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One of the main factors that can impact the cost of holidays to a particular destination is the exchange rate; exchange rate fluctuations impact the overall price of the holiday and should be expected to effect tourism demand. This paper aims to scrutinize the volatility of the real effective exchange rate between the source market relative to the holiday destination and tourism demand volatility, where the influence of disaggregated data is noted.

The study uses multivariate conditional volatility regressions to simulate the time-varying conditional variances of international visitor demand and exchange rates for the relatively mature Caribbean tourist destination of Barbados. Data on the country’s main source markets, the UK, the USA and Canada is used, where the decision to disaggregate the analysis by market allows the authors to contribute to policymaking, particularly the future of tourism marketing.

The volatility models used in the paper suggests that shocks to total arrivals, as well as the USA and UK markets tend to die out relatively quickly. Asymmetric effects were observed for total arrivals, mainly due to the combination of the different source markets and potential evidence of Butler’s (1980) concept of a tourist area’s cycle of growth. The results also highlight the significance of using disaggregated tourism demand models to simulate volatility, as aggregated models do not adequately capture source market specific shocks, due to the potential model misspecification. Exchange rate volatility is postulated to have resulted in the greater utilization of packaged tours in some markets, while the effects of the market’s online presence moderates the impact of exchange rate volatility on tourist arrivals. Markets should also explore the potential of attracting higher numbers of older tourist, as this group may have higher disposable incomes, thereby mitigating the influence of exchange rate volatility.

Some of the explanatory variables were not available on a high enough frequency and proxies had to be used. However, the approach used was consistent with other papers in the literature.

The results from the paper suggest that the effects of exchange rate volatility in key source markets were offset by non-price factors in some markets and the existence of the exchange rate peg in others. In particular, the online presence of the destination was one of those non-price factors highlighted as being important.

In most theoretical models of tourism demand, disaggregation is not normally considered a significant aspect of the model. This paper contributes to the literature by investigating the impact real effective exchange rate volatility has on tourism demand at a disaggregated source country level. The approach highlights the importance of modeling tourism demand at a disaggregated level and provides important perspective from a mature small island destination.

该研究采用多元条件波动回归来拟合相对成熟的加勒比海旅游目的地巴巴多斯的国际游客需求和汇率的时变条件方差。本研究逐一分析了该国主要客源市场（英国, 美国和加拿大）的数据, 从而为政策制定, 尤其是对今后的旅游营销做出贡献。

汇率是影响到特定目的地度假成本的主要因素之一。汇率波动会影响整体的度假成本, 并会影响旅游需求。基于按客源地分类的数据, 本文详细研究了客源市场相对于度假目的地的实际有效汇率的波动性以及旅游需求的波动性。

本文使用的波动模型表明, 汇率冲击对入境总人数以及美国和英国市场影响短暂。冲击对总入境人数产生的不对称效应, 主要是由于不同的客源市场加总和巴特勒（1980）关于旅游区增长周期概念所致。本文结论还凸显了使用基于客源地数据的旅游需求模型来模拟波动性的重要性, 因为加总数据不能充分捕获具体客源地市场的冲击从而产生模型设定作物。汇率波动会引起某些市场中团体游客的增加, 而目的地的线上热度影响会调节汇率波动对游客人数的影响。市场还应探索吸引更多老年游客的潜力, 因为该群体的可支配收入可能更高, 从而减轻了汇率波动的影响。

由于一些解释变量的数据频率不够高, 本文不得不使用一些替代指标。所使用的方法与文献中的其他论文一致。

该论文的结果表明, 在某些客源地市场, 汇率波动的影响会被某非价格因素所抵消, 而在另一些主要客源地市场, 固定汇率的存在刚好规避了汇率波动产生的影响。目的地的线上热度是重要的非价格因素之一。

在大多数旅游需求理论模型中, 按客源地拆分的数据通常不被视为模型的重要方面。本文的理论贡献则是通过研究实际有效汇率波动对不同客源国的旅游需求的影响强调了旅游需求建模中使用基于客源地数据的重要性, 并以一个成熟的小岛目的地为角度进行了阐述。

Uno de los principales factores que pueden afectar al costo de las vacaciones a un destino en particular es el tipo de cambio; Las fluctuaciones del tipo de cambio afectan a el precio general de las vacaciones y es normal que afecten a la demanda turística. Este documento analiza la volatilidad del tipo de cambio efectivo real entre el mercado de origen en relación con el destino de vacaciones y la volatilidad de la demanda turística, donde se observa la influencia de los datos desagregados.

El estudio emplea regresiones de volatilidad condicional multivariadas para simular las variaciones condicionales variables en el tiempo de la demanda de visitantes internacionales y los tipos de cambio para el destino turístico caribeño relativamente maduro de Barbados. Se emplean datos sobre los principales mercados de origen del país, el Reino Unido, los Estados Unidos de América y Canadá, donde la decisión de desagrerar el análisis por mercado permite a los autores contribuir a la formulación de políticas, en particular al futuro del marketing turístico.

Los modelos de volatilidad utilizados en el documento sugieren que los shocks en las llegadas totales, así como en los mercados de los Estados Unidos y el Reino Unido, tienden a desaparecer con relativa rapidez. Se observaron efectos asimétricos para las llegadas totales, principalmente debido a la combinación de los diferentes mercados de origen y la evidencia potencial del concepto de Butler (1980) del ciclo de crecimiento de un área turística. Los resultados también resaltan la importancia de utilizar modelos desagregados de demanda turística para simular la volatilidad, ya que los modelos agregados no capturan adecuadamente los shocks específicos del mercado de origen, debido a la posible especificación errónea del modelo. Se postula que la volatilidad del tipo de cambio influye en una mayor utilización de los paquetes turísticos en algunos mercados, mientras que los efectos de la presencia del mercado en linea (online) moderan el impacto de la volatilidad del tipo de cambio en las llegadas de turistas. Los mercados también deberían explorar el potencial de atraer un mayor número de turistas mayores, ya que este grupo puede tener mayores ingresos disponibles, mitigando así la influencia de la volatilidad del tipo de cambio.

Algunas de las variables explicativas no estaban disponibles en una frecuencia alta y se tuvieron que utilizar proxies. Sin embargo, el enfoque utilizado fue consistente con otros artículos en la literatura.

Los resultados del documento sugieren que los efectos de la volatilidad del tipo de cambio en los mercados de origen clave fueron compensados por factores no relacionados con los precios en algunos mercados y la existencia de la vinculación del tipo de cambio en otros. En particular, la presencia en línea (online) del destino fue uno de esos factores no relacionados con el precio destacados como importantes.

En la mayoría de los modelos teóricos de la demanda turística, la desagregación normalmente no se considera un aspecto significativo del modelo. Este documento contribuye a la literatura al investigar el impacto que la volatilidad efectiva del tipo de cambio real tiene sobre la demanda turística a nivel de país de origen desagregado. El enfoque resalta la importancia de modelar la demanda turística a un nivel desagregado y proporciona una perspectiva importante desde un destino insular pequeño y maduro.

The purpose of this paper is to develop a single code of ethics that could be used regardless of the venue or specialty of the marketing professional. The paper first provides a literature review of research in the areas of ethics pertaining to marketing professionals. Then a review of a wide variety of codes of business ethics, marketing ethics, model codes, and professional ethics produces the idea that, while there are some differences in how the codal principles are presented, there are sufficient similarities in the codes' principles of professional conduct to merit the consideration of a single code of marketing ethics – one that can be used regardless of the venue or specialty of the marketing professional.

The paper introduces a broad literature review followed by the development of a transcendent code of ethics for all marketers.

Using the above as well as: historically and more broadly known theories of ethics, and currently‐used codes of professional marketing ethics, including those from the American Marketing Association (AMA), the American Association of Advertising Agencies (AAAA), and the Sales and Marketing Executives International (SMEI), the authors make an attempt to determine the most prominent, efficacious principles of ethics and to shape a single code of professional conduct for marketing students, educators and practitioners – regardless of their area of specialty.

The proposed code is subject to debate and will likely not be the model eventually used. The authors hope that the code proposed will stimulate further research, discussion and formulation.

A single code of ethics that could be utilized by anyone confronted with an ethical marketing issue would be useful in easing the difficulties associated with challenging ethical dilemmas in marketing.

Drawing on traditional frames of ethics and combining those principles with principles found in the marketing ethics literature, the authors generate a single code of ethics that not only marketers can use, but that others in society can also identify with and feel confidence in – thus alleviating concerns of mistrust or misunderstanding between those marketing products and services and the stakeholders in the society in which those products and services are being marketed.

No transcendent code of marketing ethics currently exists. The three most prominent are unique to their fields – each leaving out portions necessary to be transcendent. Thus, the proposed code is original and has the practical social implication values noted above.

This review aims to examine how photography and video have been used in a variety of fields.

The paper examines how these visual methods have and can be used in marketing.

Photography and video have important strengths. They help us overcome the typically fleeting nature of observation. They also allow us to record behavior in its situational context, allow for reflection, informants, coding, and use of the behavior or situation for illustration. In addition to their analysis of behavior, visual methods can also be used for the purpose of analysis of environments. Photographs and videos can also reveal insights into the interpretive side of the equation – examining people's focus and interpretation of their behaviors and rituals. This visual information can be qualitative – aiming for naturalistic, descriptive, and “rich” data; they can also be used to quantitatively measure circumstances and events.

Understanding the potential uses of photography and video in observational research as well as their strengths and weaknesses will allow us to gain the most value from their application.

The growth of the commodities markets and the increasing investment by non‐traditional market participants, such as pension and hedge funds, has come to the attention of the Financial Services Authority (FSA), which has shown growing concern over the risks and challenges faced by all stakeholders in these markets.

This is a review paper relying on an analysis of the present situation.

Recent trends and significant developments in the commodities markets have not gone unnoticed by the UK's financial services watchdog. The FSA has indicated an increased degree of interest in the commodities markets and has signalled a shift in its approach towards regulating them.

The paper raises awareness and highlights issues surrounding financial regulation.

This chapter opens the second part of the Volume, focusing on the small farms' role and dynamics within the evolving food system. Assessing small farmers' actual and potential contribution to the change towards a sustainable food and nutrition security requires a deep understanding of their strategic decision-making processes. These processes take place in a context highly conditioned by internal and external conditions, including the complex relations between farm and household, which are mapped and described. Building on an adaptation of Porter's model (Porter, 1990), the chapter investigates how farmers, given those conditions, define their strategies (in particular their innovation strategies) aimed at economic and financial sustainability through a multidisciplinary analysis of scientific literature. Internal conditions are identified in the light of the Agricultural Household Model (Singh & Subramanian, 1986) which emphasizes how family farming strategies aim at combining business-related objectives, and family welfare. Then, a comprehensive set of external conditions is identified and then grouped within eight categories: ‘Factors’, ‘Demand’, ‘Finance and Risk’, ‘Regulation and Policy’, ‘Technological’, ‘Ecological’, ‘Socio-institutional’ and ‘Socio-demographic’. Similarly, six types of strategies are identified: ‘Agro-industrial competitiveness’, ‘Blurring farm borders’, ‘Rural development’, ‘Risk management’, ‘Political support’ and ‘Coping with farming decline’.

The purpose of this paper is to forecast the performance and adoption of residential energy management technology (REMT).

The paper integrates scenarios, analogy and Bass diffusion model.

Four different scenarios were identified. Bass curve parameters were extracted through many different existing devices, and then fit into each scenario subjectively to produce four different kinds of diffusion curves.

The approach and the model provide decision and policy makers to evaluate how they should position new energy management innovations based on the desired type of diffusion.

Few studies have conceptualized how companies can build and nurture international dynamic marketing capabilities (IDMCs) by implementing growth hacking strategies. This paper conceptualizes growth hacking, a managerial-born process to embed a data-driven mind-set in marketing decision-making that combines big-data analysis and continuous learning, allowing companies to adapt their dynamic capabilities to the ever-shifting international competitive arenas.

Given the scarcity of studies on growth hacking, this paper conceptualizes this managerial-born concept through the double theoretical lenses of IDMCs and information technology (IT) literature.

The authors put forward research propositions concerning the four phases of growth hacking and the related capabilities and routines developed by companies to deal with international markets. Additional novel propositions are also developed based on the three critical dimensions of growth hacking: big data analytics, digital marketing and coding and automation.

Lack of prior conceptualization as well as the scant literature makes this study liable to some limitations. However, the propositions developed should encourage researchers to develop both empirical and theoretical studies on this managerial-born concept.

This study develops a detailed compendium for managers who want to implement growth hacking within their companies but have failed to identify the necessary capabilities and resources.

The study presents a theoretical approach and develops a set of propositions on a novel phenomenon, observed mainly in managerial practice. Hence, this study could stimulate researchers to deepen the phenomenon and empirically validate the propositions.

This paper aims to adopt a contextual approach to the knowledge-performance linkage by deepening into the role of marketing and sales employees’ knowledge resources in the generation and delivery of superior customer experiences (CEs) and into the motivational antecedents of knowledge acquisition and development.

To gather information about the variables studied in this research, a survey was conducted among Spanish firms with at least 100 employees, resulting in a representative sample of 346 companies. Structural equation modeling based on partial least squares was then applied to test the hypothesized relationships.

The results show that employees’ motivation (and especially intrinsic motivation) affects CE both directly and indirectly through its influence on marketing-specific human capital. More precisely, customer knowledge and different types of marketing-related skills (creativity, targeting, problem-solving, social media management and communication skills) are the only constituents of marketing-specific human capital that significantly affect relative CE performance (i.e. performance vis-à-vis competitors), while product/service and market knowledge do not play a relevant role.

The results contribute both to the knowledge management and intellectual capital literatures by highlighting the motivational levers of human capital in the context of the marketing and sales function and the specific types of employee knowledge resources that induce superior CEs. Consequently, marketing and sales managers are provided with useful guidance to shape their human resource management policies and to establish their knowledge priorities.

The aims of this paper are to identify and classify the knowledge resources that shape intellectual capital (IC) within the marketing function, to develop and validate a related scale and to demonstrate the scale's applicability in an empirical context.

A literature-based approach was adopted to identify and classify knowledge assets in the field of marketing. The new scale's content was then tested in a number of companies with different profiles. A subsequent survey of a representative sample of 346 Spanish firms sought to validate the scale and to assess those companies' marketing-related IC.

The literature search provided the basis for a marketing-related IC architecture comprising three main categories, nine subcategories and eighty items whose validity was tested and confirmed. The survey revealed that marketing-specific human capital (HC) is the most developed knowledge resource in Spanish firms, followed by marketing-specific relational capital (RC), while marketing-specific structural capital (SC) is the least developed. Significant differences were also found among companies with different profiles (B2C vs B2B, high-tech vs low-tech and manufacturing vs services).

This study makes a valuable contribution to the IC literature as one of the first to deploy the general IC framework in a specific functional area (here: marketing and sales) for more meaningful and in-depth assessment of firm-specific knowledge resources.

In recent decades, New World winemakers have increased their wine export to European markets and became considerable market players in the EU. Therefore, this paper aims to explore whether the major New World wine producers are able to exploit its market power at European destination markets.

The paper applies the pricing-to-market (PTM) model of trade in respect of asymmetric effect of exchange rate changes by using monthly bilateral wine data between January 2000 and December 2016.

First, there is evidence of PTM in three New World wine exporters, namely, Chile, South Africa and the USA. Chile was able to apply price discrimination across Danish, German, Dutch and the British wine markets. Second, South Africa set their prices in Belgian, Dutch and Swedish markets, while the USA discriminated their wine prices in Denmark and Sweden. In contrast, this advantage was not observable in the case of Argentina and Australia. Third, the local-currency price stability was explored in Chilean wine import prices (exported to Belgium, the Czech Republic), South African wine prices (exported to France, Denmark, Germany), in US wine prices (sold in Germany and the UK). Furthermore, the analysis of the asymmetric effects of exchange rate changes suggests that depreciation of the exporter’s currency relative to the Euro had not a significant impact on EU wine import prices. On the whole, the estimated pricing to market model indicates that a non-competitive pricing behaviour of New World exporters was limited and was rather due to the market-specific characteristics.

The research provides multiple advice for New World wine producers. First, in general, European consumers do not pay an extra price for the New World bottled wines. Second, only Chilean, South African and North American wine exporters can expect higher prices for its wines from European buyers only. Moreover, European wine markets are fairly competitive where New World wine exporters do not have significant market dominance. Therefore, New World wine exporters should strengthen its wine marketing and branding strategy to gain higher market share in Europe and to attract attention to its wines. Finally, exchange rates relative to Euro should be continuously monitored by the New World wine exporters because it might deviate the wine export prices significantly.

The study applies the pricing-to-market model to major New World wine exporters on the European Union’s destination market. The paper also makes valuable contributions to the wine literature by testing the asymmetric effects of exchange rate changes on wine import prices. It analyses the nature of price discrimination, whether it is market-specific or exchange rate influenced, or both.