Strategies to crack well-guarded markets

How can companies break into attractive markets, where incumbents erect many barriers to entry? To answer this question, the authors studied organizations that successfully entered the most profitable industries in the United States between 1990 and 2000. When they dissected the strategies that worked best, one common theme stood out: indirect assault. Smart newcomers don't duplicate existing business models, compete for crowded distribution channels, or go after mainstream customers right away. Instead, they attack the enemy at its weakest points; then gain competitive advantage; and later, if doing so meets their objectives, go after its strongholds. Recent battles in the soft drink industry--where brands, bottling and distribution capabilities, and shelf space are incumbents' main advantages--are a case in point. When Virgin Drinks entered the U.S. cola market in 1998, it advertised heavily and immediately tried to get into the retail outlets that stock the leading brands. Virgin has never garnered more than a 1% share of the market. Red Bull, by contrast, came on the scene in 1997 with a niche product: a carbonated energy drink. The company started by selling the drink at bars and nightclubs. After gaining a loyal following through these outlets, Red Bull elbowed its way into the corner store. In 2005 it enjoyed a 65% share of the $650 million energy drink market. Successful entrants use three basic approaches in their indirect attacks. They leverage their existing assets and resources, reconfigure their value chains, and create niches. These approaches may appear to be simple, but their magic lies in their combination. By mixing and matching them, Bryce and Dyer say, enterprises can defy half a century of economic logic and make money entering highly profitable industries. The authors use Skype, Costco, Skechers, and many other companies to illustrate their argument.     

The Emancipation Proclamation,Confederate Expectations,and the Price of Southern Bank Notes

We examine the behavior of a semimonthly series of the Confederate dollar price of bank notes. These notes traded at par with Confederate dollars from October of 1861 until November 5, 1862. We use a model of the demand for two currencies to argue that this departure from par results from altered Southern expectations after the 1862 Congressional elections assured the enactment of the Emancipation Proclamation. Previously, Southerners believed a win or a negotiated settlement would allow a return to the Union intact. When these expectations changed, bank notes appreciated against Confederate dollars. In addition, our empirical work shows that notes appreciated following Northern victories.     

Domesticating fears and fantasies of ‘the East’: integrating the Ottoman legacy within European heritage

ABSTRACT

‘Europe’ has no fixed geographical, historical, religious or cultural boundaries. Claims for the existence of European civilization as a discrete construct are continually made yet dissolve on close scrutiny. Here, we examine these claims at one of the grandest points of existential crisis and belonging for Europe, the relationship with the ‘Other within’: Turkey, the Balkans and Ottoman heritage in Europe. Through a hybrid semiotic and Foucauldian analysis of catalogues of eight high-profile exhibitions in the United Kingdom, Turkey, Belgium and Portugal we argue that an unsettled discursive struggle is at play, in which one ‘Europe’ articulates ‘reconciliation’ of profound civilizational difference while another, Ottoman, ‘Europe’ stakes a claim of right as an intrinsic component of what it means to be European in a contemporary context. We attempt to trace the role of museum marketing in the perennial accommodation/exclusion of the Ottoman Empire as an intrinsic component in the diversity of Europe’s cultural heritage.     

Internal loss data collection implementation: evidence from a large UK financial institution

The paper conducts a critical analysis of internal loss data collection implementation in a UK financial institution. We use elite semi-structured interviews, with a sample of 15 operational risk consultants from a leading international financial institution. Using content analysis, the data covers a wide range of business areas, with particular attention drawn towards the development of internal loss collection and operational risk management. The results suggest that the development of operational risk management as a function stems from external compliance (Basel II) and the internal pressure to add value to the business portfolio. This need for compliance was augmented as a driver of internal loss data collection; however, participants also recognised that the function of loss data collection is a tool of solid internal risk management and enhances managerial decision-making. The research also highlights the problems in cleansing data in order to ensure that all information implemented in the capital allocation model is valid and reliable.     

The causes and consequences of land use regulation: Evidence from Greater Boston

Over the past 30 years, eastern Massachusetts has seen a remarkable combination of rising home prices and declining supply of new homes, which doesn't appear to reflect any lack of land. In this paper, we examine the increasing number of land-use regulations in Greater Boston. These regulations vary widely over space, and are hard to predict with any variables other than historical density levels. Minimum lot size and other land use controls are associated with reductions in new construction activity. These regulations are associated with higher prices when we do not control for contemporary density and demographics, but not when we add these contemporaneous controls. These results are compatible with economic theory, which predicts that production restraints on a good won't increase the price of that good relative to sufficiently close substitutes. Current density levels appear to be too low to maximize local land values.     

Identifying socio-economic differences between high and low income metropolitan areas

This is an exploratory effort to describe some distinguishing socio-economic characteristics between high and low income metropolitan areas and to identify those regions with atypical socio-economic profiles.