The market strategies alternatives of an e-business start-up in Brazil

The e-business market is one of the fastest growing markets in Brazil, with e-business sales accounting for BRL 14.8 billion in 2010 and a growth of 40% per year (+1000% over the past 7 years). Sales-event clubs and collective bargaining websites are one of the most dynamic segments of the e-business market: the number of new players is increasing rapidly, with over 1200 collective bargaining websites currently operating in Brazil. In that context, growth and differentiation seem to be two key success factors for Coquelux. According to webshopper (23rd Edition, e-bit), growth can be achieved by targeting middle and low-income consumers from class C, who represent 50% of the total e-commerce sales. But Coquelux, which is specialized in desire and luxury brands, has built its reputation and competitive advantage through its “exclusivity”, by targeting wealthier consumers from classes A and B who are attracted by its fashionable and high-end positioning. The evolution (growth?) of this market and the development of its competition naturally raise a strategic question for Coquelux’s managers: can Coquelux grow and still maintain its competitive advantage? Should it grow by expanding its consumer base to class C? If so, how? Consumers from classes A, B or C must be targeted through the same online communication channels. Recent studies from the ABEP/ABIPEME emphasized the importance of social networks as a tool for converting new clients and gaining their loyalty, regardless of their social class. However, high-income and low-income e-consumers do not have the same consumption habits, do not respond to the same type of marketing strategies, and most importantly, do not share the same values. Thus, it seems difficult to expand Coquelux’s consumer base to class C without changing its marketing strategies and altering its image Three options were identified for Coquelux: reinforcing its leadership on the luxury segment and focusing on a small niche market (1), which would threaten its survival in the long run; completely changing its strategy and competing for a mass market through commercial brands (2), which requires major financial investments that managers don’t have access to; or finding an intermediary solution (3). This thesis’ recommendation for the third option consists in focusing on premium brands (rather than luxury) in order to increase sales volume (Coquelux’s most profitable sales happened with local desire brands) with products that appeal to class B but also attract the emerging class C which is looking for brand recognition. It could thus implement a slow entry strategy towards the mass market without damaging its main competitive advantage.

Determinants of differential pricing of equity classes in the Brazilian equity market

We examine the differential pricing of equity classes between voting and non-voting shares in Brazilian listed companies with particular emphasis on privatized companies, and we discuss the role of majority control, liquidity, and governance issues that may influence these differentials over time. We include a brief discussion on the Brazilian corporate law system, its impact on controlling and minority shareholders, and the characteristics of the Brazilian privatization process, before proceeding to the econometric analysis. We find empirical evidence to support that liquidity is a major component for determining this differential pricing over time. Other variables, such as the ratio of non-voting equity to total equity, type of majority control, and changes in regulation signal the high level of agency costs between majority controllers and minority shareholders in explaining the differential pricing of equity classes.

Bank relationships: effect on the availability and marginal cost of credit for firms in Argentina

The paper provides evidence on what affects at the margin the cost and availability of bank credit for firms in Argentina. We study in particular how banks use different pieces of private and public information to screen firms and overcome informational asymmetries in the credit market. Some private information is transferable, like balance sheet data. Private information generated in relationships is not. To capture the closeness of bank relationships, we resort to the concentration of bank credit and the number of credit lines in a bank. We also consider public information available in the Central de Deudores. The cost of credit is measured using overdrafts, the most expensive line of credit, at the bank that charges the highest rate for overdrafts. We find that the cost of credit is smaller for a firm with a close relationship to the marginal bank. Firms with large assets, a high sales/assets ratio, and a low debt/assets ratio pay a lower interest rate at the margin. A good credit history (no debt arrears and no bounced checks) and collateral also reduce the marginal interest rate. The availability of credit is measured by unused credit lines as a proportion of total liabilities with the main bank. The availability of credit depends positively on a close relationship with the main bank. Large assets, a high return over assets, a high sales/assets ratio, a low debt/assets ratio, a good credit history, and collateral lead to higher credit availability. Our measure of unused credit lines is less ambiguous than traditional measures like leverage, which may indicate financial distress rather than availability of credit.

Toward convergence? The brazilian stock market concentration and the role of private equity in its diversification

Using quantitative data obtained from public available database, this paper discusses the difference between of the Brazilian GDP and the Brazilian Stock Exchange industry breakdown. I examined if, and to what extent, the industry breakdowns are similar. First, I found out that the Stock Exchange industry breakdown is overwhelming different from the GDP, which may present a potential problem to asset allocation and portfolio diversification in Brazil. Second, I identified an important evidence of a convergence between the GDP and the Stock Exchange in the last 9 years. Third, it became clear that the Privatizations in the late 90’s and IPO market from 2004 to 2008 change the dynamics of the Brazilian Stock Exchange. And fourth, I identified that Private Equity and Venture Capital industry may play an important role on the portfolio diversification in Brazil.

The impact of negative social environmental events on the market value of supply chain partners

The present work analyzes the impact of negative social / environmental events on the market value of supply chain partners. The study offers a contextualized discussion around important concepts which are largely employed on the Operations Management and Management literature in general. Among them, the developments of the literature around supply chains, supply chain management, corporate social responsibility, sustainable development and sustainable supply chain management are particularly addressed, beyond the links they share with competitive advantage. As for the theoretical bases, the study rests on the Stakeholder Theory, on the discussion of the efficient-market hypothesis and on the discussion of the adjustment of stock prices to new information. In face of such literature review negative social / environmental events are then hypothesized as causing negative impact in the market value of supply chain partners. Through the documental analysis of publicly available information around 15 different cases (i.e. 15 events), 82 supply chain partners were identified. Event studies for seven different event windows were conducted on the variation of the stock price of each supply chain partner, valuing the market reaction to the stock price of a firm due to triggering events occurred in another. The results show that, in general, the market value of supply chain partners was not penalized in response to such announcements. In that sense, the hypothesis derived from the literature review is not confirmed. Beyond that, the study also provides a critical description of the 15 cases, identifying the companies that have originated such events and their supply chain partners involved.

Evaluation of mango loss (Mangifera indica L.) in the retail market of Botucatu-SP

Losses in the mango commercialization process in Brazil has reduced its offer to the consumer. The present study aims at determining these losses in different purchase sites of the retail market, its causes and suggestions for reducing them. Twenty two retail points, including supermarkets, greengroceries and free fair were selected in Botucatu, state of São Paulo, Brazil. The total amount commercialized was 114 ton/year. The following average losses were verified for each mango variety: 'Tommy Atkins'(11, 5%), Haden (12, 4%) and 12, 7% for other varieties. The total loss in retail market reached US$ 25.231,00 corresponding to 14 tons. The average loss percentage observed is compatible with previous studies running in other cities. The results suggest the need of better management, the exposure of the fruit to the consumer, technology in the transportation of the fruits and most appropriate storage for maintaining the quality and the reduction of losses. The results show the need of higher investment in technical personnel reskilling in fruit and vegetable sector.

The amount of solar energy made available for the production of a sabia (Mimosa caesalpinaefolia Benth.) seed has a determinating effect on its becoming dormant

The amount of solar energy made available for the production of a sabid seed varied as a function of the time of the year, the face of the plant in which, the position in the plant on which and the position in the pod in which it was produced.Variation in solar energy availability as a consequence of the time of the year was a direct consequence of latitude. At 21degrees5'22 S the highest amounts of Global Solar Radiation (GSR) reaching the site where the experiment was conducted took place during the months from November through February. During these months there were no marked differences between any two of the amounts of GSR reaching faces North (N), South (S), West (W) East (E). From February through November (period during which the sabid plants of this study flowered and the resulting seeds matured and were harvested) the total GSR's were the lowest and marked differences were found between faces N and S, with face N receiving much more GSR than face S. During that period, faces W and E received practically the same amount of GSR and it was much less than that received by face N and much more than the one received by face S.The amount of biological energy made available for the development of a seed seemed also to vary according to a dry matter partitioning strategy by the plant -the central third of the plant seemed to be the one receiving the highest amounts of energy, followed either by the upper or the lower third of the plant- it was not very clear which third of the plant immediately followed the central one. The partitioning of biological energy at the pod level also seemed to follow a strategy by which the central seeds would be the ones to receive more, followed by the proximal seeds and these by the distal ones.This availability of energy seemed to have a direct effect on seed size, weight and on the percentage of seeds which showed a degree of dormancy deep enough to prevent their germinating under the conditions of a standard germination test.The implications of these results for the improvement of methods for the overcoming of dormancy of sabia seeds are discussed.

Gestão da qualidade total: introdução dos conceitos e a sua utilização em um curso para abordar o comportamento individual do aluno/profissional/cidadão

A introdução do assunto qualidade, segundo as necessidades de mercado abre espaço para a discussão da qualidade como necessidade pessoal, e também para a formação do cidadão/profissional, além de introduzir assuntos específicos de administração de empresas. Dessa forma, foi oferecida uma disciplina optativa para os alunos do Instituto de Química do Campus de Araraquara, abordando o tema Qualidade e foi denominada Gestão da Qualidade por três anos seguidos. da avaliação geral do curso extraiu-se que ele deveria ser realizado sempre, que o tema é atual e relevante e contribui para a formação profissional/pessoal. Com relação ao comprometimento com o curso de graduação, cerca de metade dos alunos assume o seu comprometimento com os estudos e os restantes dizem estarem somente envolvidos. Conclui-se, portanto que o curso atingiu os seus objetivos propostos, introduziu os principais conceitos de qualidade segundo as normas da qualidade da série ISO 9000 e suscitou a discussão da formação do aluno/profissional/cidadão.

Binary integer programming formulations for scheduling in market-driven foundries

This paper describes the development and solution of binary integer formulations for production scheduling problems in market-driven foundries. This industrial sector is comprised of small and mid-sized companies with little or no automation, working with diversified production, involving several different metal alloy specifications in small tailor-made product lots. The characteristics and constraints involved in a typical production environment at these industries challenge the formulation of mathematical programming models that can be computationally solved when considering real applications. However, despite the interest on the part of these industries in counting on effective methods for production scheduling, there are few studies available on the subject. The computational tests prove the robustness and feasibility of proposed models in situations analogous to those found in production scheduling at the analyzed industrial sector. (C) 2010 Elsevier Ltd. All rights reserved.

Biodiesel CO2 emissions: A comparison with the main fuels in the Brazilian market

The use of biodiesel is increasing as an attractive fuel due to the depleting fossil fuel resources and environmental degradation. This paper presents results of an investigation on the potentials of biodiesel as an alternative fuel and main substitute of diesel oil, comparing the CO2 emissions of the main fuels in the Brazilian market with those of biodiesel, in pure form or blended in different proportions with diesel oil (2%, 5%, and 20%, called B2, B5, and B20, respectively). The results of the study are shown in ton CO2 per m(3) and ton CO2 per year of fuel. The fuels were analyzed considering their chemical composition, stoichiometric combustion parameters and mean consumption for a single vehicle. The fuels studied were: gasoline, diesel oil, anhydrous ethyl alcohol (anhydrous ethanol), and biodiesel from used frying oil and from soybean oil. For the case of biodiesel, its complete life cycle and the closed carbon cycle (photosynthesis) were considered. With data provided by the Brazilian Association of Automotive Vehicle Manufacturers (ANFAVEA) for the number of vehicles produced in Brazil, the emissions of CO2 for the national fleet in 2007 were obtained per type of fuel. With data provided by the Brazilian Department of Transit (DENATRAN) concerning the number of diesel vehicles in the last five years in Brazil, the total CO2 emissions and the percentage that they would decrease in the case of use of pure biodiesel, B100, or several mixtures, B2, B5 and B20, were calculated. Estimates of CO2 emissions for a future scenario considering the mixtures B5 and B20 are also included in this article. Crown Copyright (C) 2008 Published by Elsevier B.V. All rights reserved.

Novas formulações de fluidos de corte: otimização, propriedades e recuperação do óleo usado

Cutting fluids are lubricants used in metal-mechanical industries. Their complex composition varies according to the type of operation carried out, also depending on the metals under treatment or investigation. Due to the high amount of mineral oil produced in Northeastern Brazil, we have detected the need to better use this class of material. In this work, two novel formulations have been tested, both based on naphthenic mineral oil and additives, such as: an emulsifying agent (A), an anticorrosion agent (B), a biocide (C) and an antifoam agent (D). Each formulation was prepared by mixing the additives in the mineral oil at a 700-rpm stirring velocity for 10 min, at 25°C, employing a 24 factorial planning. The formulations were characterized by means of density, total acid number (TAN), viscosity, flash point and anticorrosion activity. In a subsequent study, oil-in-water emulsions were prepared from these novel formulations. The emulsions were analyzed in terms of stability, corrosion degree, percentage of foam formation, conductivity, accelerated stability and particle size. The samples were appropriately labeled, and, in special, two of them were selected for featuring emulsion properties which were closer to those of the standards chosen as references (commercial cutting oils). Investigations were undertaken on the ability of NaCl and CaCl2 to destabilize the emulsions, at concentrations of 2%, 5% and 10%, at an 800-rpm stirring velocity for 5 min and temperatures of 25º, 40º, 50º and 60ºC. The recovered oils were chemically altered by reincorporating the same additives used in the original formulations, followed by preparation of emulsions with the same concentrations as those of the initial ones. The purpose was to assess the possibility of reusing the recovered oil. The effluents generated during the emulsion destabilization step were characterized via turbidity index, contents of oil and grease, pH, and contents of anions and cations, observing compliance with the parameters established by the current environmental legislation (Brazil s CONAMA 357/05 resolution). It could be concluded that the formulations presented excellent physicochemical properties as compared to commercial cutting fluids, showing that the quality of the newly-prepared fluids is superior to that of the formulations available in the market, enabling technically and environmentally-safe applications

Análises físico-químicas de polpas de frutas e avaliação dos seus padrões de identidade e qualidade

The pulps are products that add economic value enjoy the fruits of the surplus productions of the same. Have good market acceptance because of its practicality and diversity of flavors available year round. In order to assess the quality of the fruit pulp through the physical and chemical parameters and the characteristics of manufacturing industry, we analyzed 36 samples of frozen fruit pulp of three brands marketed in RIO Grande do Norte, 14 brand A, 12 of 10 brand B and brand C, which corresponded to 14 different flavors, of which 10 have identity Standards and Quality (ISQ S) established by the Ministério da Agricultura, Pecuária e Abastecimento (MAPA), totaling 27 samples with ISQ s. We conducted the following physicalchemical analyzes on samples of fruit pulp: Total solids, total soluble solids, pH, titratable acidity, total sugars and the determination of ascorbic acid. The percentage of failure for each parameter evaluated was 37, 04% in total soluble solids, 22,22% for total solids and titratable acidity, 7,40% in relation to pH. The total sugars were within the requirements demanded by the MAPA and ascorbic acid content, determined only in the pulp of acerola and cashew, presented a non compliance in the pulp of brand B. The percentage of failures of the pulps with ISQ S was 59% with brand A, B and C accounted for 3,70%, 33,33% and 22,22% respectively. The pulps which have no established atandards such as pineapple pulp, showed similar values between brands and literature data unlike the pulp of plum, jackfruit and tamarind which diverged greatly in parameters such as total solids and total soluble solids. The study demonstrates the need for greater quality control by the producers with respect to raw materials, processing, packing, stored and the importance of ISQ S to establish the flavors have not yet covered by existing legislation, but already highly commercialized

Síntese de catalisadores nanoporosos na ausência total e parcial de direcionadores orgânicos para pirólise catalítica de óleos pesados e intermediários

The processing of heavy oil produced in Brazil is an emergency action and a strategic plan to obtain self-sufficiency and economic surpluses. Seen in these terms, it is indispensable to invest in research to obtain new catalysts for obtaining light fraction of hydrocarbons from heavy fractions of petroleum. This dissertation for the degree of Doctor of Philosophy reports the materials preparation that combine the high catalytic activity of zeolites with the greater accessibility of the mesoporosity, more particularly the HZSM-5/MCM-41 hybrid, done by synthesis processes with less environmental impact than conventional ones. Innovative methodologies were developed for the synthesis of micro-mesoporous hybrid material by dual templating mechanism and from crystalline zeolitic aluminosilicate in the absence of organic template. The synthesis of hybrid with pore bimodal distribution took place from one-single organic directing agent aimed to eliminate the use of organic templates, acids of any kind or organic solvents like templating agent of crystalline zeolitic aluminosilicate together with temperature-programmed microwave-assisted, making the experimental procedures of preparation most practical and easy, with good reproducibility and low cost. The study about crystalline zeolitic aluminosilicate in the absence of organic template, especially MFI type, is based on use of H2O and Na+ cation playing a structural directing role in place of an organic template. Advanced characterization techniques such as X-Ray Diffraction (XRD), Fourier Transform Infrared Spectroscopy (FTIR), Scanning Electron Microscopy (SEM), Highresolution Transmission Electron Microscopy (HRTEM), Adsorption of N2 and CO2, kinetic studies by Thermogravimetric Analysis (TGA) and Pyrolysis coupled to Gas Chromatography/Mass Spectrometry (Pyrolysis-GC/MS) were employed in order to evaluate the synthesized materials. Achieve the proposed objectives, has made available a set of new methodologies for the synthesis of zeolite and hybrid micro-mesoporous material, these suitable for catalytic pyrolysis of heavy oils aimed at producing light fraction

Exothermic Behavior, Degree of Conversion, and Viscoelastic Properties of Experimental and Commercially Available Hard Chairside Reline Resins

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

População microbiana total e solubilizadora de fosfato em solo submetido a diferentes sistemas de cultivo

O objetivo deste trabalho foi avaliar o efeito de diferentes espécies de plantas, fontes de fósforo e calagem sobre a população microbiana total e solubilizadora de fosfato. Foram isolados fungos e bactérias capazes de solubilizar hidroxiapatita, proporcionando P solúvel. O experimento utilizado foi em blocos ao acaso com fatorial 3x3x2. E os fatores avaliados foram espécies de plantas (controle, braquiária e guandu), fertilizantes (controle, superfosfato simples e fosfato de rocha, ambos na dose de 400 kg ha-1 de P(2)0(5) ) e calagem (com e sem calcário). A população bacteriana cresceu pelo efeito da calagem, e a de fungos aumentou, independentemente da calagem, nas parcelas cultivadas com braquiária e fertilizadas com superfosfato. Foi constatado incremento de biomassa-P microbiana sobre o controle por influência da braquiária (23,9%), do superfosfato (30,9%) e da calagem (46,9%). O número de bactérias solubilizadoras foi favorecido pela calagem ou pelo plantio de guandu adubado com fosfato natural ou com braquiária sem adubação. Os fungos solubilizadores aumentaram na ausência de planta ou de adubação e na presença de guandu com fosfato natural. Finalmente, a calagem favoreceumais o crescimento dos fungos solubilizadores, em comparação com o controle, nos tratamentos fosfato natural, braquiária ou guandu.