Abstract: Modern information and communication technologies
offer a variety of support options for the efficient handling of
customer relationships. CRM systems have been developed, which
are designed to support the processes in the areas of marketing, sales
and service. Along with technological progress, CRM systems are
constantly changing, i.e. the systems are continually enhanced by
new functions. However, not all functions are suitable for every
company because of different frameworks and business processes. In
this context the question arises whether or not CRM systems are
widely used in Austrian companies and which business processes are
most frequently supported by CRM systems. This paper aims to shed
light on the popularity of CRM systems in Austrian companies in
general and the use of different functions to support their daily
business. First of all, the paper provides a theoretical overview of the
structure of modern CRM systems and proposes a categorization of
currently available software functionality for collaborative,
operational and analytical CRM processes, which provides the
theoretical background for the empirical study. Apart from these
theoretical considerations, the paper presents the empirical results of
a field survey on the use of CRM systems in Austrian companies and
analyzes its findings.
Abstract: Faced with social and health system capacity
constraints and rising and changing demand for welfare services,
governments and welfare providers are increasingly relying on
innovation to help support and enhance services. However, the
evidence reported by several studies indicates that the realization of
that potential is not an easy task. Innovations can be deemed
inherently complex to implement and operate, because many of them
involve a combination of technological and organizational renewal
within an environment featuring a diversity of stakeholders. Many
public welfare service innovations are markedly systemic in their
nature, which means that they emerge from, and must address, the
complex interplay between political, administrative, technological,
institutional and legal issues. This paper suggests that stakeholders
dealing with systemic innovation in welfare services must deal with
ambiguous and incomplete information in circumstances of
uncertainty. Employing a literature review methodology and case
study, this paper identifies, categorizes and discusses different
aspects of the uncertainty of systemic innovation in public welfare
services, and argues that uncertainty can be classified into eight
categories: technological uncertainty, market uncertainty,
regulatory/institutional uncertainty, social/political uncertainty,
acceptance/legitimacy uncertainty, managerial uncertainty, timing
uncertainty and consequence uncertainty.
Abstract: Knowing consumers' preferences and perceptions of
the sensory evaluation of drink products are very significant to
manufacturers and retailers alike. With no appropriate sensory
analysis, there is a high risk of market disappointment. This paper
aims to rank the selected coffee products and also to determine the
best of quality attribute through sensory evaluation using fuzzy
decision making model. Three products of coffee drinks were used
for sensory evaluation. Data were collected from thirty judges at a
hypermarket in Kuala Terengganu, Malaysia. The judges were asked
to specify their sensory evaluation in linguistic terms of the quality
attributes of colour, smell, taste and mouth feel for each product and
also the weight of each quality attribute. Five fuzzy linguistic terms
represent the quality attributes were introduced prior analysing. The
judgment membership function and the weights were compared to
rank the products and also to determine the best quality attribute. The
product of Indoc was judged as the first in ranking and 'taste' as the
best quality attribute. These implicate the importance of sensory
evaluation in identifying consumers- preferences and also the
competency of fuzzy approach in decision making.
Abstract: In highly competitive environments, a growing
number of companies must regularly launch new products speedily
and successfully. A company-s success is based on the systematic,
conscious product designing method which meets the market
requirements and takes risks as well as resources into consideration.
Research has found that developing and launching new products are
inherently risky endeavors. Hence in this research, we aim at
introducing a risk evaluation framework for the new product
innovation process. Our framework is based on the fuzzy analytical
hierarchy process (FAHP) methodology. We have applied all the
stages of the framework on the risk evaluation process of a
pharmaceuticals company.
Abstract: Arguments on a popular microblogging site were analysed by means of a methodological approach to business rhetoric focusing on the logos communication technique. The focus of the analysis was the 100 day countdown to the 2011 Rugby World Cup as advanced by the organisers. Big sporting events provide an attractive medium for sport event marketers in that they have become important strategic communication tools directed at sport consumers. Sport event marketing is understood in the sense of using a microblogging site as a communication tool whose purpose it is to disseminate a company-s marketing messages by involving the target audience in experiential activities. Sport creates a universal language in that it excites and increases the spread of information by word of mouth and other means. The findings highlight the limitations of a microblogging site in terms of marketing messages which can assist in better practices. This study can also serve as a heuristic tool for other researchers analysing sports marketing messages in social network environments.
Abstract: Economic crime (i.e. corporate fraud) has a
significant impact on business. This study analyzes the fraud cases
reported by the Malaysian Securities Commission. Frauds involving
market manipulation and/or illegal share trading are the most
common types of fraud reported over the 6 years analyzed. The
highest number of frauds reported involved investment and fund
holding companies. Alarmingly the results indicate quite a high
number of frauds cases are committed by management. The higher
number of Chinese perpetrators may be due to fact that they are the
dominant group in Malaysian business. The result also shows that
more than half of companies involved with fraud are privately held
companies in the investment/fund/finance sector. The results of this
study highlight general characteristic of perpetrators (person and
company) that commit fraud which could help the regulators in their
monitoring and enforcement activities. To investors, this would help
in analyzing their business investment or portfolio risk.
Abstract: This paper tries to shed light on the existence of a bank lending channel (BLC) in South Eastern European countries (SEE). Based on a VAR framework we test the responsiveness of credit supply to monetary policy shocks. By compiling a new data set and using the reserve requirement ratio, among others, as the policy instrument we measure the effectiveness of the BLC and the buffering effect of the banks in the SEE countries. The results indicate that loan supply is significantly affected by shifts in monetary policy, when demand factors are controlled. Furthermore, by analyzing the effect of the Greek banks in the region we conclude that Greek banks do buffer the negative effects of monetary policy transmission. By having a significant market share of the SEE-s banking markets we argue that Greek banks influence positively the economic growth of SEE countries.
Abstract: Compliance requires an effective communication
within an enterprise as well as towards a company-s external
environment. This requirement commences with the
implementation of compliance within large scale compliance
projects and still persists in the compliance reporting within
standard operations. On the one hand the understanding of
compliance necessities within the organization is promoted.
On the other hand reduction of asymmetric information with
compliance stakeholders is achieved. To reach this goal, a
central reporting must provide a consolidated view of different
compliance efforts- statuses. A concept which could be
adapted for this purpose is the balanced scorecard by Kaplan /
Norton. This concept has not been analyzed in detail
concerning its adequacy for a holistic compliance reporting
starting in compliance projects until later usage in regularly
compliance operations.
At first, this paper evaluates if a holistic compliance
reporting can be designed by using the balanced scorecard
concept. The current status of compliance reporting clearly
shows that scorecards are generally accepted as a compliance
reporting tool and are already used for corporate governance
reporting. Additional specialized compliance IT - solutions
exist in the market. After the scorecard-s adequacy is
thoroughly examined and proofed, an example strategy map as
the basis to derive a compliance balanced scorecard is defined.
This definition answers the question on proceeding in
designing a compliance reporting tool.
Abstract: The interrelationship between international stock
markets has been a key study area among the financial market
researchers for international portfolio management and risk
measurement. The characteristics of security returns and their
dynamics play a vital role in the financial market theory. This study
is an attempt to find out the dynamic linkages among the equity
market of USA and emerging markets of Pakistan and India using
daily data covering the period of January 2003–December 2009. The
study utilizes Johansen (Journal of Economic Dynamics and Control,
12, 1988) and Johansen and Juselius (Oxford Bulletin of Economics
and Statistics, 52, 1990) cointegration procedure for long run
relationship and Granger-causality tests based on Toda and
Yamamoto (Journal of Econometrics, 66, 1995) methodology.
No cointegration was found among stock markets of USA, Pakistan
and India, while Granger-causality test showed the evidence of
unidirectional causality running from New York stock exchange to
Bombay and Karachi stock exchanges.
Abstract: The paper investigates the main issues concerning the activity of mergers and acquisitions in Romania in the period 2000- 2004. As in the first decade after the failure of the socialist economy the market of M&A was living its infancy based exclusively on privatization transactions, after 2000 the market entered in a stage of maturity. We are investigated both the registered evolutions in terms of number and value of transactions, and some sectoral issues, concerning the most important industries affected by the M&A process.
Abstract: Construction projects can be implemented under various contractual and organizational systems. They can be divided into two groups: systems without the managing company where the Client manages the process, and systems with the managing company, where management is entrusted to an external company. In the public sector of the Polish market there are two ways of delivery of construction projects with the participation of the manager: one is to assign operations to another party, the so called Project Supervisor, whilst the other results from the application of FIDIC conditions of contract, which entail appointment of the Engineer. The decision is to be made by the Client and depends on various factors. On the public procurement market in Poland the selection of construction project manager boils down to awarding the contract for such a service. The selection can be done by one of eight public procurement procedures identified by the procurement law. The paper provides the analysis of 96 contracts for services awarded in 2011, which employed construction management. The study aimed to investigate the methods and criteria for selecting managers, applied in practice by the Polish public Clients.
Abstract: The Baltic States regained independence and started
the pathway from command economy to market economy and
entered European Union at the same time. Latter internationally
recognized evaluations for the countries are diverse. The present
diversity of the Baltic States -Economic Development is a subject of
interest because of the similarities – all three are small, open
economies, countries have similar geographic location and initially
likewise historical and political backgrounds. This article explains
relationship between social environment, business environment and
economic growth. It argues that the elements of social environment
underlie more successful economic development. It researches the
causes, why Estonia has performed better in economic outcomes and
development. The article analyses selection of socio-economic
indicators of all three Baltic States – Latvia, Lithuania and Estonia
for the time period of ten years to include the influence of economic
cycles.
Abstract: Nowadays companies in all sectors are looking for the
sources of competitive advantages. Holistic marketing approach
searches for their emergence based on the integration of all
components and elements across the organization. Modern marketing
sees the sources of competitive advantage in implementing the latest
managerial practices, motivation, intelligent project management,
knowledge management, collaborative marketing, CSR and, in the
recent years, also in the business process optimization. With the use
of modern tools including business process management and business
process modelling the company can markedly increase its internal
efficiency which can lead not only to lowering the costs but to
creating the environment for optimal customer care, positive
corporate culture and for origination of innovations as well. In the
article the authors analyze the recent trend in this area and introduce
suggestions to companies to identify and optimize the key processes
that have a significant impact of the company´s competitiveness.
Abstract: People from different cultures favor web pages
characterized by the values of their culture and, therefore, tend to
prefer different characteristics of a website according to their cultural
values in terms of navigation, security, product information, customer
service, shopping and design tools. For a company aiming to
globalize its market it is useful to implement country specific cultural
interfaces and different web sites for countries with different cultures.
This paper, following the conclusions proposed by two models of
Hall and Hofstede, and the studies of Marcus and Gould, defines,
through an empirical analysis, the guidelines of web design for both
the Scandinavian countries and Malaysia.
Abstract: Natural gas is the most popular fossil fuel in the
current era and future as well. Natural gas is existed in underground
reservoirs so it may contain many of non-hydrocarbon components
for instance, hydrogen sulfide, nitrogen and water vapor. These
impurities are undesirable compounds and cause several technical
problems for example, corrosion and environment pollution.
Therefore, these impurities should be reduce or removed from natural
gas stream. Khurmala dome is located in southwest Erbil-Kurdistan
region. The Kurdistan region government has paid great attention for
this dome to provide the fuel for Kurdistan region. However, the
Khurmala associated natural gas is currently flaring at the field.
Moreover, nowadays there is a plan to recover and trade this gas and
to use it either as feedstock to power station or to sell it in global
market. However, the laboratory analysis has showed that the
Khurmala sour gas has huge quantities of H2S about (5.3%) and CO2
about (4.4%). Indeed, Khurmala gas sweetening process has been
removed in previous study by using Aspen HYSYS. However,
Khurmala sweet gas still contents some quintets of water about 23
ppm in sweet gas stream. This amount of water should be removed or
reduced. Indeed, water content in natural gas cause several technical
problems such as hydrates and corrosion. Therefore, this study aims
to simulate the prospective Khurmala gas dehydration process by
using Aspen HYSYS V. 7.3 program. Moreover, the simulation
process succeeded in reducing the water content to less than 0.1ppm.
In addition, the simulation work is also achieved process
optimization by using several desiccant types for example, TEG and
DEG and it also study the relationship between absorbents type and
its circulation rate with HCs losses from glycol regenerator tower.
Abstract: Market based models are frequently used in the resource
allocation on the computational grid. However, as the size of
the grid grows, it becomes difficult for the customer to negotiate
directly with all the providers. Middle agents are introduced to
mediate between the providers and customers and facilitate the
resource allocation process. The most frequently deployed middle
agents are the matchmakers and the brokers. The matchmaking agent
finds possible candidate providers who can satisfy the requirements
of the consumers, after which the customer directly negotiates with
the candidates. The broker agents are mediating the negotiation with
the providers in real time.
In this paper we present a new type of middle agent, the marketmaker.
Its operation is based on two parallel operations - through
the investment process the marketmaker is acquiring resources and
resource reservations in large quantities, while through the resale process
it sells them to the customers. The operation of the marketmaker
is based on the fact that through its global view of the grid it can
perform a more efficient resource allocation than the one possible in
one-to-one negotiations between the customers and providers.
We present the operation and algorithms governing the operation
of the marketmaker agent, contrasting it with the matchmaker and
broker agents. Through a series of simulations in the task oriented
domain we compare the operation of the three agents types. We find
that the use of marketmaker agent leads to a better performance in the
allocation of large tasks and a significant reduction of the messaging
overhead.
Abstract: Green- spaces might be very attractive, but
where are the economic benefits? What value do nature and
landscape have for us? What difference will it make to jobs,
health and the economic strength of areas struggling with
deprivation and social problems? [1].There is a need to consider
green spaces from a different perspective. Green planning is not just
about flora and fauna, but also about planning for economic benefits
[2]. It is worth trying to quantify the value of green spaces since
nature and landscape are crucially important to our quality of life and
sustainable development. The reality, however, is that urban
development often takes place at the expense of green spaces.
Urbanization is an ongoing process throughout the world; however,
hyper-urbanization without environmental planning is destructive,
not constructive [3]. Urban spaces are believed to be more valuable
than other land uses, particular green areas, simply because of the
market value connected to urban spaces. However, attractive
landscapes can help raise the quality and value of the urban market
even more. In order to reach these objectives of integrated planning,
the Green-Value-Gap needs to be bridged. Economists have to
understand the concept of Green-Planning and the spinoffs, and
Environmentalists have to understand the importance of urban
economic development and the benefits thereof to green planning. An
interface between Environmental Management, Economic
Development and sustainable Spatial Planning are needed to bridge
the Green-Value-Gap.
Abstract: Unlike this study focused extensively on trading
behavior of option market, those researches were just taken their
attention to model-driven option pricing. For example, Black-Scholes
(B-S) model is one of the most famous option pricing models.
However, the arguments of B-S model are previously mentioned by
some pricing models reviewing. This paper following suggests the
importance of the dynamic character for option pricing, which is also
the reason why using the genetic algorithm (GA). Because of its
natural selection and species evolution, this study proposed a hybrid
model, the Genetic-BS model which combining GA and B-S to
estimate the price more accurate. As for the final experiments, the
result shows that the output estimated price with lower MAE value
than the calculated price by either B-S model or its enhanced one,
Gram-Charlier garch (G-C garch) model. Finally, this work would
conclude that the Genetic-BS pricing model is exactly practical.
Abstract: The paper presents an applied study of a multivariate AR(p) process fitted to daily data from U.S. commodity futures markets with the use of Bayesian statistics. In the first part a detailed description of the methods used is given. In the second part two BVAR models are chosen one with assumption of lognormal, the second with normal distribution of prices conditioned on the parameters. For a comparison two simple benchmark models are chosen that are commonly used in todays Financial Mathematics. The article compares the quality of predictions of all the models, tries to find an adequate rate of forgetting of information and questions the validity of Efficient Market Hypothesis in the semi-strong form.
Abstract: In this paper, we propose a multiple objective optimization model with respect to portfolio selection problem for investors looking forward to diversify their equity investments in a number of equity markets. Based on Markowitz-s M-V model we developed a Fuzzy Mixed Integer Multi-Objective Nonlinear Programming Problem (FMIMONLP) to maximize the investors- future gains on equity markets, reach the optimal proportion of the budget to be invested in different equities. A numerical example with a comprehensive analysis on artificial data from several equity markets is presented in order to illustrate the proposed model and its solution method. The model performed well compared with the deterministic version of the model.