Book reviews

The widespread use of festive promotions, in the urban management of the 1990s, represents an extension in the practice of city marketing. This interest in festivity might be accounted for in two ways; as an economic strategy to combat the deleterious impacts of globalization on local economies, and as a social strategy to combat the growing alienation and insecurity felt in public space. However this paper offers an additional, more cultural, reading. Because of its highly competitive character, the practice of city ‘imagineering’ demands continuous innovation. Recent attention has turned to the liminal possibilities of ‘economically underexploited’ temporal periods. Temporal patterns of celebration are being mined for their touristic potential in a process that robs them of their commemorative depth as it simultaneously strives to retain their festive form. This paper examines two such initiatives- the ‘Night-Time Economy’ and the Hogmanay Street Party. While these have been promoted for economic and social gain this discussion, employing Giddens' concept of ontological insecurity and Lebfevre's concept of rhythmanalysis, explores the links between such innovations and their impact on place making.     

THE STOCHASTIC VOLATILITY MODEL OF BARNDORFF‐NIELSEN AND SHEPHARD IN COMMODITY MARKETS

We consider the non‐Gaussian stochastic volatility model of Barndorff‐Nielsen and Shephard for the exponential mean‐reversion model of Schwartz proposed for commodity spot prices. We analyze the properties of the stochastic dynamics, and show in particular that the log‐spot prices possess a stationary distribution defined as a normal variance‐mixture model. Furthermore, the stochastic volatility model allows for explicit forward prices, which may produce a hump structure inherited from the mean‐reversion of the stochastic volatility. Although the spot price dynamics has continuous paths, the forward prices will have a jump dynamics, where jumps occur according to changes in the volatility process. We compare with the popular Heston stochastic volatility dynamics, and show that the Barndorff‐Nielsen and Shephard model provides a more flexible framework in describing commodity spot prices. An empirical example on UK spot data is included.     

Agreement and disagreement in family vacation decision-making

In the last 20 years changes have taken place which have altered the decision-making process in families—family democracy is clearly in the ascendant. The family has evolved into what business research calls a decision-making unit. This general trend probably also has consequences for holiday decisions. The focus of this research is on (dis)agreement within couples concerning 15 vacation sub-decisions. In this Dutch longitudinal study, data were collected for couples over a period of nearly a year. Our main conclusion is that holiday choice has evolved over the last 30 years into being very much a joint decision, in which family members discuss, seek information for the discussion and use influencing strategies. The dominant disagreement-resolution strategy is the golden mean strategy. This is a strategy of give-and-take-and-reach-a-compromise. Compared with other choices, the holiday choice is also more of a joint affair. Finally, intrafamily (dis)agreement has consequences for satisfaction with the choice process, the amount of discussion and information searching. Implications of the increased family democracy for marketing and advertising are described.     

Shouldn't Customers Control Customized Product Development?

Nowadays, customized product development (CPD) is increasingly prevalent in business‐to‐business settings, which has motivated manufacturers into development approaches wherein the customer plays an active role. When the customer is merely viewed as a passive receiver of the customized product, the manufacturer won't be able to truly empathize with the customer and might lack important suggestions to create and improve the customized product. It is, after all, the customer that holds pertinent development information and/or expertise. Yet, customers are not always motivated to participate and often need to be convinced about the manufacturer's ability to develop customized products in a timely and cost‐effective manner. Prior literature on interorganizational relationships suggests the use of formal control, i.e., process and/or output control, to fashion activities in line with expectations so that development goals can be attained. Thereupon, this study posits that the customer's use of such formal controls may stimulate customer participation in CPD. In addition, this study investigates whether manufacturers can indeed benefit from customer participation in CPD through improved new product performance. To accomplish the research objectives, survey‐based and accounting data are collected on 63 collaborative CPD projects between a plastics manufacturer and its industrial customers. In conjunction with an add‐on experimental study regarding the effect of formal control on customer participation, this study reveals that the customer's use of formal control significantly increases the level of customer participation in CPD. Additionally, this study confirms that customer participation positively impacts new product performance. Together, these results imply that letting the customer use process and/or output control helps the customer to believe more in the pursuit of CPD goals and successful product customization, thereby encouraging the customer to participate more actively in CPD. Besides, the findings imply that increased access to market and customer need‐related information obtained through customer participation is indeed critical for successful CPD.     

Costs of Adopting a Hazard Analysis Critical Control Point System: Case Study of a Chinese Poultry Processing Firm

Implementation of a hazard analysis critical control point (HACCP) system by a Chinese poultry processing company required significant initial investments and greater monthly operation costs, including measures needed to meet prerequisite standard sanitary operating practices. HACCP benefits perceived by managers were diverse and difficult to ascertain—access to export markets seems to be the chief benefit. Large-scale, export-oriented plants appear to be able to bear the costs of HACCP implementation, but costs may be a greater barrier for smaller Chinese companies serving the domestic market.     

The quantitative strategic planning matrix: a new marketing tool

Originally introduced in a 1986 Long Range Planning article, the Quantitative Strategic Planning Matrix (QSPM) has become widely used in strategic management but is only rarely used in marketing strategy. This paper reveals how and why the QSPM should be commonly used in marketing strategy to assess the relativeness attractiveness of alternative strategies being considered. An example QSPM is developed in this paper for a firm considering two alternative marketing strategies: (1) Increase Advertising Expenditures by 50% vs. (2) Lower Menu Prices 10%. The QSPM process is exemplified and limitations are discussed herein. The primary contribution of this paper was to reveal how and why the QSPM can be useful, both theoretically and practically, in a devising an effective marketing strategy.     

Indigenous sport and heritage: Cherbourg's Ration Shed Museum

So much has been lost about the culture of Australia's Indigenous people. Their languages, traditions and heritage were dissipated under the process of white colonization from 1788. This paper investigates the actions of the people from Cherbourg, an Aboriginal settlement in southeast Queensland, Australia, to reclaim their culture, identity and heritage. The focus is specifically on the Ration Shed Museum (RSM), which officially opened in Cherbourg in 2004. The RSM is a particular type of Indigenous museum, a community museum, in which those who curate the museum are simultaneously its subjects. Through a combination of ideas drawn from new museology, critical heritage and cultural geography, the relationships between the three buildings of the museum – the Ration Shed, the Superintendent's Office and the Boys’ Dormitory – and the displays of sport are examined via the voices of Cherbourg people. The buildings evoke stories of surveillance, discipline, punishment and control and, in many ways, sport mirrors these features of life at Cherbourg. Importantly, however, sport functioned in a parallel capacity by creating identity: sporting achievements were symbols of pride, resilience and hope for Indigenous people.