1,721,110 research outputs found
Rationality, Heuristics and Biases in Strategic Decisions
No full textThis introductory chapter proposes a discussion on the main issues as regards the research perspectives on strategic decision-making processes for companies, examining peculiarities and limits of the approaches based on full rationality of choices, and recalling those that take into account the behavioral dynamics of the decision-makers, as well as their psychological and relational characteristics, as factors affecting decisions. These aspects also emerge with reference to decisions related to internationalization processes, whose understanding an interdisciplinary analysis perspective is necessary
Special issue on "SMEs’ decision making for international development"
No full textThe special issue is focused on the strategic decision-making process for internationalization of companies. Understanding the strategic decision-making processes within companies, in particular those processes characterized by a high level of uncertainty, such as international strategic decisions, requires the consideration of mechanisms that are distant from the full economic rationality of the main decision-makers, who are affected by several external factors (mainly related to the market and to the social and environmental context) and subjective factors (such as individual and psychological characteristics). This requires taking into account of interdisciplinary competences, such as management, behavioral economics and psychology. About these aspects, and following an interdisciplinary approach to their understanding, the research still has considerable potential for development
L’internazionalizzazione delle imprese e dei distretti industriali
No full textQuesto numero di Sinergie raccoglie le relazioni presentate al convegno che si è tenuto a Urbino nell’aprile 2005 su L’internazionalizzazione delle imprese e dei distretti industriali, organizzato dalla Facoltà di Economia dell’Università “Carlo Bo”. L’iniziativa è stata un’occasione per riflettere su un tema, i processi di internazionalizzazione dei distretti industriali, in continua evoluzione e rispetto al quale sono possibili svariate prospettive di osservazione. Il convegno si è svolto in un anno in cui molte dinamiche evolutive dei distretti, che avevano già iniziato a manifestarsi da diverso tempo, hanno superato livelli di soglia tali da renderle chiaramente evidenti. Si è dunque propagata una diffusa percezione dell’intensità e rapidità di tali mutamenti e degli elementi di criticità che essi comportano
Marketing Internazionale
No full textIl processo di crescente apertura dei mercati internazionali sta spingendo le imprese verso un profondo ripensamento circa i confini “naturali” del loro mercato, portandole ad abbandonare il tradizionale approccio che vedeva in passato la distinzione fra marketing domestico e marketing internazionale. Se tale distinzione merita di essere conservata per tenere conto delle diverse condizioni di applicazione degli strumenti a disposizione delle imprese, ciò che va rivisto è senz’altro il ruolo strategico che le decisioni di sviluppo all’estero sono destinate ad assumere. Serve, di conseguenza, una riflessione sui modelli di sviluppo internazionale, i quali devono tenere conto delle diverse caratteristiche delle imprese e dei limiti a cui esse vanno spesso incontro. Gran parte dell’industria manifatturiera italiana è formata da piccole e medie imprese che hanno espresso e continuano a esprimere spiccate capacità competitive nei mercati esteri. Tenendo conto dei loro limiti, anche nell’applicare modelli e metodologie complesse, e tenendo conto delle attuali traiettorie di integrazione dei mercati internazionali, fra sviluppo delle Ict e interculturalità, si aprono nuovi scenari su cui sviluppare le analisi. Le scelte di marketing si incrociano inevitabilmente con quelle relative alla strategia internazionale: quali paesi selezionare e in base a quali criteri, che modalità di ingresso adottare, quali attività lasciare all’interno dell’impresa e quali esternalizzare, quali mantenere nel paese di origine e quali delocalizzare, quali attività condurre in modo autonomo e quali in collaborazione con altre imprese. Si tratta di scelte talvolta determinanti per consentire lo sviluppo di singoli mercati esteri e che richiedono vecchie e nuove soluzioni organizzative, ricombinate assecondando nuove esigenze: alleanze strategiche, accordi commerciali, investimenti diretti, network globali, strutture off-shore. Cambiano anche le forme della comunicazione, sia fra le imprese, sia con i consumatori finali, proponendo in forma rinnovata canali tradizionali ma anche canali nuovi, dalle comunità virtuali alle aste on-line. Emergono, infine, nuovi protagonisti con i quali le imprese devono imparare a rapportarsi – si pensi alle ONG – spesso portatori di interessi crescenti e diffusi improntati a valori non necessariamente economici e quindi meno sensibili alle regole di mercato. Tutto questo spinge verso la ricerca di nuove concettualizzazioni sul ruolo e lo scopo del marketing internazionale in una nuova era in cui la velocità dei cambiamenti impone ritmi decisionali e operativi certamente diversi rispetto al passato
Strategic Decision-Making in International Context
No full textIn business management, the use of theoretical models should guide managers in the complex decision-making process and provide an indication of the strategic choices to be made. Most of the models adopted are based on assumptions of full economic rationality, but managers and entrepreneurs, as individuals, reveal behaviors that are not fully rational, being subject to emotional factors that can have an influence on the decision-making process. Some of them are inclined to decide based on instinct and intuition, especially when a significant amount of experience supports them. Other managers or entrepreneurs overestimate their ability to control events, believing that their personal abilities are superior to the aleatory components. Indeed, a set of predetermined models based on rationality cannot be sufficient to investigate the complex process related to making decisions.
Knowledge about economic behavior and the decision-making mechanisms associated with it is still very little, and after decades of studies and theory building a cleavage is still persisting between the neoclassical approach to economics, which assumes that decisions are guided by rationality and related to the prospect of future rewards, and approaches that recognize the social and psychological bases of economic behavior, since decisions are made by humans, individually or as part of organizations.
The economic perspective assumes that decision-makers are rational and consistent with the objective of maximizing a subjectively expected utility, based on an assumed absolute rationality (Blume, & Easley, 2008).
The theory of expected utility, developed in the 1940s by Von Neumann and Morgentern (1999), provides the theoretical basis for studying human decisions. It makes mathematical modeling of the decision-making process, but does not consider some important variables involved in the decision process, such as the affective evaluation of the alternatives of choice and the limits of the individual's cognitive resources. This theory hypothesizes a utility function that assigns a numerical value to the satisfaction associated with different events. As a result, the choices of individuals are based on the calculation of the expected value associated with each of the alternatives they can choose from.
On the other hand, the behavioral perspective adds more realistic parameters related to the influence of social norms, emotions, environmental factors, taking into account that humans' powers of computation and cogitation are limited, and people are not always consistent and stable in their behavior. Indeed, several other factors intervene in the decision-making processes, not only related to individual cognitive mechanisms, but also with regard to relational mechanisms, which are the basis of the functioning of markets. Market relations are nothing more than relationships between individuals who base their choices on apparently rational logics.
One of the most well-known theories on market functioning according to the firm’s perspective is that of transaction costs analysis (TCA), proposed in its early versions by Coase (1937) and then by Williamson (1975; 1985) who formulated the most relevant statements about this theory. The TCA approach supported the academic literature in explaining the criteria of organizational forms and strategic choices, among which are diversification, vertical integration, internationalization, and various forms of cooperation and interaction among firms. Two key assumptions of human behavior support this theory: bounded rationality and opportunism.
Bounded rationality assumes that decision makers have limited cognitive capabilities and a not fully rational behavior. This is due to limited information processing and communication ability (Simon, 1959). These constraints emerge in conditions of uncertainty, for which the context of an economic interaction cannot be specified ex ante and performance cannot be verified ex post (Rindfleisch & Heide, 1997).
Opportunism is defined as "self-interest seeking with guile. This includes but is scarcely limited to more blatant forms, such as lying, stealing, and cheating. ... More generally, opportunism refers to the incomplete or distorted disclosure of information, especially to calculated efforts to mislead, distort, disguise, obfuscate, or otherwise confuse" (Williamson, 1985, p. 47).
Unfortunately, the TCA literature lacks an understanding of what determines limited rationality and opportunism, and which are the factors that have an influence on these dimensions of human behavior.
In this debate, terminology itself should be clarified: the concepts of "utility”, “rationality”, "trust", and also “intelligence”, do not have universal meanings depending on the influence of ethics, social rules, physiological factors and even "visceral factors” (e.g. hunger, thirst, sexual desire, anger, fear) (Loewenstein, 1996)
Retailer Offer and Consumer Behavior
No full textWhat retailers are currently doing in the continuously changing context is the subject of this Special Issue on "Retailer Offer and Consumer Behavior". What emerges is a combination of innovative solutions within mostly traditional retail environments, although the presence of e-commerce leads to the adoption of multi-channelling strategies and the improvement of all areas of influence inside the store. Increased multisensory interaction with the client and customized relationship based on big data are recurring themes that emerge
Retailing 4.0 and Technology-Driven Innovation: A Literature Review
No full textThe paper analyzes the contribution of technology for boosting innovation within the retail industry. The study focuses on the main areas of innovation for retailers, both in the relationships with suppliers and the final demand. With reference to vertical relationships (for supplying activities), the key innovation areas are those of technology based interaction tools, joint management of supplying activities, and E-sourcing. In the relations with consumers, technology is stimulating innovation on checkout technologies, dynamic in-store pricing, electronic and mobile payments, augmented reality, artificial intelligence-supported devices, and self-service technologies
3Rs of Sustainability Values for Retailing Customers as Factors of Influence on Consumer Behavior
No full textThe aim of this chapter is to identify the impact of different 3Rs of sustainability approaches on consumer behavior and people’s values. Some results, through multi-method study, with ethnography and quantitative research, show that people’s priority is on “recycling,” performing few activities of “reduce,” and lesser actions of “re-use.” The focus is on reducing packaging and the use of lower levels of inputs (as energy and water), and to reduce the carbon foot print, mainly using public and/or alternative transport. People are concerned about sustainability; however, they present a low level of activities related to major societal concepts on behalf of the environment. The 3Rs of sustainability have changed from Reduce-Reuse-Recycle to Recycle-Reuse-Reduce. However, this new order does not cause such impact on consumer behavior and in people’s values
Preface
No full text"Nowadays, shopping is no more just an activity to obtain products, it is a social experience. What consumers buy is a complex system of products and services, and a context – physical and virtual – in which they are proposed and delivered. The advent of the Internet contributed to emphasize the experience component The relationship between consumers and retailers is based on economic factors, but a wide variety of non-economic elements exert an influence, both at the individual and the collective level. Interactions follow economic and social behavior norms, and social norms and codes of conduct change continuously, as a consequence of technology changes and cultural changes. Technology changes – particularly communication technologies – mainly refer to the Internet and social media development. Cultural changes refer to the convergence at the international level of income, lifestyles and habits, on one side, and the increased mobility of people, on the other side, that favor the encounter and interaction between different cultures. The shopping behavior is changing as well. Since shopping has become something more than a necessary activity – with leisure and entertainment components – new horizons to the development of enriched shopping experiences started to be opened. Retailers analyze and interpret such changes in a continuous effort aimed at identifying new markets and market segments. However, the responsive nature of retailers has not to be emphasized. Whilst retailers operate with cultural norms and thus reflect these norms, they can also shape the cultural norms in many ways. Retailing-related initiatives and environments are not neutral entities, and they can influence and structure consumers moods and behaviors, and in some case can influence cultural norms. Modern techniques of retailing and new retail formats allow retailers to assume a more central role to consumers' concerns. The elements of the retail offer pay more attention to store design, ambience and all those issues which have to do with the balance between price, service and quality of purchased products, and also to offer entertainment occasions to customers. All the changes described above require an examination and updating of knowledge about the relationship between consumers and retailers. At the same time, the role of retailers must be analyzed following a multiple perspective according to issues related to consumers' behavioral dynamics, technology, communication codes and tools, social interaction, market knowledge, and social responsibility. This book provides theoretical frameworks and the latest empirical research findings on the topics related to the changes that are occurring. Firstly, it is addressed to scholars that need an overview of the research field related to the retailer-consumer relationship in order to better contextualize their studies and receive suggestions for cross-disciplinary analyses. In addition, the book can be a tool for managers and entrepreneurs, both in the retail trade and the manufacturing sector, for upgrading their knowledge in the field and complete their perspective for a better approach to their reference markets. Finally, the book can also be a valuable reference for local government agencies and public bodies that are in charge of the management of planning policies for the retail offer development and city centers organization. This field is connected to the Town Center Management (TCM) area of interest, for which is essential a complete knowledge of all the dynamics related to the consumer behavior and its relationship with the shopping activity. The book is divided into five sections. The first section provides an overview of the key issues on consumer's behavior, analyzing the decision making criteria for buying products in a context of relationships with the retailer. Together with the analysis of the main characters of consumer behavior, also store loyalty, shopping experience and the role of private label products are deepened in the light of consumer perceptions and changes. In the second section, the store atmosphere and consumers' involvement in co-creation of the retail service are considered. Store atmosphere is analyzed for the way in which it exerts influence on consumers, considering sensorial factors and the relationship with salespeople. The third section refers to the retail context and the way in which formats, retail environment and locations are changing, facing new consumers' expectations and values. The shopping activity as an experience to be enriched becomes the subjects of new paradigms for the retail offer, in the combination of products, services, entertainment and environmental values whose importance is increasing. The fourth section is about innovation, that for retailing is primarily on the ICT field, internet and the related social media development. This brings to a key issue for retailing management: multichannelling and omnichannelling, and their implications for marketing, organization and distribution strategies not only of retailers, but also of manufacturers. Omnichannelling seems to be the next decade challenge for all the players involved in the consumer-retailer-producer interaction. The fifth section focuses on consumers' involvement in co-creation of the retail service with reference to elements related to social responsibility and ethical / social values. Sustainability and Corporate Social Responsibility represent key issues for retailers, since they have to deal with a high number of stakeholders and play a dual role. On the one hand, they constantly communicate with consumers, for whom information and the image of the company are decisive in the choice of products, playing a guarantee role for the products marketed. On the other hand, retailers act as intermediaries in the consumer supply chain, and for this reason they pay more attention to the social responsibility also of the companies with which they relate. Actually there are many books related to relationship marketing, customer relationship management, consumer behavior, retailing and retail management. All these fields are usually covered with reference to business to business relationships, to information management tools, or with perspectives limited to specific issues, e.g. consumer behavior, retailing, marketing information system, etc. A broader view on the relationship between retailers and final consumers is missing, although it is treated as a complementary aspect. Since this book is putting together the several perspectives that can be used for analyzing the retailer-consumer relationship, it covers a gap in this area, which is of interest both for retailers and for manufacturers. This may stimulate the search for greater integration of these perspectives in future research, stimulating inter/multi-disciplinary approache
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