Search results for: Georgian wine market

Authors: E. Kharaishvili, M. Chavleishvili, M. Natsvaladze

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The article presents the trends in Georgian wine market development and evaluates the competitive advantages of Georgia to enter the wine market based on its customs, traditions and historical practices combined with modern technologies. In order to analyze the supply of wine, dynamics of vineyard land area and grape varieties are discussed, trends in wine production are presented, trends in export and import are evaluated, local wine market, its micro and macro environments are studied and analyzed based on the interviews with experts and analysis of initial recording materials. For strengthening its position on the international market, the level of competitiveness of Georgian wine is defined, which is evaluated by “ex-ante” and “ex-post” methods, as well as by four basic and two additional factors of the Porter’s diamond method; potential advantages and disadvantages of Georgian wine are revealed. Conclusions are made by identifying the factors that hinder the development of Georgian wine market. Based on the conclusions, relevant recommendations are developed.

Keywords: Georgian wine market, competitive advantage, bio wine, export-import, Porter's diamond model.

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Authors: M. Chavleishvili

Abstract:

The paper presents the trends of Georgian hazelnut market development and analyses the competitive advantages which will help Georgia to enter international hazelnut market using modern technologies. The history of hazelnut crop development and hazelnut varieties in Georgia are discussed. For hazelnut supply analysis trends in hazelnut production are considered, trends in export and import development is evaluated, domestic hazelnut market is studied and analysed based on expert interviews and initial accounting materials. In order to achieve and strengthen its position in international market, potential advantages and disadvantages of Georgian hazelnut are revealed, analysis of export and import possibilities of hazelnut is presented. Recommendations are developed based on the conclusions, which are made through identifying the key factors that hinder development of Georgian hazelnut market. 

Keywords: Hazelnut market, hazelnut export and import, competitiveness of hazelnut

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Authors: A. Brunel, A. Kernevez, F. Leclere, J. Trenteseaux

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Today, wine quality is only evaluated by wine experts with their own different personal tastes, even if they may agree on some common features. So producers do not have any unbiased way to independently assess the quality of their products. A tool is here proposed to evaluate wine quality by an objective ranking based upon the variables entering wine elaboration, and analysed through principal component analysis (PCA) method. Actual climatic data are compared by measuring the relative distance between each considered wine, out of which the general ranking is performed.

Keywords: Wine, grape, vine, weather conditions, rating, climate, principal component analysis, metric analysis.

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Authors: Jingxian An, Wei Yu

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The commercial value (retail price) of wine is mostly determined by the wine quality, ageing potential, and oak influence. This paper reveals that wine quality, ageing potential, and oak influence are favourably correlated, hence positively influencing the commercial value of Pinot noir wines. Oak influence is the most influential of these three sensory attributes on the price set by wine traders and estimated by experienced customers. In the meanwhile, this study gives winemakers with chemical instructions for raising total phenolics, which can improve wine quality, ageing potential, and oak influence, all of which can increase a wine’s economic worth.

Keywords: Retail price, ageing potential, wine quality, oak influence.

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Authors: A. Oliveira-Brochado, R. Vinhas da Silva

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This paper investigates the structure and content of the wine lists in upscale restaurants in Portugal (N=61). The respondents considered that a wine list should be easy to use and to modify, welldesigned, modern and varied. Respondents also stated that they perform on average 6 revisions to the wine list per year. The restaurant owner, the restaurant manager and the sommelier were the main persons in charge of the wine list design. One of the most important reasons for selecting wines across most restaurants was to ‘complement the menu’ and ‘pairing food with wine’. Restaurants also reported to be relatively independent from suppliers and magazine evaluations. Moreover, this work revealed that the restaurant wine list is considered by restaurateurs as a strategic tool to sell wine as a complement to the menu, to improve customer satisfaction and loyalty, to increase restaurant value and to enhance a successful positioning.

Keywords: Portugal, restaurants, wine list design.

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Authors: A. Oliveira-Brochado, R. Silva, C. Paulino

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The aim of this paper is to use an experiential view of wine tourism to develop a battery of items that can potentially capture the overall Douro Valley experience from the tourist’s perspective. The Douro Valley, a UNESCO World Heritage region located in Portugal, was the target of this study. The research took a mixed approach using both qualitative and quantitative designs. Firstly, we combine the literature review on service quality scales with a content analysis of five in-depth interviews with winery managers and a focus group with wine tourists to identify the main dimensions of the overall tourism experience and to develop a battery of items for each dimension. Eight dimensions of the overall wine tourism experience came out, as follows: winery service and staff, winery facilities, winery service, wine product, wine region environment, wine region accessibilities, wine region´s offerings, and the wine region and winery reputation.

Keywords: Wine tourism, Douro region, survey, wineries, experience.

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Authors: Maia Seturi, Tamari Todua

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Economic growth is seen as the increase in the production capacity of a country. It enables a country to produce more and more material wealth and social benefits. Today, the success of any product on the market is closely related to the issue of branding. The brand is a source of information for a user/consumer, which helps to simplify the choice of goods and reduce consumer risk. The paper studies the role of branding in order to promote Georgian tea brands. The main focus of the research is directed to consumer attitudes regarding Georgian tea brands. The methodology of the paper is based on marketing research. The findings study revealed that the majority of consumers prefer foreign tea brands. The final part of the article presents the main recommendations.

Keywords: Marketing research, customer behavior, brand, successful brand.

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Authors: Bharti Negi, Gargi Dey

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This is the first report from India on a beverage resulting from alcoholic fermentation of the juice of sea buckthorn (Hippophae rhamnoides L) using lab isolated yeast strain. The health promoting potential of the product was evaluated based on its total phenolic content. The most important finding was that under the present fermentation condition, the total phenolic content of the wine product was 689 mg GAE/L. Investigation of influence of bottle ageing on the sea buckthorn wine showed a slight decrease in the phenolic content (534 m mg GAE/L). This study also includes the comparative analysis of the phenolic content of wines from other selected fruit juices like grape, apple and black currant. KeywordsAlcoholic fermentation, Hippophae, Total phenolic content, Wine

Keywords: Alcoholic fermentation, Hippophae, Total phenolic content, Wine

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Authors: Muthatakul Metasit, Setthasakko Watchaneeporn

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At present, increased concerns about global environmental problems have magnified the importance of sustainability management. To move towards sustainability, companies need to look at everything from a holistic perspective in order to understand the interconnections between economic growth and environmental and social sustainability. This paper aims to gain an understanding of key determinants that drive sustainability management and barriers that hinder its development. It employs semi-structured interviews with key informants, site observation and documentation. The informants are production, marketing and environmental managers of the leading wine producer, which aims to become an Asia-s leader in wine & wine based products. It is found that corporate image and top management leadership are the primary factors influencing the adoption of sustainability management. Lack of environmental knowledge and inefficient communication are identified as barriers.

Keywords: Environmental, knowledge; Sustainability management; Top management leadership; Wine industry

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Authors: V. Charaia

Abstract:

From the strategic point of view, not all Foreign Direct Investments (FDIs) are always positively benefiting the host economy, i.e. not all Multinational Enterprises (MNEs) are promoting local/host economies. FDI could have different impact on different sectors of the economy, based not only on annual investment amount, but MNE motivations and peculiarities of the host economy in particular. FDI analysis based only on its amount can lead to incorrect decisions, it is much more important to understand the essence of investment. Consequently, our research is oriented on MNE’s motivations, answering which sectors are most popular among international investors and why, what motivated them to invest into one or another business. Georgian economy for the last period of time is attracting more and more efficiency seeking investments, which could be translated as - concentrating production in a limited number of locations to supply various markets, while benefiting local economy with: new technologies, employment, exports diversification, increased income for the local economy and so on. Foreign investors and MNEs in particular are no longer and not so much interested in the resource seeking investments, which was the case for Georgia in the last decade of XX century. Despite the fact of huge progress for the Georgian economy, still there is a room for foreign investors to make a local market oriented investments. The local market is still rich in imported products, which should be replaced by local ones. And the last but not the least important issue is that approximately 30% of all FDIs in Georgia according to this research are “efficiency seeking” investments, which is an enormous progress and a hope for future Georgian success.

Keywords: Investments, MNE, FDI motivations, Georgian economy.

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Authors: Pham Thu Thuy, Nguyen Lan Huong, Chu Ky Son

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Champs Bourcin black grape originated from Aquitaine, France and planted in Sapa, Lao cai provice, exhibited high total acidity (11.72 g/L). After 9 days of alcoholic fermentation at 25oC using Saccharomyces cerevisiae UP3OY5 strain, the ethanol concentration of wine was 11.5% v/v, however the sharp sour taste of wine has been found. The malolactic fermentation (MLF) was carried out by Oenococcus oeni ATCCBAA-1163 strain which had been preadapted to acid (pH 3-4) and ethanol (8-12%v/v) conditions. We obtained the highest vivability (83.2%) upon malolactic fermentation after 5 days at 22oC with early stationary phase O. oeni cells preadapted to pH 3.5 and 8% v/v ethanol in MRS medium. The malic acid content in wine was decreased from 5.82 g/L to 0.02 g/L after MLF (21 days at 22oC). The sensory quality of wine was significantly improved.

Keywords: Champs Bourcin grape, malolactic fermentation, pre-adaptation, Oenococcus oeni

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Authors: Maia Seturi

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One of the topical issues for the companies operating in the present-day conditions is making decisions about creation and development of brands. The goal of the research was to study peculiarities of implementation of branding principles using the well-known Georgian mineral water Borjomi as an example, to establish the attitude of consumers to Borjomi at Georgian market, to determine the discovered weaknesses based on the result of the research and to make certain proposals and give recommendations, which would help Georgian companies interested in branding issues to pay proper attention to fundamental principles of branding in their marketing activities. As a result of the marketing research, it was found out that Borjomi adhere to a number of branding principles in its activity, although it has certain shortcomings in that respect. The research method was of exploratory and descriptive nature. In the conclusive part of the work is given sum up research results, draw conclusions and give recommendations. If companies existing in Georgia will take them into consideration, it will help them to better make sense of branding and main aspects of using its principles.

Keywords: Marketing research, brand, branding principles, brand awareness, brand originality.

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Authors: V. Charaia

Abstract:

This article presents SWOT analysis for Georgian - South Ossetian conflict. The research analyzes socio-economic aspects and considers future prospects for all sides including neighbor countries and regions. Also it includes the possibilities of positive intervention of neighbor countries to solve the conflict or to mitigate its negative results. The main question of the article is: What will it take to award Georgians and South Ossetians with a peace dividend?

Keywords: Conflict economics, Georgian economy, international organizations, peace building, S. Ossetian economy.

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Authors: E. Kharaishvili

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The paper analyses the role of small farms in socio-economic development of agriculture in Georgia and evaluates modern concepts regarding the development of the farms of this size. The scale of farms in Georgia is studied and the major problems are revealed. Opportunities and directions of diversification are discussed from the point of increasing the share of Georgian grapes and wine both on domestic and international markets. It’s shown that the size of vineyard areas is directly reflected on the grape and wine production potential. Accordingly, vineyard area and grape production dynamics is discussed. Comparative analysis of small farms in Georgia and Italy is made and the major differences are identified. Diversification is evaluated based on cost-benefit analysis on the one hand and on the other hand, from the point of promoting economic activities, protecting nature and rural area development. The paper provides proofs for the outcomes of diversification. The key hindering factors for the development of small farms are identified and corresponding conclusions are made, based on which recommendations for diversification of the farms of this size are developed.

Keywords: Farm diversification, scale of farms, small farms, viticulture-winemaking.

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Authors: Nicolás H. Beltrán, Manuel A. Duarte-Mermoud, Víctor A. Soto, Sebastián A. Salah, and Matías A. Bustos

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Results of Chilean wine classification based on the information provided by an electronic nose are reported in this paper. The classification scheme consists of two parts; in the first stage, Principal Component Analysis is used as feature extraction method to reduce the dimensionality of the original information. Then, Radial Basis Functions Neural Networks is used as pattern recognition technique to perform the classification. The objective of this study is to classify different Cabernet Sauvignon, Merlot and Carménère wine samples from different years, valleys and vineyards of Chile.

Keywords: Feature extraction techniques, Pattern recognitiontechniques, Principal component analysis, Radial basis functionsneural networks, Wine classification.

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Authors: Nugzar Todua, Charita Jashi

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This paper is focusing on the attitude of Georgian consumers toward social media, influence of social media on consumer buying behavior. The purpose of this paper is to explore the usage of social media marketing for small business companies of Georgia. The result of marketing research has revealed that social webs are mostly used by Georgian consumers, but they have little impact on the buying decision. The research method was exploratory and descriptive. Conclusions summarize the research results and offers insight to provide better understandings of consumers demand and implementation of marketing strategy through social media in Georgia.

Keywords: Marketing Research, Purchasing behavior, Social Media Marketing, Small Business, Tourism Industry.

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Authors: A. A. Aiyeloja, A.T. Oladele, O. Tumulo

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Raphia wine is an important forest product with cultural significance besides its use as medicine and food in southern Nigeria. This work aims to evaluate the profitability of Raphia wine production and marketing in Sapele Local Government Area, Nigeria. Four communities (Sapele, Ogiede, Okuoke and Elume) were randomly selected for data collection via questionnaires among producers and marketers. A total of 50 producers and 34 marketers were randomly selected for interview. Data was analyzed using descriptive statistics, profit margin, multiple regression and rate of returns on investment (RORI). Annual average profit was highest in Okuoke (Producers – N90, 000.00, Marketers - N70, 000.00) and least in Sapele (Producers N50, 000.00, Marketers – N45, 000.00). Calculated RORI for marketers were Elume (40.0%), Okuoke (25.0%), Ogiede (33.3%) and Sapele (50.0%). Regression results showed that location has significant effects (0.000, ρ ≤ 0.05) on profit margins. Male (58.8%) and female (41.2%) invest in Raphia wine marketing, while males (100.0%) dominate production. Results showed that Raphia wine has potentials to generate household income, enhance food security and improve quality of life in rural, semi-urban and urban communities. Improved marketing channels, storage facilities and credit facilities via cooperative groups are recommended for producers and marketers by concerned agencies.

Keywords: Raphia wine, Profit margin, RORI, Livelihood, Nigeria.

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Authors: Tanapoom Phuncharoen, Tawiwat Sriwongsa, Kanita Boonruang, Apichit Svang-ariyaskul

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The production of Dimethyl acetal, Isovaleradehyde and Pyridine were simulated using Aspen Plus simulation. Upgrading cleaning water from wine industrial production is the main objective of the project. The winery waste composes of Acetaldehyde, Methanol, Ethyl Acetate, 1-propanol, water, iso-amyl alcohol and iso-butyl alcohol. The project is separated into three parts; separation, reaction, and purification. Various processes were considered to maximize the profit along with obtaining high purity and recovery of each component with optimum heat duty. The results show a significant value of the product with purity more than 75% and recovery over 98%.

Keywords: Dimethyl acetal, Pyridine, wine, Aspen Plus, Isovaleradehyde, polymeric precursors.

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Authors: Tamara Anderson, Neela Badrie

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Consumers are demanding novel beverages that are healthier, convenient and have appealing consumer acceptance. The objectives of this study were to investigate the effects of adding grape polyphenols and the influence of presenting health claims on the sensory acceptability of wines. Fresh red sorrel calyces were fermented into wines. The total soluble solids of the pectinase-treated sorrel puree were from 4°Brix to 23.8°Brix. Polyphenol in the form of grape pomace extract was added to sorrel wines (w/v) in specified levels to give 0. 25. 50 and 75 ppm. A focus group comprising of 12 panelists was use to select the level of polyphenol to be added to sorrel wines for sensory preference The sensory attributed of the wines which were evaluated were colour, clarity, aroma, flavor, mouth-feel, sweetness, astringency and overall preference. The sorrel wine which was most preferred from focus group evaluation was presented for hedonic rating. In the first stage of hedonic testing, the sorrel wine was served chilled at 7°C for 24 h prior to sensory evaluation. Each panelist was provided with a questionnaire and was asked to rate the wines on colour, aroma, flavor, mouth-feel, sweetness, astringency and overall acceptability using a 9-point hedonic scale. In the second stage of hedonic testing, the panelist were instructed to read a health abstract on the health benefits of polyphenolic compounds and again to rate sorrel wine with added 25 ppm polyphenol. Paired t-test was used for the analysis of the influence of presenting health information on polyphenols on hedonic scoring of sorrel wines. Focus groups found that the addition of polyphenol addition had no significant effect on sensory color and aroma but affected clarity and flavor. A 25 ppm wine was liked moderately in overall acceptability. The presentation of information on the health benefit of polyphenols in sorrel wines to panelists had no significant influence on the sensory acceptance of wine. More than half of panelists would drink this wine now and then. This wine had color L 19.86±0.68, chroma 2.10±0.12, hue° 16.90 ±3.10 and alcohol content of 13.0%. The sorrel wine was liked moderately in overall acceptability with the added polyphenols.

Keywords: Sorrel wines, Roselle Hibiscus sabdariffa L, novel wine, polyphenols, health benefits, physicochemical properties.

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Authors: G. Erkomaishvili, M. Kobalava, T. Lazariashvili, M. Saghareishvili

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The article discusses the consumer market of agricultural products and agricultural policy in Georgia. It is noted that development of the strategic areas of the agricultural sector needs a special support. These strategic areas should create the country's major export potential. It is important to develop strategies to access to the international markets, form extensive marketing network etc., which will become the basis for the promotion and revenue growth of the country. The Georgian agricultural sector, with the right state policy and support, can achieve success and gain access to the world market with competitive agricultural products. The paper discusses the current condition of agriculture, export and import of agricultural products and agricultural policy in Georgia. The conducted research concludes the information that there is an increasing demand on the green goods in the world market. Natural and climatic conditions of Georgia give a serious possibility of implementing it. The research presents an agricultural development strategy in Georgia and the findings and based on them recommendations are proposed.

Keywords: Agriculture, agricultural cooperative society agricultural insurance, agricultural policy, export-import of agricultural products.

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Authors: Laima Silina, Ilze Gramatina, Lija Dukalska, Liga Skudra, Tatjana Rakcejeva, Dace Klava, Anita Blija

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The objective of the present study was to determine quality parameters changes of red wine marinade marinated venison during storage. Beef as a control was analysed. Protein, fat, moisture and pH content dynamics as well microbiological quality was analyzed. The meat pieces were marinated in red wine marinade at 4±2ºC temperature for 48±1h. Marinated meat was placed in polypropylene trays, hermetically sealed with high barrier polymer film Multibarrier 60 under modified atmosphere (CO₂ 40%+N₂ 60%) without and with oxygen absorber sachets, as a control packaging in air ambiance packed marinated venison and beef was used. Meat samples were analyzed after 0, 4, 7, 11 and 14 days of storage. During the storage of meat, protein and moisture content significantly (p<0.05) decreased, pH and colony forming units significantly (p<0.05) increased, fat content does not change in all treatments irrespective of the packaging method.

Keywords: Marinating, modified atmosphere, quality, venison.

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Authors: G. Erkomaishvili

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The paper discusses mineral water consumer market and development policy in Georgia, the tools and measures, which will contribute to production of mineral waters and increase its export. The paper studies and analyses current situation in mineral water production sector as well as the factors affecting increase and reduction of its export. It’s noted that in order to gain and maintain competitive advantage, it’s necessary to provide continuous supply of high quality goods with modern design, open new distribution channels to enter new markets, carry out broad promotional activities, organize e-commerce. Economic policy plays an important role in protecting markets from counterfeit goods. The state also plays an important role in attracting foreign direct investments. Stable business environment and export oriented strategy is the basis for the country’s economic growth. Based on the research, the paper suggests the strategy for improving competitiveness of Georgian mineral waters; relevant conclusions and recommendations are provided.

Keywords: Mineral waters, consumer market for mineral waters, export of mineral waters, mineral water development policy in Georgia.

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Authors: Mª del Valle Fernández Moreno; Isidro Peña García-Pardo; Jesús David Sánchez de Pablo González del Campo

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The search for competitive advantages as one of the main activities of a company has become a principle of contemporary theories on Strategic Management. Innovation facilitates a company's adaptation to the global competitive environment, representing the important strategic role that it has to play in relation to managerial performance and, as such, underlines the growing importance of innovation and the use of a company's technological assets. This paper therefore studies the effect in the results of four dimensions of technological innovation strategy on a sample of Spanish wineries, situated in the Castilla La-Mancha region of Spain, all of which are registered under the La Mancha Designation of Origin (DO).

Keywords: Company's strategy, factors of competitiveness, innovation strategy, wine industry

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Authors: A.R. Yari, M.R. Sadri

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For the first incumbent operator it is very important to understand how to react when the second operator comes to the market. In this paper which is prepared for preliminary study of GSM market in Iran, we have studied five MENA markets according to the similarity point of view. This paper aims at analyzing the impact of second entrants in selected markets on certain marketing key performance indicators (KPI) such as: Market shares (by operator), prepaid share, minutes of use (MoU), Price and average revenue per user (ARPU) (for total market each).

Keywords: GSM Market, Second entrant, MENA.

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Authors: T. A. Abegunde, O. B. Oyewole, T. A. Sanni

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A process of conversion of flour from three varieties of cassava, namely Odongbo, ofege and TMS30752 to ethanol using α-amylase locally sourced from germinated unhusked paddy rice and yeast isolated from palm wine was developed. It involves the germination of paddy rice for a period of 15days to produce α-amylase for starch hydrolysis and isolation of yeast from palm wine for fermentation. The results showed that optimum amylase yield of “ofada” rice paddy was at 6^th day germination which was 576.9ml/g. Ethanol yield for TMS30572 (440.3%) was significantly higher than “Odongbo” (160.2%) and “Ofege’’ (115.1%), Sugar conversion efficiency were 311.0%v/v, 268.2%v/v and 186.84%v/v for TMS30572, “Odongbo” and “Ofege” respectively. The ethanol boiling points were 78^oC, 76^oC and 80^oC for TMS30572, “Odongbo” and “Ofege” respectively. This study showed that cassava varieties affects quality of ethanol produced and germination of “ofada” rice for 6 days ensures optimum production of crude amylase enzyme.

Keywords: Cassava, ethanol, fermentation, hydrolysis, α-amylase.

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Authors: Zahra Amirhosseini, Alireza Bashiri

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The aim of this study was to examine and identify the type of Iranian financial market in terms of being symmetrical or asymmetrical and to measure relationship between type of market and the market's indices. In this study, daily information on the market-s Share Price Index, Industrial Index and Top Fifty Most Active Companies during the years 1999-2010 has been used. In addition, to determine type of the financial market, rate of return on Security is taken into account. In this research, by using logistic regression analysis methods, relationship of the market type with the above mentioned indices have been examined. The results showed that the type of the financial market has a positive significant association with market share price index and Industrial Index. Index of Top Fifty Most Active Companies is significantly associated with type of financial market, however this relationship is inverse.

Keywords: All Share Price Index, Asymmetrical Market, Industrial Index, Symmetrical Market, Top Fifty Most Active Companies Index

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Authors: Kyaw Hla Myint, Phyoe Wai Htun

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Aloe Vera is a short-stemmed succulent plant which is commonly used in Myanmar traditional medicine. A. vera gel was also used as food addictive. This study aims to improve the Myanmar folk medicine to a functional beverage. In this research, Aloe vera was fermented with Saccharomyces cerevisiae for 6 months. Three different processes were carried out. Process I contains A. vera 10%, sugar 30%, water 50%, and starter culture 10%, process II contains A. vera 10%, sugar 15%, honey 15%, and water 50%, starter culture 10%; process III contains A. vera 10%, honey 30%, water 50%, starter culture 10%. During wine fermentation, the wine parameters such as alcohol content, total soluble solid (ºBrix), pH, color and cell population were analyzed. After 30 days of fermentation, total cell population remained 2.8x10⁶ in P-I, P-II and 3.2x10⁶ in P-III. Total soluble solid content dropped to 15.8 in P-I, P-II and 15.7 in P-III. After 30 days, clear wine was transferred to other vassals for racking. After 6 months of racking, microbial population reached under detectable level and alcohol content was round about 11% but not significantly different among these processes. P-II was found to have the highest color intensity at 450 nm and it got the most taster satisfaction when sensory evaluation was carried out using five hedonic scales after 6 month of racking.

Keywords: Aloe vera, fermentation, S. cerevisiae, functional beverage, folk medicine.

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Authors: Nugzar Todua

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The paper studies the role of food labeling in order to promote healthy eating issue in Georgia. The main focus of the research is directed to consumer attitudes regarding food labeling. The methodology of the paper is based on the focus group work, as well as online and face to face surveys. The data analysis has been provided through ANOVA. The study proves that the impact of variables such as the interest, awareness, reliability, assurance and satisfaction of consumers' on buying decision, is statistically important. The study reveals that consumers’ perception regarding to food labeling is positive, but their level of knowledge and ability is rather low. It is urgent to strengthen marketing promotions strategies in the process of implementations of food security policy in Georgia.

Keywords: Food labeling, buying decision, Georgian consumers, marketing research.

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Authors: Honorata Howaniec

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Brand loyalty is a strategic asset of the company. In the era of competition to have loyal customers decides on the market superiority of enterprises. Creating the loyalty of buyers, however, is a lengthy process and requires the appropriate business strategy, preceded by the proper market research. The purpose of the paper is to present the concept of brand loyalty, the creation of loyalty of customers, the benefits and determinants of loyalty on the example of brewery market in Poland.

Keywords: brand, brand loyalty, brewery market

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Authors: Noor Azryani Auzairy, Rubi Ahmad

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To strengthen the capital market, there is a need to integrate the capital markets within the region by removing legal or informal restriction, specifically, stock market liberalization. Thus the paper is to investigate the effects of the subsequent stock market liberalization on stock market integration in 4 ASEAN countries (Malaysia, Indonesia, Thailand, Singapore) and Korea from 1997 to 2007. The correlation between stock market liberalization and stock market integration are to be examined by analyzing the stock prices and returns within the region and in comparison with the world MSCI index. Event study method is to be used with windows of ±12 months and T-7 + T. The results show that the subsequent stock market liberalization generally, gives minor positive effects to stock returns, except for one or two countries. The subsequent liberalization also integrates the markets short-run and long-run.

Keywords: ASEAN, event method, stock market integration, stock market liberalization.

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