Browsing by Issue Date, starting with "2013-07-10"
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- JCDecaux : strategies for out-of-home advertising to integrate mobile devices usagePublication . Duarte, Jorge Salvador; Celeste, Pedro Manuel Amador RodriguesJCDecaux is one of the leading Out-of-Home advertising companies worldwide. Founded in 1964, JCDecaux business has been running over 49 years, being a pioneer and source of innovation in this industry. Out-of-Home advertising keeps on evolving alongside with the audience they surround, adapting to new behaviors, trends and consumer patterns. This dissertation provides an overview on Out-of-Home advertising industry, an analysis focused on marketing techniques used that involve smart devices and social media and a study on how JCDecaux expansion and innovation strategies steered to its success of high revenue levels, global presence and market share. Standard measurement and panel ratings is of the utmost interest of all players in the market, yet only few initiatives have engaged in developing and adopting such systems without a general understanding. Over the last decade, smart devices have boomed, translated in high penetration rates in several countries, changing consumer’s habits and behaviors and how they interact out of home. New trends represent innovation opportunity for this industry as advertisers are turning to new technologies and social media interactivity in order to reach and engage the consumer with the brands. This work aims to explore the relevance of new technologies and marketing tools for the Out-of-Home advertising industry by benchmarking current solutions and discussing opportunities. Furthermore, an analysis on how consumers perceive outdoor advertising and on how they are motivated to interact with panels was conducted via an online survey to Out-of-Home audience. Finally, JCDecaux’s case study allows an overview on the innovation vision and strategy of Portugal’s subsidiary that juxtaposes the audience attitudes towards outdoor advertising and interactive features.
- Web 2.0 in restaurants : insights regarding TripAdvisor’s use in LisbonPublication . Saraiva, João Pedro de Pinho Marques; Amaral, Paulo Cardoso doTripAdvisor is a Web 2.0 platform that gathers information about restaurants, hotels and sightseeing spots, generated by users for users. It also has an application for mobile devices, which allows users to know what they desire at anytime, anywhere, increasing their user experience (Lugano 2008). This dissertation is focused on the use of this platform by restaurants and users. As so, theoretical concepts like Web 2.0, User-Generated Content, Mobile Social Network, Electronic Word of Mouth and Mobile Marketing are studied in order to know whether or not TripAdvisor is being used and, if positive, in what conditions. With these theories in mind, a dissertation model is created. Thus, willing to know whether or not Lisbon restaurants and users of TripAdvisor are taking advantage of this platform (i.e. answer the research question), several secondary questions arise. These are answered by the nine hypotheses generated, which are based on the model’s goals. Subsequently, in order to collect information from restaurants and users that can verify or not the hypotheses, two surveys are created. Intermediary conclusions that aim to validate each hypothesis are drawn from the results obtained. When analysing these intermediary conclusions, the results show two different answers to the research question. On one hand, restaurants are taking advantage from TripAdvisor’s platform, even if they are not using all the capacities offered. On the other hand, Lisbon users are not yet taking benefits from this platform. This inconsistency can be explained due to the fact that restaurants centre TripAdvisor around tourists and Lisbon habitants use it outside of Lisbon while travelling. Thus, Lisbon citizens do not use this platform on a daily basis: they do it while visiting other cities. In comparison, Lisbon restaurants use this platform in order to attract tourists, which mean that they are taking advantage of TripAdvisor but not from Lisbon users.
- Aquisição de comportamentos adaptativos num caso de perturbação do Espectro do AutismoPublication . Arouca, Sónia Estefânia Mendes; Carapeto, Maria JoãoA aquisição de comportamentos adaptativos e a autonomia na sua apresentação na vida quotidiana é uma das preocupações dos Pais e Educadores que acompanham diariamente crianças, jovens e adultos com perturbações do desenvolvimento. Enquanto estes comportamentos são adquiridos de modo quase informal pela generalidade das crianças e jovens, nestes casos requerem uma intervenção especializada sistemática e eventualmente intensiva. Este estudo consiste num estudo de caso, com elementos de plano de sujeito único, cujos objetivos são caracterizar os comportamentos da Terapeuta e da Criança ao longo de uma intervenção destinada a promover o comportamento de pentear-se, e avaliar o impacto final desta intervenção. Os participantes são uma Terapeuta Ocupacional, uma Adolescente com diagnóstico de Perturbação do Espetro do Autismo e sua Mãe. Foi utilizado um sistema de categorias para observação direta de comportamentos na interação terapêutica, incluindo comportamentos da Adolescente (pentear, recusar, etc.) e da Terapeuta (antecedentes, como fornecer instruções ou apoio físico; ou contingentes, como fornecer feedback ou observar), e um questionário de comportamentos de autonomia a que a Mãe respondeu antes e depois da intervenção, em contexto de entrevista. Todas as sessões da intervenção (catorze) foram gravadas em vídeo, de forma a poder-se depois codificar todos os comportamentos. Procedeu-se depois à análise da frequência tendência e variabilidade dos comportamentos ao longo da intervenção. Em geral, a Mãe avalia de forma positiva a intervenção, reportando que a adolescente se penteia muitas vezes de forma autónoma em casa. Os resultados são analisados e discutidos face à literatura existente, bem como as limitações do estudo, contributos para a prática em contextos educativos e sugestões para investigação futura.
- Google’s Motorola purchase. Was it worth it?Publication . Barbosa, António Manuel de Azevedo Simões; Tsvetkov, Peter IordanovThe belief behind an M&A operation is that one plus one makes three – in other words, two companies combined are expected to be more valuable than the addition of the two individual companies. The ultimate objective when buying a corporation is to generate shareholder wealth that exceeds the summation of the two firms by exploring potential synergies (the magical force that allows for improved cost efficiencies). This motivation is especially tempting to executives when the business environment is tough. Resilient businesses will proceed to purchase other firms in order to create a further competitive and efficient organization, translating in higher market share or profits. Considering the hypothetical benefits, target companies will frequently consent to be acquired when they recognize they cannot endure alone. In 2011, Google announced an USD 12.5 billion acquisition of MMI. The operation was undoubtedly Google’s most important purchase to date, and a controversial one. By buying a mobile device maker, Google was basically putting itself in open opposition with Android hardware collaborators such as Samsung, Acer, and HTC. But Google promised MMI would not get any favours and, according to the general and initial understanding of the market, the operation was more about attaining MMI’s patent portfolio than penetrating the mobile hardware industry. Google sought to make it far more complex for a corporation like Apple or Microsoft to allege Android infringed on its intellectual property. If they did, Google could bring MMI’s patent collection to bear. The main objective of this research paper is to investigate to what extent the amount paid by Google to acquire MMI was reasonable, as well as the implications of this operation in both businesses and in the industry.
- Mergers and acquisitions : the case of Kraft Foods and CadburyPublication . Ribeiro, Sara Isabel de Paula; Tsvetkov, Peter IordanovThe aim of this dissertation is to focus on a determinant aspect of Corporate Finance that is Mergers and Acquisitions (M&A). This dissertation not only provides a practical analysis of main issued regarding a process of M&A, but also provides a theoretical framework about M&A. Specifically, this dissertation explores the real case of Kraft Foods - world’s second largest manufacturer and packager food products – and Cadbury - the world’s second largest confectionery firm. Despite Food & Beverage Industry being a non-cyclical industry is a highly competitive one, where players compete for price, quality, innovation, brand recognition and loyalty. Together, Kraft Foods and Cadbury will become the largest manufacturer and packager food products in the world. Benefiting from economies of scale, Kraft Foods will be more efficient and better price competitive than its competitors. Kraft Foods should acquire Cadbury through a tender offer. Synergies are estimated to be 25% of Cadbury’s market capitalization at 9th of November of 2009. The price offered should be £7.93 for each Cadbury’s share. To conclude, Kraft Foods should pay 88% in Debt and 12% in Cash through an emission of more than 90 million new shares.
- Consequences of cross delisting events from the US and the UK stock exchanges since 2000 : an empirical study on market’s reaction on companies’ return and riskPublication . Domingos, Bernardo Manuel Bendada; Bunkanwanicha, PamuanCross listing has been amply discussed by academia. Only recently, as cross delisting events abound, researchers have turned their attention to the positive and negative effects of carrying out a cross delisting event. It is argued that the net benefits of cross listing are generally negative, especially for companies within a high disclosure and regulatory framework. As such, the current paper aims to understand the impact of cross delisting over a sample of 319 events from 2000 to 2012 in the LSE, NYSE and NASDAQ, 264 of them occurring with companies with domicile in Developed Economies and 55 of them with peers based in Emerging Economies. Negative abnormal returns (AR) were found to amount to -0.50% for the global sample on the announcement date, having companies from Developed Economies registering AR of -0.60% and those from Emerging Economies -1.42%. These AR aggravate if companies are under a strong growth environment. Additionally, risk has been shown to increase on the company’s fundamentals, with the Abnormal Volatility sharply increasing - namely for companies based in Developed Countries - along with higher standard deviation and local market beta. These finds suggest that companies should not engage in cross delisting, regardless of their primary Stock Exchange location.
- Entering mature industries : differentiation and niche marketing : the case of NATUREA® PetFoodsPublication . Marques, Marina Craveiro; Celeste, Pedro Manuel Amador RodriguesThis research aimed to explore the development of NATUREA® PetFoods, a highly differentiated Portuguese brand that entered a niche market, as well as its impact on the mature pet foods industry. The relevant literature looks into the key concepts that help build a framework, in order to analyze the brand’s path and strategies. In order to have a deeper understanding of the Portuguese market for pet products, a quantitative research was conducted, appraising pet owners’ attitudes, needs and purchasing patterns. Major findings show that there is a change in general consumer attitudes towards their dogs (becoming family members) and that the brand’s differentiation and innovation strategies are raising curiosity and willingness to purchase. These findings raise managerial implications and help brand managers predict changes in consumer behavior, as well understanding the real impact of their branded actions on dog owners.
- Is small the new big? Challenges in the retailing industryPublication . Pina, Manuel João Espinheira Magalhães; Vale, Rita Miguel Ramos Dias Coelho do; Matos, Pedro VergaIn the last decade the Industry of Grocery retail has seen its biggest changes since distribution became organized. From the empowerment of private label products and the introduction of sophisticated loyalty programs, retailers have been able to shape the market and the preferences of their consumers. But what happens when these preferences change due to factors that fall outside retailers capabilities? This study describes the changes in an industry that seemed to reach its maturity due to a change in consumer purchasing habits for smaller store formats. Players in the grocery retail industry in Portugal that have been focusing on Hyper and Super formats are facing new challenges. Consumers start to demonstrate preference for a commerce based on proximity at the same time as they are threaten by new entrants in smaller formats and cheaper business models. We focus on the example of Meu Super, the new proximity chain of small grocery stores launched by Sonae MC in order to respond to the introduction of Amanhecer, a similar concept created by its main competitor Grupo Jeronimo Martins and adaptation of already existing brands like Dia’s group Minipreço or Spar. The problem is that for a company that holds a heavy-weight brand in the grocery retail in Portugal like Sonae may be a bigger than expected challenge to penetrate in segment with many different features that the ones where Sonae is competing in. We present a Case Study based on Meu Super strategy by Sonae to point out the main challenges and threats of this strategy and promote the discussion of whether Sonae should leverage its already successful brand Continente in order to beneficiate from its synergies, or if the choice of creating a new separate brand was the right one, taking in consideration the company’s resources and limitations.
- Equity valuation using accounting numbers : research question : effects of R&D intensityPublication . Marques, João Paes de Vasconcelos Santos; Cerqueiro, GeraldoRecent studies have been studying effects of R&D intensity in equity valuation, e.g. by analyzing the telecommunication industry, Amir and Lev (1996) conclude accounting numbers to be useless for this purpose. As a consequence, literature has been raising the question of whether R&D expenses are properly priced and represented in the main valuation methods adopted by analysts. This dissertation pretends to approach this question by establishing and testing 8 hypotheses for two different samples, a large and a small. The intention is to alert the user about how methodologies for equity valuation vary within different levels of R&D intensity. Empirical results suggest that R&D intensity tend to deteriorate models’ performance, being the Price Earnings Ratio the most effective. On the other hand, empirical results suggest analysts to ignore performance effects of R&D intensity when valuing firms as there are no differences in their preference for valuation models between the two groups. Moreover, there is no significant difference between analysts’ pattern of recommendation (considering ‘buy’ and ‘sell’ against ‘hold’). Finally, despite drawbacks of cash flows figures when compared to earnings, there is evidence of analysts’ reliance on it when using flow based valuation models.
- Marketing of the Black Sea Resorts : Batumi : a success story?Publication . Gorgiladze, Salome; Celeste, Pedro Manuel Amador RodriguesThe Black Sea Resort of Ajara in Georgia is a famous destination in the region. It started developing as a European city in the mid- 19th century when Nobles initiated oil transportation through Batumi port in the capital of Ajara. Batumi gained importance and became an industrial and touristic center in the region. However, the development was hampered by Soviets and later on by corrupt government regime. Since 2003, Ajara started its rebirth and repositioning strategy. The place had undergone a healthy transformation and invested heavily to improve the attractiveness of the region both locally and internationally. This dissertation provides an overview of the development processes in Ajara that led to the success of the region, to new investments and attractions, international hotels, and maximum number of tourists throughout the history in 2012. The government is approached as ‘’managers’’ of the product (Ajara); as in any company, right leadership and vision emergence is crucially important. The dissertation presents a narrative and quantitative analysis for the repositioning strategy of Batumi and the Ajara region as perceived by different stakeholders: local residents, Georgian nationals, foreign tourists, public officials and foreign investors. Furthermore, the case study allows to explore in depth the strategic decision making and ‘’product’’ management with historical, cultural and political assets in the modern world.