Background: Content marketing has become a more commonly used strategy when marketers want to convey a message to consumers. Problem discussion: The scientific definition of content marketing is vague and it varies in between users. This makes it difficult for the practitioners who use content marketing as a strategy, that what it is that they are actually creating is content marketing. Questions: How does marketers/practitioners perceive content marketing? How do marketers/practitioners use content marketing? Aim: The aim is to analyse and determine the marketers/practitioners perceived notion of content marketing is and how he or she uses it. Method: The study has a qualitative research point of view.When collecting the data for the study, semi-structured interviews where chosen as the method most fitting for the purpose of the study. The collected data was then analysed within the frames of the research questions. Conclusion: With the result of the study one can conclude that there is no universal view of content marketing within the group of practitioners that were interviewed. There are though many similarities of how they perceive content marketing. The practitioners all agreed that content marketing should be distributed through owned digital channels. The content itself should be in an editorial context, and should both create value and be captivating to reader. It should not be in immediate association to the product or the service that the company provide. Content marketing should not be perceived by the reader or user as advertising activities, once it is it has lost its value and should not be called content marketing. A need for a concrete definition does not seem to exist among marketing managers. Marketing managers considers content marketing to be free insofar that it is up to each marketer to determine how content marketing should be practised.

[pt] A presente pesquisa se insere em um contexto caracterizado pela crescente discussão de geração de valor ao acionista intensificada pela crise econômica ocorrida entre os anos de 2008 e 2009, que fez crescer diversas dúvidas relacionadas à doutrina de maximização do valor para o acionista principalmente no que tange as estratégias para alcançar este objetivo. Neste contexto, a definição e a escolha da estratégia mais adequada se mostram como diferenciais para enfrentar os desafios impostos pelo cenário econômico no que tange a questão do desempenho da empresa e seu retorno para os acionistas. Desta forma, o objetivo central do estudo foi relacionar as estratégias de crescimento (fusões e aquisições ou crescimento orgânico) com o desempenho de empresas que passaram por um processo de fusões e aquisições no período de 2003 até 2013 baseado no indicador de desempenho definido como Q de Tobin. A pesquisa foi realizada por meio de testes estatísticos com dados empíricos das empresas de capital aberto, com ações negociadas na bolsa de valores de São Paulo e avaliou indicadores de retornos das ações das empresas que foram adquiridas e das firmas que as compraram, bem como características da transação tais como a forma de pagamento, a quantidade de compradores, o tamanho relativo entre as empresas e o desempenho destas empresas medido pelo índice Q de Tobin. Os resultados demonstraram que a base de dados disponível para o período analisado não é suficiente para chegarmos a uma conclusão definitiva sobre o impacto das variáveis citadas acima sobre o retorno das ações. / [en] This research is part of a context characterized by increasing use of discussion to generate shareholder value enhanced by the economic crisis that occurred in 2008 and 2009 that has increased several questions related to the doctrine of maximizing shareholder value, especially regarding the strategies to achieve this goal. In this context, the definition and selection of the most appropriate strategy is shown as differential to face the challenges posed by the economic scenario regarding the issue of the performance of the company and its shareholder return. Thus, the main objective of this research was to compare the growth strategies ( mergers and acquisitions or organic growth ) with the performance of companies that have gone through a process of mergers and acquisitions from 2003 to 2013 based on the performance indicator defined as Tobin s Q. The survey was conducted by means of statistical tests with empirical data of publicly traded companies with shares traded on the São Paulo Stock Exchange and assessed indicators of stock returns of companies that went through the acquisition event as well as features transaction such as payment method, the number of buyers, the relative size between firms and the performance of these companies measured by Tobin s Q. The results showed that the available database for the reporting period is not sufficient to come to a definite conclusion about the impact of the aforementioned variables on stock returns.

Abstract The purpose with this essay has been to gain a greater understanding and clarify how an arena can create value within place marketing and development of a place brand. This will be achieved through a description of which values an arena causes in the surrounding areas and an understanding of how these values can be interpreted through the place brand. We decided to base our study according to the following two questions: 1. What are the underlying reasons why there has been such a big trend with arena project? 2. How can an arena create value for a city in the use of place marketing? We have chosen to use a qualitative research method for this essay and we have shifted between an inductive and deductive character. The qualitative research method was a fitting choice for us since our purpose was to obtain an indepth understanding of the research problematics. Therefore there have been six different semi-structured interviews; four of them are composed of actors involved in two recently completed and ongoing arena projects. And the other two interviews where from experts on arenas. One of the most important conclusions that we can draw from the research and analysis is that it has become such a big trend of the construction of arenas do to the professional sports associations. Also arenas will contribute to a financial flow for the city. You can clearly see that the professional sports are the core of the entire arena project and a big contributing reason for the constructions of a new arena. An arena is of value for a city in its use of place marketing because it creates a strong added value within professional sports for both the players and audience, which then reinforce a strong identity for cities.

[pt] O presente trabalho tem por objetivo investigar até que ponto as boas práticas de governança corporativa estão sendo adotadas pelas empresas brasileiras, em especial as do setor de telecomunicações, bem como quais são as percepções dos gestores destas empresas com relação ao uso de boas práticas de governança corporativa como ferramenta de criação de valor para os acionistas. O estudo inclui pesquisa de campo, com dados coletados por meio de desenvolvimento e levantamento de questionários junto aos sujeitos da pesquisa. Dos questionários enviados, foram respondidos o equivalente a 33% do total da amostra, representando 85% das empresas do setor de telecomunicações com ações negociadas na Bolsa de Valores de São Paulo. Os dados coletados foram trabalhados de forma essencialmente qualitativa, sendo apresentados de forma estruturada e analítica. Os resultados encontrados fundamentam a aplicabilidade e a relevância de boas práticas de governança corporativa no setor de telecomunicações brasileiro. / [en] The aim of this study is to investigate to what extent the best practices of corporate governance are being adopted by Brazilian companies, especially in the telecommunications sector. The perceptions of the managers of these companies are studied as well, in relation to the use of best practices of corporate governance as a tool to create value to shareholders. The study includes field research, collecting data with specially developed questionnaires. Of the questionnaires sent, 33% were answered. They represent 85% of the companies of the telecommunications sector with shares traded on the Brazilian Stock Exchange. The data were qualitatively analyzed and are presented in an analytic and structured form. The results justify the application and relevance of the best practices of corporate governance in the Brazilian telecommunication sector. / [es] EL presente trabajo tiene por objetivo investigar hasta que punto las buenas prácticas corporativas de gobierno están siendo adotadas por las empresas brasileras, en especial las del sector de telecomunicaciones, y cuales son las percepciones de los gestores de estas empresas en relación al uso de buenas prácticas corporativas de gobierno como herramienta de creación de valor para los accionistas. El estudio incluye uma investigación de campo, con datos recolectados por medio de cuestionarios. De los cuestionarios enviados, fueron respondidos el equivalente a 33% del total de la muestra, que representaba el 85% de las empresas del sector de telecomunicaciones con acciones negociadas en la Bolsa de Valores de São Paulo. Los resultados encontrados fundamentan la aplicabilidad y la relevancia de las buenas prácticas corporativas de gobierno en el sector de telecomunicaciones brasilero.

[pt] Nas últimas décadas, a economia mundial vem assistindo a um movimento continuado de fusões e aquisições de empresas, o que demonstra uma tendência crescente à concentração e centralização do capital. Embora no passado recente esses processos tenham sido mais acentuados nos Estados Unidos e na Europa, os chamados mercados emergentes, dentre os quais se destaca o Brasil, têm observado o crescimento do número de operações desse tipo, em virtude, principalmente, do processo de liberalização econômica e da consolidação democrática e social por que passaram. Nesse contexto, o presente trabalho tem como objetivo analisar se as operações de fusões e aquisições brasileiras resultaram, efetivamente, em maior eficiência para a empresa resultante e em maiores benefícios para seus acionistas. Para isso, foi realizada uma análise quantitativa dos indicadores de criação de valor e operacionais de empresas brasileiras não financeiras de capital aberto que participaram de operações de fusão ou aquisição entre janeiro de 2005 e dezembro de 2010. A contribuição deste estudo consiste em aumentar a compreensão acerca de um tema controverso e relevante tanto para a área acadêmica quanto no meio empresarial, além de auxiliar na identificação, através de evidências empíricas, de alguns dos resultados gerados pela adoção desta estratégia empresarial no Brasil. / [en] In recent decades, the world economy has seen a continued movement of mergers and acquisitions, which shows an increasing trend towards concentration and centralization of capital. Although in the recent past these processes have been most pronounced in the United States and Europe, emerging markets, among which Brazil stands out, have noted the growing number of such operations, due mainly to the economic liberalization process and the social democratic consolidation they have endured. In this context, this paper aims to examine whether mergers and acquisitions in Brazil resulted effectively in greater efficiency for the resulting company and in greater benefits for its shareholders. For this purpose, a quantitative analysis of value creation and operational indicators was performed for Brazilian traded non-financial companies, which participated in a merger or acquisition between January 2005 and December 2010. The contribution of this paper is to increase understanding of this controversial and relevant topic to both the academic and the business community, and help to identify, through empirical evidence, some of the results generated by adopting this business strategy in Brazil.

[pt] Com a constante evolução do mercado, o posicionamento estratégico nas organizações é uma preocupação recorrente de seus gestores; uma abordagem relevante é a utilização do modelo Delta proposto por Hax & Wilde. O projeto Delta redefine a avaliação do mercado em três novas dimensões competitivas e justifica as forças econômicas mais complexas, integrando a estratégia à execução nos negócios. Foi construído um estudo de caso de acordo com a metodologia de Yin (2003), que utiliza dados coletados através de pesquisas documentais e análises qualitativas de entrevistas com a alta e média gerência assim como com os principais fornecedores e clientes do grupo RCH. Após a interpretação e análise dos dados, os resultados obtidos mostram os principais atributos valorizados pelos gestores, fornecedores e clientes da empresa, característicos do modelo Delta. O estudo identifica a importância da criação de valor e sua influência no reposicionamento estratégico do grupo RCH. Como resposta a essa proposição, foi construída uma figura denominada -Túnel do Tempo - que relaciona a linha do tempo com o modelo Delta e demonstra o deslocamento da dimensão estratégica do melhor produto para a dimensão estratégica de solução para o cliente desde a sua fundação até a data de hoje. / [en] Due to the ongoing market evolution, the strategic positioning in most organizations is a recurrent concern among the managerial board; the use of the Delta Model proposed by Hax & Wilde is a relevant approach. The Delta Project redefines the market evaluation in three new competitive dimensions and it accounts for more complex economic forces, linking business strategy to business execution. A case study has been built according to the Yin Methodology (2003), which uses collected data from documentary research and qualitative analysis of interviews done with RCH senior and middle management as well as with its main suppliers and customers. After data interpretation and analysis, results show the main attributes characteristic of the Delta Model of significant value to the Company`s management, suppliers and customers. The study identifies the importance of value creation and its influence in the strategic repositioning of the group RCH. As an answer to this proposition, a figure named - Time Tunnel - has been built. It relates the time line to the Delta Model and it shows the consequent change from strategic dimension of best product to strategic dimension of total customer solution since its foundation until present date.

Made available in DSpace on 2016-08-02T21:42:47Z (GMT). No. of bitstreams: 1 Carlos Roberto Menezes.pdf: 242565 bytes, checksum: 507883a4ac7e3cc888024379db782418 (MD5) Previous issue date: 2008-02-14 / This essay contributes to the discussion of merger and acquisition as processes. It explores the relationship between the motivation for the purchase and integration strategy. As object of the research, we selected SmithKline, a global company. The results indicate that one of challenges to these operations in Brazil is the adequate development of the stages of the process. The key rationale behind acquisitions is to increase shareholder value through the combination of two organizations. Value from acquisitions is mainly realized through the exploitation of economies of scale and scope, the realization of synergies, and access to new technologies and capabilities. The common factor underlying these sources of value creation is the transfer of knowledge Nonetheless, the transfer and utilization of knowledge through acquisitions is contingent on the successful integration of the acquired unit. The integration not only needs be successful at the operational procedural level, but also at the human level: the employees need to share the same organization context and identify in order to develop a cooperative relationship. However, it is precisely in the integration process where most merger and acquisition failures can be found. Differences in organization culture and processes, managerial systems and communication styles are substantial obstacles on the way to integration. In this essay, we address an often neglected positive side of acquisitions: if integrated correctly, acquisitions may play an essential role in the organizational knowledge creation and multiplication process. The challenges related to the integration of the two joining organizations are addressed. Main obstacles to successful integration are presented and described. Several recommendations are presented on how to overcome the various obstacles related to integration. Finally, we summarize this essay and derive a few fundamental conclusions. However, news surveys are suggested using new knowledge sources in order to find new innovative strategies that ensure the firm s future success.(AU) / Esta dissertação apresenta um estudo exploratório que tem como objetivo analisar o caso de uma experiência de integração com sucesso de uma fusão de duas empresas com estruturas organizacionais diferentes, tomando como referência a experiência internacional diante da escassez de estudos sistemáticos sobre a integração de fusões e aquisições no Brasil. O estudo se propõe a investigar como foi processada a integração entre as duas empresas buscando analisar os fatores que ocasionaram o sucesso dessa fusão. A metodologia adotada consiste na pesquisa bibliográfica e documental com observação participativa. Os dados foram obtidos por meio de documentos públicos sobre a empresa, que serviram de apoio à pesquisa realizada. Para objeto de pesquisa foi selecionada a empresa SmithKline Beecham, por ser uma empresa global com fabricas no Brasil. Os resultados obtidos apontaram que a integração da empresa foi feita com sucesso, significando que os objetivos estratégicos e de sinergias da fusão, representados por resultados financeiros, de mercado, pesquisa, desenvolvimento e lançamento de novos produtos foram alcançados. A empresa combinada, depois de terminado o processo de integração, apresentava resultados superiores do que quando as duas atuavam separadamente, comprovando que os mecanismos utilizados na integração das duas empresas funcionaram com eficácia. Entretanto, recomendamos que outros estudos como este sejam organizados na busca de novos aspectos que possam servir de suporte às decisões dos empresários quanto à adoção da abordagem estratégica das fusões e aquisições.(AU)

Governança corporativa é um conjunto de mecanismos que visa alinhar interesses entre as diferentes partes envolvidas que compõem a empresa. Os interesses muita vezes são conflitantes em virtude de que o indivíduo tende a maximizar sua utilidade pessoal, e desta discrepância de busca individual surge o conflito, conhecido como de interesse. O conflito pode ocorrer com qualquer envolvido na companhia, porém este trabalho estudará os que ocorrem entre o agente e o principal. O agente pode ser tanto funcionários da empresa, como investidor minoritário, sendo que o principal é representado pelo acionista controlador, que detém o poder sobre a companhia. Os mecanismos de governança corporativa podem ser internos e externos à corporação. Dentre os internos se destacam: conselho de administração, conselho fiscal, estrutura de propriedade, remuneração dos executivos, relatórios contábeis em concordância com as normas internacionais publicados periodicamente, e política de distribuição de dividendos. Dentre os externos os que se destacam são: possibilidade de aquisição hostil, mercado de trabalho competitivo, leis de proteção aos investidores, crosslistings e parecer contábil dos relatórios financeiros realizados por empresas externas de auditoria com renome no mercado. O conjunto de mecanismos visa alcançar os princípios básicos de governança corporativa: transparência, equidade, prestação de contas e responsabilidade corporativa. A presente pesquisa investigou a relação entre governança corporativa e o desempenho econômico-financeiro das empresas brasileiras listadas na BM&FBOVESPA entre os anos 2010 e 2014, representando o período posterior à crise econômica mundial desencadeada pelos títulos de subprime americanos, ocorrida no segundo semestre de 2008, e anterior à crise econômica e política no Brasil, iniciada em 2015. Foi utilizado o índice de governança IGC desenvolvido por Silva e Leal (2005) para medir a governança. O desempenho econômico-financeiro das empresas foi medido através das variáveis Q-tobin e taxa de lucro econômico. O modelo utilizou ferramentas que diminuem os problemas de endogeneidade e causalidade reversa, que são: inserir variáveis de controle e utilizar o método de regressão MMG-Sis (Método dos momentos generalizados - Sistêmico). Os resultados obtidos comprovaram o esperado pela literatura, pois o índice de governança corporativa influenciou positivamente o desempenho da empresa. Para a variável taxa de lucro econômico (TLE) o resultado apresentou significância estatística no nível de 5%, o que torna confiável a alegação. Já para a variável Q-tobin, apesar de também apresentar relação positiva com a governança, a análise estatística não se mostrou robusta a ponto de poder exercer alguma afirmativa sobre o resultado. Por fim, a pesquisa observou uma melhora na governança corporativa nas empresas da amostra ao longo dos anos e em relação a outras pesquisas de anos anteriores. / Corporate governance is a set of mechanisms to align interests between the different individuals who compose the company. The interests a lot of times are conflicting because of the individual´s seek to maximize their personal utility, and from this discrepancy of individual pursuit comes the conflict, known as interest. Conflict can occur between any involved in the company, but this work study those between the agent and the principal. The agent may be employees of the companies or minority investors and the main one is represented by the controlling shareholder, which holds power over the company. Corporate governance mechanisms can be internal and external to the corporation, the internal are: Board of Directors, audit committee, ownership structure, executive compensation, financial reporting in accordance with international standards published periodically and dividend distribution policy . The external are: possibility of hostile takeover, competitive labor market, protection laws for investors, cross-listings and accounting advice of financial reports made by external companies with renowned consultancy market. The mechanisms aim to achieve the basic principles of corporate governance: transparency, fairness, accountability and corporate responsibility. This study investigated the relationship between corporate governance and the financial performance of Brazilian companies listed on the BM&FBOVESPA between 2010 and 2014, representing the period after the global economic crisis triggered by securities US subprime, in the second half of 2008 and previous economic and political crisis in Brazil, which began in 2015. It was used the IGC governance index developed by Silva and Leal (2005) to measure governance. And the financial performance of the companies was measured by the variables: Q-Tobin and economic profit rate. The model used tools that reduce the endogeneity and reverse causality, which are: insert control variables and use the system GMM (Generalized method of moments) estimator as regression method. The results confirmed the expected by the literature as the corporate governance index positively influenced the performance of the company. For the variable TLE the result was statistically significant at the 5% level, which makes it reliable. As for the Q-tobin variable, although also have positive relationship with governance, statistical analysis was not robust to be able to exercise some confirmation about the result. Finally, research has found improved corporate governance in companies over the years and improvement over other research from previous years.

<p>The manufacturing industry is currently in a short-term downturn while the competition is increasing. The result of this is that companies must find new ways to bring out their products. Traditional competitive strategies, such as low pricing, is not sufficient today as the customer is inquiring something more than just a good product. Higher demands are presented on an accurate, well functional, communication between customer and companies, as this has become an important strategic factor in achieving long-term profitability.</p><p><p><p>The aim of this independent project was to analyze and evaluate the communication process between a company and its sales companies.</p><p>In order to illustrate this process, a case study was carried out at Alfa Laval, their sales companies and employees at their distribution center in Tumba. In order to see the differences in attitudes between the management, the sales companies and the employees regarding communication and involvement a gap analysis were used.</p><p>The theoretical part of the study considers theories about business mission, communication, involvement, quality and creating value.</p><p>The result showed that a smaller gap exists between the sales companies and the management while a slightly larger one exists between the employees and the management. The internal communication is presently inadequate in the sense that separate opinions exist on whether a one- or two-way communication should be used. This causes the interactive communication, between employees and sales companies, to suffer as well since the employees do not know what to communicate.</p><p>A long-term profitability can only be achieved when the internal and interactive communication is working correctly, something that it presently does not do. The conclusion of this independent project shows that communication must be correctly shaped and that all parties should embrace the degree of involvement in the same way. These are the two factors that are strategically important to the communication process.</p></p></p> / <p>Verkstadsindustrin är nere i en svacka samtidigt som konkurrensen hårdnar vilket medför att företag måste hitta nya sätt att framhäva sina produkter på. Traditionella konkurrensstrategier, som prispress, är inte tillräckliga idag då kunden kräver något mer än endast en bra produkt. Högre krav ställs på att kommunikationen mellan kund och företag måste vara korrekt utformad och väl fungerande då denna blivit en viktig strategisk faktor för långsiktig lönsamhet.</p><p>Syftet med rapporten är att analysera och utvärdera kommunikationsprocessen mellan ett företag och deras säljbolag.</p><p>För att belysa denna kommunikationsprocess genomfördes en fallstudie på Alfa Laval och deras säljbolag samt anställda på deras distributionscentrum i Tumba. För att se till skillnader i attityd mellan ledningen, säljbolagen samt de anställda, avseende kommunikation och involvering, genomfördes en gap-analys.</p><p>De teoriområden som användes för att genomföra rapporten behandlade bland annat affärsidé, kommunikation, involvering, kvalitet och värdeskapande.</p><p>Resultatet visade att det föreligger ett mindre gap mellan säljbolag och ledning medan ett något större gap föreligger mellan de anställda och ledning. Den interna kommunikationen är idag bristande i den bemärkelsen att det råder skilda meningar om huruvida den ska vara enkel- eller dubbelriktad. Som ett led av detta blir även den interaktiva kommunikationen, mellan anställda och säljbolag, lidande då de anställda inte vet vad de ska kommunicera ut. En långsiktig lönsamhet kan endast uppnås om den interna och den interaktiva kommunikationen fungerar korrekt, något som den i dagsläget inte gör. Rapportens slutsats visar att kommunikationen ska vara utformad på korrekt sätt och att graden av involvering ska omfattas på samma sätt av alla parter. Det är dessa två faktorer som är strategiskt viktiga för kommunikationsprocessen.</p>

The manufacturing industry is currently in a short-term downturn while the competition is increasing. The result of this is that companies must find new ways to bring out their products. Traditional competitive strategies, such as low pricing, is not sufficient today as the customer is inquiring something more than just a good product. Higher demands are presented on an accurate, well functional, communication between customer and companies, as this has become an important strategic factor in achieving long-term profitability. The aim of this independent project was to analyze and evaluate the communication process between a company and its sales companies. In order to illustrate this process, a case study was carried out at Alfa Laval, their sales companies and employees at their distribution center in Tumba. In order to see the differences in attitudes between the management, the sales companies and the employees regarding communication and involvement a gap analysis were used. The theoretical part of the study considers theories about business mission, communication, involvement, quality and creating value. The result showed that a smaller gap exists between the sales companies and the management while a slightly larger one exists between the employees and the management. The internal communication is presently inadequate in the sense that separate opinions exist on whether a one- or two-way communication should be used. This causes the interactive communication, between employees and sales companies, to suffer as well since the employees do not know what to communicate. A long-term profitability can only be achieved when the internal and interactive communication is working correctly, something that it presently does not do. The conclusion of this independent project shows that communication must be correctly shaped and that all parties should embrace the degree of involvement in the same way. These are the two factors that are strategically important to the communication process. / Verkstadsindustrin är nere i en svacka samtidigt som konkurrensen hårdnar vilket medför att företag måste hitta nya sätt att framhäva sina produkter på. Traditionella konkurrensstrategier, som prispress, är inte tillräckliga idag då kunden kräver något mer än endast en bra produkt. Högre krav ställs på att kommunikationen mellan kund och företag måste vara korrekt utformad och väl fungerande då denna blivit en viktig strategisk faktor för långsiktig lönsamhet. Syftet med rapporten är att analysera och utvärdera kommunikationsprocessen mellan ett företag och deras säljbolag. För att belysa denna kommunikationsprocess genomfördes en fallstudie på Alfa Laval och deras säljbolag samt anställda på deras distributionscentrum i Tumba. För att se till skillnader i attityd mellan ledningen, säljbolagen samt de anställda, avseende kommunikation och involvering, genomfördes en gap-analys. De teoriområden som användes för att genomföra rapporten behandlade bland annat affärsidé, kommunikation, involvering, kvalitet och värdeskapande. Resultatet visade att det föreligger ett mindre gap mellan säljbolag och ledning medan ett något större gap föreligger mellan de anställda och ledning. Den interna kommunikationen är idag bristande i den bemärkelsen att det råder skilda meningar om huruvida den ska vara enkel- eller dubbelriktad. Som ett led av detta blir även den interaktiva kommunikationen, mellan anställda och säljbolag, lidande då de anställda inte vet vad de ska kommunicera ut. En långsiktig lönsamhet kan endast uppnås om den interna och den interaktiva kommunikationen fungerar korrekt, något som den i dagsläget inte gör. Rapportens slutsats visar att kommunikationen ska vara utformad på korrekt sätt och att graden av involvering ska omfattas på samma sätt av alla parter. Det är dessa två faktorer som är strategiskt viktiga för kommunikationsprocessen.