Assessing advertising in a hierarchical decision model

Many destination marketing organizations in the United States and elsewhere are facing budget retrenchment for tourism marketing, especially for advertising. This study evaluates a three-stage model using Random Coefficient Logit (RCL) approach which controls for correlations between different non-independent alternatives and considers heterogeneity within individual’s responses to advertising. The results of this study indicate that the proposed RCL model results in a significantly better fit as compared to traditional logit models, and indicates that tourism advertising significantly influences tourist decisions with several variables (age, income, distance and Internet access) moderating these decisions differently depending on decision stage and product type. These findings suggest that this approach provides a better foundation for assessing, and in turn, designing more effective advertising campaigns.

Heterogeneidad en precios explicada por la participación en actividades recreativas

El objetivo de este artículo consiste en analizar el efecto que las distintas frecuencias de participación en actividades recreativas –en el entorno habitual y fuera de él– ejercen sobre la sensibilidad del consumidor a los precios. Se propone que esta sensibilidad está afectada por la motivación del individuo a la hora de elegir un destino que le permite realizar dichas actividades. A su vez, esta motivación condiciona la influencia de la cultura residual (la mostrada en el entorno habitual) y la cultura turística (la presentada en el destino). Con este fin, identificamos las sensibilidades a los precios de cada individuo. La aplicación empírica se desarrolla sobre una muestra de 2.127 personas y se usa un Modelo Logit con Coeficientes Aleatorios para estimar estas sensibilidades individuales, y un análisis de regresión para observar el efecto de las frecuencias de participación en las actividades recreativas. Los resultados muestran que la cultura residual y turística tiene un efecto en la sensibilidad al precio, dando lugar a la existencia de distintas sensibilidades por grado de frecuencia de participación y por tipo de actividad.

Rentabilidad de las empresas vinculadas a las marcas colectivas en el sector vinícola

El objetivo del trabajo consiste en analizar la rentabilidad de las empresas que integran una marca colectiva en el sector vinícola español. El supuesto básico es que la marca colectiva puede explicar la rentabilidad de las bodegas, porque la reputación colectiva es una señal de calidad que reduce las percepciones de riesgo del consumidor. Los resultados obtenidos evidencian que sólo algunas marcas colectivas tienen un efecto positivo en la rentabilidad de las bodegas en relación con las no acogidas a dichas marcas colectivas. Asimismo, la rentabilidad viene asociada positivamente a la diversificación de la bodega en dos o más marcas colectivas.

Testing prospect theory in students’ performance

This paper tests the existence of ‘reference dependence’ and ‘loss aversion’ in students’ academic performance. Accordingly, achieving a worse than expected academic performance would have a much stronger effect on students’ (dis)satisfaction than obtaining a better than expected grade. Although loss aversion is a well-established finding, some authors have demonstrated that it can be moderated – diminished, to be precise–. Within this line of research, we also examine whether the students’ emotional response (satisfaction/dissatisfaction) to their performance can be moderated by different musical stimuli. We design an experiment through which we test loss aversion in students’ performance with three conditions: ‘classical music’, ‘heavy music’ and ‘no music’. The empirical application supports the reference-dependence and loss aversion hypotheses (significant at p < 0.05), and the musical stimuli do have an influence on the students’ state of satisfaction with the grades (at p < 0.05). Analyzing students’ perceptions is vital to find the way they process information. Particularly, knowing the elements that can favour not only the academic performance of students but also their attitude towards certain results is fundamental. This study demonstrates that musical stimuli can modify the perceptions of a certain academic result: the effects of ‘positive’ and ‘negative’ surprises are higher or lower, not only in function of the size of these surprises, but also according to the musical stimulus received.

Price sensitivity to tourism activities: looking for determinant factors

The literature contains evidence that there is a marked heterogeneity in price responses to tourism products, leading to a great variety of tourist sensitivities to price. Thus the role price plays is complex, and a particularly challenging aspect of this complexity is that its effect is not unambiguous, thereby negating the idea that the demand for tourism products and tourist activities can always be regarded as demand for ordinary goods. This article identifies and explains, as a novelty for the tourism industry, price sensitivities to tourism activities individual by individual. The operative formalization uses a mixed logit model to estimate the individual sensitivities to price, and then a regression analysis is applied to detect their determinants. The empirical application finds that motivations, influenced by age, and length of stay with a non-linear effect, are explanatory factors of tourists’ price sensitivity to activities.

El Papel del Plan de Acción Tutorial como Herramienta en el Desarrollo Académico del Alumno

La enseñanza y el aprendizaje constituyen dos piezas claves dentro del proceso de formación de los estudiantes. El fin es lograr una formación integral que les permita un desempeño adecuado de su carrera profesional, de forma que adquieran nuevos conocimientos, siendo capaces de encontrar por sí mismos soluciones. El papel del tutor/a como guía y orientación al estudiante puede jugar un papel fundamental en este proceso. Dentro de este marco, la Universidad de Alicante creó hace siete años el Programa de Acción Tutorial, con el propósito, entre otros, de proporcionar al alumnado orientación y apoyo en su desarrollo académico, personal y profesional. El objetivo de este trabajo es contrastar, entre otras, la utilidad de la figura del tutor en el desarrollo académico del alumno. Para ello hemos realizado una encuesta a los estudiantes de la Diplomatura de Empresariales que participan este curso académico en este programa. Los resultados muestran que los alumnos valoran más la ayuda del tutor en aspectos relacionados con los exámenes, el asesoramiento sobre las tutorías con sus profesores, las cuestiones de la biblioteca y las prácticas en empresas. Encontramos que esa valoración es mayor cuando tutor y alumno ya se conocen de cursos previos.

Asymmetric rivalry within and between strategic groups

Our study examines asymmetric rivalry within and between strategic groups defined according to the size of their members. We hypothesize that, owing to several forms of group-level effects, including switching costs and efficiency, strategic groups comprising large firms expect to experience a large amount of retaliation from firms within their group and accommodation from the group comprising smaller firms. Small firms, on the other hand, expect to experience a small amount of retaliation from the group comprising large firms and no reaction from the other firms in their group. We estimate the effect of group-level strategic interactions on firm performance. Our analysis reveals that the rivalry behavior within and between groups is asymmetric, which supports the dominant-fringe relation between firms, as described in our hypothesis.

Linking tourism, retirement migration and social capital

A general trend in the study of international retirement migration has been the increased attention paid to the social contacts and network connections of the migrants in both the destination and the origin areas. These studies have examined the extent to which migrants build social relationships with their neighbours and the host society while also maintaining social links with their countries of origin, addressing the central role that leisure travel plays in sustaining increasingly dispersed social networks and maintaining the social capital of these networks and of the individuals involved in them. Using a case study approach to examine British retirement migration to Spain, we explore the relevance of transnational social networks in the context of international retirement migration, particularly the intensity of bidirectional visiting friends and relatives (VFR) tourism flows and the migrants’ social contacts with friends and/or family back in their home country. Building on the concept of social capital and Putnam's distinction between bonding and bridging social capital, we propose a framework for the analysis of the migrants’ international social networks. The results of a study conducted based on a sample of 365 British retirees living in the coast of Alicante (Spain) show both the strength of the retirees’ international bonding social capital and the role of ‘VFR's travel and communication technologies in sustaining the migrants’ transnational social practices and, ultimately, their international bonding social capital. It also provides evidence for the reinforcing links between tourism-related mobility and amenity-seeking migration in later life.

Celebrity endorsers' performance on the “ground” and on the “floor”

This article analyzes the relationship between two types of performances, one on the ground (of a tennis court) and the other on the floor (of the stock market). The empirical application looks into the tennis player, Rafael Nadal, and his endorsing firms. The findings show a positive reaction in the market value when the tennis player wins matches in the Grand Slams, the intriguing effect being the diminishing sensitivity pattern that such reaction shows and the absence of loss aversion.

Communicating excellence in innovation

The innovation–performance relationship is well studied in the literature, but the effect of innovation-based public recognitions is underresearched. This article finds a positive effect, whose magnitude is contingent upon the firm’s growth, experience, and its service–manufacturer character.

The effect of innovation on hotel market value

The purpose of this article is to analyze the effect of hotel innovations on firm value. Specifically, this study fills a research gap in the previous literature by examining this effect through market value and by distinguishing the potentially different impacts of distinct innovation types: product, process, organization and marketing. This research contributes to consolidating the empirical evidence of hotel innovation and performance by analyzing whether distinct types of innovation lead to different levels of results. The findings show that innovations are perceived to have a positive impact on the future sales of the company: in a four-day period (0,+3), there is an increase in stock exchange returns of 1.53%. In terms of innovation types, process and marketing innovations are found to have a higher positive effect on hotel market value than product and organization innovations; which is explained by potential cost differences among innovations.

Direct versus indirect channels: Differentiated loss aversion in a high‐involvement, non‐frequently purchased hedonic product

Purpose – This article aims to investigate whether intermediaries reduce loss aversion in the context of a high-involvement non-frequently purchased hedonic product (tourism packages). Design/methodology/approach – The study incorporates the reference-dependent model into a multinomial logit model with random parameters, which controls for heterogeneity and allows representation of different correlation patterns between non-independent alternatives. Findings – Differentiated loss aversion is found: consumers buying high-involvement non-frequently purchased hedonic products are less loss averse when using an intermediary than when dealing with each provider separately and booking their services independently. This result can be taken as identifying consumer-based added value provided by the intermediaries. Practical implications – Knowing the effect of an increase in their prices is crucial for tourism collective brands (e.g. “sun and sea”, “inland”, “green destinations”, “World Heritage destinations”). This is especially applicable nowadays on account of the fact that many destinations have lowered prices to attract tourists (although, in the future, they will have to put prices back up to their normal levels). The negative effect of raising prices can be absorbed more easily via indirect channels when compared to individual providers, as the influence of loss aversion is lower for the former than the latter. The key implication is that intermediaries can – and should – add value in competition with direct e-tailing. Originality/value – Research on loss aversion in retailing has been prolific, exclusively focused on low-involvement and frequently purchased products without distinguishing the direct or indirect character of the distribution channel. However, less is known about other types of products such as high-involvement non-frequently purchased hedonic products. This article focuses on the latter and analyzes different patterns of loss aversion in direct and indirect channels.

Price promotions effects of virtue and vice products

Purpose: This paper aims to propose models that capture the own effect of price promotions of virtue and vice products on sales and cross effects within the subcategory, between subcategories and between periods. The hypotheses assume that, due to reverse consumption self-control, the demand for vice products is more price-sensitive than demand for virtue products, but the demand for vice products is less price-sensitive between periods than demand for virtue products; furthermore, due to the degree of impulse-buying and to licensing, the demand sensitivity of the products of a subcategory and of those of other subcategories varies according to the type of promoted product (vice or virtue). Design/methodology/approach: The methodology is based on different econometrical models that estimate the total net effect of price promotions of virtue and vice products on sales. Findings: The results show a greater own effect for price promotions of vice products than for virtue products. However, the complementary sales effect between subcategories for virtue products facilitates greater expansion of the subcategory in virtue products than in vice products. Originality/value: Although price promotions of virtue products (light) and vice products (regular) have proliferated in recent years, researchers have only estimated their own sales effect. Alternatively, the paper contributes by considering own and cross effects.

La Acción Tutorial en la Facultad de Económicas: perspectivas presentes y futuras

El Programa de Acción Tutorial de Económicas, conocido coloquialmente como PATEC, cumple su novena edición en el presente curso académico 2013-2014. Desde sus inicios el PATEC se ha adaptado a las distintas titulaciones adscritas al Centro gracias a su gran flexibilidad, aspecto fundamental si tenemos en cuenta el tamaño y la heterogeneidad de nuestro Centro y las diferentes características de nuestros estudiantes. El objetivo de esta comunicación es dar a conocer el PATEC, sus objetivos, características y datos más relevantes, así como analizar su evolución lo que nos permitirá obtener una radiografía completa del Programa. Teniendo en cuenta las dificultades encontradas en la implementación del Programa en sus distintas ediciones trataremos de abordar planteamientos alternativos entre los que se encuentra la creación de una Red de Tutores que persigue optimizar la labor tutorial y facilitar el trabajo de futuros tutores. Asimismo, se expondrán diferentes experiencias innovadoras llevadas a cabo con el objetivo de incrementar la participación del alumnado.