Browsing by Issue Date, starting with "2012-06-04"
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- The disruptive role of cloud computing in global distribution strategies : the case of Quatenus at SinficPublication . Telhado, Mónica Anacleto; Amaral, Paulo Cardoso doCloud computing is emerging as a computing paradigm wherein virtual distribution channels are enabled and used as innovative entry modes (Brown and Johnson, 2012). Through this technology, global scale efficiency is promised, delivering operational capabilities with important value to the development of hybrid international marketing strategies underlying today’s global competitive set (Brown and Johnson, 2012) where access to contextualized knowledge is becoming crucial (Bughin, Byers and Chui, 2011). Current practices however indicate that companies are not addressing these capabilities to build flexible delivery platforms and engage knowledge-driven strategies (Brown and Johnson, 2012). Boosted by the gap between these initiatives, this research explores how to develop knowledge-driven internationalization strategies based on cloud architectures, pursuing a case study analysis on a Portuguese software vendor, which recently invested on a cloud-based delivery platform to assemble a knowledge-driven internationalization strategy. Significant influences of cloud computing were found in the development of flexible delivery platforms during the process of externalization of the company. These findings contribute with further insights into understanding the coupling between cloud-based distribution strategies and knowledge-driven internationalization patterns. A consistent example of a cloud enterprise as a business enabler in knowledge-driven economies is thus proven possible, suggesting how flexible delivery platforms can be engaged within the development of metanational strategies in the current competitive environment.
- The internet of things : developing a sustainable competitive advantage in the hotel industryPublication . Guerra, Diogo André Gomes; Amaral, Paulo Cardoso doThe Internet of Things (IoT) is a technology that allows objects to be connected to the internet, enabling them with communication capabilities (with other objects and with people). By 2020 there will be over 50 billion things/objects connected to the internet, meaning this technology will completely revolutionize the world as we know it. This dissertation´s goal, is to analyze the strategic potential of the IoT in the hotel industry. In this view, the research problem this dissertation faces is to ascertain if a hotel may create value through the IoT, and if that value creation may lead to the development of a sustainable competitive advantage. In order to achieve this dissertation´s goal, a set of IoT´s functionalities are proposed and linked to a value activity, in a Hotel´s Value Chain. Then, through a survey, answered by 418 respondents from 44 nationalities, it is ascertained that IoT creates value and increases guest loyalty, and also, the most attractive IoT´s functionalities are identified. Then, through an analysis conducted to the most attractive IoT´s functionalities (identified in the survey), it is ascertained that these functionalities allow a hotel to develop two resources: 1) High Quality Customer Service, and 2) Guests´ Tacit Knowledge. Further on, by applying the RBV model, it is ascertained that Guests´ Tacit Knowledge is a resource that has value, it´s rare, imperfectly imitable and non-substitutable, which means that it may help a hotel developing and implementing value-creating strategies, that may last in time. It is concluded, then, that IoT has potential to help a hotel creating value, through the resource Guests´ Tacit Knowledge, and it may use that value creation to develop a sustainable competitive advantage.
- Equity Research : Banco Espírito Santo GroupPublication . Mata, Ana Catarina Ferreira da; Martins, José TudelaThis investment advisory service is supported by some of the most adequate valuation frameworks discussed throughout the literature review, whose purpose is to break down the best quantitative assessment of the financial institutions’ equity and come up with a final price target. Thereby, an insightful analysis is provided, in which the source of research is a listed financial institution in PSI20 index – Banco Espírito Santo, the largest capitalised bank in Portugal. At the end of this dissertation, all the valuation metrics under analysis and the rational will be closely compared to Caixa Banco de Investimento’s banking report published on December 13 2011, an up-to-date sector report of the Portuguese banks challenges.
- Mergers and acquisitions : the case of Microsoft Corporation and Activision Blizzard Inc.Publication . Stenmark, Robert Vicent Leon; Tsvetkov, PeterGlobalization, geographic diversification and deregulation of markets have led to an increasingly competitive environment for most companies. Increasing competition often leads to higher efforts to persuade consumers to by the given company’s product, and consequently margins are affected. Moreover, this development of the business environment also faces as a threat to most companies’ organic growth. For this reason, companies often envision mergers and acquisitions as a solution to this problem. The decision of taking on a larger transaction to acquire another company is often motivated by the fact that it may create additional opportunities for the company, enable higher growth, and ultimately create shareholder value. Mergers and acquisitions are especially apparent in industries that are highly affected technological innovations. The rationale for this is grounded in the potential target company’s technological assets or specific capabilities, which may pose as highly valuable for the acquirer. The acquisition of the target company enables the transfer of these skills and may create a competitive advantage, which in turn creates a driver for long-term sustainable growth. This paper will analyze the possibility of creating additional value through mergers and acquisition. The paper will start of by surveying literature on various theories on valuation of companies. This part will also present evidence on what valuation techniques that proves to yield reliable results, and discuss value creation in the light of mergers and acquisitions. In the second part the paper the presented theory will be put into practice by through a proposed M&A-situation between Microsoft Corporation and Activision Blizzard, Inc. This part will present a thorough companyand industry analysis that will provide the basis for a valuation of the companies, both on a standalone basis and on a consolidated basis. The final part of the paper will present the acquisition process itself, and discuss issues that are related to the acquisition. This part will also present the optimal way for Microsoft to proceed in acquiring Activision Blizzard. When valuing the companies individually, both companies show indications of being undervalued compared to their average market values for the last year. Microsoft value is displaying signs of being overly undervalued, while Activision Blizzard only is slightly undervalued. A valuation of the combined company reveals that there were considerable opportunities for additional value creation through a merger. Finally, based on the analysis and the valuations in the paper suggests that that Microsoft should proceed with the acquisition. The acquisition will be presented to Activision Blizzard’s shareholders as a friendly tender offer, in order to persuade them to sell their shares in the company. The price offered for the outstanding shares of the company is suggested to provide current shareholders with a premium of 29.4% to the average market capitalization of the company. Moreover, the acquisition will be financed with a cash-only transaction, as to maintain financial flexibility and in line with Microsoft’s acquisition history.
- The use of cloud computing services by Portuguese’s Small and Medium Enterprises (SMEs) : a study which aims to understand to what extent are Portuguese’s SMEs managers using and managing cloud computing servicesPublication . Duarte, Diogo Miguel de Abreu; Amaral, Paulo Cardoso doThe objective of this dissertation is to understand to what extent are the Portuguese SMEs using and managing Cloud Computing services. This work strives to understand if the managers of the Portuguese SMEs are knowledgeable to embrace this technology, and identify which areas of the Portuguese SMEs’ value chain is Cloud Computing being currently applied and which areas are expected to be explored in the future. In order to address the main objective of this dissertation, an on-line questionnaire is made to several Portuguese SMEs from different economic sectors. This questionnaire has been made by taking into account the knowledge of the Literature Review and the expertise and experience of a pool of experts on the field of Cloud Computing. With the objective of interpreting the data from the on-line questionnaire, a statistical analysis is performed. This data is analyzed trough descriptive statistics, as well as cross-tabulations between variables, according to the research objectives of this work The results of this work highlights that only around 40% of the Portuguese SMEs are using Cloud Computing services consciously, meaning that there are companies using this technology without even being aware of it. According to this study, 73% of the Portuguese SMEs are using Cloud Computing applications without realizing, which consequently means that only 27% of the SMEs do not actually use any kind of Cloud Computing applications. Moreover, the majority of the companies which use this technology are able to identify Cloud Computing most important features as its characteristics, advantages and potential risks. Finally, regarding the Service and Deployment models used by these companies, these are mainly focused on the IaaS and Private Cloud solutions. Nevertheless, most of these companies’ managers still do not see Cloud Computing services as a core technology to use on their primary activities nor use the most appropriate management procedures for the management of this technology (as for example SLAs or KPIs). Consequently, this dissertation’s results show that there is still a long way to go regarding the utilization of Cloud Computing by the Portuguese SMEs.
- Burger King in Portugal : to lead or to follow?Publication . Patrone, Sara Saraiva; Valente, MárioIn 2001, the Burger King (BK) brand, managed by Ibersol group entered the growing fast food Portuguese market. Marginally higher prices along with the fact of having entered the market 10 years after its most direct competitor (McDonald´s), led BK to a sub leader position. Although being recognized as offering superior quality products when compared to McDonald´s, BK´s growth margins in the Portuguese market have been decreasing since 2007. The company´s uncertainty situation, offers the possibility of discussing positioning alternatives and strategic choices in business strategy and marketing courses. Besides the case study, the dissertation includes a literature review of frameworks and concepts used to evaluate company´s internal and external environment. Finally, teaching notes proposes an approach to the case that might be used to guide class discussion or stimulate its preparation. From the case analysis, the competition analysis and recent Portuguese economic situation, this dissertation proposes a set of concrete actions to reverse the current positioning and brand growth.
- Equity valuation of Ibersol GroupPublication . Lopes, Cátia Filipa Ribeiro; Martins, José Carlos TudelaValuation has had an increase in importance since nowadays it is required in many contexts. The main purpose of the present dissertation is to value a Portuguese company, quoted in the Lisbon Exchange Market, Ibersol Group. The year-end 2011 price target derived for the company’s stock is €3,44 per share, an Accumulate recommendation. The valuation from the present dissertation is compared to the research made by BPI Investment Banking.
- Pricing strategies : optimal price gap between private labels and national brandsPublication . Lopes, Adrien William; Celeste, PedroThe importance of Private Labels for retailers in the modern grocery distribution sector increased their responsibilities when defining price strategies. In recent years the literature has been paying attention to the shift from an inside out to outside in approach when defining prices. This present thesis intents to focus on pricing strategies for Private Labels, centering in the development of a consumer oriented price definition by looking on the optimal price gap between Private Labels and National Brands. Analyzing the Portuguese Market, the goal is to understand the importance of the price comparison between private labels and national brands. The importance of price comparison is essential to understand how the selling price gap will have an influence on consumer’s behavior. The ultimate objective is to be able to give some insights when defining pricing strategies and to understand how manufacturers of national brands can react to competitive moves from retailers. It was concluded that consumers compare more prices within the store than between different stores, enhancing the importance of the price gap as a visible cue with an influence on the consumer behavior. Another conclusion was that the price gap should be tailored according to the nature of the product and the competitive category landscape. Yet, managers should not neglect competitors’ PL prices, because in the end price adjustments should not lead to an overall higher “basket price” compared to competitors, which will be translated as a decrease performance in the price image of the banner.
- Business models to create customer loyalty and generate profitability : Groupon’s casePublication . Silva, Marta Oliveira; Celeste, PedroGroupon is one of the fastest companies in the E-Commerce industry. Launched in 2008 in Chicago, Groupon is already present in 47 countries, 5 continents and more than 750 cities all over the world. The company works as an intermediary between consumers and local merchants by selling discounts online. The concept of Groupon is seen as an emerging marketing tool for local merchants and a new shopping experience for consumers. One of the main promises of Groupon is to enable customer loyalty and customer retention to merchants. However, merchants’ perception is that the customers that redeem the coupons do not come back and pay full price for the service/product provided. The main objective of this dissertation is for students and Professors to analyze two different loyalty dimensions: the customer loyalty towards local merchants and customer loyalty towards Groupon and to understand the importance of the role of loyalty in this case study. The dissertation is divided in to three main parts: the Case-Study (Literature Review, industry overview and Groupon’s analysis); the Market Research, performed in the context of Groupon Portugal, which contains the analysis on questionnaires and interviews performed to consumers and local merchants and, at last, the conclusions and future research comments and suggestions. Moreover, through this dissertation and teaching notes it is possible to retain some insights of an external perspective of the company, which represent an opportunity to improve some of the loyalty initiatives developed by local merchants and Groupon.
- Books without Borders : Borders Group Inc.Publication . Graça, Ana Sofia Miranda; Barreto, IlídioThe dynamic capabilities theory has attracted increasing attention within the management literature. The abundant research generated disparate definitions of the dynamic capability concept, but a recent attempt was made to consolidate such efforts into a single, robust definition. This thesis provides an analysis of how the distinct dimensions of the dynamic capability concept are performed in real-‐world situations. To do so, I chose Borders Group Inc., a company that during decades was known as the second largest American bookseller, but in July 2011 announced its liquidation. The teaching case was designed to clearly illustrate the dynamic capabilities theory, demonstrating the usefulness and applicability of the concept. Specifically, the case shows that the dramatic failure of Borders was due to its low levels in all the four dimensions of the dynamic capabilities concept: sensing opportunities and threats, making timely decisions, making market-‐oriented decisions, and changing the firm's resource base.
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