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The purpose of this paper is to develop a dynamic, stochastic, mechanistic simulation model of a dairy business to evaluate the cost and benefit streams coinciding with…
The purpose of this paper is to develop a dynamic, stochastic, mechanistic simulation model of a dairy business to evaluate the cost and benefit streams coinciding with technology investments. The model was constructed to embody the biological and economical complexities of a dairy farm system within a partial budgeting framework. A primary objective was to establish a flexible, user‐friendly, farm‐specific, decision‐making tool for dairy producers or their advisers and technology manufacturers.
The basic deterministic model was created in Microsoft Excel (Microsoft, Seattle, Washington). The @Risk add‐in (Palisade Corporation, Ithaca, New York) for Excel was employed to account for the stochastic nature of key variables within a Monte Carlo simulation. Net present value was the primary metric used to assess the economic profitability of investments. The model was composed of a series of modules, which synergistically provide the necessary inputs for profitability analysis. Estimates of biological relationships within the model were obtained from the literature in an attempt to represent an average or typical US dairy. Technology benefits were appraised from the resulting impact on disease incidence, disease impact, and reproductive performance. In this paper, the model structure and methodology were described in detail.
Examples of the utility of examining the influence of stochastic input and output prices on the costs of culling, days open, and disease were examined. Each of these parameters was highly sensitive to stochastic prices and deterministic inputs.
Decision support tools, such as this one, that are designed to investigate dairy business decisions may benefit dairy producers.
Automated body condition scoring (BCS) through extraction of information from digital images has been demonstrated to be feasible; and commercial technologies are being…
Automated body condition scoring (BCS) through extraction of information from digital images has been demonstrated to be feasible; and commercial technologies are being developed. The primary objective of this research was to identify the factors that influence the potential profitability of investing in an automated BCS system.
An expert opinion survey was conducted to provide estimates for potential improvements associated with technology adoption. A stochastic simulation model of a dairy system, designed to assist dairy producers with investment decisions for precision dairy farming technologies was utilized to perform a net present value (NPV) analysis. Benefits of technology adoption were estimated through assessment of the impact of BCS on the incidence of ketosis, milk fever, and metritis, conception rate at first service, and energy efficiency.
Improvements in reproductive performance had the largest influence on revenues followed by energy efficiency and then by disease reduction. The impact of disease reduction was less than anticipated because the ideal BCS indicated by experts resulted in a simulated increase in the proportion of cows with BCS at calving 3.50. The estimates for disease risks and conception rates, obtained from literature, however, suggested that this increase would result in increased disease incidence. Stochastic variables that had the most influence on NPV were: variable cost increases after technology adoption; the odds ratios for ketosis and milk fever incidence and conception rates at first service associated with varying BCS ranges; uncertainty of the impact of ketosis, milk fever, and metritis on days open, unrealized milk, veterinary costs, labor, and discarded milk; and the change in the percentage of cows with BCS at calving 3.25 before and after technology adoption. The deterministic inputs impacting NPV were herd size, management level, and level of milk production. Investment in this technology may be profitable but results were very herd‐specific. A simulation modeling a deterministic 25 percent decrease in the percentage of cows with BCS at calving ≤3.25 demonstrated a positive NPV in 86.6 percent of 1,000 iterations.
This investment decision can be analyzed with input of herd‐specific values using this model.
The case is intended for students pursuing post-graduate program in management and studying courses like marketing, brand management and product management.
This case discusses marketing decisions taken by Royal Enfield Motors Ltd for its popular motorcycle brand Enfield. Starting from the genesis of the brand and the company, this case deliberates the stage when it faced the dilemma of whether to shutdown, sell-off or revive the business. The situation was the outcome of unfavourable environmental forces and inappropriate strategies adopted by the company. This case notes how the company evolved its marketing mix to revive the brand.
Expected learning outcomes
The case study has been documented with the aim of helping students to: understand the making of an aspirational brand, analyse how a static offer and positioning can become obsolete in a dynamic marketplace, appreciate how pertinent marketing-mix improvements may lead to the revival of a decaying brand and company, learn about the risks associated with entering into a new market segment at the cost of an existing segment, analyse the viability of the business strategy in light of the competition from international players.
Teaching notes are available for educators only. Please contact your library to gain login details or email email@example.com to request teaching notes.
The first Wisconsin Ph.D.s who came to MSU with an institutional bent were agricultural economists and included Henry Larzalere (Ph.D. 1938) whose major professor was…
The first Wisconsin Ph.D.s who came to MSU with an institutional bent were agricultural economists and included Henry Larzalere (Ph.D. 1938) whose major professor was Asher Hobson. Larzalere recalls the influence of Commons who retired in 1933. Upon graduation, Larzalere worked a short time for Wisconsin Governor Phillip Fox LaFollette who won passage of the nation’s first unemployment compensation act. Commons had earlier helped LaFollette’s father, Robert, to a number of institutional innovations.4 Larzalere continued the Commons’ tradition of contributing to the development of new institutions rather than being content to provide an efficiency apologia for existing private governance structures. He helped Michigan farmers form cooperatives. He taught land economics prior to Barlowe’s arrival in 1948, but primarily taught agricultural marketing. One of his Master’s degree students was Glenn Johnson (see below). Larzalere retired in 1977.
Mahindra Trucks and Bus Division (MTBD) of Mahindra & Mahindra is at an interesting stage of its evolution. Having gone through a bad patch with a product that was not…
Mahindra Trucks and Bus Division (MTBD) of Mahindra & Mahindra is at an interesting stage of its evolution. Having gone through a bad patch with a product that was not quite up to the mark, it appears to have got the product right by early 2018 and truck sales had been going up in the country for the previous four years. While Mahindra & Mahindra as a company is a large firm with revenues of more than USD 15 billion, MTBD itself is a small player (INR 2400 crore, USD 350 million) within the firm and in an Indian truck industry that is dominated by goliaths, Tata Motors and Ashok Leyland that between them had more than 81% market share and a customer mindset that was loath to leave the comfort of a known brand. The case provides data on product specifications, prices, marketing communication, channels, positioning, the context and competition. The intention is to use the case to go through the steps involved in evaluating and developing and creating a marketing plan for MTBD to increase its market share from the 4% in 2018 to an intended 8% in 2022.
This chapter provides a selective survey of the theoretical and empirical literature to date on the relationship between intellectual property rights (IPRs) and measures…
This chapter provides a selective survey of the theoretical and empirical literature to date on the relationship between intellectual property rights (IPRs) and measures of innovation and international technology transfer. The chapter discusses the empirical implications of theoretical work, assesses the theoretical work based on the evidence available, and identifies some gaps in the existing literature.
Following the controversy regarding the effects of stronger intellectual property rights (IPR) on technological innovation, the purpose of this paper is to systemically…
Following the controversy regarding the effects of stronger intellectual property rights (IPR) on technological innovation, the purpose of this paper is to systemically examine the relationship between IPR and technological innovation under the North‐South analytical framework.
Using panel data from 27 developed countries and 57 developing countries, this paper operates the empirical examination on determinants of technology innovation in an open economy by separated sample of the North and the South. The paper adopts the instrumental variable (IV) estimation to handle the possible endogenous problem caused by IPR variable.
This paper finds that the threshold effects of stronger IPR on innovation depended on the initial IPR level. Neither too strong IPR nor too weak IPR are conducive to innovation. Furthermore, the optimal level of IPR in developed countries is higher than that of developing countries; this difference implies that adoption of IPR standard of developed countries may be inefficient for developing countries.
The authors' empirical results uncover new empirical evidence to support “the optimal IPR hypothesis” and provide this field with more detailed and reliable empirical evidence.
Purpose – The authors investigate the interpretations of senior university decision-makers on three questions: (1) What constitutes “relevant” research? (2) In what ways…
Purpose – The authors investigate the interpretations of senior university decision-makers on three questions: (1) What constitutes “relevant” research? (2) In what ways is the relevance of research typically measured? and (3) What alternative ways might be adopted in measuring the relevance of research?
Design/methodology/approach – This exploratory study adopts an inductive approach, informed by data collected from semi-structured interviews with senior research-related university leaders and archival sources in five Australian and eight US universities.
Findings – There is considerable convergence in the conceptualization as well as the operationalization of the notion of relevance between the Australian and US universities participating in this study. The evidence supports a relational rather than currently prevailing transactional approaches in operationalizing the concept of research relevance. This relational approach emphasizes the importance of stakeholders, their needs and expectations, and their engagement in the articulation of measures that demonstrate the relevance of research in both the short and longer terms.
Research limitations/implications – The evidence is primarily based on the views of university senior management drawn from a relatively small number of universities leading to questions about the representativeness and generalizability of the findings. Moreover, the findings have been informed by leaders at the most senior hierarchical levels. Although consistent with the aim of the study, the views of university leaders provide only one view on our research questions.
Originality/value – The authors provide a conceptual view of research relevance from the perspective of one pivotal group – university senior management – that has been largely and surprisingly overlooked in discussions of the relevance of academic research.
Pre‐adolescents (children between the ages of eight and 12) are becoming increasingly important in today's market segment, in terms of both absolute size and spending…
Pre‐adolescents (children between the ages of eight and 12) are becoming increasingly important in today's market segment, in terms of both absolute size and spending power. Although much research is available concerning adolescent consumer behaviour, very little is known about pre‐adolescent consumer behaviour. The purpose of this research was to examine the extent to which normative and informative conformity issues affect the purchase of apparel products by pre‐adolescents. Results from the 200 pre‐adolescents interviewed indicate that: —as pre‐adolescents age, social conformity influence increases; —both males and females are concerned that others like the clothing they purchase, and purchase clothing to look like peers; —they purchase clothing to conform with both social and organised groups; —they most often observe informational clothing behaviours from peers, athletes, entertainers and siblings. This study revealed that pre‐adolescents begin to use clothing to conform to peer groups as early as age eight, a finding never before reported.
The purpose of this paper is to investigate the impact of human capital (HC), intellectual property rights (IPRs) and research and development (R&D) expenditures on total…
The purpose of this paper is to investigate the impact of human capital (HC), intellectual property rights (IPRs) and research and development (R&D) expenditures on total factor productivity (TFP), which leads to economic growth.
The panel data technique is used on a sample of 16 countries categorized into two groups, namely Brazil, Russia, India and China (BRIC) and Central and Eastern European (CEE) countries and, in order to make a comparison for the time period of 2007–2015, the researchers used a fixed effect model as an estimation method for regression.
The results indicate that HC, IPRs and R&D expenditures appear to be statistically significant and are strong factors in determining changes in TFP and exhibit positive results in all sample sets. Moreover, IPRs alone do not accelerate growth in an economy, especially taking the case of emerging nations.
Considering the importance of CEE and BRIC countries, and inadequate research on these regions with respect to current study’s variables and techniques, the present research provides valuable insights about the importance of HC, IPR and R&D activities and their impact on TFP, which leads to economic growth. IPRs create a fertile environment for R&D activities, knowledge creation and economic development. Distinct nations can attain better economic status via HC, R&D activities, innovation, trade and FDI, although the relative significance of these channels is likely to differ across countries depending on their developmental levels.