Denna studie undersöker hur ett mindre företag kan implementera cross-selling strategier. Studien har genomförts genom en fallstudie på ett mindre företag där två djupgående intervjuer med försäljningschef och VD genomförts samt en fokusgrupp med säljkåren. Det empiriska resultatet jämförs och analyseras sedan med hjälp av Rochfords och Wotruba (1996) Sales Management Mix-modell som beskriver hur företag kan påverka en säljkår. För att analysera om storleken på ett företag kan ha betydelse för en implementerings tillvägagångssätt av cross-selling produkter har även den empiriska undersökningen analyserats med hjälp av Birley och Norburns (1985) teorier om vad som skiljer mindre- och större företag. Slutsatsen av studien visar att ett mindre företag kan fokusera mer på att genomföra resurssnåla åtgärder som exempelvis höja kompetensnivån på företaget genom att höja utbildningsnivån istället för att rekrytera in ny kompetens utifrån. Ytterligare en slutsats är att CRM-system inte är en lika självklar förutsättning för cross-selling som det är på större företag då det är en relativt kostsam investering. Studien föreslår att tillvägagångssättet mindre företag använder med fördel kan utnyttjat det faktum att de inte har lika stora resurser som ett större företag men att de istället är snabbare att anpassa sin process om någon aktivitet skulle vissa sig påverka företaget negativt.

The goal of this thesis is to study the two key aspects of complexity of the financial system: interconnectedness and nonlinear relationships. In Chapter 1, I contribute to the literature that focuses on modelling the nonlinear relationship between variables at the extremes of their distribution. In particular, I study the nonlinear relationship between stock prices and short selling. Whereas most of the academic literature has focused on measuring the relationship between short selling and asset returns on average, in Chapter 1, I focus on studying the relationship that arises in the extremes of the two variables. I show that the association between financial stock prices and short selling can become extremely strong under exceptional circumstances, while at the same time being weak in normal times. The tail relationship is stronger for small cap firms, a result that is intuitively in line with the empirical findings that stocks with lower liquidity are more price-sensitive to short selling. Finally, results show that the adverse tail correlation between increases in short selling and declines in stock prices was not always lower during the ban periods, but had declined markedly towards the end of the analysis window. Such results cast doubts about the effectiveness of bans as a way to prevent self-reinforcing downward price spirals during the crisis. In Chapter 2, I propose a measure of interconnectedness that takes into account the time-varying nature of connections between financial institutions. Here, the parameters underlying comovement are allowed to evolve continually over time through permanent shifts at every period. The result is an extremely flexible measure of interconnectedness, which uncovers new dynamics of the US financial system and can be used to monitor financial stability for regulatory purposes. Various studies have combined statistical measures of association (e.g. correlation, Granger causality, tail dependence) with network techniques, in order to infer financial interconnectedness (Billio et al. 2012; Barigozzi and Brownlees, 2016; Hautsch et al. 2015). However, these standard statistical measures presuppose that the inferred relationships are time-invariant over the sample used for the estimation. To retrieve a dynamic measure of interconnectedness, the usual approach has been to divide the original sample period into multiple subsamples and calculate these statistical measures over rolling windows of data. I argue that this is potentially unsuitable if the system studied is time-varying. By relying on short subsamples, rolling windows lower the power of inference and induce dimensionality problems. Moreover, the rolling window approach is known to be susceptible to outliers because, in small subsamples, these have a larger impact on estimates (Zivot and Wang, 2006). On the other hand, choosing longer windows will lead to estimates that are less reactive to change, biasing results towards time-invariant connections. Thus, the rolling window approach requires the researcher to choose the window size, which involves a trade-off between precision and flexibility (Clark and McCracken, 2009). The choice of window size is critical and can lead to different results regarding interconnectedness. The major novelty of the framework is that I recover a network of financial spillovers that is entirely dynamic. To do so, I make the modelling assumption that the connection between any two institutions evolves smoothly through time. I consider this assumption reasonable for three main reasons. First, since connections are the result of many financial contracts, it seems natural that they evolve smoothly rather than abruptly. Second, the assumption implies that the best forecast of a connection in the future is the state of that connection today. This is consistent with the notion of forward-looking prices. Third, the assumption allows for high flexibility and for the data to speak for itself. The empirical results show that financial interconnectedness peaked around two main events: the Long-Term Capital Management crisis of 1998 and the great financial crisis of 2008. During these two events, I found that large banks and broker/dealers were among the most interconnected sectors and that real estate companies were the most vulnerable to financial spillovers. At the individual financial institution level, I found that Bear Stearns was the most vulnerable financial institution, however, it was not a major propagator, and this might explain why its default did not trigger a systemic crisis. Finally, I ranked financial institutions according to their interconnectedness and I found that rankings based on the time-varying approach were more stable than rankings based on other market-based measures (e.g. marginal expected short fall by Acharya et al. (2012) and Brownlees and Engle (2016)). This aspect is significant for policy makers because highly unstable rankings are unlikely to be useful to motivate policy action (Danielsson et al. 2015; Dungey et al. 2013). In Chapter 3, rather than assuming interconnectedness as an exogenous process that has to be inferred, as is done in Chapter 2, I model interconnectedness as an endogenous function of market dynamics. Here, I take interconnectedness as the realized correlation of asset returns. I seek to understand how short selling can induce higher interconnectedness by increasing the negative price pressure on pairs of stocks. It is well known that realized correlation varies continually through time and becomes higher during market events, such as the liquidation of large funds. Most studies model correlation as an exogenous stochastic process, as is done, for example, in Chapter 2. However, recent studies have proposed to interpret correlation as an endogenous function of the supply and demand of assets (Brunnermeier and Pedersen, 2005; Brunnermeier and Oehmke, 2014; Cont and Wagalath, 2013; Yang and Satchell, 2007). Following these studies, I analyse the relationship between short selling and correlation between assets. First, thanks to new data on public short selling disclosures for the United Kingdom, I connect stocks based on the number of common short sellers actively shorting them. I then analyse the relationship between common short selling and excess correlation of those stocks. To this end, I measure excess correlation as the monthly realized correlation of four-factor Fama and French (1993) and Carhart (1997) daily returns. I show that common short selling can predict one-month ahead excess correlation, controlling for similarities in size, book-to-market, momentum, and several other common characteristics. I verify the confirm the predictive ability of common short selling out-of-sample, which could prove useful for risk and portfolio managers attempting to forecast the future correlation of assets. Moreover, I showed that this predictive ability can be used to establish a trading strategy that yields positive cumulative returns over 12 months. In the second part of the chapter I concentrate on possible mechanisms that could give rise to this effect. I focus on three, non-exclusive, mechanisms. First, short selling can induce higher correlation in asset prices through the price-impact mechanism (Brunnermeier and Oehmke, 2014; Cont and Wagalath, 2013). According to this mechanism, short sellers can contribute to price declines by creating sell-order imbalances i.e. by increasing excess supply of an asset. Thus, short selling across several stocks should increase the realized correlation of those stocks. Second, common short selling can be associated with higher correlation if short sellers are acting as voluntary liquidity providers. According to this mechanisms, short sellers might act as liquidity providers in times of high buy-order imbalances (Diether et al. 2009b). In this cases, the low returns observed after short sales might be compensations to short sellers for providing liquidity. In a multi-asset setting, this mechanism would result in short selling being associated with higher correlation mechanism. Both above-mentioned mechanisms deliver a testable hypothesis that I verify. In particular, both mechanisms posit that the association between short selling and correlation should be stronger for stocks which are low on liquidity. For the first mechanism, the price impact effect should be stronger for illiquid stocks and stocks with low market depth. For the liquidity provision mechanism, the compensation for providing liquidity should be higher for illiquid stocks. The empirical results cannot confirm that uncovered association between short selling and correlation is stronger for illiquid stocks, thus not supporting the price-impact and liquidity provision hypothesis. I thus examine a third possible mechanism that could explain the uncovered association between short selling and correlation i.e. the informative trading mechanism. Short sellers have been found to be sophisticated market agents which can predict future returns (Dechow et al. 2001). If this is indeed the case, then short selling should be associated with higher future correlation. I found that informed common short selling i.e. common short selling that is linked to informative trading, was strongly associated to future excess correlation. This evidence supports the informative trading mechanism as an explanation for the association between short selling and correlation. In order to further verify this mechanism, I checked if informed short selling takes place in the data, whilst controlling for several of the determinants of short selling, including short selling costs. The results show evidence of both informed and momentum-based non-informed short selling taking place. Overall, the results have several policy implications for regulators. The results suggest that the relationship between short selling and future excess correlation is driven by informative short selling, thus confirming the sophistication of short sellers and their proven importance for market efficiency and price informativeness (Boehmer and Wu, 2013). On the other hand, I could not dismiss that also non-informative momentum-based short selling is taking place in the sample. The good news is that I did not find evidence of a potentially detrimental price-impact effect of common short selling for illiquid stock, which is the sort of predatory effect that regulators often fear. / Doctorat en Sciences économiques et de gestion / info:eu-repo/semantics/nonPublished

The diploma thesis focuses on the motivation system in a selected MLM company. It analyzes the existing motivation system and surveys of the feedback from members of the company using interviews and questionnaires. It contains proposal to improve the motivation system which should lead to an increase in team production.

Abstract With this study, I provide insights into international opportunities in the context of early internationalising firms and entrepreneurial selling. I study the changing meanings of international opportunities and the mechanisms of international opportunity construction that entrepreneurs narrate when making sense of these opportunities. I contribute to the international entrepreneurship literature that takes an integrative and processual approach to entrepreneuring and international opportunity. I view international opportunities as socially, temporally and spatially situated. By drawing from the socially situated cognition approach, I direct analytical focus to the contextual, changing interpretations of international opportunity and the dynamic process of international opportunity construction. I take a narrative constructionist approach to this study. My empirical material consists of five entrepreneurs’ narratives. They describe past, present and future international opportunities in the context of ongoing early international entry or expansion and entrepreneurial selling in international business-to-business sales negotiation. With this study, I contribute to an in-depth, processual understanding of international opportunities. I identify multiple meanings of international opportunities as product, service, business model, relationship, and/or foreign market opportunities. By describing transformations between these manifestations of international opportunity and the interactions that produce them across diverse intersubjective spaces, I depict journeys of articulated representations of international opportunities becoming concrete opportunities. I find dichotomies within and between different meanings of international opportunities and related actions and interactions. Specialisation versus flexibility, entrepreneurs’ involvement versus professional salespeople’s involvement, and replicated versus contextually adapted processes are problematised with respect to different manifestations of international opportunity. / Tiivistelmä Tällä tutkimuksella lisään ymmärrystä kansainvälisistä mahdollisuuksista yrityksen varhaisen kansainvälistymisen ja yrittäjämäisen myynnin kontekstissa. Tutkin, miten yrittäjät merkityksellistävät kerronnassaan kansainvälisiä mahdolli-suuksia sekä niiden muutosta ja muodostamisen mekanismeja. Kontribuoin tutkimuksellani kansainvälisen yrittäjyyden kirjallisuuteen, joka käsittelee yrittämistä ja kansainvälisiä mahdollisuuksia integroivasta prosessuaalisesta näkökulmasta. Tutkimuksessani tarkastelen kansainvälisiä mahdollisuuksia sosiaalisesti, ajallisesti ja tilallisesti sijoittuneina. Hyödynnän sosiaalisesti sijoittuneen kognition lähestymistapaa tuodakseni analyyttisen fokuksen kansainvälisten mahdollisuuksien kontekstuaalisiin ja muuttuviin tulkintoihin sekä niiden muodostamisen dynaamiseen prosessiin. Lähestyn tutkimusta narratiivisen konstruktionismin näkökulmasta. Empiirinen aineistoni koostuu viiden yrittäjän narratiiveista. He kertovat menneistä, nykyisistä ja tulevista kansainvälisistä mahdollisuuksista meneillään olevan kansainvälisille markkinoille menon tai niillä laajenemisen sekä yritystenvälisissä kansainvälisissä myyntineuvotteluissa tapahtuvan yrittäjämäisen myynnin kontekstissa. Tutkimuksellani lisään ymmärrystä kansainvälisten mahdollisuuksien prosessuaalisesta luonteesta. Tunnistan kansainvälisten mahdollisuuksien erilaisia merkityksiä tuotteena, palveluna, liiketoimintamallina, suhteena ja/tai kansainvä-lisenä markkinana. Kuvaan muutoksia näiden eri manifestaatioiden ja niitä tuottavan vuorovaikutuksen välillä halki erilaisten subjektienvälisten tilojen. Näin esitän kansainvälisten mahdollisuuksien artikuloitujen kuvausten matkaa konkreettisiksi mahdollisuuksiksi. Havaitsen narratiiveissa ristiriitoja kansainvälisten mahdollisuuksien eri merkitysten sekä niihin liittyvän toiminnan ja vuorovaikutuksen sisällä ja välillä. Erikoistuminen ja joustavuus, yrittäjän ja ammattimyyjän osallisuus sekä prosessin toistaminen ja mukauttaminen problematisoidaan suhteessa kansainvälisten mahdollisuuksien eri manifestaatioihin.

One of the assumptions upon which modern portfolio theory is based is the efficient market hypothesis which postulates that market prices fully reflect all available information, which implies that an abnormal return cannot be made. Evidence has amassed in contradiction to the efficient market hypothesis as demonstrated by Jegadeesh and Titman (1993); Mohanram (2005); Montier (2009) and Piotroski, (2000). However these studies demonstrated earning an abnormal return by buying an asset as opposed to selling an asset. Evidence by Altman (2000) and Beneish, Lee and Nichols (2013) affirmed that abnormal returns may be earned by selling a declining asset. There has been no published work conducted on the South African market pertaining to an instrument that may be used to detect a decline in share price due to prior earnings manipulation, thereby providing the scope of this research. In recent years the focus of the discipline of asset pricing has shifted away from theoretical modelling towards empirical analysis. The C-score by Montier (2008) is a binary earnings manipulation detection model, designed to identify stocks that may be shorted for an abnormal return. An exploratory study of stocks on the Johannesburg Stock Exchange (JSE) from 2002 to 2010 was conducted. Vital focus areas included the resources and industrials sector. Results of this research prove that C-score is insufficient as a stand-alone tool for detecting shortable stocks on the JSE. Whilst negative relative returns were earned for certain holding periods of certain sectors, a consistent trend could not be isolated. / Dissertation (MBA)--University of Pretoria, 2013. / pagibs2014 / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted

Ph.D. (Marketing Management) / In South Africa there are a number of government and private institutions that provide higher education. Competition amongst these is intense and all are competing for students. Dobbelstein (2003: 3) argues that higher education institutions have to consider their relative competitive advantage in this landscape. The institutions that fulfil customers’ requirements the best will get the most students. This situation must be seen in the light of the current skills shortage in South Africa. In order to meet future demand for appropriately skilled managers and workers, ongoing collaboration and consultation between the business sector and higher education providers is required in order to ensure that the goals are met of all primary stakeholders – industry, educators, and students. Students getting workplace experience (or internships) can benefit all three stakeholders (Petrillose & Montgomery, 1998: 46 – 51). The present study seeks to determine the impact of an experiential learning project on the development of marketing students – by using an occupational interest questionnaire. Research conducted by the University of Johannesburg (UJ) indicated that there seems to be no general agreement on the use of terminology for concepts such as experiential learning (EL), work-based learning (WBL), work-integrated learning (WIL), or service learning (SL) (Geyser 2007: 5). There are subtle differences between the terms:  Experiential learning is a term traditionally used within the context of the former technikons to mean what is now known as ‘work-based learning’.  Work-based learning is a component of a programme of study: it focuses on the application of theory in an authentic, working context. It addresses specific competencies identified for the acquisition of a qualification. These competencies relate to the development of skills that will make the student employable, and will assist in developing personal skills.  Service learning is applied learning which is directed at specific community needs and is integrated into an academic programme or curriculum.  Work-integrated learning is a structured portion of a qualification in which the volume of learning allocated to WIL should be appropriate to the purposes of the qualification. WIL programmes must be appropriately structured, supervised, and assessed.  Co-operative education is a teaching and learning strategy which integrates classroom teaching and learning into structured learning that occurs in an authentic and approved setting. This concept is based on a partnership between the university, the student, and industry, or the community at large (Geyser 2007: 7).

M.Com. / The per capita consumption of fresh milk, a product of one of the primary production sectors in the developing economy of South Africa, namely agriculture, has declined from 61,1 kg in October 1962 to 32,0 kg in September 1983. During the period July 1973 to June 1984, the total volume of fresh milksold has declined by approximately 4 percent. A major contributing factor in this regard is the 26 percent decrease in the share of the door-to-door delivery operation during the same period. In addition, cost spirals, inflation and price regulation had a significant impact on the profit margin of the door-to-door delivery operation. These factors necessitate a review of alternatives which will improve the economy of the delivery operation whilst maintaining an acceptable level of customer service. In order to optimise the interrelationship between cost and customer service, important managerial and operational aspects of the existing door-to-door delivery . operation have been identified. Suggestions in this regard are based on the most widely acceptable theories in physical distribution, as well as consumer preferences which have been obtained by means of a questjonnaire distributed to a representative sample of the East Rand population. It was found that irrespective of the method which may be considered to economise the door-to-door delivery operation, the application of the physical distribution concept, in terms of organisational structure and cost accounting, will enhance the effectiveness and influence the success of implementation. It was found that physical distribution functions, and specifically order placing and processing, storage, despatch, returns, transport and production forecasting should be allocated to the distribution department. Due to the interrelationships that exist within and between the above functions which form part of the physical distribution system, the application of the total cost approach is necessary. The present method and procedure of traditional cost accounting and cost allocation are insufficient when evaluating the possible effect of implementing measures which may result in improved economy on the door-to-door delivery operation. In studying available literature, it was determined that alternatives which may economise the delivery operation, can be categorised as follows: -Methods to increase volumes, and -methods to reduce costs. Volumes can be increased by increasing the number of households to which fresh milk is delivered from door to door. However, consumers consider security of money and delivered product (24,1 percent), reliability of the delivery service (21,5 percent) and inconvenient times of delivery (22,9 percent) as the three most important reasons for not making use of the service. Convenience (41,7 percent) and price aspects (24,7 percent) have been found the two most important factors why consumers obtain fresh milk by means of the door-to-door delivery operation. Of the total number of consumers who normally buy their fresh milk requirements from cafes and supermarkets, approximately 52 percent indicated that they will make use of the delivery service provided reliability and more convenient times of delivery are ensured. It was found that by introducing a wider product range, packaging sizes will not have a significant impact on the volumes per point of sale as fresh orange (50,9 percent) and guava juice (27,8 percent) is preferred in one litre glass bottles. The above products are at present obtainable from the door-to-door delivery service. With regard to methods that may reduce physical distribution costs, 70,7 percent of the consumers indicated they will discontinue the delivery service if products were to be delivered at central points only. It was found that delivery vehicles are utilised for 6,7 hours (36 percent) per day and significant savings in fixed vehicle costs (35 percent) can be achieved by introducing two vehicle shifts (re-scheduling). Of the total number of consumers who normally obtain fresh milk by means of the door-to-door delivery operation, 91,8 percent indicated they will continue with the service even if delivery is only effected in the late afternoon.

Please read the abstract in the section 00front of this document / Dissertation (MSc (Interior Merchandise Management))--University of Pretoria, 2005. / Consumer Science / unrestricted

La recherche d'une « plus grande proximité » avec le consommateur n'est pas qu'une formule à la mode désignant un phénomène conjoncturel, comme en témoigne l'utilisation récurrente de ce concept dans différents champs des sciences humaines pour analyser les relations interpersonnelles, inter-entreprises ou entre clients et fournisseurs. L'objectif de ce travail doctoral est de spécifier le concept de proximité perçue du point de vue du marketing et d'analyser son rôle dans la gestion de la relation du client au point de vente. Cette recherche, menée, dans le cadre spécifique de la vente directe de produits alimentaires, démontre l'intérêt théorique et managérial du concept de proximité.Une revue de littérature et une étude qualitative par entretiens semi directifs menée auprès de 35 acheteurs, dans différents formats de vente directe de produits alimentaires (AMAP, Marchés et Points de ventes collectifs) permet tout d'abord de démontrer que le concept de proximité perçue est multiforme : 1- la proximité d'accès correspond à la facilité et la praticité perçue qu'a le consommateur pour se rendre sur le point de vente; 2- la proximité relationnelle, exprime la force de la relation directe entre le personnel en contact et le consommateur ; 3- la proximité identitaire, renvoie à un partage de valeurs avec le le point de vente et enfin 4- la proximité de processus, est liée au partage de connaissances sur son fonctionnement interne. Une échelle de mesure de ces formes de proximité est proposée, puis validée.Dans un second temps, l'application empirique de cette échelle de mesure, auprès de 579 acheteurs, dans trois formats de vente directe fournit une mesure effective de la proximité perçue dans ce contexte. Ces études permettent, via un modèle d'équations structurelles, de tester l'impact des différentes formes de proximité sur la confiance, attestant du pouvoir prédictif du concept. Les résultats montrent en effet que la confiance à l'égard du circuit de vente directe est influencée positivement par : la proximité identitaire, la proximité de processus, et la proximité d'accès. En revanche, la proximité relationnelle n'influence pas directement la confiance à l'égard du circuit. Elle y participe néanmoins via son rôle dans la construction des autres formes de proximité.Dans un troisième temps, prenant appui sur ces mêmes enquêtes, nous démontrons le pouvoir discriminant du concept. Tout d'abord vis-à-vis des formats de vente. Les Points de vente collectifs génèrent en effet une proximité identitaire plus forte, accompagnée par une formalisation et une communication plus importantes de leurs valeurs et principes d'action. Les AMAP créent quant à elles davantage de proximité de processus. Proposant à leurs adhérents de participer aux activités de production mais également à l'organisation et la gestion de la distribution, elles renforcent le sentiment de contrôle des consommateurs. Sur les marchés, où la dynamique collective est quasi inexistante et les principes de fonctionnement ni formalisés ni communiqués, les différentes proximités perçues sont significativement plus faibles.Le concept de proximité discrimine également les consommateurs. Une segmentation en fonction de la proximité perçue montre qu'il est possible de distinguer trois types de consommateurs : les intimes, caractérisés par une proximité multiforme (identitaire, relationnelle et de processus), les affiliés qui se sentent proches des valeurs et des manières de travailler mais prennent peu de temps pour échanger et les distants qui ne se sentent proches du point de vente qu'à travers les valeurs qu'il représente.Enfin, une enquête quantitative complémentaire conduite auprès de 1208 clients de boucheries, petits commerces d'alimentation et primeurs nous permet de démontrer la spécificité de la vente directe uniquement en terme de proximité identitaire, remettant en cause l'idée d'une proximité relationnelle plus forte dans ces circuits. / The desire for a "closer relationship" with the consumer is not just a buzzword denoting a conjunctural phenomenon. The recurrent use of this concept in social sciences to analyze interpersonal and inter-enterprise relationships or relationships between customers and suppliers testifies it. This thesis specifies the concept of perceived closeness from the marketing point of view and analyzes its role in the management of customer relationship to the point of sale. Conducted in the specific context of direct selling of food products, this research demonstrates the theoretical and managerial interests of the concept of closeness.A literature review and a qualitative study using semi-directive interviews conducted with 35 customers in different formats of direct sale of food products (CSA, Markets and farm shops) demonstrates that the concept of perceived closeness takes many forms: 1- the access closeness is the ease and convenience perceived by the consumer to go to the point of sale 2- relational closeness expresses the strength of the direct relationship between the salesperson in contact and the consumer 3- identity closeness refers to values shared with the point of sale and finally 4- process closeness is related to the sharing of knowledge about the internal functioning of the point of sale. A measurement-scale of these forms of closeness is given, and then validated.In a second time, the empirical application of this measurement scale, to 579 customers in three formats of direct sales provides an effective measure of perceived closeness in this context. These studies, using a structural equation model, allow to test the impact of different forms of closeness on trust, demonstrating the predictive power of the concept. Results show that trust in the direct point of sale is positively influenced by identity closeness, process closeness and access closeness. However, relational closeness does not directly influence customer trust in the point of sale. It participates to it via its role in the construction of other forms of closeness.In a third part, we demonstrate the discriminative power of the concept. Firstly towards the sales formats. Farm shops generate a stronger identity closeness accompanied by a greater formalization and communication of their values and principles. CSA create for their part greater process closeness. By allowing their members to participate in production but also in the organization and management of the distribution of products, they reinforce the consumer's sense of control. On the markets, where the collective dynamics is almost nonexistent and the principles of operation neither formalized nor communicated, the different forms of perceived closeness are significantly lower.The concept of closeness is also discriminant for consumers. A segmentation according to the perceived closeness shows that it is possible to distinguish three types of consumers: the intimates, characterized by a multifaceted closeness (identity, relational and process), the affiliates who feel close to the values and ways of working but take little time to exchange, and the distants who feel close to the point of sale only through the values it represents.Finally, a complementary quantitative survey of 1208 customers of small food shops, of butcheries, and of fruit and vegetables shops, allows us to demonstrate the specificity of direct sale only in terms of identity closeness, challenging the idea of a stronger relational closeness in these circuits.

In this diploma thesis are analyzed selling prices of flats in Czech Republic. Based on literature and economic theory about similar topic was made economic model and constructed variables, which could have effect on the price. For the analysis were used information about 1100 flats in 8 Czech cities. The effect of the variables was measured using ordinary least square method. Increase of size of the flat by one squared meter cause 1,28% increase of price. Price of flats in ground floor is lower than other flats. This effect raises until fifth floor. Flats in last floor are cheaper than others. The effect of balcony is almost 33% higher price. Fixed effects of cities give the results that Prague is the most attractive, at the end is Ústí nad Labem.