FY-RTS 3 Portfolio Template

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Synthetic portfolio for event studies: Estimating the effects of volatility call auctions

We propose a method denoted as synthetic portfolio for event studies in market microstructure that is particularly interesting to use with high frequency data and thinly traded markets. The method is based on Synthetic Control Method and provides a robust data driven method to build a counterfactual for evaluating the effects of the volatility call auctions. We find that SMC could be used if the loss function is defined as the difference between the returns of the asset and the returns of a synthetic portfolio. We apply SCM to test the performance of the volatility call auction as a circuit breaker in the context of an event study. We find that for Colombian Stock Market securities, the asynchronicity of intraday data reduces the analysis to a selected group of stocks, however it is possible to build a tracking portfolio. The realized volatility increases after the auction, indicating that the mechanism is not enhancing the price discovery process.

Plan de mejoramiento del área comercial de la empresa cartonería Mosquera S. A.

Cartonería Mosquera S.A. es una empresa familiar, que se encarga de la producción y distribución de diferentes empaques de cartón. La compañía pertenece al sector de artes gráficas colombiano, que se desagrega en las siguientes categorías: empaques y etiquetas; publicidad y comercial; editoriales, periódicos y revistas. Cartonería Mosquera S.A. se encuentra en la categoría de empaques y etiquetas. A 2016 la empresa cuenta con un área que administra tanto el mercadeo como la parte comercial conjuntamente y que tiene como objetivo final la gestión de la publicidad, la satisfacción del cliente y la fidelización del mismo. Aunque desde sus inicios, la compañía ha venido trabajando con esta estructura y ha cumplido hasta ahora con algunos de los resultados esperados, los nuevos retos del mercado tales como; el compromiso con el medio ambiente, la necesidad de realizar registros que avalen la calidad de la compañía, la entrada de competidores internos como externos al mercado y el desarrollo de nuevos insumos, ha creado la necesidad de buscar nuevas herramientas que mejoren el desempeño del área comercial y promover así el incremento de las ventas. Este Trabajo surgió inicialmente con la idea de realizar un plan de mercadeo a fin de incentivar y proponer una estrategia que generara un impacto positivo en las ventas de la empresa. Sin embargo, en el proceso de desarrollo, se vio la necesidad de realizar primero un plan de mejoramiento con una orientación a la parte comercial de la compañía. Es importante resaltar que el enfoque de este documento investigativo no solo proveerá herramientas para el mejoramiento de las ventas y financiero, sino también pretende mejorar la percepción de los asesores comerciales hacia su trabajo, sus jefes y la compañía.

Customer Loyalty toward grocery retailing service: a multidimensional approach to costumer perceived value

Structured abstract Purpose: To deepen, in grocery retail context, the roles of consumer perceived value and consumer satisfaction, as antecedents’ dimensions of customer loyalty intentions. Design/Methodology/approach: Also employing a short version (12-items) of the original 19-item PERVAL scale of Sweeney & Soutar (2001), a structural equation modeling approach was applied to investigate statistical properties of the indirect influence on loyalty of a reflective second order customer perceived value model. The performance of three alternative estimation methods was compared through bootstrapping techniques. Findings: Results provided i) support for the use of the short form of the PERVAL scale in measuring consumer perceived value; ii) the influence of the four highly correlated independent latent predictors on satisfaction was well summarized by a higher-order reflective specification of consumer perceived value; iii) emotional and functional dimensions were determinants for the relationship with the retailer; iv) parameter’s bias with the three methods of estimation was only significant for bootstrap small sample sizes. Research limitations:/implications: Future research is needed to explore the use of the short form of the PERVAL scale in more homogeneous groups of consumers. Originality/value: Firstly, to indirectly explain customer loyalty mediated by customer satisfaction it was adopted a recent short form of PERVAL scale and a second order reflective conceptualization of value. Secondly, three alternative estimation methods were used and compared through bootstrapping and simulation procedures.

How do customers of a financial services institution judge its communications

Communications are important for relationships within a marketing channel from both a theoretical and managerial perspective. Yet it is a problematic area for scholars. Thus, this research addresses the problem of how do customers of a financial services institution perceive communications with an ideal institution? This study's case research methodology used in-depth interviews with 34 carefully selected customers of a building society. The factors that make up customers' attitudes about corporate communications for an ideal financial services institution were identified and actual perceptions were compared against that ideal. The findings confirmed the importance of communications for customers in a relationship with a financial services provider and suggested communication priorities for customers in this context. In addition, the findings suggested sources of communication dissatisfaction for customers. These findings build upon the literature that speculates about customer perceptions of communications with organizations but provides little evidence to support hypotheses. The contributions arose from the emphasis on the customers' own attitudes and the patterns found within them.

Visitor Relationship Management (VRM) - Repeat Visitation Opportunities for Destination Marketing Organisations

In competitive tourism markets the consumer-traveller is spoilt by choice of available destinations. Successfully differentiating a destination and getting noticed at decision time is arguably the focus of activities by destination marketing organisations (DMOs). In pursuit of differentiation, three emergent themes in the marketing literature during the past decade have been branding, integrated marketing communications (IMC), and customer relationship management (CRM) a fundamental goal of each being stimulating customer loyalty. However there has been little attention given to destination loyalty in the tourism literature. The purpose of this paper is to report an exploratory investigation of visitor relationship management (VRM) by DMOs. Based on interviews with the management of 11 regional tourism organisations (RTO) in Queensland, Australia, the opportunities for, and immediate challenges of, VRM are discussed. While each RTO recognised the potential for VRM, none had yet been able to develop a formal approach to engage in meaningful dialogue with previous visitors from their largest market.

Selecting an IMC Career: Influences, Choices and Destinations

Integrated marketing communication incorporates both customer and non-customer stakeholder groups. While the literature commonly refers to this distinction as marketing communication and corporate communication, respectively, and practitioners accept the need for these roles, this study aims to explore the student perspective. US-based research suggests that students are more interested in marketing communication activities such as promotion that target customer stakeholders, and less interested in corporate communication activities that target non-customer stakeholders including employees, investors, and government (Bowen, 2003). The findings of this study match its US counterpart, and present implications for both the education and practice of marketing communication

The Impact of Internal Market Orientation on Staff Service Behaviours

The impact of service direction, service training and staff behaviours on perceptions of service delivery are examined. The impact of managerial behaviour in the form of internal market orientation (IMO) on the attitudes of frontline staff towards the firm and its consequent influence on their customer oriented behaviours is also examined. Frontline service staff working in the consumer transport industry were surveyed to provide subjective data about the constructs of interest in this study, and the data were analysed using structural equations modelling employing partial least squares estimation. The data indicate significant relationships between internal market orientation (IMO), the attitudes of the employees to the firm and their consequent behaviour towards customers. Customer orientation, service direction and service training are all identified as antecedents to high levels of service delivery. The study contributes to marketing theory by providing quantitative evidence to support assumptions that internal marketing has an impact on services success. For marketing practitioners, the research findings offer additional information about the management, training and motivation of service staff towards service excellence.

Mobile phone consumption and implications for SMS marketing

This paper reports on a Q-methodology study on the consumption of mobile phones and opinions on SMS-marketing, extracted from interpretive interviews and focus groups. The Metaphors Q-sort, developed within a framework of Holt's (1995) four metaphors of consumption, identifies three experiential value clusters in the consumption of mobile phones: the Mobile Pragmatists, the Mobile Connectors and the Mobile Revelers. The SMS-marketing Q-sort identifies two key clusters of subjective opinions on various aspects of SMS-based mobile-marketing. By integrating the findings from these two Q-sorts, we demonstrate that while all three value clusters express positive opinions towards ‘location specific’ and ‘customer initiated contact’ SMS-marketing, there are noticeable differences in how marketers should develop their strategies to maximize the consumers’ perceived experiential value derived from the consumption of their mobile phones. Keywords: mobile phones; experiential consumption: SMS-marketing; Q-methodology

Open Source Enterprise Systems: Towards a Viable Alternative

Enterprise systems are located within the antinomy of appearing as generic product, while being means of multiple integrations for the user through configuration and customisation. Technological and organisational integrations are defined by architectures and standardised interfaces. Until recently, technological integration of enterprise systems has been supported largely by monolithic architectures that were designed, and maintained by the respective developers. From a technical perspective, this approach had been challenged by the suggestion of component-based enterprise systems that would allow for a more user-focused system through strict modularisation. Lately, the product nature of software as proprietary item has been questioned through the rapid increase of open source programs that are being used in business computing in general, and also within the overall portfolio that makes up enterprise systems. This suggests the potential for altered technological and commercial constellations for the design of enterprise systems, which are presented in different scenarios. The technological and commercial decomposition of enterprise software and systems may also address some concerns emerging from the users’ experience of those systems, and which may have arisen from their proprietary or product nature.