The Role of a firm’s mindset in international success - case study of Finnish marine industry firms

This thesis investigates the influence of a firm’s mindset on international success in the context of the Finnish marine industry. The study draws theoretical wisdom from organisational behaviour and strategic management literatures. The research aim set for this study was to identify and categorise existing strategic types based on mindsets found in the marine industry SMEs, and to link the influence of mindsets with success by examining the role of mindsets in a firm’s performance. Mindsets of firms were conceptualised as aggregate collections of perceptions that influence how the surrounding environment is discerned by the members of the firm. Mindsets are idiosyncratic to firms and therefore important firm-specific resources which influence decision-making and can be observed through the strategic behaviour of firms. Qualitative case study method was applied which was further supported by quantitative data on the financial performance of the ten case firms. Taxonomy based on the dimension of mindsets and prediction was developed to demonstrate four ideal types of firms identified within the marine industry. It was found that all of the case firms emphasised adaptation in their strategy while planning was emphasised to a varying degree. Moreover, two different methods of adapting were found; proactive and reactive. Firms which plan in the long-term and adapt proactively constantly investigate whether their plans are synchronous with the realities of the market; by having an open mindset, a firm’s perception of the reality of the market is enabling the firm to develop value creating strategies which are superiorly informed.This finding was supported by the financial data and led to the proposition that having an open mindset and placing a high level of emphasis on prediction may have a positive influence on international success. Also, it was proposed that concentrating only on exploiting business opportunities in the present time and not exploring any addition opportunities can have a negative influence on the firm’s performance, even if the mindset of the firm is open.

Biodegradable packaging materials in 2013 and their feasibility in chocolate industry

The development of biopolymers has been rapid in recent years and the range of available bioplastics is increasing continuously, driven by a growing demand for sustainable solutions. There are several key drivers behind this growth. The oil reservoirs are decreasing which is causing a price increase for the traditional plastic materials and therefore the gap to bioplastics’ price is getting smaller. In addition, other environmental topics, such as waste disposal and green production, have become more and more important factors for institutes, companies and consumers. Legislation and directives have to be taken into account as well in decision making concerning different packaging materials. The new environmental law with waste disposal responsibility will also have an effect on the packaging business. Therefore a need has risen to study closer the current offering closer of bio-based materials that could be used in chocolate packaging. In this Master’s Thesis the bioplastics’, and especially biodegradable materials’ technical properties and their development, availability, possible existing products in the markets, waste disposal possibilities and consumers attitude towards environmental friendly packaging is studied. This is a case study where the offering of biodegradable materials was investigated during March 2013 for Fazer Confectionary.

Value Proposition Enhancement in Retailers of the HVAC Industry

This case study explored value proposition and relationship marketing de-terminants in the HVAC (Heating, Ventilation and Air Conditioning) indus-try. Concretely, the case involved Purmo, a prominent brand and market leader radiator manufacturer, its relationship marketing practices with the retailers of their product (radiator installers) and the value proposition which is being used to reach the end-user. In the field work, five heating experts/entrepreneurs in the installation business were interviewed and asked about their opinion on Purmo and the end-user’s needs. The findings suggest that while installers appreciate Purmo as a supplier and respect it as a company, the loyalty that they have towards it has no repercussions on their product advocacy to ultimate consumers. Installers proved to be attracted to standard model radiators and to be apathetic to the benefits that more advanced models can provide. The reasons for this behavior were found to be their preference for products with better availa-bility and their reluctance to interfere with the customers’ decision making processes.

CS discourses of co-operatives structuring the food industry

Tämä tutkimus osallistuu tuottaja-osuuskuntiin liittyviin kestävän kehityksen keskusteluihin ja tarjoaa esimerkin pohjoismaisesta ruoantuotannon toimialasta. Tämä tutkimus seuraa kvalitatiivisen tutkimuksen suuntaviivoja ja Fairclough’n kriittinen diskurssianalyysi tarjoaa metodin yritystekstien analyysille. Kieli ymmärretään poststrukturalistisesta näkökulmasta, joka luo kielellisiä identiteettejä ja rakentaa vastuullisuuskeskustelua. Tutkimuksen tavoitteena on kuvata diskurssit, jotka rakentavat vastuullisuuskeskustelua kontekstissaan. Lisäksi tavoitteena on kuvata ja ymmärtää kuinka nämä diskurssit rakentavat rooleja ja identiteettejä ympärilleen sekä kuinka yritystekstit institutionalisoituvat ja vaikuttavat kontekstiinsa. Analyysi määrittää kolme vastuullisuusdiskurssia, jotka kuvaavat yrityskansalaisuutta, liiketoimintalähtöisyyttä ja integriteettiä. Diskurssien tavoitteiden, roolien, ja identiteettien ymmärrys ja vaikutus ympäristöön auttaa laajentamaan tietämystä kestävän kehityksen moniulotteisesta luonteesta. Lisäksi tutkimus muodostaa itsessään äänen osuuskuntatutkimukselle ja kestävän kehityksen ymmärryksen laajentamiselle.

Indoor Localization Solutions for a Marine Industry Augmented Reality Tool

In this report are described means for indoor localization in special, challenging circum-stances in marine industry. The work has been carried out in MARIN project, where a tool based on mobile augmented reality technologies for marine industry is developed. The tool can be used for various inspection and documentation tasks and it is aimed for improving the efficiency in design and construction work by offering the possibility to visualize the newest 3D-CAD model in real environment. Indoor localization is needed to support the system in initialization of the accurate camera pose calculation and auto-matically finding the right location in the 3D-CAD model. The suitability of each indoor localization method to the specific environment and circumstances is evaluated.

Rakennuskonepalveluita tuottavan pk-yrityksen investointi- ja kustannusmalli

Tämän tutkimuksen päätavoitteena oli luoda yleisellä tasolla kustannusmalli maarakennuskonepalveluita tuottavien pk-yritysten käyttöön ja käytännön päätöstilanteiden avuksi osana päätöksenteko organisaation ja myyntityötä tekevän portaan kustannustarkkailuun. Mallin luomisen tarkoituksena oli että mallia voidaan helposti muokata erilaisten myyntitilanteiden kannattavuuksien tarkasteluun ja sitä kautta malli luo käyttäjilleen etulyöntiaseman luodessa pitkiä palvelusopimuksia ja erilaisten projektityömaiden myyntisopimuksia simuloimalla kaluston siirtokustannuksia olemassa olevien tiedettyjen kustannustekijöiden toimesta. Teollisuudessa ja palvelujentarjoajapuolella on vastaavia malleja esitetty, mutta erityisesti maarakennuspuolen ja konevuokrauksen kustannuslaskentamalleja ei julkisesta ole juurikaan saatavilla. Työn kustannusmallin muutoksia simuloitiin ja testattiin luomalla erilaisia kysyntäskenaarioita joista yksi esitellään tarkemmin työn testausosiossa. mallilla on helppo kasata kustannusdataa erilaisina yhtälöinä miten uudet työmaat ovat kannattavampia luomalla kokonaisvaltaisesti paljon lisää uusia työkohteita. Kustannusmallin rakentamiselle oli kysyntää ja tärkeänä tietona pidettiin kokonaisvaltaista muutosta ja tietoa millä tehollisilla tunneilla vastaavat hankinnat olisivat kannattavia. Työn teoriaosa pohjautuu pääasiassa hinnoittelun, kannattavuuden ja investointilaskelmien teoriaan, artikkeleihin ja tutkimuksiin sekä kirjoihin. Työn empiirinen osa perustuu arvioihin tämän hetken hintatasoista sekä arvioihin kustannusten kertymisestä maarakennuspalveluita tuottavissa pk-yrityksissä joissa organisaatiokaavio on matala ja toiminta tehokasta. Keskeisimmät tulokset liittyvät siihen miten kustannuksia tulee huomioida erilaisille asiakkaille ja millainen kustannusmalli on käyttökelpoinen eri tilanteissa.

Open innovation: university-industry interaction in Russia

Innovation nowadays is one of the key elements of counties’ competitiveness. In the face of continuous world economic changes, open innovation business model implementation allows many companies to improve and accelerate their innovation processes through collaboration. Universities as traditional sources of knowledge might be involved in such kind of collaboration. In developing countries, which are in transition towards innovation-based economy, as Russia, open innovation business model can serve as a tool to speed up this transition. The Master’s Thesis explores the implementation of open innovation model in collaboration between companies and universities in global scale and particularly in Russia. The study is qualitative and it is based on integrative analysis of literature, secondary data and results of the survey, conducted among Russian universities. In the thesis a model for implementation of open innovation into Triple Helix model is elaborated. The study also explores not very common practice of reverse-directional interaction - from industry to university. The findings of this research show a necessity of solving the identified problems in parallel with implementation of open innovation concept in university-industry collaboration.

Internationalization of SMEs in the Finnish Food Industry

Food industry in Finland has a long tradition and the new trends and the future of Finnish food industry is going towards functional and healthy food for the consumers in and outside Finland. Small companies operating in this industry face many difficulties in trying to compete and expand to new markets, that is why these companies are the key of innovation and they have done many breakthroughs in the food industry as well. It is therefore important to understand the internationalization process these companies follow and entry strategies they use, and moreover how they use their limited resources in order to be successful in international markets. This thesis via a case study approach deals with the issue of internationalization of SMEs and Finnish food industry. This study supports earlier theories of internationalization, primarily the Uppsala model and acknowledges internationalization as an incremental process. Meaning that psychic distance is indeed the major barrier of internationalization, and acquisition of international knowledge requires significant amount of time which influences the level of resource-commitment in foreign markets. It follows that due to the risks involved in foreign markets, the least resource-intensive modes of market entry such as direct and indirect exports are generally preferred at the start of internationalization process. As of what explains the non-conventional rapid internationalization process, we conclude that in an internationalized industry and country with established trade flows like Finland, the context in which firms operate may be less significant than the varying level of entrepreneurial skills and confidence present therein.

Hydrometallurgical recovery of valuable metals from secondary raw materials

Wastes and side streams in the mining industry and different anthropogenic wastes often contain valuable metals in such concentrations their recovery may be economically viable. These raw materials are collectively called secondary raw materials. The recovery of metals from these materials is also environmentally favorable, since many of the metals, for example heavy metals, are hazardous to the environment. This has been noticed in legislative bodies, and strict regulations for handling both mining and anthropogenic wastes have been developed, mainly in the last decade. In the mining and metallurgy industry, important secondary raw materials include, for example, steelmaking dusts (recoverable metals e.g. Zn and Mo), zinc plant residues (Ag, Au, Ga, Ge, In) and waste slurry from Bayer process alumina production (Ga, REE, Ti, V). From anthropogenic wastes, waste electrical and electronic equipment (WEEE), among them LCD screens and fluorescent lamps, are clearly the most important from a metals recovery point of view. Metals that are commonly recovered from WEEE include, for example, Ag, Au, Cu, Pd and Pt. In LCD screens indium, and in fluorescent lamps, REEs, are possible target metals. Hydrometallurgical processing routes are highly suitable for the treatment of complex and/or low grade raw materials, as secondary raw materials often are. These solid or liquid raw materials often contain large amounts of base metals, for example. Thus, in order to recover valuable metals, with small concentrations, highly selective separation methods, such as hydrometallurgical routes, are needed. In addition, hydrometallurgical processes are also seen as more environmental friendly, and they have lower energy consumption, when compared to pyrometallurgical processes. In this thesis, solvent extraction and ion exchange are the most important hydrometallurgical separation methods studied. Solvent extraction is a mainstream unit operation in the metallurgical industry for all kinds of metals, but for ion exchange, practical applications are not as widespread. However, ion exchange is known to be particularly suitable for dilute feed solutions and complex separation tasks, which makes it a viable option, especially for processing secondary raw materials. Recovering valuable metals was studied with five different raw materials, which included liquid and solid side streams from metallurgical industries and WEEE. Recovery of high purity (99.7%) In, from LCD screens, was achieved by leaching with H2SO4, extracting In and Sn to D2EHPA, and selectively stripping In to HCl. In was also concentrated in the solvent extraction stage from 44 mg/L to 6.5 g/L. Ge was recovered as a side product from two different base metal process liquors with Nmethylglucamine functional chelating ion exchange resin (IRA-743). Based on equilibrium and dynamic modeling, a mechanism for this moderately complex adsorption process was suggested. Eu and Y were leached with high yields (91 and 83%) by 2 M H2SO4 from a fluorescent lamp precipitate of waste treatment plant. The waste also contained significant amounts of other REEs such as Gd and Tb, but these were not leached with common mineral acids in ambient conditions. Zn was selectively leached over Fe from steelmaking dusts with a controlled acidic leaching method, in which the pH did not go below, but was held close as possible to, 3. Mo was also present in the other studied dust, and was leached with pure water more effectively than with the acidic methods. Good yield and selectivity in the solvent extraction of Zn was achieved by D2EHPA. However, Fe needs to be eliminated in advance, either by the controlled leaching method or, for example, by precipitation. 100% Pure Mo/Cr product was achieved with quaternary ammonium salt (Aliquat 336) directly from the water leachate, without pH adjustment (pH 13.7). A Mo/Cr mixture was also obtained from H2SO4 leachates with hydroxyoxime LIX 84-I and trioctylamine (TOA), but the purities were 70% at most. However with Aliquat 336, again an over 99% pure mixture was obtained. High selectivity for Mo over Cr was not achieved with any of the studied reagents. Ag-NaCl solution was purified from divalent impurity metals by aminomethylphosphonium functional Lewatit TP-260 ion exchange resin. A novel preconditioning method, named controlled partial neutralization, with conjugate bases of weak organic acids, was used to control the pH in the column to avoid capacity losses or precipitations. Counter-current SMB was shown to be a better process configuration than either batch column operation or the cross-current operation conventionally used in the metallurgical industry. The raw materials used in this thesis were also evaluated from an economic point of view, and the precipitate from a waste fluorescent lamp treatment process was clearly shown to be the most promising.

Stock Price Reactions on M&A, Dividends and Game Releases. Evidence from Gaming Industry.

A rapidly growing gaming industry, which specializes on PC, console, online and other games, attracts attention of investors and analysts, who try to understand what drives changes of the gaming industry companies’ stock prices. This master thesis shows the evidence that, besides long-established types of events (M&A and dividend payments), the companies’ stock price changes depend on industry-specific events. I analyzed specific for gaming industry events - game releases with respect to its subdivisions: new games-sequels, games ratings and subdivision according to a developer of a game (self-developed by publisher or outsourced). The master thesis analyzes stock prices of 55 companies from gaming industry from all over the world. The research period covers 5 year, spreading from April 2008 to April 2013. Executed with an event study method, results of the research show that all the analyzed events types have significant influence on the stock prices of the gaming industry companies. The current master thesis suggests that acquisitions in the industry affect positively bidders’ and targets’ stock prices. Mergers events cause positive stock price reactions as well. But dividends payments and game releases events influence negatively on the stock prices. Game releases’ effect is up to -2.2% of cumulative average abnormal return (CAAR) drop during the first ten days after the game releases. Having researched different kinds of events and identified the direction of their impact, the current paper can be of high value for investors, seeking profits in the gaming industry, and other interested parties.

Overview on the Cost-effectiveness of Maritime Safety Policy Instruments

Maritime safety is an issue that has gained a lot of attention in the Baltic Sea area due to the dense maritime traffic and transportation of oil in the area. Lots of effort has been paid to enhance maritime safety in the area. The risk exists that excessive legislation and other requirements mean more costs for limited benefit. In order to utilize both public and private resources efficiently, awareness is required of what kind of costs maritime safety policy instruments cause and whether the costs are in relation to benefits. The aim of this report is to present an overview of the cost-effectiveness of maritime safety policy instruments focusing on the cost aspect: what kind of costs maritime safety policy causes, to whom, what affects the cost-effectiveness and how cost-effectiveness is studied. The study is based on a literature review and on the interviews of Finnish maritime experts. The results of this study imply that cost-effectiveness is a complicated issue to evaluate. There are no uniform practices for which costs and benefits should be included in the evaluation and how they should be valued. One of the challenges is how to measure costs and benefits during the course of a longer time period. Often a lack of data erodes the reliability of evaluation. In the prevention of maritime accidents, costs typically include investments in ship structures or equipment, as well as maintenance and labor costs. Also large investments may be justifiable if they respectively provide significant improvements to maritime safety. Measures are cost-effective only if they are implemented properly. Costeffectiveness is decreased if a measure causes overlapping or repetitious work. Costeffectiveness is also decreased if the technology isn’t user-friendly or if it is soon replaced with a new technology or another new appliance. In future studies on the cost-effectiveness of maritime safety policy, it is important to acknowledge the dependency between different policy instruments and the uncertainty of the factors affecting cost-effectiveness. The costs of a single measure are rarely relatively significant and the effect of each measure on safety tends to be positive. The challenge is to rank the measures and to find the most effective combination of different policy instruments. The greatest potential offered for the analysis of cost-effectiveness of individual measures is their implementation in clearly defined risk situations, in which different measures are truly alternative to each other. Overall, maritime safety measures do not seem to be considered burdening for the shipping industry in Finland at the moment. Generally actors in the Finnish shipping industry seem to find maintaining a high safety level important and act accordingly.

Supplier Segmentation for Nordic Petrochemical Industry

Objective of this thesis was to map possibilities for systematic supplier management in field of chemical process industry. Through this study it was aimed to develop a tool for supplier management that could be integrated with operations in business unit. With developed tool suppliers should be able to be segmented based on their willingness and capability, and segmentation could be applied in purchasing decisions. In this thesis there was made a survey of methods that are recognized in literature to manage and allocate suppliers. This thesis recognizes segmentation as a method to group and select suppliers in procurement. Based on literature, a proposal for segmentation framework and evaluation criteria factors will be constituted. Based on theoretical proposal, in an expertise workshop a final segmentation framework was constituted, which covers segments with descriptions and evaluation part. Evaluation part includes an evaluation framework which helps to score suppliers with selected factors and leads to total grades in willingness and capability. These total grades will be the coordinates and they determine the segment where the supplier under evaluation belongs. In this thesis segments definitions, objectives, and road maps will be described.

m-Equine : IS support for the horse industry

The horse industry is in many ways still operating the same way as it did in the beginning of the 20th century. At the same time the role of the horse has changed dramatically, from a beast of burden to a top athlete, a production animal or a beloved pet. A racehorse or an equestrian sport horse is trained and taken care of like any other athlete, but unlike its human counterpart, it might end up on our plate. According to European and many other countries’ laws, a horse is a production animal. The medical data of a horse should be known if it is to be slaughtered, to ensure that the meat is safe for human consumption. Today this vital medical information should be noted in the horse’s passport, but this paperbased system is not reliable. If a horse gets sold, depending on the country’s laws, the medical records might not be transferred to the new owner, the horse’s passport might get lost etc. Thus the system is not fool proof. It is not only the horse owners who have to struggle with paperwork; veterinarians as well as other officials often use much time on redundant paperwork. The main research question of this thesis is if IS could be used to help the different stakeholders within the horse industry? Veterinarians in particular who travel to stables to treat horses cannot always take with them their computers, since the somewhat unsanitary environment is not suitable for a sensitive technological device. Currently there is no common medical database developed for horses, although such a database with a support system could help with many problems. These include vaccination and disease control, food-safety, as well as export and import problems. The main stakeholders within the horse industry, including equine veterinarians and horse owners, were studied to find out their daily routines and needs for a possible support system. The research showed that there are different aspects within the horse industry where IS could be used to support the stakeholders daily routines. Thus a support system including web and mobile accessibility for the main stakeholders is under development. Since veterinarians will be the main users of this support system, it is very important to make sure that they find it useful and beneficial in their daily work. To ensure a desired result, the research and development of the system has been done iteratively with the stakeholders following the Action Design Research methodology.

Effects of obtained benefits on willingness to pay and word-of-mouth behavior in newspaper industry

The purpose of this master’s thesis was to investigate the effects which benefits obtained from reading a newspaper and using its website have on behavioral outcomes such as word-of-mouth behavior and willingness to pay. Several other antecedents of willingness to pay have been used as the control variables. However, their interrelations haven’t been hypothesized. The empirical part focused on a case company – Finnish regional newspaper. Empirical research has been conducted using a quantitative method and data was collected via online survey placed on newspaper’s website during 2010. 1001 responses have been collected. The results showed that benefits obtained both from traditional printed newspaper and from online one have positive effects on the word-of-mouth about this newspaper and its website. However, it has been revealed that benefits obtained from reading the newspaper don’t have effect on the willingness to pay for this newspaper. Additionally, only interpersonal and convenience benefits obtained from using the newspaper’s website influence on the willingness to pay for it. Finally, willingness to pay for the bundle of printed newspaper and its website access is affected positively only by the information/learning benefits obtained from reading the newspaper and by the interpersonal benefits obtained from using the newspaper’s website.

Risk Assessment of a Supplier in the Pharmaceutical Industry

The topic of this Master’s Thesis is risk assessment in the supply chain, and the work was done for a company operating in the pharmaceutical industry. The unique features of the industry bring additional challenges to risk management, due to high regulatory, docu-mentation and traceability requirements. The objective of the thesis was to generate a template for assessing the risks in the supply chain of current and potential suppliers of the case company. Risks pertaining to the case setting were sought mainly from in-house expertise of this specific product and supply chain as well as academic research papers and theory on risk management. A questionnaire was set up to assess the found risks on impact, occurrence and possibility of detection. Through this classification of the severity of the risks, the supplier assessment template was formed. A questionnaire template, comprised of the top 10 risks affecting the flow of information and materials in this setting, was formulated to serve as a generic tool for assessing risks in the supply chain of a pharmaceutical company. The template was tested on another supplier for usability and accuracy of found risks, and it demonstrated functioning in a differing supply chain and product setting.