A generalization that makes useful the dorfman–steiner theorem with respect to advertising

Dorfman and Steiner's theorem is trivial with respect to advertising because it deals with only one period. It simply says that a firm should stop with that volume of advertising at which an additional dollar of advertising just produces an additional dollar of net revenue. This note generalizes the theorem to the meaningful multi-period situation in which the effect of advertising is lagged. The optimizing decision rule is to advertise up to the point at which f′(A_t) = 1 - bd, where A stands for advertising, b for the customer-rentention factor, and d for the cost-of capital discount factor.     

The Scottish development agency: Market consensus, public planning and local enterprise

The absence of a coherent industrial strategy embracing sectoral enterprise development at the level of national government in the UK has meant a shift to regional and local levels as far as concerted intervention is concerned. But whilst there has been considerable interest in the activities of the local authority enterprise boards there has not been the same attention given to the regional development agencies like the SDA. The ideologies of intervention of this agency and GLEB, for example, are in theory very different, yet each confronts a series of opportunities and constraints at the level of economic sectors.     

Worker representation and the articulation of training needs

The focus of discussion about industrial democracy has shifted from worker directors to collective bargaining. This shift means that representatives will find themselves negotiating on relatively unfamiliar ground, with consequent implications for their training needs. Tom Schuller and Simon Henderson discuss certain issues identified in an SSRC-sponsored project on training for worker representatives.     

The Successful Product Pioneer: Maintaining Commitment while Adapting to Change

Introducing pioneering products is an important entrepreneurial activity and the lifeblood of small businesses, yet previous literature on pioneering and performance in small firms has been inconclusive. Based on data gathered from entrepreneurs in 51 small computer firms, the study found that commitment (entrepreneurial confidence) and adaptability (corporate entrepreneurship and environmental dynamism) were especially beneficial to pioneers. The other three variables (product championing, marketing emphasis, and technological newness) contributed to performance across all new product introductions but did not have modifying effects on pioneering introductions in particular.