Economic insights and deficits in European biotechnology patent policy

The decisive statutory provision of the EU for patent protection of genetic engineering inventions is the so-called directive on biotechnological patents (DBP). Its objective is the encouragement of research and development in the genetic engineering sector. The following exposition shows that the DBP has two major flaws from the economist's point of view, under which particularly small and medium-sized enterprises, the driving force of this young line of business, suffer.     

Profiling mass affluent luxury goods consumers in China: A psychographic approach

This article focuses on the main group of luxury goods consumers in China, the Chinese elite, who are of critical importance for marketing luxury goods. First, after defining the Chinese elite, we identify the relevant dimensions to segment this mass affluent group: conspicuous/functional, individualist/collectivist, impulsive/rational, and propensity to innovate. Second, we show the emergence of four clusters along these psychographic dimensions but also sociodemographic and geographic characteristics: luxury lovers, luxury followers, luxury intellectuals, and luxury laggards. Third, we present examples of consumers' profiles in each cluster and illustrate these examples with excerpts from in‐depth interviews. Finally, we show how this approach can help managers to identify Chinese elite luxury segments and efficiently target them. We propose segmented or crossover marketing strategies and conclude with recommendations for a better understanding of innovativeness, enhancing brand loyalty, and reducing postpurchase guilt, with respect to these segments. © 2011 Wiley Periodicals, Inc.