The purpose of this paper is to validate market orientation (MO) and business results scales in an area of significant interest for the literature: namely, service firms…
The purpose of this paper is to validate market orientation (MO) and business results scales in an area of significant interest for the literature: namely, service firms of a small and micro‐scale in a market sharing many similarities with Latin America (cultural, social and economic), specifically the Spanish rural tourism market.
On the basis of a literature review covering works specializing in MO and its impact on the service sector, and in the characteristics of small‐ and micro‐sized service firms (SMSF), a qualitative and a quantitative study are carried out in Spain, at a national level.
The results validate the scales and identify that MO comprises the following dimensions: information‐gathering, dissemination of information, and response to the market. The validated business results scale includes economic/financial results and others of a more personal nature linked to the entrepreneur business owner.
The work provides knowledge regarding the activities undertaken by SMSF in the area of MO. Professionals from the small‐ and micro‐sized service sector can use this knowledge to plan and design market‐focussed actions that will lead to improved business performance.
The work validates MO and business results scales that have been widely studied throughout the literature but that leave a significant gap in the case of SMSF operating in Latin American countries. The business base in these countries comprises a large percentage of such small‐scale operations.
El objetivo de este trabajo es validar las escalas de orientación al mercado y de consecución de resultados empresariales en un ámbito de interés para la literatura como es el de las empresas de servicios de tamaño pequeño y micro en contexto próximos al de Iberoamérica, como es el sector del turismo rural en el ámbito español.
A partir de la revisión de la literatura especializada en orientación al mercado, su impacto en el sector servicios y en las características de las empresas de servicios pequeñas y micro, se lleva a cabo un estudio cualitativo y un estudio cuantitativo a nivel nacional en España.
Los resultados alcanzados permiten validar las escalas e identificar que la orientación al mercado queda integrada por las dimensiones de captación de información, diseminación de la información y respuesta hacia el mercado. Por otra parte, los resultados empresariales incluyen resultados económico‐financieros y otros de carácter personal vinculados al empresario.
Este trabajo aporta un mayor conocimiento en relación con las actividades que las empresas de servicios pequeñas y micro pueden llevar a cabo para orientarse al mercado. Este conocimiento puede ser utilizado por los profesionales del sector al planear y diseñar las acciones de mercado de sus empresas, conduciendo a un mayor desempeño de la actividad empresarial.
La orientación al mercado y sus efectos en empresas de servicios pequeñas y micro en un contexto próximo al iberoamericano como es el de España difiere con respecto a otros ámbitos de aplicación más generales. El conjunto de aspectos considerados en este trabajo, permiten llevar a cabo una adecuada aplicación empírica en esta área donde en la revisión de la literatura aparece una carencia de trabajos empíricos.
Tender price remains an imperative parameter for clients in deciding whether to invest in a construction project, and it serves as a basis for tender price index (TPI…
Tender price remains an imperative parameter for clients in deciding whether to invest in a construction project, and it serves as a basis for tender price index (TPI) manipulations. This paper aims to examine the factors affecting tender price in the construction industry.
Based on the literature review, nine independent constructs and one dependent construct relating to tender pricing were identified. A structured questionnaire survey was conducted among quantity surveyors in Ghana. Partial least squares structural equation modelling (PLS-SEM) examined the influences of various constructs on tender price development (TPD) and the relationships among TPD and TPI.
Results showed that cultural attributes, client attributes, contractor attributes; contract procedures and procurement methods; consultant and design team; external factors and market conditions; project attributes; sustainable and technological attributes; and TPI have a positive influence on tender price, whereas fraudulent attributes exert a negative influence.
The findings offer construction professionals broader understanding of factors that affect tender pricing. The results may be used in professional decision-making in the pricing of construction projects, as they offer clearer causal relations between how each construct will influence pricing.
This study adds to the body of construction pricing knowledge by establishing the relationships and degree of influences of various factors on tender price. These findings provide a valuable reference for practitioners.
The purpose of this study was to, using a case study research design informed by organizational economics theory, to examine the prospects for micro-insurance in promoting…
The purpose of this study was to, using a case study research design informed by organizational economics theory, to examine the prospects for micro-insurance in promoting micro-credit in a low-income Anglophone country in sub-Saharan Africa – The Gambia. Two main research questions are addressed: first, what is the most appropriate micro-finance institution (MFI) organizational structure to maximize the economic benefits of micro-insurance? Second, what are the financial management and wider economic benefits of the use of micro-insurance by MFIs?
To address our two research questions, we used a semi-structured interview protocol, informed by the organizational economics literature, to interpret the data collected from our field cases. We believe that these intrinsic qualities of case study methodology are particularly apt in the present study, given the complex and emergent nature of micro-finance and micro-insurance in low-income countries such The Gambia. By focusing on case studies in a single country, we also to some extent help control for variations in business environment that could confound interpretations of field data obtained from different jurisdictions.
The results of our study suggest that the mutual (cooperative) structure of credit unions is likely to be the most cost-efficient and effective organizational form for reducing information asymmetries, agency problems and transaction costs. We also observe that micro-insurance can help reduce the risk of loan defaults, thereby increasing returns on savings and lowering the costs of debt. As such, micro-insurance stimulates the demand–supply of financial intermediation in less developed countries and so helps promote economic development. In addition to contributing new insights, our findings have potentially important commercial and public policy implications.
We acknowledge that our research is subject to inherent limitations such as the focus on three interviews in three different types of MFI organization while excluding other structural forms of organization such as government-owned/sponsored organizations. Nonetheless, the organizational characteristics of the cases examined in the present study are representative of most MFIs in developing countries. Given the prevalent hierarchical nature of corporate systems in sub-Saharan Africa, the views of the interviewees are also deemed to reflect those of other board members. Nonetheless, we acknowledge that the conclusions from our research may need to be tempered in line with these inherent limitations with the research approach adopted.
The insights obtained from our Gambia-based research could be generalized to developing countries elsewhere in sub-Saharan Africa, and indeed, other parts of the developing world. Consequently, the study could be of interest and relevance to international financiers (e.g. the World Bank), aid agencies, governments and other development organizations.
Despite its evident business and development potential, academic management research on micro-insurance, and in particular, its role in supporting micro-finance initiatives, is still very much at an embryonic stage. Our study thus seeks to fill this knowledge gap.