M.R. Binks, C.T. Ennew and G.V. Reed
With the creation of the Single European market in 1992, there will be intensification of competitive pressure on small firms in the UK and on UK banks as their main providers of…
Abstract
With the creation of the Single European market in 1992, there will be intensification of competitive pressure on small firms in the UK and on UK banks as their main providers of finance. Evidence is presented of possible mismatching of the services actually provided by UK banks and those desired by small firms, and of the unwillingness of UK small firms to switch banks, particularly if it involves crossing the Scots/English border. It is argued that the competitiveness of UK small firms after 1992 depends on either an autonomous change in the services provided by UK banks or the switching of accounts to non‐domestic banks who may move into the domestic market.
Martin R. Binks, Christine T. Ennew and Geoffrey V. Reed
Increased competitive pressure in the market for loanable funds hasencouraged the banks to place greater emphasis on the marketing of theirservices to both corporate and personal…
Abstract
Increased competitive pressure in the market for loanable funds has encouraged the banks to place greater emphasis on the marketing of their services to both corporate and personal customers. The small business sector of the corporate market covers the majority of corporate accounts and for a substantial volume of bank lending. However, the proliferation of product differentiation in relation to small business customers in order to improve banks′ competitive position appears to have been less than successful. The small business sector is heterogeneous; customer needs vary but there is little evidence to suggest that banks differentiate their products sufficiently to appeal to distinct market segments. On the contrary, despite competitive pressures and new marketing strategies, small business customers generally perceive the services provided by the different banks as indistinguishable.
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Martin Binks, Christine Ennew and Geoff Reed
The implementation of the EC′s programme toliberalise the financial services sector as part ofthe movement towards a Single European Marketwill significantly reduce the costs of…
Abstract
The implementation of the EC′s programme to liberalise the financial services sector as part of the movement towards a Single European Market will significantly reduce the costs of entry into non‐domestic markets for Community banks. Reducing entry costs will increase competition in banking markets, but it is unlikely that all segments of the banking market will experience the same patterns of change. The large‐scale corporate market already displays a high volume of cross‐border trade, while retail markets may be inaccessible for many non‐domestic banks, except by acquisition. The small‐ and medium‐sized corporate sector is widely regarded as an attractive niche market at the European level and it is suggested that there are particular gaps in this market in the UK. These gaps may make such a market susceptible to increased competition from non‐UK Community banks, although at the same time, improvements in the product offerings to this market by UK banks may provide the basis for a strategy to protect existing domestic markets and develop into new non‐domestic markets.
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Matthias Fuchs and Klaus Weiermair
The paper presents important measurement approaches in the field of costumer satisfaction with services and applies those empirically for service bundles at the level of the…
Abstract
The paper presents important measurement approaches in the field of costumer satisfaction with services and applies those empirically for service bundles at the level of the tourism destination. After working out the most prominent characteristics of existing satisfaction concepts according to the American and the Scandinavian school of thought, the latter will be critically evaluated for its potential practical use in measuring guest satisfaction. Based on this preparatory work, the Importance‐Performance Analysis, the Implicit Importance Analysis and the Penalty‐Reward‐Contrast Analysis are implemented and show that differing satisfaction models will lead to varying results and hence, ambiguous implications for destination management. However, due to its model parsimony and methodical stringency the Penalty‐Reward‐Contrast Analysis will be retained as the most valuable instrument for measuring tourist satisfaction. The paper concludes with implications for the management of destinations and a brief outlook for further research.
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The growth of firms is fundamentally based on selfreinforcing feedback loops, one of the most important of which involves cash flow.When profit margin is positive, sales generate…
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The growth of firms is fundamentally based on selfreinforcing feedback loops, one of the most important of which involves cash flow.When profit margin is positive, sales generate cash, which may then be reinvested to finance the operating cash cycle.We analyze simulations of a sustainable growth model of a generic new venture to assess the importance of taxes, and regulatory costs in determining growth.The results suggest that new ventures are particularly vulnerable to public policy effects, since their working capital resource levels are minimal, and they have few options to raise external funds necessary to fuel their initial operating cash cycles.Clearly, this has potential consequences in terms of gaining competitive advantage from experience effects, word of mouth, scale economies, etc. The results of this work suggest that system dynamics models may provide public policy-makers a cost-effective means to meet the spirit of the U.S. Regulatory Flexibility Act
The UK SME sector has been identified as a potentially attractivesegment for non‐domestic European banks wishing to establish a base inthe UK market. A survey by interview of 30…
Abstract
The UK SME sector has been identified as a potentially attractive segment for non‐domestic European banks wishing to establish a base in the UK market. A survey by interview of 30 from a sampling frame of 354 medium‐sized enterprises in the UK suggests that foreign penetration of this market is unlikely in the short term. At present, medium‐sized enterprises attach considerable importance to factors such as trust and confidence in their banking relationship. For foreign banks to penetrate this market it would be necessary to overcome existing conservative approaches to banking relationships and particularly concerns over support to distressed businesses.
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The present work assesses destination and service quality attributes, in terms of exploring the stronger and weaker points within these entities. In addition, it explores the…
Abstract
The present work assesses destination and service quality attributes, in terms of exploring the stronger and weaker points within these entities. In addition, it explores the relative effect of holistic experiences of destinations and the service-specific attributes on tourists’ overall satisfaction with destinations. Building on the perception, performance, and service quality literature a survey is carried out at 5 different tourist attractions among 701 tourists from over 15 countries worldwide visiting Northern Norway. The results divulge that many destination attributes are important; however, tourists find that the destination performs correspondingly with the perceived importance of destinations. The service quality attributes are also important, but reveal a perceptual gap between importance and performance. The study finds that Northern Norway as a tourist destination should concentrate on “uniqueness” and “novelty” to enhance tourist satisfaction. Service providers are advised to keep up the good work on “giving a good impression and a nice welcome” to enhance tourist satisfaction.
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Marc Prieto and Barbara Caemmerer
The automobile industry is a key contributor to the GDP in most developed countries. Whilst studies have mainly focused on new car markets, this research aims to investigate how…
Abstract
Purpose
The automobile industry is a key contributor to the GDP in most developed countries. Whilst studies have mainly focused on new car markets, this research aims to investigate how consumers' socio-demographic profile impacts on the decision to buy used or new cars across different automobile segments.
Design/methodology/approach
The study focuses on a major car market in Europe, France. The data were obtained from the French Institute of Statistics (INSEE), consisting of a representative sample of 1,967 French households who bought a new or used car within a year of this study. The paper is based on random utility theory and applies multinomial logit modeling.
Findings
The findings suggest that economic, individual, household characteristics impact on car segment choice, as well as the decision of whether to buy a new or a used car.
Originality/value
This is one of the few studies investigating the demand for new and used cars in conjunction across car segments in a European context. It provides important insights into consumer choice in a mature market.
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Karen Maru File and Russ Alan Prince
Banking marketers are becoming alert to opportunities among thesmall to medium enterprises (SMEs) that in the USA alone generate 40 percent of the GNP and make $1 trillion in…
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Banking marketers are becoming alert to opportunities among the small to medium enterprises (SMEs) that in the USA alone generate 40 per cent of the GNP and make $1 trillion in annual purchases. In this study, sociographic segmentation (based on a cluster analysis of purchasing determinants) of 1,021 US SMEs revealed three significant and stable market segments. Return Seekers (40 per cent of the market) are most likely to be price‐sensitive, to create competitive conditions among the banks that serve them, to adopt new products and to use more banking services than other segments. Relevance Seekers (33 per cent) tend to be sceptical and conservative, need to be assured that any proposed service is of direct relevance to business, and lag in new banking‐product adoption. Relationship Seekers (16 per cent) give great weight to the personal referrals of colleagues; seek personal support; and are highest in institutional loyalty.
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The role of firm attributes as a source of competitive advantage has been discussed previously in the tourism marketing strategy field. Benchmarking, a recognized learning model…
Abstract
The role of firm attributes as a source of competitive advantage has been discussed previously in the tourism marketing strategy field. Benchmarking, a recognized learning model, is recommended as a tool to identify and improve the competitiveness of a firm. The present study employs the importance–performance analysis (IPA) to benchmark five nature- and culture-based attractions in Northern Norway. Altogether, 701 respondents participated in the on-site survey, i.e., during their vacation experiences. The present study reveals several interesting and useful managerial insights and implications for the tourist attraction industry in general as well as for the individual tourist attraction firm measured. Consequently, this study contributes to management by integrating theory and empirical data to investigate whether benchmarking, as a company learning tool, may lead to improved performance. Based on the study results, the present work suggests strategies and potential improvements for the respective tourist attractions.