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"Diversification in industry"
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Within-industry diversification and firm performance-an S-shaped hypothesis
This study shows that the interplay between \"adjustment costs\", \"coordination costs\" and within-industry diversification benefits, results in an S-shaped relationship between within-industry diversification and firm performance. At low levels ofwithin-industry diversification, coordination costs are negligible but \"adjustment costs\" are higher than the synergy benefits of a limited product scope, hence leading to negative performance outcomes. At moderate levels of within-industry diversification synergies between related product categories substantially increase and outweigh the rise in adjustment and coordination costs, resulting in positive performance outcomes. Yet, extensive within-industry diversification gives rise to considerable coordination costs, which, coupled with adjustment costs, outweigh synergy effects and hamper performance. The study further shows that a greater change rate ofwithin-industry diversification results in negative performance outcomes.
Journal Article
The experience economy : competing for customer time, attention, and money
\"Twenty years ago, this seminal book on experience innovation by Joseph Pine and James Gilmore explored how savvy companies excel by offering compelling experiences for customers--resulting not only in customer allegiance but also in a more profitable bottom line. Translated into more than fifteen languages, The Experience Economy has become a must-read for leaders of enterprises large and small, for-profit and nonprofit, global and local. In a brand-new preface, Pine and Gilmore make an even stronger case for experiences as the critical link between a company and its potential audience. The authors take this enduring idea and broaden its application to the demands of today's increasingly distractible, time-starved world. Experiences and transformations are the basis for future business growth and prosperity, and The Experience Economy offers the script from which managers can continue to generate value in ways that are aligned with a strong customer-centric strategy\"-- Provided by publisher.
Book
The effect of within-industry diversification on firm performance: synergy creation, multi-market contact and market structuration
This paper examines the effect of diversification upon intra-industry performance. We propose that intra-industry diversification promises three sets of benefits, which, separately and in combination, provide firms with a competitive advantage: synergies arising from economies of scope; premiums from mutual forbearance enabled by multi-market competition; and efficiencies derived from market structuration. The additive and integrative effects of the first two have not been explored. The benefits of market structuration remain untheorized and thus untested. The test of our theoretical model in the Canadian general insurance industry indicates that mutual forbearance provides advantage under specified conditions, that market structuration also provides advantages, but that diversification per se does not.
Journal Article
Breaking into new markets : emerging lessons for export diversification
Unlock export potential in developing countries with proven strategies for trade diversification and competitiveness. This comprehensive guide provides emerging lessons for navigating new markets and achieving sustainable economic growth.
Breaking Into New Markets tackles the urgent need for export diversification in commodity-dependent, low-income countries. Discover how to improve trade policy, enhance existing exports, and break into new geographic markets. Learn to increase services exports and overcome obstacles to competitiveness. This resource is tailored for policymakers, trade specialists, and the international development community seeking effective strategies for global trade success.
eBook
Trade expansion through market connection : the Central Asian markets of Kazakhstan, Kyrgyz Republic, and Tajikistan
Production and export diversification expose firms to domestic and international competition, which enhances productivity and ultimately drives a country?s structural transformation from agriculture to industry to services. This structural transformation is accompanied by a spatial transformation seen in the increasing role of leading cities and their hinterlands in production and trade. As Central Asian countries cope with the effects of the global crisis, there is a need to think strategically about how to strengthen their export competitiveness in the medium- to long-term. This is particularly challenging for these countries that have small domestic markets and are landlocked and relatively remote from large markets; they suffer from low domestic economic density, long distances to markets, and significant economic divisions between trading partners and major markets.The report recommends that Central Asian countries build their export-diversification policies on three spatial levels, corresponding with the framework from the 2009 World Bank World Development Report: urban (leading city), area (city-hinterland), and regional (integration with regional markets). It recommends focusing on the two leading cities ? Almaty and Astana in Kazakhstan, Bishkek and Osh in the Kyrgyz Republic, and Dushanbe and Khujand in Tajikistan ? connecting these leading cities with their agricultural hinterland to unleash the potential of the region?s agriculture-related activities, and improving the connections between the six leading cities and major regional markets, such as China, India, Russia, and Turkey, along a north-south road corridor. Policymakers in these countries must take actions along the above three dimensions, and in parallel, to obtain results.
eBook
The Oxford handbook of spatial diversity and business economics
'The Oxford Handbook of Spatial Diversity and Business Economics' provides academics, researchers, and advanced students in various disciplines - such as business, economics, and geography - with an overview of the role of diversity in modern advanced economies.
BOOK
Industrial Diversification in Europe: The Differentiated Role of Relatedness
There is increasing interest in the drivers of industrial diversification, and how these depend on economic and industry structures. This article contributes to this line of inquiry by analyzing the role of industry relatedness in explaining variations in industry diversification, measured as the entry of new industry specializations, across 173 European regions during the period 2004-2012. First, we show that there are significant differences across regions in Europe in terms of industrial diversification. Second, we provide robust evidence showing that the probability that a new industry specialization develops in a region is positively associated with the new industry's relatedness to the region's current industries. Third, a novel finding is that the influence of relatedness on the probability of new industrial specializations depends on innovation capacity of a region. We find that relatedness is a more important driver of diversification in regions with a weaker innovation capacity. The effect of relatedness appears to decrease monotonically as the innovation capacity of a regional economy increases. This is consistent with the argument that high innovation capacity allows an economy to break from its past and to develop, for the economy, truly new industry specializations. We infer from this that innovation capacity is a critical factor for economic resilience and diversification capacity.
Journal Article