rss_2.0European Journal of Marketing and Economics FeedSciendo RSS Feed for European Journal of Marketing and Economics Journal of Marketing and Economics Feed Repercussions of the Digital Twin in the Automotive Industry on the New Marketing Logic<abstract> <title style='display:none'>Abstract</title> <p>Rapid development of virtual and data acquisition technology makes Digital Twin Technology (DT) one of the fundamental areas of research, while DT is one of the most promissory developments for the achievement of Industry 4.0. 48% percent of organisations implementing the Internet of Things are already using DT or plan to use DT in 2020. The global market for DT is expected to grow by 38 percent annually, reaching $16 billion by 2023. In addition, the number of participating organisations using digital twins is expected to triple by 2022. DTs are characterised by the integration between physical and virtual spaces. The driving idea for DT is to develop, test and build our devices in a virtual environment. The objective of this paper is to study the impact of DT in the automotive industry on the new marketing logic. This paper outlines the current challenges and possible directions for the future DT in marketing. This paper will be helpful for managers in the industry to use the advantages and potentials of DT.</p> </abstract>ARTICLEtrue and Rejuvenating India’s External Sector Post-Pandemic<abstract> <title style='display:none'>Abstract</title> <p>The integration of Indian economy through the channels of trade and capital flow has been accelerated over the last two decades. Even during the Covid-19 pandemic, policy stimulus continued to promote export-led growth in the economy. These decadal efforts to retain the exiting market share and capturing the new market continues to face number of challenges for India. India is presently known as one of the most important players in the global economic landscape. After the US-China trade war scenes, the outbreak of Covid-19 pandemic has questioned China’s integrity across many countries of the world. When developed countries thinking over shifting their manufacturing base out of China, attracting this large chunk of capital flight has challenged Indian government. Data shows that the aggressive policy measures taken by both the central and state government to tap the crowding out of investment from China apparently succeeding. But this is a short-term picture, will it continue in the long-run? That is questionable. The ‘Make in India’ or ‘Atmanirbhar Bharat’ initiatives, export-led growth policy stimulus during pandemic, rise in exports of food products, generic medicines, newly entered FDIs and flood of FIIs in Indian economy. All these dots need to be connected at the backdrop of India’s New Foreign Trade Policy (2021-26). This research paper would like to focus on each one of the above mentioned initiatives by the Indian government and its significance to the entire trade policy as such. Paper would also like to consider the sustainability part of these initiatives.</p> </abstract>ARTICLEtrue Stress Reactions in North-East Hungary during the Pandemic<abstract> <title style='display:none'>Abstract</title> <p>Emergency caused by the SARS-CoV-2 has provoked several difficulties in daily life. On the other hand, it provided an opportunity to produce new attitudes toward our life and community, but also forced us to face our vulnerabilities. Outbreak of the SARS-CoV-2 highlighted that despite our vulnerability, we can manage this crisis, by being able to influence our stress reaction as well as our fears and emotions about the pandemic. Faculty of Healthcare of the University of Miskolc is training such professionals, whose priority task is to preserve the mental health of individuals and communities, reduce stress reactions, increase the available information on the subject, and help the community to adapt adequately to unexpected difficulties, like a pandemic situation. In the present study, we examined the mental state of the population of Northeastern Hungary in the second wave to adapt the above-described education to the ongoing changes caused by the pandemic. During the research, we applied an online questionnaire, that included the Hungarian version of the 10-item Perceived Stress Scale-, the Adult Hope Scale-, the WHO Well-Being, and the Buss Perry aggression questionnaire. Most participants (n=528) live in small towns or villages and their average age is 39.4±13.1. The aggression level of responders did not reach the threshold, but the level of verbal aggression exceeded it. The participants were more stressed, but they thought they could handle their problems. Consequently, the pandemic harms the mental state and health of the population, therefore the presence of health professionals is needed.</p> </abstract>ARTICLEtrue Support to HRM in Times of the COVID-19 Pandemic Crisis<abstract> <title style='display:none'>Abstract</title> <p>The paper studies organizational support with respect to Human Resource Management during the COVID-19 pandemic. It examines HRM initiatives regarding changing in jobs, working routine, workplaces, and remote working conditions. The paper analyses how HR managers supported employees during the pandemic and how top-management encouraged employee wellbeing. It also explores whether HRM practice and employee emotions are a strategic focus for companies. Quantitative data for this research was collected with survey from forty-eight organizations located in Georgia. The findings suggest that HRM supported staff with helping them to update their skills for remote working, established flexible working hours, and adopted less strict policies regarding performance management. Additionally, HR managers have been encouraged by the top-management in implementing initiatives concerning employee physical and emotional wellbeing. Furthermore, HRM should be a strategic focus for any organization to lay foundation of employee relationship and organizational culture in order to overcome difficulties and adapt to the changes. The novelty of the research highlights the importance of HRM practice when economies are facing the threat of recession. It contributes to HRM in terms of supporting employees during the pandemic as well as from the top-management perspective to promote HR initiatives, and paves the way for further studies in this field.</p> </abstract>ARTICLEtrue Data and the Balanced Scorecard - Goals and Indicators<abstract> <title style='display:none'>Abstract</title> <p>In their study, Relevance Lost: The Rise and Fall of Management Accounting, Johnson and Kaplan concluded that management accounting systems since the 1980s have failed to meet the new challenges of a changing environment. Among other things, because managerial accounting has been subordinated to the needs of financial accounting. Financial accounting cannot provide adequate information to management and does not support strategic decision making. The reason for this can be found in the operational logic of financial accounting. Financial accounting is past-oriented, it evaluates (economic) events in money, and thinks in the short term. Would all this mean that financial accounting data cannot be used to support long-term decisions? In our study, we point out the connection between financial accounting data assets and strategic decision support. Our research question focuses on how financial accounting data, including an invoice issued by a company, can be used in Balanced Scorecard perspectives. Based on the content of the Balanced Scorecard, we want to point out where and what kind of relationship can be observed between financial accounting data assets and the BSC. Through a case study, we will present the strategic goals as well as the indicators suitable for measuring the goals. These will be presented for all aspects of the Balanced Scorecard.<sup>1</sup></p> </abstract>ARTICLEtrue Growth Model and Foreign Direct Investment: Evidence from Albania<abstract> <title style='display:none'>Abstract</title> <p><italic>Background:</italic> A number of reasons are expressed about the importance of foreign direct investment (FDI) in developing countries. FDI increases the investment capital in the host country and transferring of new technologies, conducts the distribution and enlarges the economic productivity, improves the level of competitiveness and exports, develops new markets, etc.</p> <p><italic>Objectives:</italic> In this research, the main objective is the economic growth (GDP) analysis in Albania affected by FDI flows and the other fundamental macroeconomic factors of growth/productivity.</p> <p><italic>Methods/Approach:</italic> The data in this analysis are time series with quarterly frequencies from 1997 to 2018. The econometric model estimation is multifactor regression of the expanded Solow’s model. Statistical approach base on logarithm and first-order stationarity.</p> <p><italic>Results:</italic> Economic growth is a simultaneous phenomenon of FDI, domestic investment, the scale of economic openness (focusing on exports), the aggregate average salary, and the efficient use of public debt, especially external debt.</p> <p><italic>Conclusions:</italic> FDI flows are the main factor in total economic productivity, and have a larger contribution to the gross domestic product than domestic investment, per unit invested capital, in Albania.</p> </abstract>ARTICLEtrue Analysis of Local Community’s Perception Towards Protected Area Management: The Case of Borena-Saynt National Park - Amhara Regional State, Ethiopia<abstract> <title style='display:none'>Abstract</title> <p>This study tried to examine econometric analysis of local community’s perception towards protected area management in the case of Borena Sayint National park. Specifically, the study aims to estimate the direct economic value of natural forest, response on the indirect and option values and, econometric analysis of local community’s perception and/or attitude measured based on use value index. The research was conducted in Borena and Mehal Saynt Woredas with severe deforestation and biodiversity loss. Cross sectional research design and stratified-random sampling method were used, following agroclimatic zonation technique. Primary and secondary data were collected from various sources. Data were gathered from a gross total of 396 respondents. Household survey with 360 interviewees using questionnaire, key informants interview with 21 using checklist and, focus group discussion with 15 target individuals using guiding questions. Secondary data obtained from published and unpublished materials, i.e. books, journals and reports, were used. Analysis was performed using analytical tools, descriptive and order logistic regression econometric model in particular. Descriptive analyses tell us to understand the rank of community priorities of the direct, indirect and option benefits. From the direct benefits, honey, livestock, job opportunity, wood, farm tools, housing poles, tourism, timber, hunted meat, medicine, biodiversity, fruit, coffee orderly have been listed from the highest to lowest local community benefits. Similarly, common pole, biodiversity, water source, community heritage, medicine, robbery, wood fuel, carbon sequestration, tourism, livestock feed are orderly selected as their highest to lowest benefits among direct and option benefits. Hence, Local community prefers indirect benefit of park than direct benefits. The econometric analysis of local community‘s perceptions towards protected area management of the natural forest, ‘<bold>Denkoro-Chaqa</bold>’ in English means “<bold>Deaf-Forest</bold>”. Information obtained from order logistic regression (Ologit) based on response rate of households to infer the intrinsic value showed consistency between perception, selective socioeconomic and location variables. This implies that education, married, old-aged and location-2 as most important factors that respondents agreed with significant degree, and hence the most constructive idea to enhance local community’s perception in view of major conservation plans. Reputedly, family base awareness creation with formal and informal education, and other media should be done in core area, buffer zone, transitional zone areas of conservation of natural forest along with take full advantage of local community benefits.</p> </abstract>ARTICLEtrue Improvement of Retargeting by Big Data: A Decision Support that Threatens the Brand Image?<abstract> <title style='display:none'>Abstract</title> <p>With the emergence of Big Data and the increasing market penetration of ad retargeting advertising, the advertising industry’s interest in using this new online marketing method is rising. Retargeting is an innovative technology based on Big Data. People who have gone to a merchant site and window-shopped but not purchased can be re-pitched with the product they showed an interest in. Therefore, click rates and conversion rates are dramatically enhancing by retargeting. However, in spite of the increasing number of companies investing in retargeting, there is little academic research on this topic. In this paper we explore the links between retargeting, perceived intrusiveness and brand image. As results show the importance of perceived intrusiveness, ad repetition and ad relevance, we introduce new analytical perspectives on online strategies with the goal of facilitating collaboration between consumers and marketers.</p> </abstract>ARTICLEtrue of Public Debt in Albania during 1990-2017 and its impact on the Economic Growth<abstract> <title style='display:none'>Abstract</title> <p>Public debt is one of the most important macroeconomic indicators due to its impact on the economy of each country. Literature suggests that the effect varies in each country depending on the level of economic development and situation. Public debt will have a direct impact on a country’s economic growth, but there are contrasting opinions amongst economists regarding the use of public debt, particularly in situations of distress and in developing countries. Albania is a country that would be in need of a decrease of the debt/GDP ratio. This can be done through a stimulation of the economy rather than a decrease of the public debt. The empirical analysis shows that the increase on real public debt can negatively influence the GDP, yet, we do not observe a specific level above which the effects worsened. Instead, we notie that whenever the public debt was increasing, the cost of debt would sometimes decrease because the governments substitutes the debt borrowed from second tier banks with debt borrowed from the IMF.</p> </abstract>ARTICLEtrue City EU - Lighthouse Projects – Investigation of Economic Benefits<abstract> <title style='display:none'>Abstract</title> <p>The major European Smart City Lighthouse Projects have gained a lot of attention and importance from the designers of Smart City Initiatives (SCI) since 2014. The EU Commission’s funding under the Horizon 2020 program is significant. The supported cities include the European metropolises but also several smaller cities. All these cities are repeatedly named Smart City pioneers. However, the research still has a gap when it comes to value generation. This article deals with the economic benefits of these Lighthouse projects. The own developed categories are applied and proved with Lighthouse projects. The range of economic benefits is shown and evaluated using the qualitative content analysis of the data from the EU - CORDIS database. The sustainability in the Smart City Initiatives is showcased as economic benefit is prioritized higher than cost saving or efficiency.</p> </abstract>ARTICLEtrue Unified Literature Representations: Applications in Information Systems and Entrepreneurship Research<abstract> <title style='display:none'>Abstract</title> <p>Research activity is becoming increasingly complex due to the nature of research topics and questions. Among the essential academic research activities are literature reviews (LR), as they support the advance of the knowledge frontier. To improve literature reviews and their understanding, it would need to have comprehensive literature representations. In this perspective, the paper aims to advance previous work by illustrating a new way of creating thorough literature representations. The proposed tool is innovative and versatile since authors can adopt it in different types of LRs. Its adoption implies the construction of a three-dimensional scheme for the classification of the literature to be analysed. Then, based on the latter and selecting suitable evaluation variables, the proposed approach produces informative multidimensional representations for literature mapping and bibliometric analysis. For exemplifying this, the paper provides two application cases concerning Enterprise Resource Planning (ERP) systems and entrepreneurship research.</p> </abstract>ARTICLEtrue An Ecological Awareness of Responsible Living<abstract> <title style='display:none'>Abstract</title> <p>The entrenched and firm conviction that man is master of nature while being separate from it has fostered the culture of the indiscriminate use of natural resources, the destruction of eco-systems and a waste society. Over recent decades, behind the urgent need to halt the ecological drift, the natural landscape has been of considerable interest in various disciplinary contexts including biology, from which it has gained renewed consideration from the “ecology of landscape” perspective, and ethics. Once the theoretical aspects of the ecology of the landscape concept have been clarified, I will demonstrate that the human condition is part of the natural environment. On this basis I will highlight the necessity for man to develop an ecological awareness founded on responsibility regarding biodiversity. The ethics of responsibility, enlightened by an ecological awareness, have to inspire living and guide environmental policy-making.</p> </abstract>ARTICLEtrue and Innovation - How Can Leaders Create Innovation-Promoting Environments in Their Organisations?<abstract> <title style='display:none'>Abstract</title> <p>Innovation is considered to be among the most relevant success factors for companies in the contemporary business environment. Thus, finding strategies and approaches to foster innovation becomes a crucial challenge for managers and leaders alike. The present paper aims to showcase, how the working environment shaped by the present Covid-19 crisis with its enforced work-from-home-setting influences innovation processes. Therefore, an extensive literature review is conducted, where in a first step the challenges of leadership within a telework-environment are established. The author therein explains the differences between classic approaches towards this mode of virtual collaboration and the pandemic-induced, often mandatory approach to telework utilized throughout the pandemic. This leads to a description of how – especially in times of the Covid-19 pandemic – innovation becomes even more crucial for organizations not only in the medical field, as they need to react to a changing environment and, accordingly, changing customer needs. Leadership challenges of finding ways to create and shape innovation-friendly work environments and organizational cultures given the limitations of the situation, are presented and critically discussed.</p> </abstract>ARTICLEtrue Third-Party Funding in Arbitration: A Challenge in Times of Crisis<abstract> <title style='display:none'>Abstract</title> <p>Arbitration as a way of resolving disputes between companies is essentially linked to the advantages of arbitration, especially with the speed and neutrality of arbitration, as well as the confidentiality, the possibility of choosing arbitrators with precise technical knowledge in the area of litigation, among others. The parties choose arbitration as a means of resolving disputes, relating to interests of an equity nature, bearing in mind that for some legislators the emphasis is on the availability of rights, arising from the contractual relationship that unites them. The payment of costs is a <italic>sine qua non</italic> condition for the constitution of the arbitral tribunal. The parties must proceed with the payment of taxes and fees, respectively to the arbitration center they have chosen and the arbitrators they have chosen. Considering that the economic situation of the companies may fluctuate, either during the execution of the main contract, or when the dispute arises, the constitution of the arbitral tribunal and during the procedural <italic>iter</italic>, the possibility of financing the arbitration was outlined. <bold>Third-Party Funding</bold> is a figure that involves a third-party, unrelated to the litigation, who will defray the expenses due by one of the parties to the arbitration. It will have as a counterpart the participation in the eventual financial result achieved through the success of the arbitration. As a methodology, in addition to analyzing the state of the art, we will indicate real cases and the reasons for the growth of this instrument, without forgetting the ethical issues involved.</p> </abstract>ARTICLEtrue to Established Companies from Increasing Digitalization<abstract> <title style='display:none'>Abstract</title> <p>In today’s world, companies have to deal more than ever with increasing globalization/internationalization and enormous competitive pressure. Strong competitive pressure leads to faster and faster innovation cycles, constant technical innovations and programmes for further cost reductions. In recent years, digitalization has added another challenge for established companies. New competitors are blurring industry models through digitalization and offerings based on disruptive innovation, proven business models are no longer suitable from one day to the next and established companies are competing with service or usage offerings. Such service or usage offerings will almost always be considered by the millennial or always-on generation and pose significant risks to established companies.</p> </abstract>ARTICLEtrue of Non-Traditional Financial Service Providers in the Market - A Threat or An Opportunity for the Georgian Banking Industry<abstract> <title style='display:none'>Abstract</title> <p>Each banking institution has a customer-oriented strategic plan, although the sudden emergence of competition does not allow them to relax. The explosion of new technologies and the rise in consumer demand have been putting pressure on banks since the 2008 recession. Retail banking customers are constantly expecting new, improved, affordable, convenient continuous service from the bank. In an environment of increasingly competitive, innovative financial services, banks need to be able to maintain not only customers but also brand awareness. The emergence of non-traditional financial service providers in the market such as FinTech, NEO Banks, Challenger Banks, BigTech, which reduces the relationship between banks and their customers, completely changes the banking industry. Today we face a new open ecosystem of consumers, traditional banks, FinTech and BigTech companies, regulators, developers, non-banking firms and other players, with customers at the center. Banks will have to significantly change their commercial and operating models to retain customers and remain active players in the market. The presented paper examines the development trends of new players in the financial industry - non-traditional financial service providers and the readiness of the banking industry to respond to these trends. The paper is a study of the impact of digitalization of financial services on the banking sector based on the study and analysis of reports of the various international organizations, local policy documents, reports and regulations of the National Bank, the papers of various researchers and their secondary data. Based on the research, suggestions have been made on how Georgian banks should strategically approach non-traditional providers of financial services to avoid losses, withstand competition and remain active market players.</p> </abstract>ARTICLEtrue Challenges? Poverty and Menstruation: Young Girls and Women in the Mirror of Disadvantaged Situation<abstract> <title style='display:none'>Abstract</title> <p>Disadvantaged situation means not just a kind of negative social phenomenon, but its effects manifesting on the economic and social fields are also significant. Regarding its complexity, a holistic view is necessary to approach it, and explore the developed situation, define solution proposals, promote a better quality of life and finally, to monitor prevention processes and revise the proposals if necessary. In case of disadvantaged situation, the involvement of children and women requires special attention in all aspects. The Creative Region research group launched its various research in the multi-stage research of the Higher Education Institutional Excellence Program (in Hungarian: Felsőoktatási Intézményi Kiválósági Program, FIKP) started in 2018 on the University of Miskolc, in which the staff of the Faculty of Health got the opportunity to conduct the comprehensive health mapping of the rural population with the involvement of 25 settlements. Based on the results of the FIKP research, it has been supported from more approaches that disadvantaged situation and deprivation can significantly determine the health behaviour, health consciousness and future life prospects of people living there. The comprehensive research examined the characteristics of the health status of people living in disadvantaged settlements along different dimensions. Getting to know the mental health of young girls and the issue of menstruation days among both them and the adult female population were essential elements of the research. During data recording in 2018 with student girls under the age of 14, we experienced in a high number that the girls’ mental well-being was not ideal, and this also manifested in mild to moderate depression at more of them. The presence of domestic violence affecting them is also not negligible in the region. Our research performed in 2019 also supports that anxiety and the feeling of shame appear strongly among young girls on menstruation days as well, and a certain level of the omission of menstruation hygienic products can also be experienced in the region. Data collection performed in 2020 focused on the adult female population in which we experienced the similar phenomena as in case of young girls. In connection with showing the direction of the areas to be improved and defining the promoting prevention health promotion advice, we should have had to strive for adapting to the population’s demands and the professionals’ flexibility which support the more favourable acceptance of the proposals. The significance of individual care, individual competence improvement and personalized counselling and help is indispensable.</p> </abstract>ARTICLEtrue Customer Wants to Read in Your Proposal<abstract> <title style='display:none'>Abstract</title> <p>Earlier sales executives using their interpersonal &amp; social skills built and cemented relationships with procurement officials over golf games, theatre outings and major events. That era is slowly but surely coming to an end. Today in the digital age, the context is completely different. Every organisation has access to vendors across the globe. Thanks to Artificial Intelligence (AI), organisations can compare their procurement performance in unprecedented detail. Procurement teams have relevant tools and technology to gather insights about seller’s product or service offerings to the minutest detail. However, organisations are also under constant pressure to generate value to their stakeholders on quarter-on-quarter basis. Organisations are looking towards sellers to create value to their stakeholders. Sellers should innovate and help organisations grow in multiple dimensions. Empower organisations generate value to their stakeholders. In short become their strategic partner. In this new arrangement, seller-buyer relationship is no more a transactional, order- taking and resource supplying activity. Selling process is transformed with focus on value creation. Value proposition is the core of value creation. Infact it is a disciplined concept. Sellers who use it as strategic asset create win - win situation. This research paper walks through value creation process and details how value propositions are developed.</p> </abstract>ARTICLEtrue Demographic Study of the Multidimensional Poverty of Women in India<abstract> <title style='display:none'>Abstract</title> <p>Foremost in the Sustainable Development Goals (SGDs) of the 2030 Agenda, is the goal of achieving “No Poverty”. With nearly a decade yet to go, it is imperative to know the true nature and extent of poverty so that steps can be taken to eradicate poverty in all its forms. Multidimensional Poverty is a problem that persists on a larger extent in a developing country such as India, particularly among its women. The study uses the Demographic Health Survey data – India’s National Family Health Survey (NFHS), a nationwide survey conducted with a representative sample of women aged 15 to 49 throughout the country, to shed light on the nature and extent of deprivations faced by them. The deprivations faced by the women are measured along the dimensions of education, health and standard of living as per the global Multidimensional Poverty Index (MPI) jointly developed by UNDP (United Nations Development Program) and Oxford Poverty and Human Development Initiative (OPHI). Findings reveal that one-fifth of women in India are multidimensionally poor. Further subgroup decomposition reveals that higher levels of deprivations are found in women living alone, with higher age, having more number of children, widowed or divorced, husbands having multiple wives, those having more than one union and married before the legal age of marriage. The Government needs to focus its attention on the most deprived groups of women. Based on the nature and the extent of deprivations that they face, appropriate measures must be taken to bring them out of their destitution.</p> </abstract>ARTICLEtrue Strategies for Marketing Relationships with Customers<abstract> <title style='display:none'>Abstract</title> <p>In the conditions of the new economy and in the spirit of the relationship marketing and corporate social responsibility, the digital strategies of building bonds with the consumer are a major area for competitiveness. The present report suggests a model of digital marketing strategies for bonds between a business entity and a client. Based on a study of 303 consumers and 78 companies, consumer opinions about the role of the instruments of the major strategies for mutual bonds—strategies for retention, attraction, and development of a bond—were analyzed. There is analysis of the digital communication tools and principles most used by the companies. The comparative analysis of the results of the research allows the formulation of recommendations for the business entities for the application of a package of digital tools for bonds with the consumers and the improvement of the results of these activities.</p> </abstract>ARTICLEtrue