Research Korner: Sample Market Research

STOCK MARKET AND STOCK PRICES: UNDER THE LENS OF EFFICIENT MARKET HYPOTHESIS

STOCK MARKET AND STOCK PRICES: UNDER THE LENS OF EFFICIENT MARKET HYPOTHESIS   Introduction             The invisible hand in economics implies that isolated benefits existing in the economy will not be apparent and will continue to be believed normal events.  This is because all economic actors are doing the same thing, which is, outwitting one another to get an upper hand with economic gains and benefits.  In specific areas such as stock markets, the invisible hand is redefined by efficient market hypothesis.  The mechanism is the same with reference to stock price indifference and absence of isolated case of attractive investment.  However, the historical stock market bubbles/ crashes as well as corporate scandals show that the hypothesis is merely a theory and has its limits.    EMH and its Major Forms Efficient market hypothesis or EMH is an investment theory that posits the zero possibility of outperforming the stock market by using fundamental (e.g. corporate date, economic factors) and technical (e.g. trending) analysis in investment appraisals ().  Due to this, EMH assumes that share prices are determined in the market through all possible and existing information.  There is no room for investors even an expert to achieve gains through available information.  EMH incorporates them to the current share price.  For example, there are no undervalued or overvalued stocks which can attract speculation for potential gain.  As a result, there is no other way to outperform the market rather than to invest and purchase for riskier stocks.  Although highly theoretical and controversial, EMH was evident during 1987 stock market crash and some corporate scandals.      There are three forms of EMH; namely, weak, semi-strong and strong forms (Investopedia).  The first form states that technical analysis can be utilized to outperform the market because the current stock price reflects all past prices that it had during trading.  Alternatively, fundamental analysis can be used to measure if the stock is undervalued or overvalued.  The second assumes is in conjunction to the initial definition of EMH but gains can be held when investors will be able to use unpublished information about the stocks.  Therefore, only public information (i.e. published) are integrated to current stock price.  The third agrees with the complete definition of EMH that includes in the current stock price both the public and private (i.e. through insiders) information.  With this, even when investors will consider a huge amount of research to achieve price gains, this form retires the outcome.   EMH Failure and Capital Market Research              The historic Great Depression and Enron collapse are two cases in two different times that proved that EMH failure will not be discovered and addressed until adverse effects to stakeholders are at peak.  This calls for a pro-active approach in conducting capital market research in which the endeavor should be infused even if obvious effects are yet to emerge.  The more stringent policies may defer and discourage Enron-like firms temporarily but pro-activity to determine the culprit (client alone) or culprits (client plus auditor) is conceded to have its strategic merits for capital suppliers.  Every potential and existing shareholders and creditors are now bound to get all the help they need from financial advisors, government and peers to secure their funds to entities that have at least a sprinkle of EMH or some degree of the weak-form.  Otherwise, their investment can be easily diluted by the market and/ or the entity without even imploring some contingent measures.  In simple terms, they will lose the battle without pulling out their swords and shields.               Being in chorus to the behavior of a certain financial market proved to be beneficial and less complicated for shareholders.  The case of Great Depression and Enron is not an everyday case while the general pulse of market participants is oftentimes correct and profitable.  However, there are several factors to consider when shareholders will completely give their trust and relate investment options to the capital markets.  For example, the efficiency of stock exchanges in which corporate shares is traded out of their traditional operations.  In economics, the role of the stock market is merely to provide a venue in which demanders and suppliers of capital can meet (1965).  Today, this venue becomes complicated due to brokers and traders, regulation from the government and involvement of foreign firms and investors as well as complexity and uncertainty of the environment.                For example, the London Stock Exchange had abolished Big Bang scheme that led to de-motivated independent brokers and conversely allowing entities to have their own dealers (1999).  In effect, the exchange can fail to limit the marketing campaigns private brokers can use to attract investors.  As Enron primarily utilized the lack of corporate disclosure and insider trading to obtain its objective, this situation can mimic the manipulative feature by misleading promises and bias advises.  In addition, the abolishment can hinder broker efforts (both private and independent) to seek markets diligently due to their “focused” clients that can ultimately limit the flow of capital in the economy.  Limiting the access to capital and interested borrower stimulates as well aggravates the inclination of firms to implement actions that continuously mitigate the functions and invisible hand of EMH.  Another Enron or perhaps Great Depression can follow in the coming years.    Asymmetrical Information              According to Investopedia, asymmetrical information is a condition when one party in a transaction has a more substantial and relevant information than the other party.  In this case, it is likely that the former party will have higher bargaining power throughout the transaction until the latter discovers the error or default in the agreement.  When applied in the corporate setting, the theory of the separation of ownership and management can illustrate this case.  The theory states that investors have an indirect access to inside information with regards to the real corporate value compared to directly managing executives (2002).  As observed, investors can be applied with management tactics to raise self-vested interests of executives.  Traditionally, the latter opt to sell and issue shares when the firm is overvalued as well as the investors are unaware of such condition.  However, this dogma had long been discovered by the market.  as such, investors repel this executive behavior by revaluing their shares causing a negative market reaction.  In the end, the management could not maximize the traditional tactic due to unfolded information of its significance to investors.                 The supposedly first stage of the collapse of Enron was derived from Skilling drastic imposition of rigid and hostile retention scheme (Thomas 2002).  This is a condition of moral hazard (1999).  Before Skilling took the post of Division Manager, former employees have symmetric information with the firm regarding their worth.  However, when Skilling tackled human resource issues, he tried to abort loyal but change-averse staffs with master-level and doctorate degree holders without full disclosure of the plan so that former staffs have adjusted their work ethics accordingly.  In a different case, the unethical accounting practice of Fastow and his collusion with Andersen auditors is an information asymmetry under signaling (2002; 1999).  The victims are the shareholders unknowingly handed by non-transparent corporate and financial reports.  Fastow and Andersen signaled to each other about the hidden action which transformed shareholders as one having asymmetric data from the start of the contract.               Information asymmetry to employees was regarded as the first dark stages of Enron collapse because staff resistance to change is one of the top causes of failure of major corporate changes (2002).  Skilling, who had substantial experience as financial advisor, undermined human resources when it insisted to be hostile on them.  Without loyal employees, quality management is adversely affected because highly-qualified but new employees are neither capable nor motivated in conforming to the new methods under Skilling culture. This scenario may have been integrative-planned by  to limit the size of familiar employees to minimize their unethical exposure.  At this point, Enron was not looking strategically rather financially.  The incomplete information staffs would have been received (like the transition to highly-qualified and scholarly recruits) sparkled the negative atmosphere throughout the organization.  It ultimately impeded cultural cohesion and deepened the opportunity of higher executives to execute their self-vested practices.               On the other hand, information asymmetry to investors as well as rating agencies led to unguided substantial investments.  This formed the foundation for the fame and fortune of Enron to emerge.  Although signaling is primarily evident to investors that purchase stocks or those who increase their holdings under Andersen regime, moral hazard can be more appropriately tagged to initial investors of the company way back in 1980s.  The loophole of this practice by colluding parties, however, is that the huge amount of stakes that used to support the firm’s operations, stock attractiveness and continuity of the unethical practices made them very crucial to the existence of Enron.  As a result, when the scandal cropped up in the offing of the new millennium, the firm had faced not a gradual demise rather instant shutdown.    Option Grants Under opportunistic perspective, the economic incentives of Enron can vary depending if they opt to engage in fraud or take risks with regards issuing options.  The perspective is an accounting policy used by an organization that is based on manager’s incentives to increase their wealth; however, this will be shouldered by other parties within and beyond the organization (1997).  When they employ fraud, they can manipulate accounting methods providing a tampered profits and performance ratios.  According to the survey of  (1997), most managers are remunerated from the profits or ROA of their respective firms.  In effect, executives will not only impress employees to undergo option grants but as well impress the investors to provide higher incentives believing that the firm is doing well.    Further,  (1987) showed that restrictive covenants formed by corporate debts are surmountable by fraud to improve accounting numbers.  The process will begin after executives have manipulated financial ratios permissible to the constraints of creditors.  In effect, the firm can enjoy strategic actions it cannot implore when the manipulation did not take place.  In return, the firm can implement strategies that will ultimately lead to profitability and growth in either prospective or actual sense.  When this information is delivered to employees, they will think that stock options are attractive investments.  They will purchase stocks unknowing that they are merely funding the efforts of executives to conceal mismanagement or possible bankruptcy.  As a result, executives are rewarded two-fold.  They can manage the firm with the support of creditors and implementing strategies with employees in full support due to the stock options the latter is currently holding.  The cover-up ultimately leads effective fraud on the part of executive whose incentives goes beyond remuneration rather long-term employment, promotion and fame within the industry.                        In a similar case, political groups can impede strategic actions of the firm if it reports high earnings or disclose issues pertaining to adverse external effects of their operations (1997).  The government may impose tax sanctions or legal remedies on tax evasion while environmental groups can boycott its products when informed about negative externalities (like oil spills).  These situations have their adverse impacts in both short-term and long-term existence of the company.  In effect, fraud to accounting methods can result to lack of disclosure and computational manipulation to arrive at a standard level of accounting reports.  This is why the study of  (1996) found that firms with environmental disclosures still used them for corporate image building.  As a result, similar to the benefits of corporate ability to bypass creditor restrictions, the firm can induce its strong business outlook to employees deepening the need of the later to resort to option grants.  Executives can distort the likelihood of disruptions from external actors from a major mental lapse in decision-making through designing accounting methods that can hinder such mistake.                  On the other hand, under efficiency perspective, the efficiency of the contracting parties or transactions at hand is pursued to end at a minimum agency cost.   According to  (1999) accounting alternatives are adopted by executives because it reflects the underlying and true performance of corporate assets ().  This makes fraud selection for executives ineffective, if not, legally impaired.  In this case, risk taking is the more strategic choice for executives to maximize their incentives.  For example, there are different methods to compute for depreciation or amortization.  When this will be related to stock options, executives have minimal control over the options due to the absence of fraud.  In effect, it is left to accept the repercussions of the market.  Although this is ambiguous making a less enthusiastic employee to involve their investment in options, this can be an effective mechanism keep employees and executives “unattached” to corporate performance.                Due to this, executives will not be pressured to take unethical accounting practices.  One incentive of this is that employees may see the worth of their executives that can induce corporate cohesion.  By doing so, executives can freely implement their strategies and run the organization more smoothly.  Through this, they can reap the benefits of fraud tactics through similar economic benefits plus the recognition they can derive from complimenting and idolizing employees.  They can extend affect their investment decision in the long-run which inevitably acquire employee’s trust.  By this time, executives can opt to apply fraudulent actions as they wish.  Another incentive is that accounting best practice can be awarded to the company by external actors as well as investors. In effect, executives can go away from unethical practices and manipulation that can minimize the costs of hiring additional skilled accountants and the cost of “greasing” to auditors, politicians and other colluding parties.    Conclusion             The stock markets of today are likely positioned in the middle of reality and theory, that is, under semi-strong EMH.  It allows gains for the issuers and investors alike to make investing exciting and thrilling that is compatible to the appetite of rich businessman and influential people.  The discussion shows that EMH failure is necessary to give way for all the stock market actors to reap specific gains and achieve their personal/ corporate interests.  However, the drawback is that inefficiency in macroeconomic sense is detrimental for the people in the lower bracket of earnings-capacity (i.e. those in poverty or even the working class).  They are completely unable to participate in the stock market, minimal access to assess companies based on credible/ accurate financial statements and controlled by their employers.  As a result, this serve as a policy issue for authorities that requires review and appreciation of EMH and the appropriate EMH form to use in different economic conditions.

STOCK MARKET AND STOCK PRICES: UNDER THE LENS OF EFFICIENT MARKET HYPOTHESIS

STOCK MARKET AND STOCK PRICES: UNDER THE LENS OF EFFICIENT MARKET HYPOTHESIS Introduction The invisible hand in ec...

Marketing research of a telecommunication industry

Introduction             The accuracy to market is concern of telecommunication firms as part of the technology driven industries. Designing products that meet customer needs, while still aiming to be first to market, is often dilemma for firms in such industries. It has been argued for some time that primary means for achieving competitive advantage is by accelerating the new product development process (Karagozoglu and Brown, 1993; Lynn et al., 1999; Page, 1993). The purpose of this research is to explore how marketing research affects market strategy and opportunity in UK telecom industry as the study will examine relationship between dissemination and use of marketing research in the telecommunications industry.   Overview of Literature Study               Langerak et al. (1999) and Millson et al. (1992) argue that creating customer value should be the focus of new product development efforts. There focus on the customer involves doing marketing research to confirm market acceptance and identify product requirements and design. Karagozoglu and Brown (1993) indicate that majority of firms involve customers in the development phases of market process as it permits the greatest leverage of customer information. The undertaking marketing research with or about customers is critical to reducing new product development marketing ways.   Why the telecommunications industry?             There is faster new product development is important to many firms, particularly those in dynamic and hostile environments (Calantone et al., 1997; Kessler and Chakrabarti, 1996). One industry, which is currently operating in such an environment, is the telecommunications industry. The signing of the Telecommunications Act which prevented local phone companies, long-distance companies, cable TV and wireless service companies from entering each other’s business, the companies are able to bundle variety of services and, more importantly, make significant progress toward building high-speed information highway, which can transmit voice and video communications by entering markets previously closed to them. How has deregulation changed the telecommunications industry? It has increased competition, as companies from different industries and different parts of the world vie for position in this diverse industry. Deregulation has led to the development of competing products and technologies in an attempt to be at the forefront when standards are established.               Telecom firms that face such highly competitive and dynamic environments are predicted to face greater pressure to bring products to market faster than those that operate in more stable and static environments (Calantone et al., 1997; Kessler and Chakrabarti, 1996). Moreover, in recent study, Ittner and Larcker (1997) suggest that more research is needed on the relationship between various marketing practices and strategic cycle in diverse technological and competitive settings. Thus, focus on UK telecommunications industry as dynamic paced industry that has seen ever-shorter product life cycles in recent years. Given these characteristics, the usage of marketing research in developing marketing strategy may prevent or reduce the need for multiple and lengthy tests of individual marketing strategy elements such as packaging, pricing, advertising, brand name. The below illustration is an example of marketing stance of EU telecommunication industry in which UK is a part respectively.     Figure One: Marketing orientation evaluation in the EU mobile telecommunication enterprises Figure Two: Average evaluation of marketing orientation of EU mobile telecommunication Operators       Source of the above, adopted from: Kurtinaitienė, J. (2005), Marketing orientation in the European Union mobile telecommunication market. Marketing Intelligence & Planning Volume 23 Number 1 pp. 104-113 Emerald Group Publishing Limited               The specific market segmentation does consist of detecting, evaluating and selecting groups of individuals whether they are consumers or not as with the purpose of designing and directing competitive strategies towards them. A review of academic research reveals the scant attention paid to the evaluation and selection of segments. Most of the studies merely evaluate the sales potential, the attractiveness, or the stability of each segment, with no reference to management needs. On the other hand, the creation, application and verification of quantitative methods which would build these groups have been the main target of academic efforts (Wind, 1978) as detecting better segments is of such great importance that it has very frequently been considered as a goal in itself.   Methodology             The companies which perform segmentation studies in their marketing and research departments, the principal companies working in this field are market research through telecoms as there covers survey questionnaire/interviews and from the interviews there is qualitative information about segmentation research design. There are two main objectives first, to assess the level of evaluation and selection of segments tasks of UK telecom market segmentation process. Second, to discover frequency with which the industry assess and select segments and the research methods used. The interviews were required to indicate the degree of difficulty they found in the performance of the different stages of the process. The possible answers were structured following a five-point Likert scale (1 = very low level of difficulty; 5 = very high level of difficulty). Aside, it is very important to make use of management support systems, which allow the identification and evaluation of alternative segments (Reeder et al., 1987). The full co-operation of all the company departments involved in segmentation study and strategy is fundamental. The evaluations must be able to detect deviations and discordances between the detected segment characteristics and the objectives of the market segmentation strategy.             The telecommunication industry has undergone considerable restructuring for many years now thus, involving mobile telecoms success in UK telecoms have become opportunistic seekers within the mobile business and its market stance. The marketing environment is becoming competitive, international market is expanding and telecoms are returning to profit valuation wherein costs are considered and market segments are applied within ideal grounds (Betts, 1994; Skapinker, 1995). Then, market opportunity implies better market context wherein access to customers and market chain solutions are adopted as well as executed with emphasis on strategy formulation such as providing ample market base for market mix and segmentation (Driver, 1999).             Moreover, competitive advantage is outcome of strategy capable of helping UK telecom business to maintain and sustain favorable market position and translated into higher profits compared to those obtained by competitors operating in the same industry. The implementation of telecom strategy develops consistent system of strategic objectives, adopting complex of coherent functional policies. Then, the system of objectives and policies must be kept consistent with the external conditions of the market in deciding strategies and policies. Nevertheless, UK telecom adaptation to industrial environment requirements has to be seen in dynamic form, in which there constantly adapts its action to external and internal changes in changing pattern. Furthermore, there intends to replicate past strategies in a sort of cycle whereby inertia and lag mechanisms operate to maintain the same conduct, beyond and sometimes in opposition to pay-off evaluation results. In this sense, firms can be locked-in or locked-out of some strategy choices, losing the opportunity of being more flexible in their decision process. In this way, telecom industry should recognize when it would be better to change strategy and when to continue the strategic process (Toh and Hu, 1990). Furthermore, the need for segmentation understanding of market resources and competencies into a useful approach does improve service quality image by communicating market attributes done efficiently.               Furthermore, formulating effective market approaches for achieving segment in such market survey application wherein certain marketing objectives are deemed possible. (Doganis 2001) Aside, market approach in line to Porter's theory that there can be ideal strategies; UK telecom can adopt to achieve marketing advantage over others such as the following: -       Cost leadership wherein UK telecom seeks to be the lowest cost producer by selling standard, mass products -       Differentiation where telecom industry introduce unique dimension that is considered to be important to the market -       Focus that involves targeting certain segment of the market and to be adopted by the UK telecom The UK telecom should have detailed plan for their strategic moves in the market and be able to provide good customer services to the customers like by having discounted flights and value promotion to keep the competitive advantage at stable mode within its competitors and will need to focus more on the core competencies that allow business to practically and wisely design suitable airline operations within the bracket of their marketing network services in a market standard-based perspective.             The need to be goal oriented and must not stop to rejuvenate and change their marketing plan strategies from time to time in order to re-invent the performance process upon the upgrading of rules and regulations for segmentation of the market leading to stable market sales and profit (Doganis 2001). UK telecom need to segment customers using value-based and needs-based approaches and must be proactive in pursuing initiatives that respond to the needs of their customers and also provide high rate of return also, the need to pursue an organizational design allowing value-based segmentation to satisfy every customer (Cited from, Elliot, 1990 p. 28).  The dynamism of telecom industry makes it a challenge for any one player to respond to various market innovations as possible. UK telecom will have to continue their efforts to build complete and integrated market strategy planning and decision support software solution combining the major revenue and cost drivers and the proficiency coupled with a strong knowledge based service offering as it can be essential to any idea of expansion of services.             The need for UK telecom to strengthen whatever opportunity that can be found in airline industry through engaging into established process of valuing its marketing strategies and a detailed planning structure helping promote better strategic moves and be able to provide good customer services to the customers like by having discount promotion to keep the competitive advantage at stable mode within competitors and will need to focus more on the core competencies that allow sustainable market operations through online market and communication, UK telecom long-term strategy is to improve its profitability to create substantial shareholder value and to maintain its position and to continue to grow and diversify the business into new markets and maintain flexible, diversified market network for investing better customer service initiatives within the business. Furthermore, in marketing instance there can be the adaptation of useful segments like the feature mobile segmentation, the involvement of mobile packages through the presence of internet media as a form of customer segmentation, the developing of strategy in UK telecom, there is critical need for business leaders to assess market structures available within the industry. (Prahalad, 1990) Figure Three:  Sources of quantitative techniques Source, adopted from: Hussey, M. and Hooley, G. (1995), The diffusion of quantitative methods into marketing management  Journal of Marketing Practice: Applied Marketing Science Volume 1 Number 4 pp: 13-31 MCB UP Ltd                 The research methodology and design process would involve such primary as well as secondary sources for bringing about substantial studies that are literature based and theoretically inclined for which such research methods utilized may truly serve its first hand purpose for this study. The primary sources will have to represent original thinking as the core data for the research will have to be in case studies as well as survey questionnaires equipped with suitable statistical data and its measures as it can have direct observation to the research process as undergoing research should be handed in with empirical facets and crucial points gathered by the researcher. The secondary data will then analyze and evaluate information as being found in the primary sources and creates information more accessible to the readers and the parties involved supported by journals, articles and other publication types.        Survey Questionnaire                   The researcher is conducting a study on marketing opportunities and strategies useful for telecom industry upon making necessary recommendations for this study; a questionnaire is designed to gain respondents’ feedback.  The information given will be treated in strictest confidence.         Thank you.     Part 1:  Personal Data   Direction: Please fill up in all the necessary information about yourself.  Don’t leave any item unanswered.   a.    Age  ______   b.    Gender Male ( )                 Female ( )   c.    Civil Status Single ()               Married ( )      Separated (  )            Widow/Widower ( )   d.    Educational Attainment   Elementary ( )     High School ( )         College ( )      Graduate ()     e.    Occupation:_____________   f.     Religion:____________________________   g.    Number of years in the company:_____     Part 2: Determining better market segments by using appropriate market process in the UK, on a scale of 1 to 5, rate the following statements within certain perception on marketing research as the scales can be: (1=strongly disagree, 2 disagree, 3 uncertain, 4 agree, and 5 strongly agree).  Please tick only 1 column.         A. Market Segmentation Issues     1. With regards to market segments, the telecom business in UK is utilising strategic protocol for securing their customers. 5          4          3          2          1                                     2. Segmentation channels within UK telecom ensure that lack of market segment success can be due to weak management and service of market communication. 5          4          3          2          1                                     3. Improving the value of telecom industry is vital to the development of information technology within its strategic core for strategic driven mechanism. 5          4          3          2          1                                           4. In accordance to market research and management, the realization of promotions and other business offers is utilized to ensure better market cycles. 5          4          3          2          1                                     5.  The UK telecom industry marketing sectors created strategies that ensure sales assets and online planning for the success of market segments. 5          4          3          2          1                                         B. Marketing Opportunity Integration   1. Most of mobile telecom in the UK has qualified and competent personnel to implement effective strategies of marketing                                                                                                                                                        5   4          3          2            1                         2. The UK telecom provides effective online marketing promotions planning as related segmentation execution  5         4          3          2          1                         3. Sectors of UK telecom industry have ample knowledge in market strategy and how it works effectively. 5          4          3          2          1                         4. Marketing reality makes sure that UK telecom understand the importance of segments and market value for growth and success. 5          4          3          2          1                         5. The market opportunities are considered ideal in terms of technology usage for customers to appreciate marketing drivers being used.   5          4          3          2          1                           C. Market Effectiveness of Telecom industry     1. Marketing networks in the UK telecom design effectiveness of marketing program. 5          4          3          2          1   2. The different industries involved adopt a customer focused marketing model with respect to the implementation of strategy networks design for good customer service. 5          4          3          2          1   3. The telecom industry is handling well consumers’ complaints effectively through effective retention programs like freebies and promotional activities. 5          4          3          2          1   4.  The current information on marketing approaches within UK telecom offers good market service to the customers. 5          4          3          2          1   5. Effectiveness into the market approaches do enhance the capabilities of mobile users to completely be in serve in a specific time. 5          4          3          2          1                               Interview Questions   1.        How long have your organization implemented the market segment process? 2.         In your opinion, what made the company decide to adopt marketing strategies on a more comprehensive manner, why? 3.        What are the possible factors UK telecoms will consider before planning such marketing pattern for satisfying mobile users?  4.        As an employee, what were the problems you encountered while on the process of serving quality market stance to customers? 5.        How did you deal with the marketing problems if there is any? 6.        Now that the company has applied market segments and certain market models, is the outcome successful? Explain 7.        Based on the current status of marketing value in telecom organization, what are the benefits of implementing better market segments? 8.        Do you prefer market segmentation method that is traditional market communication in the telecom industry? Why? 9.        Are you satisfied with marketing quality as well as services provided by the company? 10.     What do you think are the areas for market improvement for telecom companies to incur enough marketing service channels?   Resource   The resources deemed for the realization of the study can come from related books and certain publications mostly underlying to the support resource materials ideally as basis for the literature studies of the study. The knowledge and information to be integrated and evaluated for validity and reliability can be resources directed to emerald insight journals and articles as well as from the Questia Library.     REFERENCE     Atuahene-Gima, K. (1995), "An exploratory analysis of the impact of market orientation on new product performance: a contingency approach", Journal of Product Innovation Management, Vol. 12 pp.275-93..   Brown, S.L., Eisenhardt, K. (1995), "Product development: past research, present findings, and future directions", Academy of Management Review, Vol. 20 No.2, pp.342-78..   Calantone, R., Schmidt, J., DiBenedetto, A. (1997), "New product activities and performance: the moderating role of environmental hostility", Journal of Product Innovation Management, Vol. 14 pp.179-89.   Cooper, R. (1995), "Developing new products on time, in time", Research Technology Management, pp.49-57.     Doganis, R. (2002) The Economics of International Business, Routledge London   Driver, J.C. (1999) Airline marketing in regulatory context", Journal of Marketing Practice: Applied Marketing Science, Vol. 5 No.6   Elliot, G. R. (1998) The Marketing Concept Necessary But Sufficient? An Environmental View. European Journal of Marketing, 24, 8, 1990, pp. 20-30. Griffin, A. (1997), "Measuring product development to improve the quality of the process", in Lederer, P.J., Karmarkar, U.S. (Eds),The Practice of Quality Management, Kluwer Academic Publishers, Boston, MA, pp.117-45.. Ittner, C., Larcker, D. (1997), "Product development cycle time and organizational performance", Journal of Marketing Research, Vol. 34 pp.13-23..   Karagozoglu, N., Brown, W.B. (1993), "Time-based management of the new product development process", Journal of Product Innovation Management, Vol. 10 pp.204-15..   Kessler, E., Chakrabarti, A. (1996), "Innovation speed: a conceptual model of context, antecedents, and outcomes", Academy of Management Review, Vol. 21 No.4, pp.1143-91.   Kessler, E., Chakrabarti, A. (1999), "Speeding up the pace of new product development", Journal of Product Innovation Management, Vol. 16 No.3, pp.231-47..   Langerak, F., Peelen, E., Nijssen, E. (1999), "A laddering approach to the use of methods and techniques to reduce the cycle time of new-to-the-firm products", Journal of Product Innovation Management, Vol. 16 No.2, pp.173-82..   Lynn, G., Skov, R., Abel, K. (1999), "Practices that support team learning and their impact on speed to market and new product success", Journal of Product Innovation Management, Vol. 16 No.5, pp.439-54..   Millson, M., Raj, S.P., Wilemon, D. (1992), "A survey of major approaches for accelerating new product development", Journal of Product Innovation Management, Vol. 9 pp.53-69..   Ottum, B., Moore, W. (1997), "The role of market information in new product success/failure", Journal of Product Innovation Management, Vol. 14 No.4, pp.258-73..   Page, A. (1993), "Assessing new product development practices and performance", Journal of Product Innovation Management, Vol. 10 No.4, pp.273-90..   Porter, M.E. (1985) Competitive Advantage: Creating and Sustaining Superior Performance. New York: Free Press.   Porter, M.E. (1990) The Competitive Advantage of Nations, The Free Press, New York, NY   Prahalad, C.K. (1990) The Core Competence of the Corporation. Harvard Business Review   Scott, G. (2000), "Critical technology management issues of new product development in high-tech companies", Journal of Product Innovation Management, Vol. 17 No.1, pp.57-73..   Toh, R.S., Hu, M.Y. (1990) A multiple discriminant approaches to identifying frequent flyers in airline travel: some implications for market segmentation, target marketing and product differentiation, The Logistics and Transportation Review, pp.179-97

Marketing research of a telecommunication industry

Introduction The accuracy to market is concern of telecommunication firms as part of the techn...