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There is no doubt that the amplification of channel integration towards an omni-channel structure is a powerful idea whose time has finally come. The digitally cross-linked world postulates all-encompassing, ubiquitous, and unobtrusive future services. In the concomitant, increasingly competitive market, retailers are starting to lay the foundation for omnichannel, meeting the expectations of a digitally cunning audience wanting their shopping experience to be as seamless and uncomplicated as possible. Nevertheless, recent researches show that there are still enough avenues for further research on omnichannel. Until now, the performance of companies was solely considered by experts from a suppliers’ point of view. It would be rather interesting to find out whether the desire to meet the increased cus-tomer expectations is also recognized by the customers themselves. This paper seeks to answering how the purchasing behavior has changed and what customers demand. In addition, it elaborates the opportunities that are promoted by omni-channel. Searching out all the effects, the paper will get to a final step, where it can be attested how the omnichannel performance of fashion and lifestyle retailers can be measured from a consumers’ perspective by developing an exclusive index. The study is confined to four fashion and lifestyle retailers: Hugo Boss AG, Levi Strauss & Co, Pull and Bear as well as COS. Using the scientific method of mystery shopping and a multi-item checklist including 54 key performance indicators, the paper aims to examine to which extend the four selected retailers provide a seamless customer journey, according to the five decision-making phases.
In a globalized world the importance of a proper segmentation method for identifying target consumers has been increasing. Vast majority of the research in this area focuses on the usage or development of different techniques. Lifestyle is a good criterion for dividing people into groups which then can be better targeted. This article addresses the research question, which classical methods exist to segment markets with the aid of lifestyle. The purpose of this paper is to illustrate several instruments, such as A.I.O., Roper Consumer Styles, VALS-Method, the Sinus-Milieus, Sigma-Milieus, RISC-Method and Semiometrie but also Discriminant and Conjoint Analysis which proved of value in the past. Furthermore it deals with the benefits of this methods but weaknesses are also considered. Therefore several existing literature is examined, and information is collected by institutes providing the typologies. Obvious is, that new methods e.g. predictive analytics already play a major role in marketing, because it can be found much literature about it. In the literature research also appear research implications, because besides the provided information from institutes and journals, there is hardly no data to find if and how companies use the instruments. Furthermore, some important databases cannot be scanned because they are not accessible without paying.
The following paper is dealing with the issue on which actual consumer lifestyle segmentation methods there are for particular European countries and accordingly for Europe as a whole. This is important for corporations to be able to place their products accurately by a consumer orientated marketing concerning the constant change of values and minds. Researching current literature, internet sources and documents, the state of the science is presented by a detailed description of the most popular lifestyle segmentation methods used in European countries. In addition to that, these instruments are discussed individually and then compared to each other. All instruments, the Sinus-Milieus, Euro-Socio-Styles, Roper-Consumer-Styles, RISC and Mosaic, are serving the same purpose even so they differ pretty much from each other. Each market research company has its own method to generate their model just as different segments and definitions for them. Furthermore every segmentation method is illustrated in a different way. This paper demonstrates all these instruments in detail and shows its advantages and disadvantages. Summing up literature research concerning the main research question, there are several models segmenting consumers in different lifestyle groups for e.g. in Germany, France or Great Britain, but still less models referring to the entire European market.
Knowing your customer, i.e. your target market, is critical for the success of a company and its’ products. The current socio-demographic changes in the United States issue new challenges to marketers and practitioners. Actual fashion consumer seg-mentation approaches within the United States have received little attention in media and scholarly literature. Therefore, the aim of this paper is to present the existing academic literature addressing fashion consumer style preferences, particularly highlighting the most promising consumer groups within the United States: Hispanics and African-Americans. For this, a literature review was chosen with a subsequent critical discussion and comparison of both segments including findings of academic researches as well as market research agencies and actual lifestyle clustering approaches regarding these consumer groups. The findings show, whilst the published literature on consumer segmentation in the apparel industry provides only a surficial understanding of the fashion buying behaviors of Hispanics and Black Americans, it could be found that both ethnic groups are highly interested in fashion, price sensitive, and they are over indexed in apparel spending habits. Especially within the Hispanic population factors such as age and level of acculturation play a vital role in the purchasing choice of apparel, footwear and accessories and require further research.
This research is about Omnichannel Retailing and addresses the question how the omnichanneling of retailers in the fashion market can be measured. Our sources will include books, interviews, newspapers and scientific databases.
Omnichanneling is a current topic in the fashion market, retailers all over the world face the question on how to adapt to the challenges Omnichannel Retailing sets. We are going to define what Omnichanneling is by explaining the differences between Multiple-, Multi-, Cross- and Omnichannel Retailing. After we defined omnichanneling itself, we took a set of 26 retailers to evaluate regarding their Omnichannel capabilities. Then we create an index with criteria that can measure the Omnichannel capability of each retailer.
The Omnichannel Score is based on 31 criteria, which analyze the retailers in offline, online, mobile and social aspects enables to see differences between retailers. Our findings were that retailers in the US fashion market are more advanced in Omnichannel Retailing than retailers in the German fashion market. Our top three Omnichannel retailers were Sears with an Omnichannel Score of 91, followed by KOHL’S and Marks&Spencer, both with a Omnichannel Score of 88. The best Omnichannel Retailer from Germany was Adidas with the fourth place and an Omnichannel Score of 81.
Purpose of this research paper is to assess the state of the art concerning the relevance of consumer segmentation models in the fashion industry with regards to current changes in technology, market structure and consumer behavior.
The paper is composed of a qualitative literature review and an empirical study in form of a survey. They are contrasted in order to identify both similarities and differences.
Findings reveal that consumer segmentation is still relevant. Notwithstanding, an adaptation of classification models is necessary according to occurring changes. External models, segmenting consumers by means of lifestyle or fashion typologies, are used. However, it is striking that most companies of the empirical study already apply internal segmentation models with tendency to rise. Moreover, research has shown that consumer classification models in the USA make use of different criteria than in Europe.
Language barriers within the literature review and a low sample size in the empirical study give research limitations. Future management implications can be directed to the identification of procedures for the efficient application of internal segmentation models.
In times of e-commerce and digitalization, new markets are opening, young companies have the possibility to grow and new perspectives arise in terms of customer relationship. Customers require more possibilities of personalization. In the same time, companies have access to new and especially more information about the customer. Seems like it was a correlation that could evolve greatly if there weren't privacy issues. Vast amount of data about consumers are collected in Big Data warehouses. These shall be analyzed via predictive analytics and customers shall be classified by algorithms like clustering models, propensity models or collaborative filtering. All these subjects are growing in importance, as they are shaping the global marketing landscape. Marketers develop together with IT scientists new ways of analyzing customer databases and benefit from more accurate segmentation methods as that have been used until now. The following paper shall provide a literature review on new methods of consumer segmentation regarding the high inflow of new information via e-commerce. It will introduce readers in the subject of predictive analytics and will discuss several predictive models. The writing of the paper is not based on own empirical researches, but shall serve as a reference text for further researches. A conclusion will complete the paper.
Like many others, fashion companies have to deal with a global and very competitive environment. Thus companies rely on accurate sales forecasts - as key success factor of an efficient supply chain management. However, forecasters have to take into account some specificities of the fashion industry. To respond to these constraints, a variety of different forecasting methods exists, including new, computer-based predictive analytics. After the evaluation of different methods, their application to the fashion industry is investigated through semi structured expert interviews. Despite several benefits predictive analytics is not yet frequently used in practice. This research does not only reflect an industry profile, but also gives important insights about the future potential and obstacles of predictive analytics.
Geschäftsmodelle in der Energiewirtschaft : ein Kompendium von der Methodik bis zur Anwendung
(2017)
Ob Student oder Angestellter, Forscher oder Unternehmer, Politiker oder Dozent, ob im Start-up oder im Unternehmens-Oldie „Energieversorger“ – heute kommt vermeintlich keiner ohne ein gutes Geschäftsmodell aus. Warum ist das so? Was macht Geschäftsmodelle zu „fleißigen Lieschen“ nicht nur der Betriebswirtschaftslehre, sondern auch der Ingenieure, Volkswirte oder Informatiker? Das Geschäftsmodell beschreibt das Prinzip, nach dem eine Organisation Werte schafft, vermittelt und erfasst. Es ermöglicht durch diese Vereinfachung und Strukturierung eine leichtere Kommunikation und Analyse des Gesamtkonstrukts oder seiner Bestandteile. Es dient als Planungsinstrument, mit dessen Hilfe Innovationen effizienter und gezielter identifiziert werden können. Geschäftsmodelle können auf Ebene von Unternehmen oder einzelner Geschäftseinheiten entwickelt werden. Das vorliegende Kompendium dient dem Studenten wie dem Praktiker der Energiewirtschaft als methodische Basis zur eigenständigen Entwicklung von Geschäftsmodellen. Daher wird im 1. Kapitel aus Wissenschaft und Forschung abgeleitet, was ein Geschäftsmodell ist und wie es angewendet wird. Kapitel 2 beschreibt die Herausforderungen der Energiewirtschaft. Die Branche ist seit Jahrzehnten im Wandel. Neue Technologien zur (dezentralen) Erzeugung, Digitalisierung, sich wandelnde politische Ziele und Instrumente (Liberalisierung, Kernkraftausstieg, Energiewende,…) und neue Kundenbedürfnisse erfordern, dass die Unternehmen – große wie kleine, etablierte wie neue Anbieter, in öffentlichem wie in privatem Eigentum – angesichts erodierender Margen und zunehmendem Wettbewerb in diesem Umfeld erfolgversprechende Wege in die Zukunft suchen. Schon mit dem Begriff „Geschäftsmodell“ wird heute die Hoffnung eines Heilsbringers in diesem Dickicht erhofft, dem natürlich ein Strukturierungsinstrument – mehr ist das Geschäftsmodell schließlich nicht – nicht gerecht werden kann. In Kapitel 3 werden im Prinzip bekannte Geschäftsmodelle der Energiewirtschaft geschildert, sowie ihre Patterns, angelehnt an andere Branchen, ausdifferenziert. Dies sollte dem relativen Neuling den Einstieg in die Branche erleichtern und dem nach neuen Geschäftsmodellen Suchenden die Basis für eigene Innovation bieten. In Kapitel 4 werden Geschäftsmodelle für virtuelle Kraftwerke geschildert. Anhand dieses Beispiels wird auch ausgeführt, wie Geschäftsmodelle von Partnern entlang der Wertschöpfungskette ineinander greifen müssen. Im letzten Kapitel 5 wird schließlich auf Erfolgsfaktoren zur Entwicklung und Umsetzung von Geschäftsmodellen eingegangen.
Farben umgeben den Menschen tagtäglich und beeinflussen unser Befinden und Verhalten – teils bewusst, teils unbewusst. Diese Tatsache veranlasst auch das Marketing, sich mit den Wirkungen von Farben auseinanderzusetzen, um diese gezielt anwenden zu können. Der richtige Einsatz von Farben im Marketing kann die (Werbe-)Botschaft und die gewünschte Wirkung einer Aktivität oder Marke unterstützen und zudem Aufmerksamkeit bei Konsumenten generieren. Die Erkenntnisse über Wirkungen von Farben im Marketing sind somit entscheidend für die Wahrnehmung der Konsumenten sowie für den Erfolg des Marketings eines Unternehmens. Im Rahmen dieser Arbeit werden zunächst Farben und deren Wirkungen im Hinblick auf die Farbsymbolik sowie Farbkombinationen und Farbtöne beschrieben. Im Anschluss wird auf den Einsatz von Farben im Marketing eingegangen. Anhand von Beispielen aus der Marketing-Praxis werden Farben als Element der Corporate Identity sowie der Marke vorgestellt und die Anwendung von Farben in der Werbung analysiert. Zur Verdeutlichung der Wirkung von Farben im Marketing wird ein Moodboard für einen Aktionsartikel des Discounters ALDI Süd entworfen. Abschließend werden die Erkenntnisse zusammengefasst und eine Handlungsempfehlung für den Einsatz von Farben im Marketing ausgesprochen.
Marketing mit Instagram
(2017)
In einer reizüberfluteten Konsumgesellschaft gestaltet es sich nicht immer einfach, potentielle Kunden über den passenden Kanal zu erreichen. Für die Markenpositionierung müssen steigende Budgets in die Produktion von qualitativ hochwertigen Inhalten investiert werden, um durch den wachsenden digitalen Wettbewerb Authentizität und Relevanz für den Konsumenten zu wahren. Dabei ist der Fokus längst von der reinen Werbebotschaft zum "Storytelling" gewandert. Die Bedeutung der Erlebnisqualität einer Marke rückt in den Vordergrund, denn die Zielgruppe möchte nicht nur den objektiven Mehrwert erfahren, sondern zugleich eine spannende Geschichte, die sie auch selbst mit dem Produkt oder der Dienstleistung erleben können. Durch die Zunahme des mobilen Konsums von Content finden gerade soziale Netzwerke wie Instagram bei der Planung der Marketing-Aktivitäten eines Unternehmens steigende Beachtung. Im Textileinzelhandel wird diese Erkenntnis bereits seit längerer Zeit aktiv genutzt, nicht so im deutschen Lebensmitteleinzelhandel. Vor diesem Hintergrund stellt sich die Frage, ob eine ästhetische Inszenierung von Lebensmitteln auf Instagram überhaupt beim Rezipienten ankommt? Die Antwort ist eindeutig: Amerikanische Unternehmen wie Wholefoods machen es vor. Mit über 1,9 Millionen Abonnenten und fast 2.500 geposteten Beiträgen (Stand Februar 2017) erfreut sich das Unternehmensprofil des Lebensmitteleinzelhändlers aus Texas großer Beliebtheit. Marketing mit Instagram und Le-bensmittel kann also erfolgreich verknüpft werden, aber wie? Dies soll im Rahmen der vorliegenden Arbeit untersucht werden.
THE PROBLEM: Companies create problems for customers and employees when product innovation goes unmanaged. Eventually, excessive operational complexity hurts the bottom line.
THREE SOLUTIONS: Focus on product integration, not product proliferation. Make sure your product developers work closely with customerfacing and operational employees. And settle on a high-level purpose that can guide decision making.
Mit dem Betrieb von KWK-Anlagen lässt sich nennenswert Primärenergie einsparen. KWK-Anlagen werden aus diesem Grund aufgrund verschiedener Gesetze und Richtlinien gefördert. Zum wirtschaftlichen Betrieb einer KWK-Anlage ist es erforderlich, den größtmöglichen Teil des erzeugten elektrischen Stroms entweder selbst zu verbrauchen oder an Dritte (Mieter, Wohnungseigentümer…) zu verkaufen. Mit dem KWKG 2016 werden größere KWK-Anlagen interessant, und Anlagen mit geringerer jährlicher Laufzeit können sich sogar wirtschaftlicher darstellen als reine Grundlastanlagen.
Social sustainable supply chain management in the textile and apparel industry : a literature review
(2017)
So far, a vast amount of studies on sustainability in supply chain management have been conducted by academics over the last decade. Nevertheless, socially related aspects are still neglected in the related discussion. The primary motivation of the present literature review has arisen from this shortcoming, thus the key purpose of this study is to enrich the discussion by providing a state of-the-art, focusing exclusively on social issues in sustainable supply chain management (SSCM) by considering the textile/apparel sector as the field of application. The authors conduct a literature review, including content analysis which covers 45 articles published in English peer-reviewed journals, and proposes a comprehensive map which integrates the latest findings on socially related practices in the textile/apparel industry with the dominant conceptualization in order to reveal potential research areas in the field. The results show an ongoing lack of investigation regarding the social dimension of the triple bottom line in SSCM. Findings indicate that a company’s internal orientation is the main assisting factor in sustainable supply chain management practices. Further, supplier collaboration and assessment can be interpreted as an offer for suppliers deriving from stakeholders and a focal company’s management of social risk. Nevertheless, suppliers do also face or even create huge barriers in improving their social performance. This calls for more empirical research and qualitative or quantitative survey methods, especially at the supplier level located in developing countries.
The most important objective of event marketing is to improve the image of a brand or a company. The paper presents an image transfer model for event marketing. Based on current research, an image transfer model for event marketing is developed and the conditions required for an image transfer to take place from an event to a brand or a company are explained. Depending on which conditions are met, there are different consequences with regard to the image transfer from the event to the brand or company that are structured and characterized in detail. The image transfer model is developed against the backdrop of selected event types often used in actual practice. The focus of its application lies mainly in brand-oriented leisure and infotainment events directed towards external target groups. The model provides a discussion and analysis of the impact category of the image transfer in event marketing. The paper explains that the possibility of an attitude change is given within the context of event marketing. The presented model serves to structure the image transfer in event marketing. It is intended to illustrate the steps that are involved in the emergence of an image transfer as well as the resulting alternative consequences.
Sport marketing is the specific application of marketing principles and processes to sports products and services. In 2014 the biggest sports event in the world, the FIFA World Cup, took place in Brazil. Billions of spectators around the world saw Germany win the trophy in Rio de Janeiro for the fourth time in history. Yet unlike in previous World Cups, conversation was not only taking place at the numerous public viewings which were held in open spaces like bars and restaurants. For the entire tournament social media like Facebook or Twitter were playing a dominant role in all aspects. With 672 million tweets on Twitter and three billion conversations on Facebook, this was the most social World Cup as well as the most social mega sports event so far. It did not matter whether it were users, athletes or companies, everyone was trying to catch up on the conversation to be informed or inform others about their opinion or latest news. This paper analyzes the implementation of social media marketing during mega sports events with a focus on Adidas’ and Nike’s social media campaigns in the frame of the FIFA World Cup 2014 in Brazil. The analysis shows that social media marketing in the frame of mega sports events gains importance. Those companies finding topics that affect people personally with a relationship to their products achieve success through social media marketing.
The financial crisis of 2007-2010 was probably one of the greatest, most lustrous black-swan events that people of our generation(s) will experience – and at its heart, it was a dynamic phenomenon. It is stated in the vision of the System Dynamics Society that we aspire to transform society by influencing decision-making. Yet, it seems as if system dynamics did not play any significant role in this crisis: we did not examine the markets, we did not provide insights to banks, and we did not warn governments or the people. In our presentation we describe the dynamics involved in a housing bubble, and describe what made the last one different. With the insights gained from this exercise we conclude that, from a system dynamics perspective, the dimension of the financial crisis of 2007-2009 was eminently foreseeable, which will lead us to pose the following question: where were we as a field while this crisis was unfolding, why were we not active players? We present a range of potential answers to this question, hoping to provoke some reflection… and maybe some (re)action.
Wasted paradise – imagining the Maldives without the garbage island of Thilafushi : Version 1.2
(2016)
To address the high level of waste production in the Maldives, the local government decided to transform the coral island of Thilafushi into an immense waste dumb in 1992. Meanwhile, each day, 330 tons of waste is ferried to Thilafushi. The policy had the positive consequence of relieving the garbage burden in Malé, the main island, and surrounding tourist atolls. However, it can also lead to serious environmental and economic damage in the long range. First, the garbage is in visual range of one of the most prominent tourist destinations. Second, if the wind blows a certain way, unfiltered fumes from burning waste travels to tourist atolls. Third, water quality can erode as hazardous waste from batteries and other toxic waste is floating in the ocean. Over time, these effects can accumulate to significantly hamper the number of tourists that travel to the Maldives – one of the state’s main sources of financial income. In our paper, we lay out the situation in more detail and translate it into a simulation model. We test different policies to propose the Maldives government how to better solve the waste problem.
Die zunehmende erneuerbare Stromerzeugung erfordert Anstrengungen, um den damit verbundenen Angebotsschwankungen und der zusätzlichen Netzbelastung entgegen zu wirken. Eine dezentrale und am Bedarf orientierte Stromerzeugung mittels Kraft-Wärme-Kopplung (KWK) kann hier einen wesentlichen Beitrag leisten, um eine sichere und konstante Stromversorgung zu gewährleisten und die Netze zu entlasten. Zu diesem Zweck ist jedoch ein Steuerungssystem erforderlich, das die KWK-Anlagen in die Lage versetzt, sowohl die Deckung des Wärmebedarfs im Objekt aufrecht zu erhalten, als auch die elektrische Energie genau zu den Zeiten zu erzeugen, in denen sie benötigt wird. Die Entkopplung von Stromerzeugung und Deckung des Wärmebedarfs kann dabei über den standardmäßig vorhandenen Wärmespeicher erfolgen. Dieser stellt damit das zentrale Element der Gesamtanlage dar, für die das Steuerungssystem zur Eigenstromoptimierung im Rahmen des Forschungsvorhabens entwickelt und erprobt wurde.
The management of football brands : brand identity management illustrated by Borussia Dortmund
(2017)
Despite a growing awareness of the importance of the management of trademarks at the club level, there is a significant delay regarding the professional management of the brand within the Bundesliga clubs. So far, the principles of brand identity management were rarely applied, and most clubs have given up, despite a high economic potential, the ability to create competitive advances in economic terms, but also in sports terms. In this chapter, we will study the success factors of the management of brand identity of professional football clubs from the actual case of Borussia Dortmund.
Die vorliegende Arbeit thematisiert die Identifizierung und Darstellung von Ansätzen, wie man Menschen zu einem besseren Entscheidungsverhalten bei Finanzprodukten und -dienstleistungen bewegen kann. Hierfür werden sogenannte Nudges bei Krediten, Kreditkarten, Hypotheken, der Altersvorsorge und Aktien/Anleihen erläutert. Die Arbeit beginnt mit einer knappen Einführung in die Entscheidungstheorie. Danach wird die seit Jahrzehnten dominierende neoklassische Kapitalmarktheorie kurz erläutert und der Bogen zur jungen Disziplin der Behavioral Finance gespannt. Im Anschluss daran werden Verzerrungen und Heuristiken entlang des Entscheidungsprozesses aufgezeigt und erklärt. Das nächste Kapitel, „Libertärer Paternalismus“, bildet den theoretischen Rahmen für Nudging. Im letzten Kapitel werden Nudgingansätze bei Krediten, Kreditkarten, Hypotheken, der Altersvorsorge und Aktien/Anleihen dargestellt.
In a recent publication Novy-Marx (2013) finds evidence that the variable gross profitability has a strong statistical influence on the common variation of stock returns. He also points out that there is common variation in stock returns related to firm profitability that is not captured by the three-factor model of Fama and French (1993). Thus, this thesis augments the three-factor model by the factor gross profitability and examines whether a profitability-based four-factor model is able to better explain monthly portfolio excess returns on the German stock market compared to the three-factor model of Fama and French (1993) and the Capital Asset Pricing Model (CAPM). Based on monthly stock returns of the CDAX over the period July 2008 to June 2014 this thesis documents four main findings. First, a significant positive market risk premium and a significant positive value premium can be identified. No evidence is found for a size or a profitability effect. Second, all included factors have a strong significant effect on monthly portfolio excess returns. Third, the four-factor model clearly outperforms both the three-factor model of Fama and French (1993) and the CAPM in capturing the common variation in monthly portfolio excess returns. The CAPM performs worst. Finally, the results indicate that the three-factor model of Fama and French (1993) is somewhat better in explaining the cross-section of portfolio excess returns than the four-factor model. Again, the CAPM performs worst. Nevertheless, the four-factor model is considered to be an improvement over the three-factor model of Fama and French (1993) and the CAPM in determining stock returns on the German stock market.
Oldtimer als Wertanlage
(2015)
Der Oldtimermarkt hat sich in den Jahren 2007-2013 äußerst positiv entwickelt. In diesem Markt mit zunehmender wirtschaftlicher Relevanz sind die Preise in den letzten Jahrzehnten kontinuierlich gestiegen. Der Markt ist sehr vielschichtig und setzt sich aus einer Vielzahl von Akteuren auf der Angebots- und Nachfrageseite zusammen. Das gehandelte Gut, der Oldtimer, kann in zahlreiche Kategorien unterteilt werden und dies macht den Markt sehr komplex und z.T. unübersichtlich. Im Oldtimermarkt herrschen keine normalen Marktpreise wie etwa bei börsengehandelten Papieren. Oldtimerpreise basieren auf Schätz- und Transaktionswerten, werden im Endeffekt aber von dem Oldtimer - „Liebhaber“ bestimmt. Außerdem führen diverse Faktoren zu unterschiedlichen Preisen für identische Fahrzeugmodelle. Dies ist auch durch die Intransparenz des Marktes bedingt, da die meisten Transaktionen privat geschehen und die Informationen nicht für die breite Öffentlichkeit zugänglich gemacht werden. Nur etwa ein Fünftel aller Transaktionen wird über Auktionshäuser und Händler abgewickelt. Weitere Probleme des Marktes sind eine geringe Liquidität und ein erschwerter Marktzugang. Die Datensammlung über den Oldtimermarkt hat sich in den letzten Jahren allerdings stetig verbessert. Es sind inzwischen einige Oldtimer-Indizes entstanden, welche die Wertentwicklung der Oldtimer abbilden. Diese Indizes weisen einen durchweg positiven Trend auf und schlagen Börsen-Indizes wie bspw. den DAX. Nichtdestotrotz können diese Oldtimer – Indizes täuschen, da in ihnen nur ausgewählte Fahrzeuge enthalten sind und Unterhaltskosten nicht berücksichtigt werden. Korrelationsberechnungen belegen, dass die Asset – Klasse “Oldtimer“ eine geringe bzw. negative Korrelation zu anderen Anlagen besitzt. Dies ist eine gute Voraussetzung für den Oldtimer als Diversifikationsobjekt. In der Berechnung eines optimalen Portfolios wird gezeigt, dass die Asset – Klasse “Oldtimer“ in einem Portfolio aus liquiden Anlagen das Portfolio optimieren kann. Die Arbeit zeigt, dass Oldtimer eine gute Wertanlage sein können, wenn die hohe Mindestanlagesumme für die Direktinvestition in Top-Oldtimer bewältigt werden kann. Die besten Wertanlagen sind Oldtimer mit einer erfolgreichen (Renn-)Historie, die in geringen Stückzahlen gefertigt wurden und einen gewissen Grad an Originalität in Technik und Design aufweisen. Wird der Oldtimer als Einzel-Investment betrachtet, sollte stets auch die „emotionale“ Rendite berücksichtigt werden.
This study analyses the impact of Basel III on the fair pricing of bank guarantee facilities.Guarantees are an important risk mitigation instrument between exporters and importers in international trade and regularly a prerequisite for cross border sales contracts to be closed. Basel III – which shall be introduced from 2013 onwards - is a new regulation stipulating higher capital requirements for banks compared to the predecessor Basel II. It will therefore have an impact on the pricing of guarantee facilities which banks provide to exporting companies, making it also a crucial regulation for the cost of exportation overall. The study compares those contents of Basel III and Basel II which are particularly relevant for guarantees in order to identify and crystallize pricing-relevant changes in the regulations and their respective impact potential. The Basel frameworks are analyzed part by part and reviewed in terms of relevance for guarantees. In case of ambiguity the analysis is verified by complementary expert interviews. References and examples are mainly focusing on the German banking system but the basic conclusions can be generalized for those countries adopting Basel III.1 As the result, a case study expresses the quantitative outcomes of different scenarios and the impact of the different price determining factors on the overall fair pricing of bank guarantee facilities.
The intention of this paper is to show that the statistical approach to risk is not enough to explain the behavior of investors. It furthermore proposes ideas and alternative approaches on how to deal with risk. Psychological findings are of particular interest as they might enhance our understanding of risk perception and assessment. The chapter “From the normal distribution to fat tails” starts with the rejection of the normal distribution as a simplifying basis for risk and return. This rejection is supported by several empirical observations like clustering of volatility and fat tails. This leads to a two-step approach for modeling risk and return based on the distinction of conditional and un-conditional changes. Conditional time series models (ARMA, ARCH, GARCH) and alternative distributions are presented (Stable Paretian, Student’s T, EVT) as a way to improve the art of risk and return modeling beyond the normal distribution assumption. The chapter ends with the conclusion that each model is only a statistical approximation and never encompasses the unpredictability of black swans and the nature of human behavior in the financial markets. After having discussed the limitations of the purely statistical approach to risk and return this paper goes beyond the standard theory of finance for two purposes. Firstly, behavioral finance provides some arguments for the limitation of statistics in assessing risk. Secondly, an alternative approach to risk perception is presented. This alternative is called Prospect Theory, a rather psychology-based approach using preferences to explain investors’ actions by human behavior in decision making processes. Starting point is the utility function and the value function followed by a description of the two phases: framing and evaluation. The value function is then clearly distinguished from the utility function by elaborating certain effects like reference points, loss aversion or the weighting function. In this section the paper enters the arena of human risk perception which is far from being monetarily rational in the sense of the homo oeconomicus. With Cumulative Prospect Theory there exists an extension to multiple outcome scenarios where risk does not necessarily have to be known. In such a situation, besides risk, there also exists immeasurable uncertainty. Current research confirms and rejects parts of (Cumulative) Prospect Theory which is not necessarily a bad sign as human behavior is rarely exactly replicable and the complexity does not really allow generalizations. Therefore, even if the theory is not completely correct it still enhances our understanding of risk perception and human decision making which can be a very valuable input for agent-based models. The next chapter analyses in more detail possible distortions from psychological biases in the assessment of risk. In this context the law of small numbers, overconfidence and feelings/experience are discussed. Knowing these biases complicates the idea of developing a risk model even further. However, this is again another step to better understand the underlying processes and motives of decision making in the context of financial markets. The last chapter is an attempt to link the different aspects to get a holistic view on risk behavior. Two possibilities are discussed: Hedonic psychology, with the distinction between blow up and bleeding strategy, and heuristic-based explanations for real observations like clustering of expectations and trust in experts. This leaves space for further research as we do not have a tool that is based on current findings and can actually help us in explaining and predicting behavior in financial markets. One possibility would be to link all these aspects in the approach of computational finance to develop agent-based models in which market observations, psychological findings and the situational context can be integrated.
Context: An experiment-driven approach to software product and service development is gaining increasing attention as a way to channel limited resources to the efficient creation of customer value. In this approach, software capabilities are developed incrementally and validated in continuous experiments with stakeholders such as customers and users. The experiments provide factual feedback for guiding subsequent development.
Objective: This paper explores the state of the practice of experimentation in the software industry. It also identifies the key challenges and success factors that practitioners associate with the approach.
Method: A qualitative survey based on semi-structured interviews and thematic coding analysis was conducted. Ten Finnish software development companies, represented by thirteen interviewees, participated in the study.
Results: The study found that although the principles of continuous experimentation resonated with industry practitioners, the state of the practice is not yet mature. In particular, experimentation is rarely systematic and continuous. Key challenges relate to changing the organizational culture, accelerating the development cycle speed, and finding the right measures for customer value and product success. Success factors include a supportive organizational culture, deep customer and domain knowledge, and the availability of the relevant skills and tools to conduct experiments.
Conclusions: It is concluded that the major issues in moving towards continuous experimentation are on an organizational level; most significant technical challenges have been solved. An evolutionary approach is proposed as a way to transition towards experiment-driven development.
Wo auch immer in Deutschland Sie Ihre Einkäufe erledigen, zumindest bei Grundnahrungsmitteln sind die Preis- und Qualitätsunterschiede zwischen verschiedenen Lebensmitteleinzelhändlern marginal. Für einen Warenkorb entstehen spürbare Preisunterschiede erst dann, wenn sich der Kunde für hochpreisige Markenprodukte entscheidet und ungewöhnlichere Artikel kauft. Und die gibt es zunehmend auch bei den klassischen Discountern, Teil eines größeren Trends, der vielen Verbrauchern noch nicht vollkommen bewusst ist. Denn die großen Discounter wandeln sich zu Einkaufsplattformen für viele Dinge des täglichen Bedarfs und werden bei steigendem Qualitätsangebot zu Wohlfühlsupermärkten. Schaffen sie damit eventuell zukünftig Raum für einen neuen Harddiscounter unterhalb der Platzhirsche?
Die Zusammensetzung der soziografischen Strukturen einer Gesellschaft beeinflusst deren typische Charakteristika. Die für eine bestimmte Generation gängigen Merkmale wirken sich mittelbar auf die Art und Weise aus, wie Unternehmen und deren Abteilungen ihre Personalakquirierungsstrategien denken. Ein rechtzeitiges Verständnis generativer Charakteristika ist insbesondere für den Mittelstand essenziell. So konkurriert man eben auch bei hochqualifiziertem Personal mit großen internationalen Konzernen. Und Vertriebsmitarbeiter gibt es ja auch nicht wie Sand am Meer. Umgekehrt skizzieren die generativen Verhaltens- und Einstellungsmerkmale aber auch in sich partiell homogene Anforderungsprofile der Mitglieder einer solchen Generation, welche von erheblicher Praxisrelevanz sind.
Die Zusammensetzung der soziografischen Strukturen einer Gesellschaft beeinflusst deren typische Charakteristika. Die für eine bestimmte Generation gängigen Merkmale wirken sich mittelbar auf die Art und Weise aus, wie Unternehmen und deren Abteilungen ihre Personalakquirierungsstrategien denken. Ein rechtzeitiges Verständnis generativer Charakteristika ist insbesondere für den Mittelstand essenziell. So konkurriert man eben auch bei hochqualifiziertem Personal mit großen internationalen Konzernen. Und Vertriebsmitarbeiter gibt es ja auch nicht wie Sand am Meer. Umgekehrt skizzieren die generativen Verhaltens- und Einstellungsmerkmale aber auch in sich partiell homogene Anforderungsprofile der Mitglieder einer solchen Generation, welche von erheblicher Praxisrelevanz sind.
Die Entwicklung dynamischer Balanced Scorecards in enger Zusammenarbeit mit Kunden zählt zum Beratungsgebiet der PA Consulting Group. Das Anwendungsbeispiel beschreibt eine dynamische Balanced Scorecard eines europäischen Automobilherstellers. Dieser verfolgt von jeher das Ziel, internationale Standards bei Technologie, Stil, Design und Leistung zu setzen. Das Unternehmen sah sich allerdings einem zunehmenden asiatischen Wettbeweb ausgesetzt, dem es mit neu entwickelten Fahrzeugen begegnen wollte. Um diese vor der Konkurrenz in den Markt einzuführen, sollten die Entwicklungsprozesse beträchtlich gestrafft werden. Zugleich sollten die Fahrzeuge zu attraktiven Preisen mit wettbewerbsfähiger und qualitativ hochwertier Ausstattung angeboten und die unternehmensweiten Profitabilitätsziele erreicht werden.
Wie digital ist ein Unternehmen aufgestellt? Wie weit ist es im Vergleich mit anderen Unternehmen der Branche? Um dies zu eruieren, eignen sich digitale Reifegradmodelle. Sie bieten eine Beschreibung der Ist-Situation, regen zur Reflexion über die wichtigen Fragen der Digitalisierung an und zeigen, welche Faktoren sich beeinflussen. Kontinuierlich eingesetzt lassen sie sich als Monitoring des digitalen Transformationsprozesses nutzen.
Purpose: The purpose of this paper is to comprehensively characterise the interdisciplinary phenomenon of ambush marketing in sports, structure its manifestations, illustrate the consequences associated with ambush marketing and provide a critical evaluation from an objective perspective.
Design/methodology/approach: Various approaches to the definition of ambush marketing are presented and the objectives pursued with ambush marketing are identified. In this paper a new approach has been developed to structure the strategies and manifestations of ambush marketing.
Findings: It is a fine line between creative marketing and infringing on sponsorship rights. So the interdisciplinary phenomenon ambush marketing is discussed controversially. Ambush marketing is situated at the intersection of two opposing spheres of interest conducting a battle for shares of the marketing potential of a sports event. On one side there is the disparaging view of ambush marketing founded on legal and/or ethical considerations. On the other, the author has the respectful assessment of ambushers characterised by their innovative, creative marketing.
Practical implications: The analysis conducted in this paper leads to the conclusion that a general evaluation or condemnation of ambush marketing is not feasible. A four-field matrix emerges from the combination of a legal statutory consideration on one hand and an ethical-moral assessment on the other.
Originality/value: The paper describes and structures ambush marketing in a novel form and discusses illustrating examples from major sporting events. Ambush marketing is evaluated from a neutral perspective by summarising the opportunities and threats of ambush marketing which leads to a nuanced contemplation of ambush marketing.
Die Krise des Euro hat gezeigt, dass die Währungsunion ohne gemeinsame Wirtschaftsunion unvollständig ist. Diese ist auch heute unrealistisch. Umso wichtiger ist es, die Solidität des Euro auf eine funktionsfähige Regelbindung zu gründen und aus der Wirtschafts- und Fiskalpolitik der Eurostaaten eine gemeinsame Stabilitätskultur zu entwickeln. Bodo Herzog entwirft dafür einen Weg in der Tradition der deutschen Ordnungspolitik: Eine regelgebundene Währungsunion, die auf einem besseren Regelwerk beruht, dessen Einhaltung gemeinsam, einheitlich und strikt beachtet wird.
This paper analyzes different government debt relief programs in the European Monetary Union. I build a model and study different options ranging from debt relief to the European Stability Mechanism (ESM). The analysis reveals the following: First, patient countries repay debt, while impatient countries more likely consume and default. Second, without ESM loans, indebted countries default anyway. Third, if the probability to be an impatient government is high, then the supply of loans is constrained. In general, sustainable and unsustainable governments should be incentivized differently especially in a supranational monetary union. Finally, I develop policy recommendations for the ongoing debate in the Eurozone.
This article analyses and compares the performance of regulators in the fields of finance and sport, especially cycling. I hypothesize that the courses of crises or scandals is the best time to study the lessons of regulatory response. First, I take into account the differences in both finance and cycling by looking at the nature of the rules and institutions governing the field. Second, I estimate the attention effect on new regulation in response to crises or scandals. The interest of the paper is in the alignment of incentives to prevent regulatory capture and to ensure accountability and enforceability. The paper concludes that the differences hold important lessons that call for the reform of rules and institutions governing finance and cycling alike.
The paper studies liquidity management in the banking sector at the zero lower bound implemented by central banks. The new era of monetary policy with interest rates at zero and quantitative easing programs raise questions about the effectiveness of central banking policy and their impact on the banking sector. I find that the zero lower bound reduces liquidity reserves of banks and thus creates less credit supply. The T-LTRO program, developed by the European Central Bank, has helped to tackle this problem. However, the recently expanded asset purchase program reveals the opposite effect. Hence, the recent liquidity provisions by central banks have put incentives rather on de-leveraging than bank lending.
Wie kann der erhöhte Anteil durch Photovoltaik und Windkraft fluktuierend erzeugter Energie im Stromnetz ausgeglichen werden? Biogas- und Biomethananlagen sind interessante technologische Lösungen zur Stabilisierung des Stromnetzes. Die Umsetzung der Biomasse zu Methan erfolgt aber aufgrund von Wasserstoffmangel im Biogasreaktor nicht vollständig. Daher werden derzeit verschiedene Ansätze verfolgt, die verwertbare Gasausbeute zu erhöhen. In der vorliegenden Arbeit wird untersucht, welche Möglichkeiten zur Erhöhung der Methanausbeute von Biogasanlagen bestehen und wie sich diese ökologisch und wirtschaftlich darstellen. Zunächst werden der aktuellen Forschungs- und Entwicklungsstand zur Erhöhung der Methanausbeute in Biogasanlagen dargestellt und die verschiedenen Prozesse der Wasserstoffherstellung und Methanisierung beschrieben. In einem Vergleich werden die vorteilhaftesten Verfahren dargestellt. Diese bilden die Grundlage für die ökologischen und ökonomischen Betrachtungen zu vier ausgewählten Szenarien. Für das wirtschaftlich vorteilhafteste Szenario wird das CO2-Minderungspotential auf den gesamtdeutschen Markt skaliert. Abschließend werden der weitere Forschungs- und Entwicklungsbedarf in dem Themengebiet ermittelt, sowie politische Rahmenbedingungen und deren Auswirkungen auf die Biogastechnologie kritisch beleuchtet.
Customer needs and requirements are getting increasingly diverse and consumers more and more want to express their individuality with the products they buy. Due to the emergence of the internet and possibilities given, customers no longer only play a passive role, but are actually enabled to determine what they are purchasing. Therefore customisation or personlisation approaches like the miadidas concept from adidas, providing customised performance shoes or sneakers are more popular than ever. The prosumer concept already plays an important role trying to satisfy the demands of customers in future. As apparel for outdoor activities represents the largest and most important part of the sports good market in Germany and is yet still expected to grow, the purpose of this study is, on the one hand to identify diverse prosumer concepts existing and on the other hand to examine to what extent companies of the outdoor industry already have implemented prosumer concepts. A content analysis of homepages and online shops of 30 different European and North American outdoor brands was conducted. Results show, that companies of the outdoor industry have already implemented several prosumer concepts, but most of them are mainly concentrating on one prosumer approach and the involvement of professional users of their products.
Purpose: The purpose of this paper is to find out the influences of sustainability labels on fashion buying behaviour. Despite key information about Fair Trade is provided in all stores of the sample company, customers seem not to be aware of the Fair Trade concept. Therefore this paper aims to give recommendations for a fashion retailer in terms of elucidation about Fair Trade by answering the following research questions: Which influences do sustainability labels wield on customer´s buying behaviour? Are consumers of textile products aware of the function and backgrounds of the Fair Trade label?
Design/methodology/approach: A paper-based questionnaire was administered to 128 customers of a German fashion retailer "Adler Modemärkte AG" in four city stores from which 127 were correctly completed. Additionally an adjusted self-completion questionnaire administered to 50.000 customers online from which a total of 1.712 were correctly completed. Descriptive analysis and cross tabulations were applied to abstract the main research findings and evaluate the hypotheses.
Findings: Key findings suggest that Adler should either enhance their communication strategy regarding Fair Trade or remove Fair Trade products from the assortment, as the majority of respondents are not aware of Adlers´ Fair Trade products. The Fair Trade label could neither be identified as consumer-barrier nor sales support. Further findings revealed participants have more knowledge about Fair Trade than initially assumed.
Research limitations/implications: Majorly women aged between 56 and 75 participated in the survey. Findings are limited to geography, the target group of the fashion retailer Adler, gender, age group and the research method questionnaire.
Um nachhaltig den Umsatz zu steigern, müssen sich Fußballvereine emotional verkaufen. "Mia san mia" und "Echte Liebe" - Bayern München und Borussia Dortmund gehen beispielhaft voran. Skrupel gehen bei anderen Clubs verloren. Der vorliegende Beitrag diskutiert den schmalen Grat zwischen Tradition, Professionalisierung, Kommerzialisierung und Fan-Abzocke.
Erfolg durch Kooperation
(2009)
Learning and teaching requires the transfer of knowledge from one person to another. Due to the relevance of knowledge many models have been developed for knowledge transfer. However, the process of knowledge transfer has not yet been described completely and the approaches are too vague to facilitate its implementation. This paper contributes to a better understanding of knowledge transfer to support knowledge transfer in teaching. To address this challenge, we depict a layered model for knowledge transfer. The model structures the transfer in several steps and thus identifies major influencing factors. The paper describes the knowledge transfer from one person to another step by step. An example in the area of teaching business process management illuminates the process. The main contribution of this paper is the development of a layered model and its application in teaching.
Turning complainers into fans : towards a framework for customer services in social media channels
(2012)
In recent years, marketing scholars have invested heavily in exploring the role of social media in marketing theory and practice. One valuable strategy for using social media in marketing communication is to provide customer services in applications like Facebook or Twitter. This paper evaluates a) the concept of perceived service quality in different service channels and b) the impact customer service strategies have on customer loyalty, word of mouth communication, and cross-sell preferences. The framework presented here is tested cross-channel against data collected from the customer service department of a large telecommunication provider. The results elucidate the effectiveness of customer service strategies in different channels.
Relationship Marketing (RM) presumes trust as an important antecedent for the performance of interfirm relationships. Current research is dominated by an interpersonal perspective. In this research tack, trust chiefly emerges as a result of interpersonal relationships. But multiple risks arise if customer trust rests solely on elements inextricably linked to single representatives. Hence, this paper evaluates the impact of organizational capabilities and the moderating role of customer preferences on the trust creation process. The framework presented here is tested cross-industry on 220 customers for IT solutions. The results offer significant insight into the effectiveness of individual and organizational RM strategies.
Das Internet gewinnt für das Marketing zunehmend an Bedeutung. Dabei liegt der Fokus auf sogenannten Social-Media-Anwendungen wie Facebook, Twitter oder XING. Für Unternehmen stellt sich die Frage, ob das veränderte Mediennutzungsverhalten der Kunden eine neue Marketinglogik induziert. Eine aktuelle Untersuchung gibt Einblicke in die Chancen und Risiken, Anwendungsbedingungen und Kontextfaktoren für die Nutzung von Social Media im Marketing.
Der Kundenservice bietet für das Marketing umfangreiche Ansätze zur Differenzierung. Dabei zahlen positive Serviceerlebnisse der Kunden auf unterschiedliche Marketingziele ein. Durch Social Media stehen darüber hinaus neue Möglichkeiten für den Servicedialog zur Verfügung. Der vorliegende Beitrag beschreibt die Umsetzung dieser Möglichkeiten bei der Telekom Deutschland GmbH.
Der Beitrag gibt einen Überblick zum Stand der Vertrauensforschung in Marketing und Vertrieb. Dabei ist Vertrauen als Gegenstand der Forschung innerhalb des Relationship Marketing Ansatzes sehr gut etabliert. Bei der Definition des Vertrauensbegriffs stützt sich das Marketing auf die Erkenntnisse der sozialwirtschaftlichen Nachbardisziplinen. Soweit Kunden ihren Anbietern vertrauen, gehen sie grundsätzlich ein Risiko ein und machen sich hierdurch angreifbar. Man vertraut in einen Anbieter, ohne vorab genau zu wissen, ob das gewünschte Resultat einer Kooperation mit Sicherheit eintritt. Dies gilt umgekehrt auch für den Anbieter, der zum Teil erhebliche Vorinvestitionen tätigen muss, ohne vorab zu wissen, ob tatsächlich eine Geschäftsbeziehung mit einem Kunden entsteht. Vertrauen ist daher v.a. in komplexen und langfristigen Beziehungen zwischen Anbietern und Kunden eine wesentliche Ressource. Entsprechend thematisiert der Beitrag die Bedingungen und Auswirkungen von Vertrauen auf unterschiedlichen Ebenen. Dabei dominiert in Marketing und Vertrieb noch immer eine interpersonale Perspektive. Die Potentiale organisationaler Beziehungsstrategien sind zum gegenwärtigen Zeitpunkt eher schwach beleuchtet, jedoch greift der Beitrag einige Trends für die weitere Ausrichtung der Vertrauensforschung auf, die zukünftig stärker an Bedeutung gewinnen werden. Dabei ist grundsätzlich davon auszugehen, dass bei zunehmend volatilen Rahmenbedingungen das Interesse an Vertrauensfragen auch in Marketing und Vertrieb weiter zunimmt.