[Aston business school intercultural training activities include research-informed modules for overseas students to help them adapt to uk study practices and approaches, and innovative sessions with artists and actors in intercultural teams]

Case study in the annex of the symposium report

Intellectual property asset management:how to identify, protect, manage and exploit intellectual property within the business environment

In the new ‘knowledge-intensive economies’ Intellectual assets increasingly play a key part on balance sheets. There is an increasing global awareness that in order to promote innovation and the growth of the economy, businesses must fully recognise and exploit their intellectual assets. A company’s ability to innovate rapidly and successfully is now regarded as essential and most breakthroughs are made by Small and Medium-sized Enterprises (SMEs), usually with no in-house legal professionals to help them. It is essential that those working with or creating intellectual property rights (IPR) are aware of the basics of Intellectual Property Law. Intellectual Property Asset Management provides business and management students at all levels with an accessible-straight-forward explanation of what the main Intellectual Property rights are and how these rights are protected. Locating the subject squarely in a business context and using case studies and examples throughout drawn from a wide range of business organisations, it explains how an organisation can exploit their rights through licensing, franchising and other means in order to make the best possible use of their IP assets. This book will provide students with: • the basic Intellectual Property law knowledge needed to identify a potential IP issue • the tools and understanding to assess an IP breach • the ability to identify where the problem cannot be solved in house and where expert legal assistance is required • the knowledge required to work effectively with lawyers and other legal professionals to achieve the desired outcome

Gamification:using gaming mechanics to promote a business

The use of digital games and gamification has demonstrable potential to improve many aspects of how businesses provide training to staff, operate, and communicate with consumers. However, a need still exists for the benefits and potential of adopting games and gamification be effectively communicated to decision-makers across sectors. This article provides a structured review of existing literature on the use of games in the business sector, seeking to consolidate findings to address research questions regarding their perception, proven efficacy, and identify key areas for future work. The findings consolidate evidence showing serious games can have a positive and valuable impact in multiple areas of a business, including training, decision-support, and consumer outreach. They also highlight the challenges and pitfalls of applying serious games and gamification principles within a business context, and discuss the implications of development and evaluation methodologies on the success of a game-based solution.

An Approach to Representing the Process of Information Business Modeling

The compact and visualized documenting of information business modeling is a major prerequisite for comprehending its basic concepts, as well as for its effective application and improvement. The documenting of this process is related to its modeling. Thus, the process of information business modeling can be represented by its own tools. Being based on this thesis, the authors suggest an approach to representing the process of information business modeling. A profile for its documenting has been developed for the purpose.

Securing business-to-business relationships:the impact of switching costs

While the relationship marketing literature acknowledges the importance of switching costs for increasing customer retention, little is known about its relevance in industrial markets. In particular, it is unclear whether switching costs, and associated dimensions, impact on behavioral outcomes of buyer–seller relationships in business-to-business (B2B) markets. In order to contribute to theory development in this important area, our research first explores the dimensions of switching costs for the B2B domain and also tests the relative impact of these dimensions on business customers' actual purchase behavior. Results suggest that switching costs in B2B settings are a multi-faceted construct, including (i) procedural, (ii) financial, and (iii) relational switching costs. Moreover, we find relational switching costs to be most important for securing B2B buyer–seller relationships since they impact a customer's (a) share-of-wallet, (b) cross-buying behavior, and (c) actual switching behavior. While procedural switching costs only influence share-of-wallet, financial switching costs solely impact customer's cross-buying behavior. These findings contribute to a better understanding on how to secure B2B buyer–seller relationships.

Effective forms of market orientation across the business cycle:a longitudinal analysis of business-to-business firms

Macroeconomic developments, such as the business cycle, have a remarkable influence on firms and their performance. In business-to-business (B-to-B) markets characterized by a strong emphasis on long-term customer relationships, market orientation (MO) provides a particularly important safeguard for firms against fluctuating market forces. Using panel data from an economic upturn and downturn, we examine the effectiveness of different forms of MO (i.e., customer orientation, competitor orientation, interfunctional coordination, and their combinations) on firm performance in B-to-B firms. Our findings suggest that the impact of MO increases especially during a downturn, with interfunctional coordination clearly boosting firm performance and, conversely, competitor orientation becoming even detrimental. The findings further indicate that both the role of MO and its most effective forms vary across industry sectors, MO having a particularly strong impact on performance among B-to-B service firms. The findings of our study provide guidelines for executives to better manage performance across the business cycle and tailor their investments in MO more effectively, according to the firm's specific industry sector.

Goal orientation and its relationship to the business family, and family business performance, within the UK’s family owned and managed mid-sized businesses

Mid-Sized Businesses (MSBs) are defined by the Department for Business, Innovation and Skills (BIS) as having a sales turnover of between £25 million and £500 million. A key gap in family firm/business research and literature to date is, understanding the role and importance of non-financial objectives (such as family harmony, tradition and business longevity), and the role the family plays in creating a wide set of business performance objectives (both financial and non-financial) in these businesses. This dissertation contributes to filling this knowledge gap by drawing on Family Systems Theory applied in a business context, and within an overarching Resource Based View (RBV) of the firm.

Relationship fading in business-to-consumer context

The objective of this thesis is to develop a better understanding of the relationship fading phenomenon in business-to-consumer context. Fading relates to a gradual decline in consumer’s willingness to continue a relationship with a company. Therefore, understanding the fading process may help to elucidate the ‘unexplained’ relationship dissolution and customer defection. Led by an assumption that a relationship between a consumer and a brand is like the one between individuals, the thesis proposes that the trajectory of relationship fading reflects the disaffection processes similar to the ones suggested in marital and romantic relationships between individuals. The approach taken to answering this research question is a multi-study approach. This type of approach allows addressing each individual research question independently, using the most appropriate research methods. As a result, the thesis comprises three adjacent studies. All three studies are linked and together contribute to a better understanding of the relationship fading process, which is the main topic of the thesis. Based on the results from the first study, a set of boundary conditions of relationship fading is identified. The results of the second study suggest that predictors of relationship fading stage can be uncovered. Thirdly, different restoration techniques are explored, aiming to describe their effectiveness in various relationship fading stages. Individual objectives of the three studies are accomplished. All three studies contribute to achieving the overall objective of the thesis, namely to developing a better understanding of the phenomenon of relationship fading.

Out of credit: Evaluating the impact of the EU structural funds on Hungarian small business growth and access to finance

Totaling EUR 29 billion, Hungary is in the midst of implementing its largest economic development program in its young democratic history. At the center of the European Union led development program is an effort to revitalize and reequip Hungary’s languishing small and medium sized enterprises (SME), long the country's heart of employment. This paper examines the efficiency and impact of two Structural Fund's instruments to enhance SME development – ECOP 2.1.1 and JEREMIE. A survey of 1275 SME and interviews with dozens of top policy-makers paint a flawed development program in dire need of reform. Despite this, empirical analysis suggests JEREMIE funds may have dampened the effects of the financial crisis and are crucial for the continued liquidity of SME, who have been particularly hit hard by the world financial crisis.

A New Method For Combining Detrending Techniques with Application to Business Cycle Synchronization of the New EU Members

Decomposing output into trend and cyclical components is an uncertain exercise and depends on the method applied. It is an especially dubious task for countries undergoing large structural changes, such as transition countries. Despite their deficiencies, however, univariate detrending methods are frequently adopted for both policy oriented and academic research. This paper proposes a new procedure for combining univariate detrending techniques which is based on revisions of the estimated output gaps adjusted by the variance of and the correlation among output gaps. The procedure is applied to the study of the similarity of business cycles between the euro area and new EU Member States.

A marketing, a termelés és a logisztika hozzájárulása a vállalati eredményességhez (The Contribution of Marketing, Production and Logistics to Business Performance)

A Budapesti Corvinus Egyetem Versenyképességkutató Központjának 2004-ben lekérdezett kérdőíve alapján, ami 154 feldolgozóipari vállalat adatait tartalmazza, azt vizsgáljuk, hogy az ellátási lánc három lényeges vállalati funkciója, a marketing, a termelés és a logisztika milyen mértékben járul hozzá az üzleti eredményességhez. Az eredmények szerint a marketingnek és a termelésnek erősebb hatása van a vállalati teljesítményre, mint a logisztikának. A három funkció együttesen csekély, bár statisztikai értelemben szignifikáns szerepet játszik az üzleti sikerben. _____ Companies are complex organizations where a lot of activities and processes have to work properly in order to reach success. Depending on several factors, sometimes some activities get more emphasis while others work in the background. Since organizational functions have separate literature and practical knowledge, and transit between them is rare, we do have very little knowledge on how the various functions together contribute to company success. Based on a wide-scale empirical study on Hungarian competitiveness, which includes data on 154 companies from the process industry, we examine to what extent three functions of the supply chain, marketing, manufacturing and logistics, can contribute to business success. Results show that marketing and manufacturing have larger effect on company performance than logistics. However, the three functions together play a minor, although significant role in company success.

Do institutions matter in business strategy? – The changing focus of strategic management to institutions: a literature review

The post-crisis managerial literature emphasizes the roles of institutional factors in any disruption of the ecosystem of market capitalism and puts it in the middle of its analytical framework. It has become clear that nowadays, scientific discussions about the measure of increase of direct state involvement in certain economic areas has become more relevant. The socio-economic model based on market coordination was no doubt shaken by the crisis in 2008 across the world and inspired various representatives of the scientific and political community to revise their theses on coordination mechanisms that support the way out of an economic downturn. This paper intends to give a brief summary of the two leading strategic management approaches (Porter’s five forces and the resource-based view of the firm) on institutions. The author’s aim is to demonstrate that incorporation of the institution-based view into the mainstream theories can enrich the analytical framework of strategic management by providing deeper understanding of the contextual factors that underpin interactions between institutions and organizations.

A methodology to measure coordination of business processes

Coordination of business processes is the management of dependencies where dependencies constrain how the tasks are performed. It has been traditionally done in an intuitive fashion, without paying much attention to the coordination load. Coordination load is being defined as the ratio between the time spent on coordination activities and the total task time. Previous efforts to understand and analyze coordination have resulted in mostly qualitative approaches to categorize and recommend coordination strategies. This research seeks to answer two questions: (1) How can we analyze process coordination problems to improve overall performance? (2) What guidance can we provide to reduce the coordination load of the process and consequently improve the organization's performance? Thus, this effort developed a quantitative measure for coordination load of business processes and a methodology to apply such measure. ^ This effort used a management simulation game to have a controlled laboratory environment enabling the manipulation of the task factors variability, analyzability, and interdependence to measure their impact on coordination load. The hypothesis was that the more variable, non-analyzable, and interdependent a process, the higher the coordination load, and that a higher coordination load would have a negative impact on performance. Coordination load was measured via the surrogate coordination time, and performance via profit. ^ A 22 x 31 full factorial design, with two replicates, was run to observe the impact on the variables coordination time and profit. Properly validated spreadsheets and questionnaires were used as data collection instruments for each scenario. The experimental results indicate that lower task analyzability (ρ=0.036) and higher task interdependence (ρ=0.000) lead to higher coordination load, and higher levels of task variability (ρ=0.049) lead to lower performance. However, contrary to the hypotheses postulated by this work, coordination load did not prove to be strong predictor of performance (correlation of -0.086). ^ These findings from the laboratory experiment and other lessons learned were incorporated to develop a quantitative measure, a tool (survey) to use to gather data for the variables in the measures, and a methodology to quantify coordination load of production business processes. The practicality of the methodology is demonstrated with an example.^

A study of stock market fluctuations and their relation to business conditions

Most research on stock prices is based on the present value model or the more general consumption-based model. When applied to real economic data, both of them are found unable to account for both the stock price level and its volatility. Three essays here attempt to both build a more realistic model, and to check whether there is still room for bubbles in explaining fluctuations in stock prices. In the second chapter, several innovations are simultaneously incorporated into the traditional present value model in order to produce more accurate model-based fundamental prices. These innovations comprise replacing with broad dividends the more narrow traditional dividends that are more commonly used, a nonlinear artificial neural network (ANN) forecasting procedure for these broad dividends instead of the more common linear forecasting models for narrow traditional dividends, and a stochastic discount rate in place of the constant discount rate. Empirical results show that the model described above predicts fundamental prices better, compared with alternative models using linear forecasting process, narrow dividends, or a constant discount factor. Nonetheless, actual prices are still largely detached from fundamental prices. The bubblelike deviations are found to coincide with business cycles. The third chapter examines possible cointegration of stock prices with fundamentals and non-fundamentals. The output gap is introduced to form the nonfundamental part of stock prices. I use a trivariate Vector Autoregression (TVAR) model and a single equation model to run cointegration tests between these three variables. Neither of the cointegration tests shows strong evidence of explosive behavior in the DJIA and S&P 500 data. Then, I applied a sup augmented Dickey-Fuller test to check for the existence of periodically collapsing bubbles in stock prices. Such bubbles are found in S&P data during the late 1990s. Employing econometric tests from the third chapter, I continue in the fourth chapter to examine whether bubbles exist in stock prices of conventional economic sectors on the New York Stock Exchange. The ‘old economy’ as a whole is not found to have bubbles. But, periodically collapsing bubbles are found in Material and Telecommunication Services sectors, and the Real Estate industry group.