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Open access

Zsuzsanna Gödör and Georgina Szabó

Abstract

As they say, money can’t buy happiness. However, the lack of it can make people’s lives much harder. From the moment we open our first bank account, we have to make lots of financial decisions in our life. Should I save some money or should I spend it? Is it a good idea to ask for a loan? How to invest my money? When we make such decisions, unfortunately we sometimes make mistakes, too. In this study, we selected seven common decision making biases - anchoring and adjustment, overconfidence, high optimism, the law of small numbers, framing effect, disposition effect and gambler’s fallacy - and tested them on the Hungarian population via an online survey. In the focus of our study was the question whether the presence of economic knowledge helps people make better decisions? The decision making biases found in literature mostly appeared in the sample as well. It proves that people do apply them when making decisions and in certain cases this could result in serious and costly errors. That’s why it would be absolutely important for people to learn about them, thus increasing their awareness and attention when making decisions. Furthermore, in our research we did find some connection between decisions and the knowledge of economics, people with some knowledge of economics opted for the better solution in bigger proportion.

Open access

Chip Walker

Abstract

In today’s world, knowing more about a brand can make people think worse of it. Rather than helping a brand, increased familiarity can actually add risk. This is a phenomenon referred to as “negative knowledge.” It happens when the more consumers know about a brand, the less they like it. Possible reasons can be that consumers feel embarrassed by the brand, that they have bad brand experiences or learn about them in the media or from friends, or that they dislike a company’s business motives.

Once consumers know something about a brand, it is hard for them to “un-know” it. During a time of media fragmentation when all managers are struggling to gain more fame for their brands, it’s critical to realize that brand knowledge comes with a potential dark side. While it’s always wise to avoid brand obscurity, marketers must be ever cognizant that what customers know about a brand really can do more harm than good.

Open access

Zoltán Árpási

Abstract

In this paper one research will be presented, which is focusing on the factors of decision making in the tourism sector. Health and wellness tourism have become a major trend in the past years, since more and more consumer care about their health. The stressful life, people live nowadays also lead to increased health risk which justifies the growing need for relaxation during the holidays as well. In the study we also present the factors of an analysis and the key motivators when deciding about the destination.

Open access

Mircea Constantin Duica, Nicoleta Valentina Florea and Anisoara Duica

Abstract

Procurement management is a function for B2B market and a complex concept based on a continuous buying cycle and supposes: determining the need, taking the decision of buying, identification of sources, selecting and choosing the right suppliers, contracting, and maintaining the relationships with the future contractors. Supplier selection is a challenging task along supply chain and is based on some important criteria in order to choose the right supplier and maintain with it a long and prosper relationship. In order to select the right supplier, the buyer may use quantitative and qualitative methods. In this article we present the importance of supplier selection along supply chain and the used criteria to do this. We also present a supplier selection method based on mathematical models, especially on regression function and time series analysis, in order to show that they bring important benefits for the companies which used them.

Open access

Mohamed Mousa

Abstract

Climate change has become one of the main challenges facing humanity. Over the past decade, this phenomenon, which may have been caused by natural variability and/or human activity, has attracted many scholars from different scientific disciplines to warn of its potential consequences. The author of this paper has decided to address the existence of this important phenomenon in organizational literature. However, upon exploring different academic databases, the rarity of research focusing on climate change and its relationship and/or effect on HR or organizational aspects became obvious. Accordingly, the author recommends other HR and organizational scholars devote considerable space to this phenomenon in their field.

Open access

Mihaela Diaconu and Amalia Dutu

Abstract

According to the Small Business Act Report, 2015, Romania is placed by the European Commission as a leader among the Member States in the field of entrepreneurship, with the prospects of increasing the number of SMEs by at least 8.5% annually. Micro enterprises in Romania, according to the White Paper of SMEs in Romania-2016, edition XIV, also face difficulties with the continuous preparation and training of the employees, namely: hiring, training and maintaining the personnel, consulting and the necessary training for the company and employees. For vocational training, SMEs in Romania allocate an average percentage of 1.96% of the turnover, a rather unfavorable situation, which shows that Romanian entrepreneurs invest relatively little in human resources training. This paper is part of a European project entitled ME2ME - Micro-Enterprise Learning, and aims at identifying the skills and knowledge available in the local business community that could be valued through peer-to-peer learning networks to support the development of the micro-enterprise sector. The outlined conclusions point out that the peer-to-peer learning process occupies the second position among the methods of accessing the new training sources in Romania. The most important peer-to-peer learning approaches into the micro-enterprises’ representatives preferences were: small group meetings, joint peer activities, and training sessions.

Open access

Ilona Máthé

Abstract

There is a turmoil in Europe and the world as far as the terms multiculturality and interculturality are concerned and have been concerned in recent years. The overwhelming historical, political, cultural and economic changes that have shaken the whole world have brought about significant changes in otherwise relatively traditional societies and communities, as well, with a very important impact on people’s lives not only in point of economy, but communication, attitude towards labour, personality traits, national security and others. All interpersonal relations have been tainted by the reaction towards some „buzz words“ that are very popular nowadays; nevertheless, they are at the core of a tremendously huge process of changes in the mere life of European societies and communities. In this environment, all economic activities that involve huge movements of individuals and masses (like tourism and hospitality) have experienced huge transformations; and if the ability and skill of making international communication mingle with the feeling of security encountered in a certain environment- these would definitely lead to a potential and real growth in that economic sector, including the third one of services. We truly believe tourism is one of those, and good international relations, as well as strategic partnerships, contribute to its development. In order to achieve results in tourism you only have to provide the following: secure environment, a competitive product, and good value for price services. It also helps if you have skilled employees, though.

Open access

Nwosa Philip Ifeakachukwu and Ajibola Akinyemi Alao

Abstract

This study examined the extent to which monetary policy has influenced export diversification in Nigeria for the period 1962 to 2014. The study employed descriptive and ordinary least squares techniques. The descriptive analysis revealed that the diversification exercise in Nigeria can only be expressed as average. The regression estimate showed that monetary policy was insignificant in influencing export diversification in Nigeria. The study concluded that monetary policy has not played a fundamental role in enhancing export diversification in Nigeria. The study recommended that monetary policy should be purpose driven towards the achievement of export diversification. This can be achieved by employing selective-sectoral monetary policy measures in accelerating investment in various non-oil sectors of the economy such as the mining, manufacturing and tourism sectors.

Open access

Marc Fischer, Hyun Shin and Dominique M. Hanssens

Abstract

If company revenues fluctuate, the resulting volatility makes it more difficult to project the company’s future revenues and earnings and ensure steady cash-flow. This lessens investor confidence and, as such, can harm the financial health of a brand. So, effective marketing can have undesired financial side effects.

The optimal marketing behaviors derived with and without volatility calculations will be quite different. Analytically savvy companies will be able to gain competitive advantage from this realization.

Open access

Susan Fournier and Giana Eckhardt

Abstract

The physical and social realities, mental biases and limitations of being human differentiate human brands from others. It is their very humanness that introduces risk while generating the ability for enhanced returns. Four particular human characteristics can create imbalance or inconsistency between the person and the brand: mortality, hubris, unpredictability and social embeddedness. None of these qualities manifest in traditional non-human brands, and all of them present risks requiring active managerial attention. Rather than treating humans as brands and making humans into brands for sale in the commercial marketplace, our framework forces a focus on keeping a balance between the person and the personified object.