Achieving market segmentation from B2B sectorisation

Purpose – The creation of a target market strategy is integral to developing an effective business strategy. The concept of market segmentation is often cited as pivotal to establishing a target market strategy, yet all too often business-to-business marketers utilise little more than trade sectors or product groups as the basis for their groupings of customers, rather than customers' characteristics and buying behaviour. The purpose of this paper is to offer a solution for managers, focusing on customer purchasing behaviour, which evolves from the organisation's existing criteria used for grouping its customers. Design/methodology/approach – One of the underlying reasons managers fail to embrace best practice market segmentation is their inability to manage the transition from how target markets in an organisation are currently described to how they might look when based on customer characteristics, needs, purchasing behaviour and decision-making. Any attempt to develop market segments should reflect the inability of organisations to ignore their existing customer group classification schemes and associated customer-facing operational practices, such as distribution channels and sales force allocations. Findings – A straightforward process has been derived and applied, enabling organisations to practice market segmentation in an evolutionary manner, facilitating the transition to customer-led target market segments. This process also ensures commitment from the managers responsible for implementing the eventual segmentation scheme. This paper outlines the six stages of this process and presents an illustrative example from the agrichemicals sector, supported by other cases. Research implications – The process presented in this paper for embarking on market segmentation focuses on customer purchasing behaviour rather than business sectors or product group classifications - which is true to the concept of market segmentation - but in a manner that participating managers find non-threatening. The resulting market segments have their basis in the organisation's existing customer classification schemes and are an iteration to which most managers readily buy-in. Originality/value – Despite the size of the market segmentation literature, very few papers offer step-by-step guidance for developing customer-focused market segments in business-to-business marketing. The analytical tool for assessing customer purchasing deployed in this paper originally was created to assist in marketing planning programmes, but has since proved its worth as the foundation for creating segmentation schemes in business marketing, as described in this paper.

Individual assets, market structure and the drivers of return

Much UK research and market practice on portfolio strategy and performance benchmarking relies on a sector‐geography subdivision of properties. Prior tests of the appropriateness of such divisions have generally relied on aggregated or hypothetical return data. However, the results found in aggregate may not hold when individual buildings are considered. This paper makes use of a dataset of individual UK property returns. A series of multivariate exploratory statistical techniques are utilised to test whether the return behaviour of individual properties conforms to their a priori grouping. The results suggest strongly that neither standard sector nor regional classifications provide a clear demarcation of individual building performance. This has important implications for both portfolio strategy and performance measurement and benchmarking. However, there do appear to be size and yield effects that help explain return behaviour at the property level.

Privatisation and cross-border electricity trade: from internal market to European Supergrid?

he perspective European Supergrid would consist of an integrated power system network, where electricity demands from one country could be met by generation from another country. This paper makes use of a bi-linear fixed-effects model to analyse the determinants for trading electricity across borders among 34 countries connected by the European Supergrid. The key question that this paper aims to address is the extent to which the privatisation of European electricity markets has brought about higher cross-border trade of electricity. The analysis makes use of distance, price ratios, gate closure times, size of peaks and aggregate demand as standard determinants. Controlling for other standard determinants, it is concluded that privatisation in most cases led to higher power exchange and that the benefits are more significant where privatisation measures have been in place for a longer period.

Tests of conditional asset pricing models in the brazilian stock market

In this paper, we test a version of the conditional CAPM with respect to a local market portfolio, proxied by the Brazilian stock index during the period 1976-1992. We also test a conditional APT modeI by using the difference between the 3-day rate (Cdb) and the overnight rate as a second factor in addition to the market portfolio in order to capture the large inflation risk present during this period. The conditional CAPM and APT models are estimated by the Generalized Method of Moments (GMM) and tested on a set of size portfolios created from individual securities exchanged on the Brazilian markets. The inclusion of this second factor proves to be important for the appropriate pricing of the portfolios.

Entry strategies on an emerging market: Brazil: case studies of French cosmetics companies in Brazil

Este trabalho envolve as estrategias de entrada sobre um mercado emergente, o mercado brasileiro. Os estudos de casos que apoiam o assunto são de empresas francesas do setor de cosméticos. Uma revisão da literatura sobre o assunto sera comparada com os resultados dos estudos de caso. Isso para conduzir numa observação do estado atual das caractéristicos de instalação no mercado brasileiro deste setor para empresas estrangeiras de tamanho médio. O estudo da literatura que já existe sobre o assunto se concentra sobre varias problemáticas conectadas com a problemática geral: as razões para internacionalizar, o modo de entrada, os obstáculos encontrados, as estrategias especificais e as adaptações do marketing mix. Depois este trabalho se concentra sobre tres empresas francesas representativas das problematicas atuais do setor : Norlessi, LaboBio e Plains Cosmetics. Os estudos de caso são sustentados por entrevistas e coleção de dados de varios origens, descrevedo mas precisamente na parte de methodologia. Depois será feito uma cross-analysis tentando comparar as conclusões do estudo empirico e do estudo literário. As conclusões finais tem como objetivo de ser uma observação objetiva do raciocinio das empresas consideradas sobre as problemáticas escolhidas.

Insights on corporate sustainability and share value: an event study for Brazilian market

Em meio ao crescente volume de publicações sobre sustentabilidade e finanças, diversas pesquisas internacionais e brasileiras têm abordado a relação entre empresas classificadas como sustentáveis e o retorno de suas ações. Nesta mesma linha, este trabalho utilizou o método de estudos de eventos para verificar se entre 2005 e 2013 houve retornos anormais quando as empresas entraram e saíram do Índice de Sustentabilidade Empresarial (ISE). Além de contemplar um período mais atualizado do que seus precedentes, este estudo difere-se dos demais ao analisar o as observações individualmente e ao buscar estabelecer uma relação dos retornos anormais acumulados com as variáveis governança corporativa, tamanho, rentabilidade e alavancagem. Os resultados mostraram que embora não haja evidências conclusivas quando os casos são tomados individualmente, em conjunto eles indicam que a inclusão e a exclusão do ISE geram retornos anormais significativos, positivos e negativos respectivamente, em linha com a teoria dos stakeholders. Quanto às variáveis de controle, nenhuma apresentou relação com os retornos anormais acumulados.

Can unobserved heterogeneity in farmer ability explain the inverse relationship between farm size and productivity?

The well-known inverse relationship between farm-size and productivity is usually explained in terms of diminishing returns with respect to land and other inputs coupled with various types of market frictions that prevent the efficient allocation of land across farms. We show that even if in the absence of diminishing returns one can provide an alternative explanation for this phenomenon using endogenous occupational choice and heterogeneity with respect to farming skills.

Are all new market entry strategic dimensions equally relevant?: insights from some chilean experts?

This thesis looks into the strategic dimensions that Multi-National Companies (MNC) consider when they start the operation in a new country in Latin America and if all have the same weight or relevance when doing the strategic decisions as a guide to land onto a new country. Understanding the weight that MNCs gives to them can prompt to understand the reasons behind the success stories, the struggles - and even failures - that some companies had in the aforementioned region. The approach was via an initial analysis of the scholar bibliography in order to define three main dimensions in the models or frameworks that deal with the strategy used to land. After this, and through interviews, was found out how relevant are each of them for their companies, how they weight them and if there were other dimensions considered. The question that this thesis contributes to understand is if all new market strategic dimensions are equally relevant for a MNC when arriving to Latin America. The results show a predominance of the cultural aspect and in second place, the considered entry strategy (alliances, speed, size, etc.).

Does active management add value?: the Brazilian mutual fund market

Does active management add or destroy value? With a sample of 699 with four different main categories: stocks, fixed income, hedge and exchange rate mutual funds we conclude that the active management add value to investors in stocks and hedge funds. But in fixed income mutual funds the evidence is against the active management. We also analyze the determinants of significant alphas. For stocks and hedge funds the evidence suggests that old, big and active funds generate biggest alphas. In fixed income funds the evidence is not clear, only a positive relationship between size and alphas could be found.

The analysis of foreign market entry strategies on the basis of different cultural backgrounds and environments: a qualitative study characterising the differences and similarities of Brazilian and European firms

Moving into a new and foreign market can be challenging, especially when such market has a different culture and working environment in comparison to the home market. Thus, it is of utter importance to adjust a company’s strategy to the new market conditions. Currently, there are no concrete guidelines of what aspects are most important when moving from a developing market such as Brazil into a more sophisticated market like Europe, or vice versa. The present study will examine two companies from the same industry, but with different cultural backgrounds and its strategic similarities and differences for operating in multiple international markets. The data was collected via semi-structured interviews with the Chief Executive Officers (CEOs’) from both companies, using an interview guideline that is based on three different theoretical frameworks. The aim is to give recommendations to these two industries of how to efficiently use existing theoretical frameworks and which aspects are most significant when moving into a new market while keeping in mind a company’s size and background.

The Effects of Piece Size and Storage Temperatures on Minimally Processed 'Aurora-1' Peaches

The production of minimally processed fruit has increased significantly in the last few years due to the high nutritional value, convenience and safety of minimally processed fruit. The objective of the present study was to evaluate the effects of the conservation temperature and processing conditions on the quality and shelf-life of minimally processed peaches. The processing procedure consisted of washing, sanitization, peeling and stone removal. To remove the stone, the fruit was cut longitudinally, and three types of products were obtained, including halves, quarters and one-eighth segments. The fruit pieces were immersed in 2% ascorbic acid for 3 min and were packed in rigid polystyrene trays (Meiwa (c) M-54) coated with 14 mu m PVC film (Omnifilm (TM)) (about 200 g per pack). The pieces were stored at 65% RH at 3, 6 or 9 degrees C for 12 days, and were evaluated every four days. The appearance, fresh mass loss, color, O-2 and CO2 concentration, acidity, total soluble solids, total and soluble pectin content and ascorbic acid concentration were measured. Minimally processed peaches stored at 3 degrees C maintained higher quality due to control of ripening and senescence Moreover, an interaction effect between one-eighth segments and a temperature of 3 degrees C was observed, and fruit with a superior appearance and higher soluble solids content was obtained.

Yield and fruit size distribution of processing tomato cultivars

The productivity and fruit size distribution of 28 processing tomato cultivars were analyzed to determine the ones with potential for fresh market. The experiment was done in Jaboticabal-SP, Brazil (21o15'22'' South, 48o18'58'' West, altitude 595 m), in a Haplorthox soil, from June to December. The cultivars H 7155, Hypeel 108, Andino, U 573, H 9036, Ipa 6, H 9494, AG 33, Yuba, RPT 1294, AG 72, Peelmech, Curicó, Hypeel 45, RPT 1478, H 9492, H 9498, H 2710, Hitech 45, Halley, Botu 13, H 9553, U 646, NK 1570, AG 45, RPT 1095, RPT 1570 and PSX 37511 were evaluated. The experimental design was randomized blocks, with four repetitions, and five plants per experimental unit. Fruits harvested from each experimental unit were counted, classified by transversal diameter (large, medium, small, very small and cull) and then weighed. Cultivars AG 72, H 9498, Hypeel 45, RPT 1095 and Curicó yielded more than 70 fruits per plant, on average. The total production per plant of cultivars AG 72, H 9498, Hypeel 45, H 7155, Hypeel 108, Halley, Hitech, RPT 1095, H 9494, H 9036 and Curicó was greater than 4 kg. Considering the weight of large and medium fruits, categories which are important for fresh market, the cultivars H 2710, Botu 13, U 573, Hypeel 45, Yuba, RPT 1294 and Ipa 6 presented values above 50% for production.

Pension system reforms, the capital market and saving

Includes bibliography

Discretionary-based disclosure: evidence from the Brazilian market

The primary objective of this paper is to identify the factors that explain Brazilian companies level of voluntary disclosure. Underpinning this work is the Discretionary-based Disclosure theory. The sample is composed of the top 100 largest non-financial companies listed in the Bolsa de Valores de São Paulo (Brazilian Securities, Commodities, and Futures exchange - BOVESPA). Information was gathered from Financial Statements for the years ending in 2006, 2007, and 2008, with the use of content analysis. A disclosure framework based on 27 studies from these years was created, with a total of 92 voluntary items divided into two dimensions: economic (43) and socio-environmental (49). Based on the existing literature, a total of 12 hypotheses were elaborated and tested using a panel data approach. Results evidence that: (a) Sector and Origin of Control are statistically significant in all three models tested: economic, socio-environmental, and total; (b) Profitability is relevant in the economic model and in the total model; (c) Tobin s Q is relevant in the socio-environmental model and in the total disclosure model; (d) Leverage and Auditing Firm are only relevant in the economic disclosure model; (e) Size, Governance, Stock Issuing, Growth Opportunities and Concentration of Control are not statistically significant in any of the three models.

Genotypic variation in Actinidia deliciosa fruit size and carbohydrate content

In a global and increasingly competitive fresh produce market, more attention is being given to fruit quality traits and consumer satisfaction. Kiwifruit occupies a niche position in the worldwide market, when compared to apples, oranges or bananas. It is a fruit with extraordinarily good nutritional traits, and its benefits to human health have been widely described. Until recently, international trade in kiwifruit was restricted to a single cultivar, but different types of kiwifruit are now becoming available in the market. Effective programmes of kiwifruit improvement start by considering the requirements of consumers, and recent surveys indicate that sweeter fruit with better flavour are generally preferred. There is a strong correlation between at-harvest dry matter and starch content, and soluble solid concentration and flavour when fruit are eating ripe. This suggests that carbon accumulation strongly influences the development of kiwifruit taste. The overall aim of the present study was to determine what factors affect carbon accumulation during Actinidia deliciosa berry development. One way of doing this is by comparing kiwifruit genotypes that differ greatly in their ability to accumulate dry matter in their fruit. Starch is the major component of dry matter content. It was hypothesized that genotypes were different in sink strength. Sink strength, by definition, is the effect of sink size and sink activity. Chapter 1 reviews fruit growth, kiwifruit growth and development and carbon metabolism. Chapter 2 describes the materials and methods used. Chapter 3, 4, 5 and 6 describes different types of experimental work. Chapter 7 contains the final discussions and the conclusions Three Actinidia deliciosa breeding populations were analysed in detail to confirm that observed differences in dry matter content were genetically determined. Fruit of the different genotypes differed in dry matter content mainly because of differences in starch concentrations and dry weight accumulation rates, irrespective of fruit size. More detailed experiments were therefore carried out on genotypes which varied most in fruit starch concentrations to determine why sink strengths were so different. The kiwifruit berry comprises three tissues which differ in dry matter content. It was initially hypothesised that observed differences in starch content could be due to a larger proportion of one or other of these tissues, for example, of the central core which is highest in dry matter content. The study results showed that this was not the case. Sink size, intended as cell number or cell size, was then investigated. The outer pericarp makes up about 60% of berry weight in ‘Hayward’ kiwifruit. The outer pericarp contains two types of parenchyma cells: large cells with low starch concentration, and small cells with high starch concentration. Large cell, small cell and total cell densities in the outer pericarp were shown to be not correlated with either dry matter content or fruit size but further investigation of volume proportion among cell types seemed justified. It was then shown that genotypes with fruit having higher dry matter contents also had a higher proportion of small cells. However, the higher proportion of small cell volume could only explain half of the observed differences in starch content. So, sink activity, intended as sucrose to starch metabolism, was investigated. In transiently starch storing sinks, such as tomato fruit and potato tubers, a pivotal role in carbon metabolism has been attributed to sucrose cleaving enzymes (mainly sucrose synthase and cell wall invertase) and to ADP-glucose pyrophosphorylase (the committed step in starch synthesis). Studies on tomato and potato genotypes differing in starch content or in final fruit soluble solid concentrations have demonstrated a strong link with either sucrose synthase or ADP-glucose pyrophosphorylase, at both enzyme activity and gene expression levels, depending on the case. Little is known about sucrose cleaving enzyme and ADP-glucose pyrophosphorylase isoforms. The HortResearch Actinidia EST database was then screened to identify sequences putatively encoding for sucrose synthase, invertase and ADP-glucose pyrophosphorylase isoforms and specific primers were designed. Sucrose synthase, invertase and ADP-glucose pyrophosphorylase isoform transcript levels were anlayzed throughout fruit development of a selection of four genotypes (two high dry matter and two low dry matter). High dry matter genotypes showed higher amounts of sucrose synthase transcripts (SUS1, SUS2 or both) and higher ADP-glucose pyrophosphorylase (AGPL4, large subunit 4) gene expression, mainly early in fruit development. SUS1- like gene expression has been linked with starch biosynthesis in several crop (tomato, potato and maize). An enhancement of its transcript level early in fruit development of high dry matter genotypes means that more activated glucose (UDP-glucose) is available for starch synthesis. This can be then correlated to the higher starch observed since soon after the onset of net starch accumulation. The higher expression level of AGPL4 observed in high dry matter genotypes suggests an involvement of this subunit in drive carbon flux into starch. Changes in both enzymes (SUSY and AGPse) are then responsible of higher starch concentrations. Low dry matter genotypes showed generally higher vacuolar invertase gene expression (and also enzyme activity), early in fruit development. This alternative cleavage strategy can possibly contribute to energy loss, in that invertases’ products are not adenylated, and further reactions and transport are needed to convert carbon into starch. Although these elements match well with observed differences in starch contents, other factors could be involved in carbon metabolism control. From the microarray experiment, in fact, several kinases and transcription factors have been found to be differentially expressed. Sink strength is known to be modified by application of regulators. In ‘Hayward’ kiwifruit, the synthetic cytokinin CPPU (N-(2-Chloro-4-Pyridyl)-N-Phenylurea) promotes a dramatic increase in fruit size, whereas dry matter content decreases. The behaviour of CPPU-treated ‘Hayward’ kiwifruit was similar to that of fruit from low dry matter genotypes: dry matter and starch concentrations were lower. However, the CPPU effect was strongly source limited, whereas in genotype variation it was not. Moreover, CPPU-treated fruit gene expression (at sucrose cleavage and AGPase levels) was similar to that in high dry matter genotypes. It was therefore concluded that CPPU promotes both sink size and sink activity, but at different “speeds” and this ends in the observed decrease in dry matter content and starch concentration. The lower “speed” in sink activity is probably due to a differential partitioning of activated glucose between starch storage and cell wall synthesis to sustain cell expansion. Starch is the main carbohydrate accumulated in growing Actinidia deliciosa fruit. Results obtained in the present study suggest that sucrose synthase and AGPase enzymes contribute to sucrose to starch conversion, and differences in their gene expression levels, mainly early in fruit development, strongly affect the rate at which starch is therefore accumulated. This results are interesting in that starch and Actinidia deliciosa fruit quality are tightly connected.