In this paper we build a pragmatic model on competition in oligopoly markets. To achieve this goal, we use an approach based on studying the response functions of each market participant, thus making it possible to address both Cournot and Bertrand industrial structures with a unified formal method. In contrast to the restrictive theoretical constructs of duopoly equilibrium, our study is able to account for real-world limitations like minimal sustainable production levels and exclusive access to certain resources. We prove and demonstrate that by using carefully constructed response functions it is possible to build and calibrate a model that reflects different competitive strategies used in extremely concentrated markets. The response functions approach makes it also possible to take into consideration different barriers to entry. By fitting to the response functions rather than the profit maximization of the payoff functions problem we alter the classical optimization problem to a problem of coupled fixed points, which has the benefit that considering corner optimum, corner equilibria and convexity condition of the payoff function can be skipped.
The declared state of emergency and the measures taken against the spread of coronavirus by governments have increased Internet shopping. All companies, regardless of size and type of business activity, had to adapt their business models to the new circumstances through transformation of their business processes and offering products or services tailored to the changing customer behavior. This study aims to analyze the peculiarities of online sales during the COVID-19 health crisis via the integration of classic and modern data analysis methods. The purpose of the paper is to identify the main factors determining user behavior and examine their impact on customer satisfaction in e-commerce. The survey method and structural equation modeling (SEM) were used to recognize the dependencies between variables from the online users’ perspective. The satisfaction determinants indicated and described in the paper affect differently the perceived value for the customers. As this value is subjective and dynamic, this study developed a reliable system for e-commerce factor evaluation. Using the proposed methodology, companies can constantly monitor and assess indicators influencing customer satisfaction and gain awareness of consumer behavior’s dynamics in online shopping. e-commerce marketers can employ the obtained results to decide how to organize order execution and optimize supply chains. Identifying the most important components of the e-commerce value, managers of online retailers can better run online sales platforms, increase customer loyalty, and thus, improve company’s online performance.
The goal of this study is to examine and identify the factors influencing customer attitude toward and intention to use digital wallets (electronic wallets, e-wallets) during and after the COVID-19 pandemic. A total of 257 correctly fulfilled questionnaires from an online survey were summarized. The main features of e-wallet payment systems were classified with a focus on consumer satisfaction via the integration of classic and modern data analysis methods. Structural Equation Modeling (SEM) was preferred to reveal the dependencies between the variables from e-wallets users’ perspective. The designed model can discover and explain the underlying relationships that determine the e-wallets’ adoption mechanism. The obtained results lead to specific recommendations to stakeholders in the value chain of payment processing. Financial regulatory authorities could employ the presented results in planning the development of payment systems. E-commerce marketers could utilize the proposed methodology to assess, compare and select an alternative way for order payment. E-wallet service providers could establish a reliable multi-criteria system for the evaluation of digital wallet adoption. Being aware of the most important components of e-wallets value, managers can more effectively run and control payment platforms, enhance customer experience, and thus improve the company’s competitiveness. As the perceived value of customer satisfaction is subjective and dynamic, measurements and data analysis should be conducted periodically.
In the recent years farmers has begun to search for additional on-farm activities in order to satisfy consumers' needs and preferences, and to increase their incomes as well. During that time many alternative forms of tourism have appeared and developed, such as rural tourism, agritourism, cultural tourism, etc. In this regard, the food is supposed to play an essential role in bridging agriculture and tourism, and consequently to reveal an opportunity for SMEs to develop the existing niche market, and to enhance sustainability and vitality of local areas. The survey is a part of FP7 Project, entitled "Farming transitions: Pathways towards regional sustainability of agriculture in Europe" (FarmPath), carried out on the area of the Municipality of Elena, located in the Central-north part of Bulgaria. This region is typical with its unique local resources, combining the tourism advantages, local people, and the traditions in agriculture, food and culinary as well. This case study aims at introducing and disseminating "a new form of local governance", which will bring some form of health or ethical benefits both for the consumers and the community as a whole, and will promote the people, places, best farming practices, and the cuisine in the area. The value-added products are considered as an essential and adequate marketing tool in order to achieve this synergy effect and the already set up purpose.
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