The present paper is an addition to the relevance debate in marketing literature. Research is said to be ‘relevant,’ if it leads to change, alteration or validation of how managers think, talk or act. However, the majority of the literature on relevance debate talks about the decline in relevance, yet no study has scientifically measured it. The present study uses content analysis to analyze the trends in different types of relevance across three different eras of marketing eras (i.e., commoditization, generalization and post-debate era). We also conducted a second study to check the relative importance of different types of relevance to the managers using Analytic Hierarchy Process (AHP). The results reveal a U-shaped curve of the relevance across these different eras. They also reveal the influence of the relevance debate on the research conducted by academicians. Out of the eight types of managerial relevance identified, “Forecasts” was ranked the highest, followed by “Rhetoric devices” and “Uncovering causal relationships.” Finally, the study also presents a view for an academician to shape his/her research concerning the current needs of the industry.

Digital revenues from music and video have surpassed the physical revenues and, remarkably, access-based services are solely responsible for the growth of digital revenues, whereas (legal) downloading behavior and revenues from paying for ownership are declining (ERA, 2017; IFPI, 2017). However, access-based digital consumption business models are heavily dependent on customers’ continued use of their services. Through two studies, this research aims to investigate customers’ behavioral trajectories in digital entertainment services. Study 1 examines cross-lagged effects of non-financial personal investment on frequency of use and vice versa, while relating attitudinal and demographical antecedents to both trajectories. Study 2 investigates the moderating influence of financial investment on the relation between non-financial investment on frequency of use in a video streaming service with a freemium business model and studies at what point in time users decide to switch from a free service to a paid service. The results of the first study indicate that there are effects of the frequency of use of a service on the amount of non-financial investment put in the service (i.e. creating a list of favorites for later consumption), but the effects of non-financial investment on frequency of use are only found for women. Furthermore, in line with the self-service literature, perception of hedonic rewards is the strongest predictor of frequency of use and the amount of non-financial investment made in the service. For men, perceived ease of use is negatively related with the amount of non-financial investment made, indicating that men are less likely to see the added value of personal investment, when it is easy to find what they are looking for. Lastly, older people perceive new digital entertainment platforms as less hedonically rewarding, less easy to use and less useful, suggesting that they are more favorably disposed towards traditional forms of entertainment, such as the traditional TV. The results of the second study are still in progress and will be presented at the 2018 GMC conference.

Using two samples of LinkedIn portraits from American (n = 480) and Israeli (n = 300) users, we found that most LinkedIn portraits adhere to popular recommendations found on the Internet. However, there were cross-cultural differences in the level of formality and adherence to popular advice, with Americans more than Israelis presenting themselves in a formal manner and in an appropriate location and position. Occupation categories did not prove to moderate the cultural effects on the portraits features. Future research is needed to generalize these findings to other cultures, geographical areas, religions, and occupations. These findings have implications for SNS users and recruiters.

This research was conducted to examine factors affecting tweens´ brand preference for mobile network choice decisions. The results suggest that mobile network providers’ attributes, satisfaction and perceived risk have significant impact on brand preference. Further, tweens´ choices are more likely to be affected by the choices of other people within their local (district) geographic area.

Introduction The attributes of the Chief Executive Officer (CEO) have a significant influence on the actions of the organization and, ultimately, firm performance (Chatterjee & Hambrick, 2007; Kashmiri, Nicol, & Arora, 2017). Recently, there has been growing interest in one particular CEO attribute, i.e., narcissism and how this individual characteristic affects actions taken by the firm and the outcomes achieved. Narcissistic CEOs have been described as “having an inflated self-concept that is enacted through a desire for recognition and a high degree of self-reference when interacting with others (Resick, Whitman, Weingarden, & Hiller, 2009: pg. 1367).” Prior research has found that CEOs with a more narcissistic personality make riskier decisions by changing the company’s strategy more often (Chatterjee & Hambrick, 2007), making acquisitions more frequently and of larger targets (Chatterjee & Hambrick, 2007), adopting discontinuous technologies (Gerstner, König, Enders, & Hambrick, 2013), and expanding international business activities (Oesterle, Elosge, & Elosge, 2016). The results of previous studies show that by pursuing decisions with greater risk and involving the firm in wide-ranging efforts, the actions of narcissistic CEOs lead to fluctuating firm performance (Chatterjee & Hambrick, 2007) and diminishes the positive effect of various firm activities. While these prior studies have provided valuable insight, the strong emphasis on the organizational actions taken as a consequence of the narcissistic CEO has not added to our understanding of the relationship between CEOs who seek personal affirmation, admiration, and attention and important intervening variables for firm performance such as corporate brand reputation. Corporate brand reputation signals the status of an organization and influences the actions of capital markets, investors, consumers, and applicants in the job market (Fombrun & Shanley, 1990). Managers actively work to construct favourable corporate brand reputations through the actions the firm takes and the information selectively released to the media and public. Yet, the literature suggests that narcissistic CEOs spend time focusing on how to enhance their own image rather than on achieving organizational goals (Resick et al., 2009). In this regard, the attention-seeking CEO likely becomes a focal point for the corporate brand. However, no research to date has examined the relationship between the narcissistic CEO’s personality and the effects of corporate brand reputation. This study fills the gap in the literature by investigating how CEO narcissism influences the effectiveness of corporate brand reputation on firm performance. Theoretical development The literature on corporate brands noted that corporate brand reputation is a critical intangible asset that affects firm performance (Roberts & Dowling, 2002). Stakeholders use corporate brand reputation as a means to compare and contrast competitors Researchers have noted various advantages for highly reputable firms: customers are willing to pay more for offerings (Roberts & Dowling, 2002) and accept new product innovations (Dowling, 2002); managers accept lower remuneration (Tavassoli, Sorescu, & Chandy, 2014) and receive higher payoff for investments (Benjamin & Podolny, 1999). These types of advantages allow for greater performance. Thus, consistent with prior literature, we argue the following: Hypothesis 1: Corporate brand reputation has a positive effect on future firm performance. Research has shown that CEO narcissism diminishes the effect of the firm’s positive actions. Petrenko, Aime, Ridge, and Hill (2016) argue that narcissistic CEOs pursue Corporate Social Responsibility efforts (CSR) as a means to enhance their own image. Yet, the authors found that the narcissistic CEOs actually reduce the positive affect of CSR initiatives. Likewise, Engelen, Neumann, and Schmidt (2016) examined the effect CEO narcissism had on the relationship between entrepreneurial orientation and performance finding that CEO narcissism lessens the positive effect of entrepreneurial orientation. These results are due to the narcissistic CEOs perpetual need for attention and self-affirmation which leads to unconcentrated work initiatives and a lack of attention to the needs of employees. When subordinates’ needs are ignored they develop a sense of powerlessness, incompetence and a lack of desire to present their own ideas. This environment diminishes entrepreneurial engagement (Engelen et al., 2016; Wales, Patel, & Lumpkin, 2013). In line with this view, we believe the attention-seeking narcissistic CEO competes with the development of the corporate brand and will dampen the positive effect of highly reputable brands on firm performance. Thus, we argue the following: Hypothesis 2: CEO narcissism diminishes the positive effect of corporate brand reputation on firm performance. Method We compiled a unique unbalanced panel composed of data from COMPUSTAT, ExecuComp, and Fortune Most Admired Companies listing. Our sample includes 993 firm-year observations consists of 237 CEOs from 144 U.S companies on eight-year period, 2009-2016. Data on CEOs were collected from the ExecuComp databases. Financial performance data were from COMPUSTAT. Firm reputation was obtained from firm’s published score in the Fortune “Most Admired Companies” survey in a given year. The fortune rating is obtained through surveys from executives and directors, and has been widely used in previous research (Love, Lim, & Bednar 2017). Our independent and control variables are measured in the year prior to the one in which the survey ratings are published. CEO narcissism is invariant meaning narcissism is a relatively stable disposition similar to Chatterjee and Hambrick’s (2011) and obtained by averaging data from the second and third years of each CEO’s tenure (t + 1 and t + 2). First year of the CEO’s tenure was not considered because of frequently mentioned anomalies reported at first year. CEO narcissism was measured with the same way as Chatterjee and Hambrick’s (2011). Thus, it combines indicators for (1) the prominence of the CEO’s photograph in the company’s annual report; (2) the CEO’s prominence in the company’s press releases; (3) the CEO’s use of first-person singular pronouns in interviews; (4) the CEO’s cash relative pay where cash compensation divided by that of the second-highest paid executive in the firm; and (5) the CEO’s non-cash relative pay where non-cash compensation divided by that of the second-highest-paid executive in the firm. Dependent variables were measures annually and consider available data after the second-year tenure of CEO (n > 2), yielding a 380 firm-years, 61 CEOs for testing our hypothesis. Firm performance was measured with Tobin’s Q (TQ), calculated by dividing the firm’s market value by firm’s asset replacement costs. We have the CEO, the firm, and the industry level control variables. CEO level control variables are CEO age, CEO tenure, CEO gender, CEO stock ownership as the percentage of company stock owned by the CEO, whether the CEO was also board chairman (duality). Firm-level control variables are firm’s the prior year performance, firm size (natural logarithm of revenues t+n–1), firm age, for each dependent variable, to consider strategy or performance tendencies, we included performance value for the firm in the year prior to the start of the CEO’s tenure (t – 1). Industry control variables are dummies for the industry sector (manufacturing, regulated and services industries), the industry average (for all firms in the sample, always excluding the focal firm) in each year (t + n), for each dependent variable to be able to control for industry tendencies. To control for endogeneity i.e. narcissistic CEOs are drawn to certain situations and/or that some conditions, we followed exactly the same procedure of Chatterjee and Hambrick’s (2011). Thus, we regressed CEO narcissism on firm revenues, age, ROA, and calendar year for the year prior to the CEO’s start, ROA change between first and second years of CEO tenure, measures in t+1, namely power (CEO/chair duality and CEO ownership), CEO age, industry dummies. Using the regression coefficients of the significant variables, we calculated each CEO’s predicted narcissism score and included that value as an endogeneity control in our analyses. We used generalized estimating equations (GEE) (Liang & Zeger, 1986), which derive maximum likelihood estimates and accommodate non-independent observations. Due to multiple observations for almost all firms, there is non-independency in our model. We specified a Gaussian (normal) distribution with an identity link function. The covariance structure of the repeated measurement was autoregressive of order one (AR(1)). We used robust variance estimators in our estimations. We used the xtgee routine in Stata 14.2. Results and conclusions The results provide considerable support for hypotheses 1 and 2. Hypothesis 1 predicted that corporate reputation has a positive effect on firm performance (b = .02, p < .01). CEO narcissism is a moderating effect between corporate brand reputation and firm performance. Specifically, CEO narcissism diminishes the positive effect of corporate reputation on firm performance (b = -.04, p < .05). Besides, CEO narcissism have a negative main effect on firm performance (b = -.14, p < .05). Corporate reputation is an intangible asset for firms and positively associated with firm performance according to our results. Little is known so far about the CEO and corporate brand relationship and the role of CEO brands in creating value for the company (Bendisch, Larsen, & Trueman, 2013). We investigated how CEO narcissism influence the relationship between firm’s reputations and firm performance which have not been investigated so far. Since CEOs are the face of the company and it contributes to corporate brand value, narcissistic CEOs might diminish the effect of corporate brand reputation on firm performance with their actions and messages. We find support for our ideas. As a future research, we suggest investigating this issue for different industry sectors and different firm performance measures. Besides, the process of what type of actions of CEOs might diminish brand value should be investigated further. When narcissistic CEOs reduce corporate brand reputation, another potential topic worth to investigate further.

Introduction Brand equity has been receiving utmost attention in academia and practice over the past decades and continues to be of significant interest. Brands have been identified as one of the most valuable assets and firms try to leverage brands in increasingly complex brand portfolios. A large body of literature exists on spillover effects with regard to brand extensions. However, little is known about how corporate branding within product brand communication impacts brand equity. Therefore, this study examines to what extent product brand attitudes spill over to corporate brands. Furthermore, it investigates how corporate branding affects corporate brand attitude. Finally, the role of product brand familiarity, corporate brand familiarity and involvement in brand leverage and dilution is assessed. Method and data Answers to these questions are provided with a sample of 407 subjects that participated in an online experiment and were presented with a print ad either for brands in the FMCG or pharmaceutical category. The experiment included a 2 (corporate brand familiarity: high or low) x 2 (product brand familiarity: high or low) x 2 (category involvement: high or low) x 2 (corporate brand presence: yes or no) factorial design. Measures included brand attitude, attitude towards the ad, brand familiarity and category involvement. Analysis of covariance is employed to test for main effects and interaction effects, pairwise comparisons to test for group differences and multigroup analysis by means of structural equation modelling and path analysis to test for differences in effect sizes for the spillover between product brands and corporate brands. Summary of findings The study provides evidence that corporate brand presence in product brand communication affects corporate brand attitude and that a significant effect is observed for the affective component of corporate brand attitude. No significant effect is found for the cognitive component. Other than expected, the findings demonstrate that corporate brand presence of familiar corporate brands in the high-involvement category (FMCGs) leads to affective corporate brand dilution. Consistently and irrespective of category, the results indicate that corporate brand presence leads to affective corporate brand dilution when corporate brand familiarity and product brand familiarity are low or when product brand familiarity and corporate brand familiarity are high. A tendency for affective brand leverage is indicated for unfamiliar corporate brands when product brands are familiar, which however requires further investigation. Moreover, the findings indicate that the degree of spillover effects differs for the two categories as hypothesized. Stronger positive effects occur in the high-involvement category of FMCGs. Key contributions The findings reveal that corporate brand presence affects corporate brand attitude while differentiating between an affective and cognitive component. Such a differentiation is indispensable as affective effects prevail. Furthermore, this study sheds light on category-specific effects. While corporate brands in the FMCG category evoke stronger positive spillover, the negativity effect of corporate brand presence supersedes and results in brand dilution irrespective of product brand familiarity. Independent of category, when product brands and corporate brands are either low in familiarity or high in familiarity, corporate brands suffer from brand dilution. However, brand dilution is not observed when unfamiliar corporate brands appear with familiar product brands indicating potential for brand leverage. The findings of this study provide new insights into the interplay between product brands and corporate brands and offer valuable guidance for brand communication in both categories. Although corporate branding within product brand communication is increasingly being practiced, these results should encourage brand managers to carefully consider whether corporate brand presence enhances brand equity or presents a liability.

This study focuses on analyzing the variables that moderate the effectiveness of the advertising flyers, one of the most used tools in retailing, to improve product sales. In previous literature, studies analyzed and confirmed the effectiveness of flyers to increase the traffic store, the general store sales or the synergistic effect of them to highlight and improve the effectiveness of promotions. Despite their confirmed effectiveness on these issues and their large use by retailers and manufacturers, it is missed studies that analyze the variables that may moderate their effectiveness on the sales of the products displayed on it. In fact, only Zhang et al. (2009) tried to analyze if the location in which the product is displayed have an influence on its effectiveness. According to them, they obtained inconclusive results due to their sample size. This study, considering the consumer’s cognitive process, analyzes how the presentation and the position of the product in flyers have an effect on their effectiveness to increase the displayed product’s sales. The results show that (i) the special signage on a displayed product in flyers increases their effectiveness to increase displayed product’s sales, and (ii) not only being highlighted increases the effect of the flyer, but that the product positioning affects decisively. For example, some locations -such as the cover, the top of the pages and areas on the left-, increase the visibility of the product and are more effective than other positions to increase displayed product’s sales. These results are in line with previous studies that indicate the importance of the directionality of reading to capture the customer’s attention in other environments. In sum, as happens inside the store or in the shelf, depending on if the product is displayed with a special signage or in an area where the customers pay more attention due to the standard cognitive process, the effectiveness of the flyers increase. Thus, retailers and manufacturers must consider how and where to be in the flyer, not just being.

This study investigates an under-developed research area, sports partnership management, to deepen the understanding of the strategic implications derived from a sports club’s partnerships. A relationship perspective to the portfolio framework is employed by considering the complexity of a partnership as the managerial input variable, and the value impact of the partnership as the output variable. It adopts a longitudinal single case study design, allowing aspects of both exploration and explanation through evidence from multiple sources within the organization. The data collection entails a three-phase empirical research process, collecting data from different sources within a professional sports club. Based on a dataset containing two waves of contract data collected in Phase 2 coupled with interviews in Phase 1 and discussions in Phase 3, this research provides three meaningful applications of a partnership portfolio framework. Theoretically, this research provides insights into enhancing the rigor of the operationalization of a portfolio analysis by paying particular attention to the validity of the portfolio framework and its measurement issues. Practically, the study offers a framework for analyzing its partnership portfolio that provides insights into the current status of the portfolio and ways to build, sustain and/or improve the management of their partnerships.

The paper presents the longitude study of Internet technologies introduction into business model. Rapid spread of Internet technologies has a significant impact on the business models transformation. Today, information technology has become an integral part of communication with customers. In 2017 the penetration rate of the Internet in Russia reached 73%. Thus, almost 3/4 of the population is currently Internet users and be reached online. On the one hand, Internet communication speeds up and simplifies the processes; on the other hand, the key competitive advantage of direct selling business model is blurred. For ages business model was based on direct interpersonal contacts between the distributor and the customer. In this business model relationship creates more value than the product itself [Luk, Fullgrabe, Yi, 1996] and face-to-face meeting is the key descriptor [Sanan, 1997]. Direct selling is cultivated through relationships and provides customer-centric marketing opportunities [Harrison, Hair, 2017]. The question of this study is whether introduction of innovative Internet technologies into communication with customers is beneficial for traditional direct selling business model. Empirical research is based on comparative analysis of data from three survey waves (6380 respondents in 2011, 5638 respondents in 2014 and 6800 respondents in 2017). Effectiveness of Internet usage the for communicate with customers was analized in dynamics over the three waves of 2011, 2014, 2017. Using the one-way analysis of variance (ANOVA) method 15 (fifteen) hypotheses were checked. Nine (9) out of 15 (fifteen) hypotheses were confirmed. Research revealed that personalization determines the effectiveness of communication with customers via internet-based tools (e-mail, web site, social networks, professional social networks, video channels, blogs, microblogs, videoconferences and webinars, messaging applications and files). Nevertheless, face-to-face communication remains significant communication channel for success in direct-selling

Introduction Business model (BM) research currently represents rapidly developing area of knowledge that helps businesses in finding new sources of competitive advantage and growth drivers. Multiple studies demonstrate that BM studies are multidisciplinary by their nature as this helps better understanding complex processes happening in real life that are described by BM research (Zott, Amit, Massa, 2011; Tikkanen et al, 2005). This means that BM research is built on a basis of strategic management, marketing, sociology, psychology, logistics, institutional economics and other disciplines. Regardless the growing amount of publications in this area (more than 6 times growth for the last 15 years reaching 2100 publications per year according to Scopus) the amount of successful BM in practice remains low. BM studies are primarily linked to the notion of value that is jointly created for the final consumer by multiple participants of the value chain (suppliers, manufacturers, distribution channels). Within the interaction of BM participants the key role is played by their orientation towards the interests of the final consumer who makes the decision on whether to acknowledge or not the created value. As value chain generally consists of multiple commercial organizations, their major interest is in making profits as a result of joint value creation activities. Therefore the key role in BM analysis is played by marketing that helps searching and offering such values for the customer that enable satisfying his needs. Multiple research in marketing confirms that long term customer orientation, cooperation of value chain actors offer companies better development opportunities and lead to better financial results as well as help increasing value generated for the final consumer. However, the current level of marketing involvement into the BM research remains low. This, in turn, significantly limits the opportunities of creating successful and sustainable BM that bring profits to the commercial units of the value chain and satisfy the needs of the final consumer. To address the existing gap the current paper explores the links between BM research and marketing which are then used to develop a new approach to BM innovation. The approach is based on value chains and interfirm relationships. Literature review Regardless large and steadily growing amount of BM publications the questions related to building a unified theoretical basis for BM research are still under discussion (Teece, 2010; Zott, Amit, Massa, 2011; DaSilva, Trkman, 2014; Baden- Fuller, Mangematin, 2015). There is a lack of alignment between the researchers on a broad spectrum of questions (such as BM definition, BM components, the relation between BM and company strategy, BM boundaries, the impact of various BM types on company performance etc). At the same time some consolidation of researchers’ positions can be observed in relation to the domination of a value component within BM definition. The questions related to BM analysis that enable to evaluate the current state of a BM, understand its key components (Hamel, 2000; Johnson, Christensen, Kagermann, 2008; Teece, 2010) and find better opportunities for BM improvement (Osterwalder, Pigneur, 2010; Girotra, Netessine, 2014) are actively researched. Many authors come to a conclusion that a BM spans the boundaries of a single firm and includes a whole complex of interaction participants – suppliers, distribution channels, final consumers. This is because cooperation of various market participants enables to significantly increase jointly created value for the customer (Nenonen, Storbacka, 2010; Zott, Amit, Massa, 2011). This understanding of a BM also leads to the need of thorough analysis of mismatches and inconsistencies between value chain participants that regularly appear in the business (Gassmann, Frankenberger, Csik, 2013; Girotra, Netessine, 2014). Regardless the existing variety of BM studies, most of the papers draw the attention to the process of value creation for the final consumer, which is a zone of marketing interests, as marketing studies the directions of identifying and satisfying customer’s needs. Therefore it is hard to imagine building successful BM oriented on the final consumer and bringing stable income to the companies participating in the BM without organic inclusion of the customer into the value chain by using methods and tools from marketing. These questions are studied within multiple relationship marketing papers (Parvatyar, Sheth, 1995; Gumesson, 1999; Juttner, Christopher, Baker, 2007; Tretyak, 2013). However, nowadays the involvement of marketing researchers in BM studies is low (only 5% of BM studies are published in marketing journals (Coombes, Nicholson, 2013)) which is also confirmed by the current study. Despite the very broad spectrum of studied questions, the importance of value acknowledgement by the customer is neglected by BM researchers. At the same time in case the value is not acknowledged, the BM loses its commercial value for the other participants as it stops bringing them profits. Therefore there is a growing need to incorporating the final consumer into the value chain, understanding its interests. This is possible in case of using the results of marketing research which is demonstrated in the current study. Research design To explore the link between marketing and BM research we review the literature on relationship marketing that is specialized on the value creation process for the customer, inclusion of the customer into the value chain, cooperation and coordination of value chain participants (Parvatyar, Sheth, 1995; Gumesson, 1999; Juttner, Christopher, Baker, 2007; Tretyak, 2013). The similarities between BM research and marketing were examined from two sides. The first examination analyzes the publications statistics of BM papers. We particularly look at the amount of BM publications in marketing journals. The classification of journals by different categories is conducted according to Scientific Journal Rankings (SJR) list. For the purpose of this analysis we use Scopus publications database and all the available articles with “business model” in title published before 2018. The relative “typicality” of these papers and journals is evaluated using citation index (number of citations per article/journal divided by total number of citations). Along with this we analyze not only journals which publish BM articles, but also the journals referring to them. The second examination looks into the actual similar attributes of marketing and BM research. The BM literature is studied through the prism of seven schools of thought that are recently proposed by (Gassmann, Frankenberger, Sauer, 2016): Activity system school (Zott, Amit), Process school (Demil, Lecocq), Cognitive school (Baden Fuller, Morgan), Technology-driven school (Chesbrough, Teece), Strategic choice school (Casadeus-Masanell, Ricart), Recombination school (Gassmann, Frankenberger, Csik), Duality school (Markides, Charitou). These seven schools provide a comprehensive outlook on major BM research tendencies that help in understanding of BM essence, structure, components, goals and objectives, BM performance evaluation, and the directions of future BM studies. Additionally to better understand BM key research trends we analyzed top 25 most cited publications according to Scopus and Ebsco publication databases (the publications with “business model” notion in title were selected). For the purpose of theoretical analysis we applied the methods of comparison, generalization, methods of grouping and classification. The basis of the current research is formed by value chains studying methods that are used in both BM and marketing studies. Results and conclusions The analysis of BM research demonstrated that BM spans the boundaries of a single firm and includes the whole complex of interaction participants that jointly create and deliver value to the final consumer - suppliers, manufacturers, distribution channels. Because of that multiple BM research papers focus on the analysis of the value chains and intercompany networks. Understanding of these specifics formed the basis of a new approach to BM innovation. It is demonstrated that the existing approaches to BM analysis and improvement don’t include the final consumer as a specific BM component, and don’t focus the attention on fulfilling his needs as well as building the mechanism of BM actors’ interaction in accordance with customer’s needs. At the same time the acknowledgement of the value by the customer defines the financial wellbeing of BM actors. Addressing these questions can significantly improve BM performance and can be done through building a link between BM research and marketing. The analysis demonstrated that only 6% of BM papers are published in marketing journals, and only 8% of studies that are citing BM research are published in marketing journals which confirms limited involvement of marketing scholars in BM research. The following similarities between BM and marketing studies were identified and explored: value chains and interfirm networks (examples of marketing studies: Tretyak, 2013; example of BM studies: Nenonen, Storbacka, 2010; Zott, Amit, Massa, 2011), cooperation and partnerships between value chain participants (examples of marketing studies: Parvatyar, Sheth, 1995; example of BM studies: Zott, Amit, 2008), coordination of value chain participants (examples of marketing studies: Juttner, Christopher, Baker, 2007; example of BM studies: Girotra, Netessine, 2014), customer orientation and customer involvement (examples of marketing studies: Gumesson, 1999; example of BM studies: Johnson, Christensen, Kagermann, 2008; Teece, 2010), long term orientation of relationship marketing and sustainable BM (examples of marketing studies: Parvatyar, Sheth, 1995; example of BM studies: Girotra, Netessine, 2014). To close the existing gap a three-level conceptual model (1st level – structure of the BM, 2nd level – mechanism of BM participants’ interactions, 3rd level – results of their interactions) and new approach to BM innovation are offered within the current study. The approach demonstrates a step-by-step sequence of actions within three previously highlighted levels and is targeted on increasing the jointly created value for the customer by the BM by eliminating mismatches and inconsistencies between BM participants. Comparing to other approaches, the new approach allows orienting BM participants towards the interests of the final consumer, acknowledges different abilities of BM actors to influence the value creation process and proposes analyzing the ways of coordination of other BM actors by the dominating actor in order to improve the results of the BM. The practical implementation of the approach demonstrated that it’s key provisions could be successfully applied within different market conditions and lead to improved BM performance (Klimanov, Tretyak, 2016; Lyashchuk, Sterligova, 2016). The following sequence of actions is proposed within the approach: 1st level - structure of the BM (a. Visualization of intercompany network with its key actors and description of their roles; b. Defining and highlighting the dominating actor (hypothesis); c. Analysis of BM variety, their classification), 2nd level - interaction mechanism (a. Defining the mechanism (concrete forms) and coordination directions that are applied by the dominating actor and other BM actors; b. Definition and analysis of mismatches and inconsistencies that appear between various BM actors, and also the ways to overcome them; c. Identifying the most critical inconsistencies, their ranking (where there is the biggest gap between the value created for the customer and the value captured by other BM actors)), 3rd level - results of BM actors’ interaction (a. Analysis of the indicators that characterize BM on various levels; b. Analysis of the impact of mismatches and inconsistencies between the BM actors on the flows’ characteristics: material, financial, customer flow). The new approach to BM innovation has multiple similarities with Activity system school that is based on the approach offered in (Zott, Amit, 2010), which views BM as a system of interdependent activities conducted by the focal firm and other value chain participants in order to create value for the customer and generate profits. The approach assumes that it is possible to analyze or develop a BM by considering the components, structure and control mechanism of the activity system. However, the approach offered in the current study is different from the Activity system perspective at the level at which the activity system is analyzed - these are components of a whole value creation system, rather than a single focal firm. Thus, the proposed approach develops the Activity system perspective by proposing the use of a marketing scheme that integrates certain aspects of BM analysis into an organic whole and offers a threelevel analysis of a BM. Considerable attention in the Activity system perspective focuses on the activities of BM participants and their interaction. The activity system design element related to transaction management also reflects one of the key elements of the new approach proposed in the current study - BM participants occupy different positions in the value chain and have different opportunities to influence the value creation process for the consumer. The highlighted similarities demonstrate that the new approach to BM innovation developed in the study is organically linked to the Activity system perspective proposed by Zott and Amit and elaborates on it.

The aim of this research is to improve our understanding of the success factors of the front end of innovation (hereinafter, front end) for highly innovative products. Our approach is uncommon in three ways. First, the front end is not considered as a uniform whole, but as consisting of three heterogeneous phases/outcomes, which could require a different mix of resources. Second, a comprehensive range of explanatory factors is scrutinized, including company-, people- and openness-related factors. Third, openness is represented not only by relational breadth and depth, but also relational quality. We examine information originating from two different sources: (1) an ad-hoc survey which provided information from a representative sample of 190 companies, and (2) a secondary data source compiled by the Statistical Office of a regional government in Spain. By using two information sources, we were able to triangulate data and control for validity and common method bias. We found that success in each of the three phases of the front end of new product development is explained by different factors. Relational quality, strategic flexibility and creative culture contribute to the creativity of ideas. The drivers of product definition proficiency appear to be relational quality, technical expertise and creative culture. Finally, front end and technical expertise, leadership and relational depth contribute to project plan proficiency. Overall, our research suggests that empirical studies that consider the front end as a whole and do not consider openness, and, in particular, relational quality, could be misleading.

Introduction Many extant studies in the strategic management literature show that a firm’s network influences its innovation outcomes (Ahuja, Lampert, & Tandon, 2008). Networks are characterized by strong and weak ties in terms of the combination of the amount of time, intensity, intimacy, and reciprocal services (Granovetter, 1973). There is, however, a continuing debate about the relative advantages of strong and weak ties. These equivocal findings suggest that the relationship between tie strength and a firm’s innovation outcome is complex, and call for a more detailed examination of this relationship. The implications of networks for a firm’s innovation outcomes are quite significant. Nevertheless, the majority of research studies still examine networks using simple dyadic relationships (e.g., Capaldo, 2007). In reality, a firm’s networks are composed of more than a single dyadic relationship and are much more complex. Thus, dyadic approaches are limited in providing understanding of networks on a firm’s innovation performance. As such, we will take the perspective of a focal firm in a triad network. While still relatively simple, the triad network approach allows us to identify key relationships previously unexplored in network tie configuration, and to shed light on the equivocal results in the extant literature. Specifically, we will examine the position of the strong or weak ties among the firms, and also whether the strong or weak ties are adjacent or non-adjacent to the focal firm. Breakthrough innovation is defined as the basic invention, which leads to the evolution of many subsequent technological developments (Ahuja & Lambert, 2001). This definition suggests that novel and unique knowledge is required to create breakthrough innovation. Indeed, recent research shows that firms need novel knowledge created by network partners to create breakthrough innovation (e.g., Srivastava & Gnyawali, 2011). As such, we investigate how different levels of novel and diverse knowledge arising from the position of network ties impact a focal firm’s breakthrough innovation. Nevertheless, obtaining diverse and novel knowledge from networks does not guarantee the creation of successful breakthrough innovation. A firm needs a capability to learn, absorb and integrate the new knowledge into its works, which is its absorptive capacity. Thus, we examine the moderating role of a firm’s absorptive capacity on the relationship between the impact of the configurations arising from the position of strong/weak ties and a firm’s breakthrough innovation in a triad network relationship. Conceptual Framework We posit six different types of network configurations based on tie strength and position of strong/weak ties that are adjacent or non-adjacent to the focal firm in a triad (Figure 1). For example, Configuration 1 has three strong ties and Configuration 6 has three weak ties. Configuration 2 has two strong ties that are adjacent to a focal firm and one weak tie that is non-adjacent to a focal firm in a triad. Importantly, we use two theories (i.e., network theor and relational theory) to elaborate the impact of six configurations on a firm’s breakthrough innovation, considering the tie strength, the position of strong/weak ties, and whether the strong or weak ties are adjacent or non-adjacent to the focal firm. The first of these is network theory. Network theory and relational theory assert different effects of strong versus weak ties on a firm’s breakthrough innovation. To resolve the ambiguities in the literature on this issue, we combine network theory and relational theory and investigate the implication of the position of the strong or weak ties. We argue that the position of strong/weak ties must be considered to explain the impact of tie strength on firm breakthrough innovation in a triad context. For example, Configuration 2 has two strong ties adjacent to focal firm and one weak tie non-adjacent to focal firm (Figure 1). The non-adjacent weak tie provides potential for diverse and novel knowledge and reduced knowledge redundancy. Also, adjacent two strong ties provide the benefits of commitment and trust, and rich information flow. Additionally, these adjacent strong ties facilitate the transfer of novel knowledge generated from the non-adjacent weak tie. Thus, we argue that Configuration 2 has a potentially positive influence on firm breakthrough innovation. Configuration 5 has two adjacent weak ties and one non-adjacent strong tie. The non-adjacent strong tie has high knowledge redundancy and high trust and commitment between the two actors B and C (Figure 1). The non-adjacent strong tie between B and C induces potential opportunistic tendencies toward focal firm and inhibits information sharing with the focal firm. This indicates that the two firms form an alliance to the detriment of the focal firm. Further, adjacent weak ties provide novel and diverse information while maintaining less commitment and trust with the focal firm. Importantly, diverse information from adjacent weak ties is degraded because of the knowledge redundancy generated by non-adjacent strong tie between B and C. Thus, we argue that Configuration 5 has potentially negative influence on firm breakthrough innovation. The above discussion suggests that one cannot determine which type of network ties will tend create a firm’s breakthrough innovation simply by counting the numbers of weak and strong ties in the configurations. One must also consider the position of the strong and weak ties within the network and the focal firm’s absorptive capacity. For example, though there is a high level of knowledge redundancy created by the non-adjacent strong tie in Configuration 5, if the focal firm has strong ability to learn, the focal firm can still capture and use the limited new knowledge, depending on its absorptive capacity. Next, we explain how firm’s absorptive capacity influences the relationship between six configurations and breakthrough innovation. Methods We will collect a full sample of data from three main data sources: alliance data from the Securities Data Company (SDC) on Joint and Alliances, patent data from the National Bureau of Economic Research (NBER) U.S. Patent Citation 1997-2016, and financial data from COMPUSTAT. The initial sample will consist of all firms that announced a triad of strategic alliance firms across industries from 1997 to 2016 in the United States. Implications Our study makes two key contributions. First, we investigate the impact of various triad strong/weak tie network configurations on a firm’s breakthrough innovation. We test various effects accrued from the position of strong/weak ties that are adjacent or non-adjacent to a focal firm on the focal firm’s breakthrough innovation in the triad network. By examining these relationships, we uncover critical implications of the tie strength previously unexplored in the network literature. We provide conceptual advancement of Granovetter’s notion of the strength of weak ties, showing the importance of the position of strong or weak ties as a critical driver to influence a firm’s breakthrough innovation. Second, we investigate how a focal firm’s absorptive capacity moderates the impact of network configurations on a firm’s breakthrough innovation. This provides a more precise and fine-grained understanding of how a firm’s capability to absorb outside knowledge influences the relationship between network configurations and a focal firm’s breakthrough innovation. Combined, our two contributions help to resolve some of the equivocal results in the extant literature regarding the effects of strong or weak ties on breakthrough innovation.

The culinary business in Indonesia has become attractive since it gives 41.40% contribution to total creative economy GDP in 2016 (BEKRAF-BPS, 2016). The high contribution of the culinary industry could not separate from the fact that Indonesia has plenty of local foods variety from a different area in Indonesia. Since 2016, on the scope of ASEAN Economy Community, the role of Indonesian millennial is essential. The total of ASEAN population is 625 million. 65 percent of them who was born in 1980 is around 375 million. Indonesia has approximately 84 million millennial which means 23% of the youth in ASEAN is Indonesia citizen. The current research aims to analyzed millennial behaviors and how they consumed local foods based on the online and offline appearance of the local food. Based on the survey to 121 millennial, this study found that online and offline appearance includes social media, sensory appeal, health and weight control, price, habit, and sociability and social image, have a significant influence to local food consumption among millennial. This study may provide a new perspective on how local food entrepreneurs should manage their online and offline appearance of local food to increase the product’s consumption.

A predominantly positive view is shown in engagement literature in terms of positive actor engagement (PNE) expressions and outcomes. However, business practices indicate that the understanding of actors being negatively engaged is important. Yet a few studies in marketing, which attempt to conceptualise negative actor engagement (NAE), do not have a consensus as for whether NE and PE are reciprocal or NE is a distinct construct with a different nomological network and process. The purpose of this study is to conceptualise and operationalise NAE. Built on Li et al.’s (2018) conceptualisation of actor engagement valence, this paper follows Churchill’s (1979) methods of scale development and operationalises the construct of NAE. By developing and validating a NAE scale in specific online learning servcie platforms, we address this identified literature gap. Specifically, this study derives four NAE dimensions, including annoyance, anxiety, futitlity and failed expectation, which we proceed to validate within a nomological net of conceptual relationships in relation to the engagement behaviours (learning, sharing and endorsing). We conclude with an overview of key managerial and scholarly implications arising from this research. This marks the first study in the marketing discipline to operationalise NAE.

The revitalisation of a craft economy: the case of scottish knitting In the 1980s, Vivienne Weir knitted for money at home, her skills – little remunerated – realising in luxurious yarns the fashionable imaginings of a local designer. In 2018 Kate Davies knits at home, her skills the foundation of a successful eponymous knitwear design and yarn production business. What separates these women is more than time – in contemporary Scotland, knitting is a valid and valued entrepreneurial pursuit, and so-called home knitters form part of a vast network of crafters whose turn from home craft to design-focused entrepreneurship represents a significant contribution to the £1billion per annum that the fashion and textile industries generate for Scotland. Through analysis of the business activities of both women, collected through personal testimony interviews, this paper examines the revitalisation of knitting in Scotland as a viable and lucrative entrepreneurial activity. It compares and contrasts the historical case study of Vivienne who was not afforded the opportunity to realise her potential and make a business from her skills, with the contemporary story of Kate who has translated her skills in hand-knitting and passion for design into a profitable enterprise. It argues that the revitalisation of the craft economy of knitting in Scotland has been galvanized by the rise of a new generation of knitters determined to rewrite the Scottish aesthetic lexicon in knitwear design, a new appreciation for the heritage and tradition of skilled knitting, and a new-found understanding of the economic, social, and cultural value of knit craft. In an age of increasing automation in fashion and textiles, and concerns around the social and environmental impacts of massmanufacturing, this paper demonstrates the importance of a dynamic craft economy in knitting to the Scottish fashion and textile industries.

This paper analyses consumers’ perception of the country image of Italy across 7 emerging countries: Brazil, China, India, Indonesia, Russia, South Africa, and Turkey. Drawing from the international marketing and tourism literature (De Nisco, Papadopoulos and Heslop, 2017; Roth and Diamantopoulos, 2009), 4 main structural dimensions of the Italian country image were chosen as focus of investigation: general country image, product-country image, tourism destination image and cultural heritage image. The empirical research was based on a survey conducted on a sample of 4,550 respondents intercepted through an online panel. Two preliminary exploratory factor analysis (EFA) were ran to refine the scales and to summarize the data into structural factors. The first EFAs grouped measurement scales in 7 components: tourism destination image; general country image; product country image; product accessibility; evaluation of hedonic products; evaluation of utilitarian products; and evaluation of Italy as a tourism destination. The second EFA identified 3 distinct components of the cultural heritage image construct, i) art, literature, history, movies, ii) sociality, cooking, handcrafts and iii) traditions, expression, celebrations. Using the dimensions resulting from the EFA as data input, a latent class analysis was then employed. A 4-cluster solution emerged and the four segments reveal how the general country, product, tourism and cultural heritage components of place image are related and of how they jointly affect consumers’ intentions. Moreover, the study provides additional evidence of country of origin effects from the perspective of consumers from emerging markets, where both the

INTRODUCTION Online marketing has grown rapidly over the past years and has become a key component when making marketing mix decisions. Over 2014, internet advertising revenues in the U.S. increased 16% from the previous year to a total of $49.5 billion (IAB 2015). In addition, according to Online Publisher Association, video advertisements have reached the majority of the Internet users (66%), and have resulted in an action from almost half of the users. The significant business opportunities provided by the online environment are reflected as the increasing amount of attention for online advertising in academic research (Mei et al. 2008). It is yet to be researched how online videos and the accompanied online video advertisements interact and how advertisement customization can play a role to possibly optimize user experience and therefore the effectiveness of online video advertisements. Particularly, congruity forms a key opportunity for customization in embedded online video advertising. Congruity is defined as consistency between the ad and video or the advertised product and video (Moore et al. 2005). Evidences in extent literature have shown the positive effects of congruity on, for example, the processing fluency of the ad, the consumer attitudes towards the ad and the persuasiveness of the ad (Moore et al. 2005). However, in the context of online video advertising, limited research has been conducted on this topic. The main goal of this research is to explore the effect of online video advertising congruity on consumer attitudes towards the online video, advertisement and advertised product. Therefore, this research attempts to examine the information processing of a consumer and how congruity acts in this process to affect consumer's preferences. Due to the nature of this research question, an online experiment is used to test the hypothesized relationships of the conceptual model. The collected data in this study were examined using partial least squares (PLS). CONGRUITY AND PROCESSING FLUENCY Congruity can be defined in terms of similarity. The perceived similarity between two given stimuli of equal importance, determines their congruity (Rokeach & Rothman, 1965). Extensive research has been conducted on the effects of congruity in advertising. For example, studies have focused on congruity between involvement types of ads and TV programs (Sharma, 2000), viewer's mood-ad content congruity (Kamins, Marks, & Skinner, 1991), and program context- advertised product congruity (De Pelsmacker, Geuens, & Anckaert, 2002). Previous research from (Moore, Stammerjohan, & Coulter, 2005) has shown that congruity has a positive effect on consumer attitudes. Research on online banner advertisements on websites has indicated that advertisements should be consistent with the website brand (Newman, Stem Jr, & Sprott, 2004). Appeal congruity can then be achieved when the appeal of the online video and the appeal of the embedded ad are similar: an emotional (affective) video paired with an emotional ad can be deemed congruent. Similarly, an informational ad will be more effective when embedded in an informational video. In this study, Ad-and-Video congruity represents such type of congruity. Based on extent research on processing fluency, it can be assumed that online video advertising congruity, either in terms of appeal or content, will result in more processing ease of the ad as the information provided by the video and ad is similar. The following hypotheses are formulated: Hypothesis 1: Congruity between the appeal of the online video and the appeal of the advertisement has a positive effect on processing fluency. Hypothesis 2: Congruity between content of the online video and the advertised product has a positive effect on processing fluency. We further propose that the above process is influenced by ad/video appeal or execution format (emotional vs. informational). An informational ad format is defined as an ad execution designed to appeal to the rationality of the receiver by using objective information describing a brand’s attributes or benefits, while an emotional ad format as an ad execution designed to appeal to the receiver’s emotions by using drama, mood, music and other emotion-eliciting strategies (Yoo & MacInnis, 2005). When an individual is watching an emotional ad or video, the possible effect of Ad-video or Product-video congruity on a consumer's processing fluency will be attenuated. The following hypotheses are formulated: Hypothesis 3a: Congruity between the appeal of online video and the appeal of embedded advertisement has a stronger effect on processing fluency for informational appeals than for emotional appeals. Hypothesis 3b: Congruity between content of the online video and the advertised product has a stronger effect on processing fluency for informational contents than for emotional contents. Involvement and processing fluency With regards to online advertising, research has shown that the degree to which a consumer is involved with the topic of a website also affects the processing of online advertising. It can be argued that when an individual is not involved in watching an online video, its effect on a consumer's processing fluency will be absent. On the other hand, when a consumer is highly involved in watching an online video, it is more likely that the viewer experiences processing fluency. As a result, in this situation, involvement may actually affect processing fluency of the viewer. Based on these findings, the following hypothesis is formulated: Hypothesis 4: Involvement has a positive effect on the processing fluency of consumers. Post-viewing attitudes Research has also indicated the mediating role of an individual’s affective response from processing fluency to its evaluation (Winkielman & Cacioppo, 2001). A viewer of an online video is shown an ad that has the same appeal as the video, making it rather easy to process. The viewer appreciates this as it takes less effort to view the ad and to relate to advertised product to the content of the video and the viewer's interests. As a result the viewer is more likely to generate a positive attitude towards the ad, the advertised product and the video. The insights lead to the formulation of the following three hypotheses: Hypothesis 5: Processing fluency has a positive effect on the attitude towards the online video. Hypothesis 6: Processing fluency has a positive effect on the attitude towards the advertisement. Hypothesis 7: Processing fluency has a positive effect on the attitude towards the advertised product. Figure 1 shows the conceptual model, which summarises the hypothesized relationships. <Insert Figure 1 about here> METHODOLOGY We conducted an experiment in the form of a 2 (type of appeal: informational vs. emotional) × 2 (Ad-Video congruity: congruent vs. incongruent) × 2 (Product-Video congruity: congruent vs. incongruent) full-factorial between-subject design. Video and advertisement appeal are each measured by the three items derived from the study by Moore et al. (1995) on the individual difference in response to advertising appeal. Processing fluency is measured by two items of the study by Lee and Aker (2004). Three items of the study from Zaichowsky (1985) are used to measure the involvement of the participants. The three items related to the attitude towards the video, advertisement and product are derived from the respective studies from Russell et al. (2004) and Kozup, Creyer and Burton (2003). Returned questionnaires numbered 276 responses with 24 incomplete data, resulting in 252 valid responses for data analysis. The collected data in this study were analyzed using partial least squares (PLS). Measurement model A measurement model was used to evaluate reliability, convergent validity, and discriminate validity. A structural model was used to determine the significance and association of each hypothesized path, and the explained variance. Reliability was examined by composite reliability values above the 0.70 benchmark (Fornell and Larcker 1981). Results show all values above 0.70, indicating satisfactory reliability. Convergent validity was examined by all indicator loadings that were significant and exceeding 0.7 and average variance extracted (AVE) by each construct exceeding 0.50 (Fornell and Larcker 1981). Results shows all indicator loadings above 0.70 and all AVEs exceeding 0.50, indicating satisfactory convergent validity. Discriminant validity is demonstrated by the square root of the AVE for each construct exceeding the correlations between the constructs (Chin 1998). These results indicate that the proposed models have good reliability and validity. Structure model Figure 2 shows the standardized path coefficient, the significance of each hypothesized path and the variance explained (R²). H1 and H2 investigate the effect of Ad-Video congruity and Product-Video congruity on processing fluency. Results show that Product-Video congruity is positively related to processing fluency (β=0.115, t-value=2.131, p<0.05), supporting H2. However, the effect of Ad-Video congruity on processing fluency is not significant ((β=0.022, t-value=0.377, p>0.05). Thus, H1 is not supported. H3a and H3b examine the moderating effect of the type of appeal. The hypothesis testing of H3a and H3b is discussed under the multi-group analysis (PLS-MGA). H4 proposes that involvement has a positive effect on the processing fluency of consumers, which is supported by the results (β=0.399, tvalue= 6.778, p<0.05). H5, H6, and H7 investigate the effects of processing fluency on post-viewing attitudes. Processing fluency is positively related to attitude towards the video (β=0.192, t-value=2.838, p<0.05), advertisement (β=0.426, t-value=7.607, p<0.05) and the focal product (β=0.422, t-value=7.171, p<0.05). These results support H5, H6 and H7. <Insert Figure 2 about here> We hypothesize that the type of appeal (informational or emotional) moderates the effects of Ad-Video congruity and Product-Video congruity on processing fluency in H3a and H3b. Specifically, the effects on under informational appeal condition are stronger. To test for group differences, we applied a multi-group analysis (PLS-MGA) approach. The PLS-MGA results for both informational and emotional groups, show that that the positive effect of Ad-Video congruity on processing fluency is only significant for informational appeals (β=.150, t-value=1.99, p<.05) but not emotional appeal (β=-.010, t-value=.15, p>.05), supporting H3a. Similarly, results show that that the positive effects of Product-Video congruity on processing fluency is only significant for informational appeals (β=.170, t-value=2.27, p<.05) but not emotional appeal (β=.050, t-value=.57, p>.05), supporting H3b. CONCLUSION Results show that congruity is related to the improvement of processing fluency only for informational ads/videos. This finding provides some support to the processing fluency theory which holds that less discrepant information should result in a higher processing fluency and extends the existing literature by investigating the appeal/execution format as a boundary condition. Involvement itself has been found to be positively related to processing fluency. Thus, when a consumer is initially more involved in watching a video, the processing fluency increases. This is in line with previous research that proved that involvement positively affects the attention that is given to advertisements and ultimately also the attitude of consumers.

The Theory of Value Drivers, or Value Driver Theory (Wendee, 2011), is useful in understanding the value creation process in any enterprise. Innovation and strategy are important components in the value creation process. This research, which is based on Value Driver Theory, explored the role that innovation and strategy have in the value creation process and how they are employed in creating enterprise value. Value Driver Theory was discovered using two different, but compatible, research methodologies. The qualitative study used to discover Value Driver Theory explored the effect of business value drivers on the valuation of businesses in the United States and proposed a theory of value drivers. The Value Driver Theory study used two research methods – grounded theory and the Delphi method - to explore the effect of business value drivers on the valuation of businesses in the U.S. and to propose a theory of value drivers. In addition to a list of 72 individual value drivers, which includes innovation and strategy, the theory of value drivers presents a comprehensive value driver possibilities frontier and value driver chain, both of which are part of and are used to explain the theory of value drivers. The theory of value drivers is comprised of 28 propositions that work in concert with the possibilities frontier, the value driver chain, and other elements that are described in the paper. The Value Driver Theory paper differs from other studies as follows: First, the paper significantly extends the notions, ideas, and concepts from previous studies on value drivers. Second, the paper creates a comprehensive classification scheme for value drivers and has identified many more characteristics and properties of value drivers than previous studies. Third, the study identified 72 specific value drivers through the literature review and the Delphi study. Fourth, the paper consolidates the material from the literature review and the result of the research conducted through the Delphi and grounded theory studies and codifies it into the theory of value drivers. Subsequent to the publication of the paper on Value Driver Theory, new conceptual frameworks and tools have been developed to enhance the usefulness of Value Driver Theory in evaluating the enterprise value creation process. These conceptual frameworks and research tools were explored in the current study in general terms; and particularly as to how they relate to and enhance the use of innovation and strategy in the value creation process.

Over the last decade, the sharing economy that covers systems of organised sharing, bartering, lending, trading, renting, gifting, and swapping among communities of peers on Internet platforms has emerged as a major disruptive pattern in capitalist economies (Botsman and Rogers, 2010). Prior research on the sharing economy has mainly concentrated on young, well-educated urban users and therefore particularly underlined “noble” motivations for participation, such as hedonic, environmental, and political reasons. This research looks beyond this “hipster” view of sharing entrepreneurs and focuses on French deprived mothers who use peer-to-peer (P2P) platforms to survive. Drawing on the literature on subsistence markets in developing countries (e.g., Viswanathan et al., 2014), it investigates Facebook buy-and-sell groups as a new form of subsistence markets in developed countries. Using a multi-method approach involving in-depth interviews, netnography, and participatory observation on Facebook buy-and-sell groups, it more particularly explores how Facebook specific digital features participate in these emerging markets. The findings indicate that subsistence markets’ emergence in developed countries on Facebook is founded on new digital features that (re)create structural, cognitive and relational forms of social capital. This research thus offers interesting contributions and implications for public policy makers engaged in the regulation of the sharing economy.

Personalizing banner ads or embedding ads with specific data signals or triggers, such as – personal characteristics, past behaviours, etc. is believed to improve customer response or Click Through Rate (CTR) since, embedding ads with viewers/recipients’ personal data or characteristics make ads more appealing and relevant to users (Lambrecht & Tucker, 2013). However, evidence also exists in literature that personalization can be ineffective as the usage of customers’ personal data can trigger off privacy concerns causing them to ignore such ads (van Doorn & Hoekstra, 2013). Investigations exploring suitability and effectiveness of ad personalization report that factors such as advertised product, data used for personalizing may influence the effectiveness of personalized ads (De Keyzer, Dens, & De Pelsmacker, 2015; Goldfarb & Tucker, 2011; van Doorn & Hoekstra, 2013). In this research we examine the impact of personalization triggers (PTs) on click through rate (CTR) of online banner ads across cultures. CTR data for 1345 unique ad copies (personalized) of an international hotel group screened in Japan and Middle East countries was used for this study. Data analyses revealed significant impact of PTs on CTRs. Analyses further revealed that – 1) usage of past purchase data impacts the CTR negatively, implying that customers respond negatively to ads showing hotel properties that they have previously visited/stayed in; 2) usage of search history data has a significant positive impact on CTR, suggesting that customers respond favourably towards ads showing hotel properties in destinations revealed from their search history. Interestingly, culture specific data such as local language elicit different responses in different cultures. While in Japan, language personalised ads i.e., ads in Japanese language fared poorly (negative impact on CTR) as compared to ads in English language (positive impact on CTR); in the Middle East it was the ads in English language that fared poorly (negative impact on CTR) compared to ads in Arabic. These results strongly suggest that the knowledge of PTs influence CTR and combining them with the right creative elements would help advertisers in improving customer engagement with ads, have a positive impact on CTR and even improve customer conversion. This would imply better returns for the resources spent on digital advertising. Findings from the study are true and reflective of the PTs (membership, brand affinity, destination, language) used in the ad campaign under study and limited to the cultures investigated. Future studies exploring other PTs in online hotel ads would help marketers in making a more informed decision while selecting data signals or PTs for personalizing digital banner ads for hotel brands.