term reversal for the rest of the asset classes. Additionally, a strategy based on the value effect was highly appealing, and it basically performs as well as the previously mentioned Sharpe strategy. When studying the anomalies, it is found, that 12-month momentum is the strongest effect, especially for stock indices. In addition, a high idiosyncratic volatility seems to be positively correlated with country indices on stocks.

Land use response to agricultural policy and market movements on Finnish dairy-farms

Selostus: Tuki- ja hintamuutosten vaikutus maitotilojen pellon käyttöön

Whole sales market for fresh potato in Finland

Selostus: Suomen ruokaperunamarkkinoiden toimivuus

Identification of Research Portfolio for the Development of Filtration Equipment

This piece of work which is Identification of Research Portfolio for Development of Filtration Equipment aims at presenting a novel approach to identify promising research topics in the field of design and development of filtration equipment and processes. The projected approach consists of identifying technological problems often encountered in filtration processes. The sources of information for the problem retrieval were patent documents and scientific papers that discussed filtration equipments and processes. The problem identification method adopted in this work focussed on the semantic nature of a sentence in order to generate series of subject-action-object structures. This was achieved with software called Knowledgist. List of problems often encountered in filtration processes that have been mentioned in patent documents and scientific papers were generated. These problems were carefully studied and categorized. Suggestions were made on the various classes of these problems that need further investigation in order to propose a research portfolio. The uses and importance of other methods of information retrieval were also highlighted in this work.

Market entry order and competitive advantage of the firm

A firm that wishes to launch a new product to the market is faced with a difficult task of deciding what the best moment for the launch is. Timing may also be critical when a firm plans to adopt new processes or intends to head for new markets. The critical question the firm needs to tackle is whether it will try to reach the so-called first-mover advantage by acting earlier than its rivals. The first-mover position may reward the entrant with various opportunities to gain competitive advantage over later movers. However, there are also great risks involved in the early market entry, and sometimes the very first entrant fails even before the followers enter the market. The follower, on the other hand, may be able to free-ride on the earlier entrants' investments and gain from the languished uncertainties that characterize the new markets. According to the current understanding the occurrence of entry order advantages depends not only on the mechanism and attributes in the firm's environment that provide the initial opportunities but also on the firm's ability to capitalize on these advantage opportunities. This study contributes to this discussion by analyzing the linkages between the asset base of the firm, characteristics of the operating environment and the firm's entry timing orientation. To shed light on the relationship between the entry timing strategy and competitive advantage, this study utilizes the concept of entry timing orientation. The rationale for choosing this type of approach arises from the inability of previously employed research tools to reach the underlying factors that result in entry timing advantage. The work consists of an introductory theoretical discussion on entry timing advantages and of four research publication. The empirical findings support the understanding that entry timing advantage is related to the characteristics of the firm's operating environment but may also be related to firm-specific factors. This in turn suggests that some of the traditional ways of detecting and measuring first-mover advantage - which to some extent ignore these dimensions - may be outdated.