An insight into bank corporate strategy: A Lloyds TSB case study

The article uses a case study approach to examine the development and strategic challenges facing one of the United Kingdom's largest commercial banks—Lloyds TSB. The article commences by discussing the main structural developments that have taken place in the dynamic financial services markets before going on to identify the distinctive features of what has been termed the “new retail banking revolution in Europe.” The emergence of Lloyds TSB is examined against the backdrop of these changes, and emphasis is placed on the adoption of appropriate strategies that are conducive to sustainable long‐term competitive advantage. © 2005 Wiley Periodicals, Inc.     

The customer wants service: Why technology is no longer enough

In today's marketplace, the customer is presented with a myriad of products and services of greater variety and value than ever before. As competition becomes more intense, product and service providers are increasingly turning towards “service” or “service quality” as a means of achieving competitive advantage. Even in industries such as telecommunications, where significant technological advances have characterized the industry, companies are realizing that the best product no longer guarantees an advantage over the competition. The key ingredient in the formulation of a competitive service strategy is the proper measurement of service quality dimensions, as defined by the customer, and the continual monitoring of company performance along those dimensions. This article describes the process of identifying service quality dimensions as applied in two telecommunications network providers, one in Canada and one in Ireland. Results are compared and contrasted between the two countries.     

Discount development in france: The introduction of the format and the competitive response

This article aims to set forth and clarify the factors that caused the rapid development of the hard discount business in France over the past 2 years and to highlight their key impacts. The hard discount business is supposed to have triggered an “intratype” competitive reaction by many French companies which diversified their businesses into this segment, as well as an “intertype” set of reactions by both supermarkets and hypermarkets which implemented the new strategies described in this article based on either cost‐cutting policies and/or trade names differentiation. Conclusions may be drawn following an analysis of the features of this formula as well as the consumers' and competitors' responses. One conclusion may be that the discounters are also bound to increase their market share further once the economic crisis is over. In fact, this business meets the on‐going purchasing and shopping needs by most of the consumers.     

跨国公司创新网络的共生范式分析

本文基于共生范式分析跨国公司创新网络这一共生体中共生能量的生成、共生界面的选择和共生系统的进化,探讨跨国公司创新网络竞争战略的指导理论和分析技术方法,以及对我国企业实施“走出去”战略的启示。     

Industriepolitik 2.0

Europe is a long-run success model in a mid-life crisis. In the wake of the financial crisis, European growth has been low, unemployment is high and income disparity has increased - developments that have resulted in less support for the European project, manifested in populism and Brexit. The best answer to the current problems is a new strategy based on new drivers of growth and “Beyond GDP” goals, as proposed in the WWWforEurope project. A new industrial policy would be an important part of the new European strategy. It has to be systemic, working in alignment with competition, energy and innovation policy, and it must support social and ecological goals instead of calling for cheap labour or energy as a precondition for success. High ecological standards will lead to a competitive advantage for Europe in technologies that will become all-important if the Paris 2015 goal of decarbonisation is implemented. A European technology lead in low-carbon technologies, energy efficiency and renewables constitutes a core part of a new industrial policy that can help Europe end its mid-life crisis. It should be implemented in a European-wide dialogue with industry and citizens.     

Suchmaschinen unter der Lupe: Informationsherrschaft und ihre Schranken

Informational power by search engines should be analysed from different perspectives. On the one hand, unlimited access to personal data can be in conflict with the interests of individuals whose data can be accessed. These interests are part of a right to privacy, including a “right to be forgotten,” which, however, must be balanced against the public interest in disclosure of information. Balancing these conflicting interests is a difficult task — a task that lies with the search engines themselves. On the other hand, firms and individuals may have an interest in their information to be found, in particular (but not only) for commercial purposes. Suppressing or “downgrading” this information as displayed to users may significantly reduce visibility. In light of these interests, it has been proposed to oblige search engines to implement “search neutrality“; i.e., that they have to present search results in an unbiased way. In this article, we take a clear position against ex ante regulation. Instead, competition law provides a sufficient framework, to protect against the abuse of “informational” market power. We sketch a new approach that may allow competition law to be applied more quickly in dynamic markets such as internet search markets.     

Competing through relationships: Grounding relationship marketing in resource‐advantage theory

A common element of all views of relationship marketing is the “co‐operate‐to‐compete” thesis. That is, to be an effective competitor often requires one to be an effective co‐operator. One implication of this thesis is that not all instances of firms co‐operating with each other constitute anti‐competitive collusion. This article argues that, although neoclassical, perfect competition theory cannot provide a theoretical foundation for relationship marketing's “co‐operate‐to‐compete” thesis, the recently developed “resource‐advantage” theory of competition can do so. Furthermore, this article uses resource‐advantage theory to address the relationship portfolio conundrum. Specifically, the paper argues that firms should develop a relationship portfolio that is comprised of relationships that constitute relational resources.     

双循环格局下“引进来”与“走出去”能否纠正资本错配?——来自省级层面的经验证据

提高资本配置效率是加快构建双循环新发展格局的重要抓手。在测算分析中国各省份资本错配程度的基础上,通过构建面板数据模型实证检验了"引进来"与"走出去"的资本错配纠正效果。研究结果表明:中国大部分省份的资本错配程度呈下降趋势,但省域之间资本错配程度的非均衡性特征突出,中西部地区的资本错配程度明显高于东部地区;"引进来"与"走出去"有助于提高资本配置效率,起到纠正资本错配的效果;"引进来"与"走出去"战略能够有效地纠正中西部地区的资本错配,提高其资本配置效率,但其在东部省份的作用效果并不明显。在考虑反向因果和异常值的影响后,研究结论依旧稳健。     

Competitive edge: A strategic management model

To assess a firm's strategic position, its managers must collect and interpret data regarding the firm itself, its competitors, its stakeholders, and the industry. Having implement a strategy based on that information, the managers further must measure that strategy's effect. The “competitive-edge model” presented in this article provides a series of questions to guide the strategic decision-making and data-collection process so that managers gain an explicit picture of what is happening with their firm, their competitors, and the industry. Equipped with the requisite information, managers can develop marker and non-marker strategies by matching internal resources with external opportunities. Market-based strategies seek to provide an advantage for the firm over its competitors by appealing to specific customer attributes. Non-market strategies take into account aspects of the environment not directly related to customers, including the actions of government, shareholders, and special interest groups.     

产业集群中校企合作因素分析

波特认为,区域之间的竞争优势实际上是产业集群的竞争。本文一方面对产业集群中校企合作的动力作了分析;另一方面分析了产业集群中校企合作的影响力;另外,提出了对未来产业集群中校企合作改革的几点建议。     

Institutionalizing Ethical Innovation in Organizations: An Integrated Causal Model of Moral Innovation Decision Processes

This article answers several calls—coming as well from corporate governance practitioners as from corporate governance researchers—concerning the possibility of complying simultaneously with requirements of innovation and ethics. Revealing the long-term orientation as the variable which permits us to link the principal goal of organization, being “survival,” with innovation and ethic, the article devises a framework for incorporating ethics into a company’s processes and strategies for innovation. With the principal goal of organizations being “survival” in the long-term, it is assumed that innovation is necessary in order to realize a going concern. Firms that do not innovate and adapt to rapidly changing business environments are less likely to be sustainable. Thus, it is in a business’ best interests to adopt an innovation process for long-term success. We posit that there are two simultaneous sources of innovation and change that are unavoidable and embedded in the corporate landscape. First, we argue for genetically embedded, Darwinian explanations for adaptations that enable an entity’s survival. This view is combined with more conventional, social science explanations for change. Our new, comprehensive model of the governance of innovation processes hinges on the one hand on an organization’s long-term orientation, which we argue, is not possible without a consideration of an ethical dimension. On the other hand, the model employs, for the first time, the concept of duality, in order to make the positive coexistence of innovation and ethic analytically visible. Guided by this concept the roots of the ethic within innovation are traced from both natural science forces for change, and cultural pressures operating on members of an organization. We present our Integrated Causal Model of Innovation and propose theoretical relationships that will generate numerous avenues for future research in the field, and help managers to reorient their governance strategies.     

环境规制先行接受者竞争优势分析

从竞争优势的视角,对环境规制的先行接受者和跟随者进行比较,本文分析发现环境规制的先行接受者采取的环境战略越严格,其获得的竞争优势越明显。环境规制的先行接受者所获得的竞争优势集中体现在创新优势和先动优势两方面。由于严格的环境规制能激励企业创新、促进企业进入开发新技术的上游市场、创造新的市场需求和降低成本等,环境规制的先行接受者因此获得创新优势。由于环境规制的先行接受者未雨绸缪,按照更严格的环境标准来要求企业,能够在未来更严格的环境规制变为现实之时占有市场的优先位置,获得先动优势。     

“真有之情”与“应有之情”：内部人身份感知对员工创新行为的双重影响机制

“内部人”或“自己人”是本土组织中较为常见的一种非正式身份划定。然而,“内部人”这种特殊身份往往因为其所蕴含的角色期待,而面临如何行使这一角色的尴尬。一方面,“内部人”跟组织和领导有了不同于“外部人”的关系,而对这一身份倍加珍视,并对组织形成了较为强烈的情感依附;另一方面,本土组织对“内部人”的角色要求达成了长久的共识,内部人必须付出更多以维护这一特殊身份,内部人的责任更大。针对上述现象,文章从角色认同和自我归类理论出发分析,内部人所表现出的员工创新行为究竟是“真有之情”还是“应有之情”在驱使,或是二者兼而有之。文章的基本假设是,“内部人”做出创新行为一个可能的选择不是简单地依靠情感,而是同时“无奈地”通过承担义务的方式来进行创新行为,这一组合机制是其面对自身身份以及身份本身蕴含的角色期望而构建的一种行为选择。这一研究从过去主要关注员工创新行为如何激发,转向对员工情感动机和义务动机组合与员工创新行为关系的研究。这一研究模型将内部人身份、情感承诺、感知义务与员工创新行为结合起来,拓展和深化了员工创新行为的研究。     

Purchasing consortia as symbiotic relationships: developing the concept of “consortium sourcing”

The focus on external relationships in purchasing has been primarily on strong vertical relationships with major suppliers. Until now, horizontal cooperation with other buyers seems not to have been a major area of interest for industry. In this paper, “consortium sourcing” is introduced as a supply management concept combining symbiotic horizontal relationships and strategic understanding to gain competitive advantage. Therefore, we examine the state of the art in consortium research both in the Anglo-Saxon countries and in Germany.     

Competitive Marketing Strategies: A Survey of Japanese Manufacturing Firms' Competitive Performance in the British Market

The role of Japanese corporations in world markets has become so crucial that an understanding of the rules of competition employed by the Japanese is essential for all those involved in international business. The aim of this survey was to gain an insight into the role marketing plays in affecting the competitive position of Japanese firms in the British market. In particular the researcher focused on the overall approach of Japanese companies to the marketplace and the process by which they identify and bring products to the market.

The broad findings emerging from this study present few surprises, Japanese companies do not seem to suffer from a “sales orientation”, a “production orientation” or “finance orientation” as opposed to a “marketing orientation”. The in‐roads being made into the British market are based by and large on a strategy aimed at satisfying customer needs and wants. Japanese companies saw their strengths in placing emphasis on research and engineering and bringing the right product to the market quickly and decisively.     

Relevant knowledge and recipient ownership: Chinese MNCS’ knowledge transfer in Africa

This paper examines emerging market multinational corporations’ (EMNCs’) knowledge transfer (KT) in emerging markets using case studies of Chinese MNCs (CMNCs) in Africa. CMNCs are found to transfer “relevant knowledge”, existing knowledge reconfigured so that recipients can apply it more effectively with less effort in the new context. Relevance is ensured through recipients exerting ownership of the KT process, influencing what knowledge is transferred and how it is transferred. We summarise EMNCs’ KT process in a “relevant knowledge recipient ownership model”. The model contributes to KT theory by refining and empirically testing a new type of knowledge – relevant knowledge – and a new transfer model – recipient ownership – associated with EMNCs. It leads to a “relevance-based view” in which EMNCs’ competitive advantage in emerging markets is significantly enhanced by knowledge relevance rather than superiority. This contributes to a better understanding of EMNCs’ competitiveness in emerging markets as created from distinct characteristics of their relevant knowledge (applicability, assimilability, affordability) and recipient-driven transfer (selection, scrutiny and synthesis).     

The Need for International Intellectual Entrepreneurs and How Business Schools Can Help

Abstract

The development of “international intellectual entrepreneurs” addresses a vital topic. The societal want for speedy enhancement of material living requires the increase of the number of “active” intellectual entrepreneurs. Those who produce products and services through use of the internet that drives the growth of technological knowledge. Furthermore, these persons must be capable of commercializing their skills and internationalizing their activities. A new competitive landscape is taking shape. The new information highway, the internet, is driving the technological revolution and rapid globalization. A characteristic of the revolution is the emphasis on knowledge for competitive advantage. An information and communications rich organizational environment is emerging. The widespread diffusion of technology is unstoppable. This, coupled with globalization, is producing hyper competition and a blurring of industry and product/service boundaries. In such conditions, intellectual entrepreneurship arising fromuse of the internet has much to do. Furthermore, the points made in the article apply as well to the development of “global” intellectual entrepreneurs.     

A Leland model for delta hedging in central risk books

Using a tractable extension of the model of Leland (1985), we study how a delta-hedging strategy can realistically be implemented using market and limit orders in a centralized, automated market-making desk that integrates trading and liquidity provision for both options and their underlyings. In the continuous-time limit, the optimal limit-order exposure can be computed explicitly by a pointwise maximization. It is determined by the relative magnitudes of adverse selection, bid–ask spreads, and volatilities. The corresponding option price—from which the option can be replicated using market and limit orders—is characterized via a nonlinear PDE. Our results highlight the benefit of tactical liquidity provision for contrarian trading strategies, even for a trading desk that is not a competitive market maker. More generally, the paper also showcases how reduced-form models are competitive with “brute force” numerical approaches to market microstructure. Both the estimation of microstructure parameters and the simulation of the optimal trading strategy are made concrete and reconciled with real-life high frequency data.     

Going Out by Going In: Business Model Innovation with Chinese Characteristics

A radical model of “going out by going in” is proposed. Conventionally, firms enter overseas markets by selling and ultimately investing—this is “going out.” Here, I argue that firms in emerging markets can draw revenues from overseas by penetrating previously inaccessible domestic markets and then renting their distribution and service channels to foreign competitors—this is “going out by going in.” Further, firms in emerging markets can combine knowledge platforms with distribution and service platforms to create markets for innovative products and, again, rent these platforms to overseas competitors. Two cases, both from the Haier Group, are on point: Haier's Integrated Channel Services business targeting rural markets, and the Haier “water box” project aimed at supplying potable water to households throughout China. © 2017 Wiley Periodicals, Inc.     

Factors Contributing to Internal Customer Satisfaction and Commitment in Quick Service Restaurants

Abstract

The fast-paced, highly competitive nature of quick service restaurants (QSRs) has motivated members of the industry to develop creative ways to optimize customer satisfaction. This search for competitive advantage has fueled an increased interest in employees as “internal customers” who are primarily responsible for external customer satisfaction. The hospitality industry is unique in that employees are part of the product; they directly provide the service component. This project surveyed over 900 hourly and salaried employees at 61 QSRs. The results indicate strategies and tactics to maintain satisfied and “actively” as well as “passively” committed employees. In turn these employees may be an employer's greatest marketing tool.