Thesis (M.Comm.)--Stellenbosch University, 2004. / ENGLISH ABSTRACT: Many fund managers who are supposed to have your best interest at heart have become just as greedy, have vested interests and their performance has been mediocre. Until they clean up their act, your best bet is to opt for an index fund, or the type that uses our money to track a stock market index, provided the initial and ongoing costs are low if you invest in shares. A great many funds have been run well and conscientiously. However, it’s often not clear to individuals which ones these are. In the absence of clarity, those index funds that are very low-cost are investorfriendly by definition and are the best selection for most of those who wish to own equities. Warren Buffet Throughout the past twenty years, investment funds have been transforming financial markets. There has been a tremendous growth in this industry and at the end of 2003 more than USD 13 trillion were invested in investment funds around the globe. In the United States, 12 percent of all money invested in mutual funds resides in index mutual funds and investors can choose from 149 index funds. Academics have researched mutual funds in depth and most are in favour of index-related funds. The reason for this is that the average US mutual fund that is actively managed does not manage to outperform its benchmark index. In South Africa, the scenario is very different. There are currently only nine index unit trusts with a net asset value of ZAR 1.4 billion. This represents only 60 basis points of all money invested in South African unit trusts. In this study, a few factors are discussed as possible contributors to this situation, with exchange-traded funds and enhanced index fund strategies identified as the most significant factors. This study investigates whether active unit trusts succeed in outperforming their benchmark index. It provides empirical research showing that All-Share Index have been a better risk-adjusted investment over the twenty years studied. This may be seen as a reason why investors prefer enhanced strategies since they provide a premium on the index’s return, and the risk and costs are lower than for active unit trusts. Exchange-traded funds have accumulated investments of close to ZAR 6 billion since the launch of the first Satrix fund, Satrix 40, in 2001. These funds aim at the same return as index unit trusts and have significant cost advantages over index unit trusts. / AFRIKAANSE OPSOMMING: Many fund managers who are supposed to have your best interest at heart have become just as greedy, have vested interests and their performance has been mediocre. Until they clean up their act, your best bet is to opt for an index fund, or the type that uses our money to track a stock market index, provided the initial and ongoing costs are low if you invest in shares. A great many funds have been run well and conscientiously. However, it’s often not clear to individuals which ones these are. In the absence of clarity, those index funds that are very low-cost are investorfriendly by definition and are the best selection for most of those who wish to own equities. Warren Buffet Beleggingsfondse het tot gevolg gehad dat daar ‘n drastiese verandering in finansiële markte oor die afgelope twintig jaar plaasgevind het. Daar was ‘n aansienlike groei in hierdie industrie en aan die einde van 2003 was daar wêreldwyd meer as USD 13 triljoen in beleggingsfondse belê. In die Verenigde State behoort 12 persent van alle geld wat in effektetrusts belê is aan indeksfondse en beleggers het 149 indeksfondse waaruit gekies kan word. Effektetrusts is al in diepte deur akademici bestudeer en die meeste is ten gunste van indeks-verwante fondse. Die rede hiervoor is dat die gemiddelde effektetrust in die Verenigde State nie dit reg kry om beter as sy indeks maatstaf te presteer nie. In Suid Afrika is die omstandighede heeltemal anders. Daar is huidiglik slegs nege indeksfondse met ‘n netto bate waarde van ZAR 1.4 biljoen. Dit verteenwoordig slegs 60 basis punte van al die geld wat in Suid Afrikaanse effektetrusts belê is. In hierdie studie word daar ‘n paar faktore bespreek wat moontlik bygedra het tot hierdie situasie. Beursverhandelde fondse en ”verbeterde” indeksfondse word geïdentifiseer as die twee vernaamste faktore. Hierdie studie kyk of aktiewe effektetrusts suksesvol was om beter te presteer as hulle maatstaf indeks. Empiriese navorsing word gegee wat wys dat die Algemene Indeks ‘n beter risiko-aangepaste belegging was oor die twintig jaar van die studie. Dit kan gesien word as ‘n rede hoekom beleggers “verbeterings” strategieë verkies wat ‘n premie bied op die indeks se prestasie en beide die risiko en koste is laer as met aktiewe fondse. Beursverhandelde fondse het beleggings ten bedrae van ZAR 6 biljoen opgebou sedert die begin van die eerste Satrix fonds, Satrix 40 in 2001. Hierdie fondse mik vir dieselfde opbrengs as indeks effektetrusts en het groot koste voordele bo indeksfondse.

Assignment (MComm)--University of Stellenbosch, 2006. / ENGLISH ABSTRACT: It has become evident that the knowledge-driven, innovation economy supercedes the industrial era at the beginning of the 21st century. Within this environment characterized by innovation and the emphasis on brand owning companies, successful organizations will be those that transform information into valuecreating knowledge and dynamically leverage the knowledge to innovate and capture additional customer value. In contrast to an emphasis on traditional tangible assets to explain organizational success, recent strategic management literature focuses on intangible resources, viz. intellectual capital. Knowledgeempowered customers are driving many innovations in this environment, and consequently, value innovation shifts relatively from the supply chain to the demand chain in business value systems, with focus on brand equity development. The encompassing challenge that companies face in this new environment is how to identify and leverage all sources of value. These important assets include, among other factors, brands and the knowledge residing within the consumers’ mind. Due to the significant shift towards knowledge-networking and outsourcing of many organizational activities, it is increasingly incumbent to incorporate and integrate knowledge residing outside the borders of an organization. However, the potential value of brand building efforts will not be realized unless proper knowledge management practices, systems, approaches and tools are put into place within the organization to capitalize on the concept of knowledge-enhanced brand equity. Accordingly, firms require a framework or model to illustrate the leveraging of knowledge for innovative brand development and management. This study provides an in-depth overview and synthesis of knowledge and brand management literature concerned with the symbiotic relationship between the utilization of knowledge and innovative brand development. A preliminary conceptual model to demonstrate the relationship between brand equity and knowledge-based is proposed. / AFRIKAANSE OPSOMMING: Die industriële era van die 20ste eeu is deur ‘n kennisgedrewe, innoverende ekonomie verbreed vanaf die begin van die 21ste eeu. Binne sodanige omgewing, wat gekenmerk word deur produk (waarde) innovasie en die opkoms van handelsmerk-gedrewe ondernemings, sal suksesvolle organisasies diegene wees wat inligting transformeer tot waardeskeppende kennis, en dié kennis as dinamiese hefboom gebruik om addisionele rykdom te skep en te behou. In teenstelling met die beklemtoning van tradisionele tasbare bates om organisasiesukses te verklaar, fokus onlangse strategiese bestuursliteratuur meer op ontasbare hulpbronne, naamlik kennis en intellektuele kapitaal. Ingeligde kliënte dryf innovasie en gevolglik skuif waarde innovasie relatief vanaf die aanbodsketting na die vraagketting in besigheidswaardesisteme, met die fokus op handelsmerksontwikkeling. Die uitdaging wat maatskappye in die gesig staar in hierdie nuwe omgewing is hoe om alle bronne van waarde te identifiseer en nie net die bates wat op die tradisionele balansstaat verskyn nie. Hierdie belangrike bates sluit onder andere in faktore soos handelsmerke en verbruikerspersepsies. Die organisasies wat suksesvol hierdie ontasbare bates skep en voorsien, en die hefboomwerking gebruik in die skepping van nuwe besigheidsmodelle, is dié organisasies wat die meeste waarde vir hulle aandeelhouers skep. Dit is toenemend noodsaaklik om kennis van buite die organisasie te inkorporeer en te integreer. Ondernemings benodig ‘n raamwerk of model om die voordelige gebruik van kennis vir innoverende handelmerkontwikkeling en –bestuur te fasiliteer. Hierdie studie voorsien ‘n in-diepte ontleding van kennisbestuurliteratuur en handelsmerkbestuurliteratuur, en dui veral op die verband en samehang tussen kennisbenutting en inoverende handelsmerkontwikkeling en –bestuur. ‘n Voorlopige konseptuele model om die verband tussen die handelsmerk- en kennisbestuur te illustreer, word voorgestel.

Thesis (MComm)--Stellenbosch University, 2011. / ENGLISH ABSTRACT: The conception of relationship marketing has led to an increased interest in organisations developing long-term relationships with their members or clients. The emphasis has shifted from a transaction-based marketing approach to a relationshipbased marketing approach. This shift has resulted in an increased need for research in the field of relationship marketing in for-profit as well as non-profit organisations. The purpose of this study was to identify and assess the dimensions through which South African churches can manage commitment with their members. These dimensions are regarded as antecedents to commitment and were identified through a literature review. The literature review identified 11 antecedents of church commitment, which were classified into antecedents that are specifically relevant to churches, and those with a broader appeal. Furthermore, churches were classified whether they can be viewed as traditional or non-traditional. An empirical investigation followed the literature review and included a pilot and a comprehensive empirical study among the total student population of Stellenbosch University, as in 2011. After the pilot study was conducted the number of antecedents was reduced to eight, while three antecedents had to be renamed. The final empirical study provided support for two antecedents of church commitment, namely ‘small-groups’ and ‘reliability’. In addition, significant differences were found between traditional and non-traditional churches in respect of the confirmed relationships. Consequently, a framework was developed by which churches can manage commitment with their members. This study makes a valuable contribution to the relationship marketing literature, since no formally published study could be found in which relationship marketing was used to identify the antecedents of church commitment. / AFRIKAANSE OPSOMMING: Die voortbestaan van verhoudingsbemarking het gelei tot 'n toename in organisasies se belangstelling in die ontwikkeling van lang termyn verhoudinge met hulle kliënte en/of lede. Die fokus het gevolglik verskuif vanaf 'n transaksie-gebaseerde benadering tot bemarking, tot 'n meer verhoudings-gebaseerde benadering. Hierdie verskuiwing het gelei tot 'n toenemende belangstelling in, en behoefte aan navorsing op die terrein van verhoudingsbemarking, beide ten opsigte van winssoekende asook nie-winssoekende organisasies. Die doel van hierdie studie was om die dimensies aan die hand waarvan Suid- Afrikaanse kerke hul toewyding (commitment) met hul lidmate kan bestuur, te identifiseer en te assesseer. Hierdie dimensies kan beskou word as boustene (antecedents) van toewyding en is geïdentifiseer deur middel van 'n literatuuroorsig. Die literatuuroorsig het 11 boustene van kerk-toewyding geïdentifiseer, wat geklassifiseer is volgens daardie boustene wat spesifiek relevant tot kerke is, en daardie boustene met 'n wyer aantrekking. Voorts is kerke geklassifiseer ten opsigte van of hulle as tradisioneel of nie-tradisioneel beskou kan word. Die literatuuroorsig is gevolg deur die empiriese studie, wat uit twee komponente bestaan het: 'n voorafstudie (pilot study), gevolg deur die hoof empiriese studie onder die totale studente-populasie van die Universiteit van Stellenbosch, soos in 2011. Op grond van die resultate van die voorafstudie is die aantal boustene verminder tot agt, terwyl drie boustene herbenoem moes word. Die finale empiriese studie het ondersteuning gebied vir twee boustene van toewyding, naamlik ‘klein-groepies’ (small-groups) en ‘betroubaarheid’ (reliability). Verder is beduidende verskille gevind tussen tradisionele en nie-tradisionele kerke ten opsigte van die verhoudinge wat as beduidend bevind is. 'n Raamwerk is gevolglik ontwikkel waarvolgens kerke hul toewyding met hul lidmate kan bestuur. Hierdie studie maak 'n waardevolle bydrae tot die literatuur van verhoudingsbemarking, aangesien geen soortgelyke formele gepubliseerde studie gevind kon word waarin verhoudingsbemarking gebruik is om die boustene van kerktoewyding te identifiseer nie.

Thesis (MComm (Business Management))--University of Stellenbosch, 2009. / This study recognises that innovation and renewal is instrumental in gaining competitive advantage. However, large firms often face a renewal dilemma. Despite the fact that many firms recognise the need for innovation and renewal, they find it challenging to implement innovation. Thus, the need for renewal is complicated by finding a suitable business development tool to bring about the renewal needed. The problem is further aggravated by a fundamental managerial conflict of exploration and exploitation. This conflict causes a reluctance to engage in exploration activities (searching for new resources, knowledge, and competence), due to the operational focus of exploiting current resources, knowledge, and competence. To overcome the renewal dilemma, this study investigated the relationship and linkages between Internal Corporate Venturing (ICV) and corporate renewal to determine how Internal Corporate Venturing (ICV) can be used as a tool to initiate corporate renewal and overcome the renewal dilemma. The study made use of a qualitative, mixed-method methodology and investigated the research problem in two phases. The first phase of this study used Grounded Theory to propose a theoretical framework that illustrated how ICV provides a firm with a strategic process that effectively balances exploration and exploitation activities, providing the linking mechanisms needed between a firm’s corporate context and its external environment, enabling the firm to initiate corporate renewal. In the second stage of this study, the theory was assessed, by comparing the proposed theoretical framework to a case study involving an internal venturing programme at an established financial services firm in Southern Africa. Based on a comparison between the proposed theoretical framework and the case study, this thesis concludes that ICV could theoretically be used to address the renewal dilemma; however, it was not possible to confirm this proposition, due to the stage in which the corporate venturing programme the case examined found itself,. The case study did however suggest that ICV could enhance a firm’s ability to instigate corporate renewal, through its ability to create idiosyncratic endowments from a firm’s endowment base.

Thesis (MComm)--Stellenbosch University, 2012. / ENGLISH ABSTRACT: Over the past two decades company performance has become the mantra of corporate theory. It follows that marketers have recently become understandably preoccupied with measuring the performance of marketing activity. In fact, the pressure for financial accountability has led to widespread concern over the role of the marketing function within a company. Some go as far as contemplating the demise of marketing professionals unless marketers develop an understanding of the marketing-finance interface and are able to enter into a dialogue with top management regarding the value that marketing adds to the company. Modern financial theory prescribes that the primary financial objective of any company should be shareholder value maximisation. Value based management (VBM) involves the appropriate allocation of scarce resources using prioritisation and cost-benefit analyses of different strategies to ensure that managers remain focused on shareholder value creation. The VBM philosophy embraces four fundamental driving forces impacting on the creation of value, the first of which is the profitable growth of sales. Since marketers are the custodians of brand sales the recognition of sales as a value driver places marketing at the centre of the value culture. The role of the marketing function is to create customer value that will translate into marketing assets (brand equity) and by doing so serves to add value to a company. The brand value chain summarises the process through which marketers can create value by carefully investing in various marketing tactics (or expenditures). These expenditures are encapsulated by the marketing mix. Simply, the marketing mix can be described as the sum of all expenditures intended to build brand equity and can be classified into four components known as the 4Ps (product, price, place and promotion). Concern has been raised that marketers focus too much attention on the stages in the brand value chain where marketing strategy is formulated and too little attention on the latter stages where the strategy is linked back to the value created through the implementation thereof. Despite the plethora of marketing metrics available the key to measuring the impact of marketing activity lies in maintaining a balance between non-financial, efficiency metrics and financial effectiveness metrics. To this end, there is a need for the development of aggregate-level models that link marketing tactics (expenditures) to to financial impact (e.g. sales) in order to communicate the value created by marketing. As a first step toward the objective of developing such models, it is important to understand the nature of the relationship between marketing expenditures (in terms of the 4Ps) and sales). Therefore, the primary objective in this study was to establish whether there is a relationship between the expenditures of different marketing components (4Ps) and sales. To this end, the proposition formulated elucidated that the variance in sales of a product is attributable to fluctuations in marketing expenditures. A meta analysis study was undertaken and two South African fast moving consumer goods brands’ financial data were investigated for the period of July 2001 to the end of June 2005. The marketing expenditures incurred for each of the respective brands were dissected and allocated according to the 4Ps of marketing. The metohod applied to investigate the relationship between marketing expenditures and sales originated through the adoption of multiple regression analysis between the indepent variables (marketing expenditures) and the dependent variable (sales). However, due to the fact that the data were collected over time it was anticipated that the time-related characteristics in the data might have offended inherent assumptions on which multiple regression analysis is based. Therefore, a time series regression analysis was subsequently adopted to account for time-related characteristics such as trend or seasonality. Counteracting dummy variables were included in the regression analysis to better understand the effect of trend and seasonality. In the case of Brand A, it was necessary to include dummy variables to counteract the effect of trend in the regression analysis., the results revealed that there is a statistically significant relationship between the expenditures of different marketing components (4Ps) and sales. Only distribution expenditures and price (along with trend) explained unique variance in sales. In the case of Brand B, it was necessary to include dummy variables for both trend and seasonality before the model was suitable for analysis. Once again, the results revealed a statistically significant relationship between the expenditures of different marketing components (4Ps) and sales. However for Brand B, only production expenditures (along with trend and seasonality) explained unique variance in sales. Therefore, in conclusion of the results found there were important findings to note. Firstly, when investigating data colllected over time it is imperative to understand the impact of time-related characteristics in the data and subsequently adopt the appropriate model to investigate relationships in the data. Secondly, despite a statistically significant relationship detected between marketing expenditures and sales the different components of the 4Ps have varying prominence for different brands and the appropriate allocation of resource will depend on the nature of the product and the strategy in mind. / AFRIKAANSE OPSOMMING: Die prestasie van ’n maatskappy het oor die afgelope twee dekades die mantra van korporatiewe teorie geword. Dit volg dus dat bemarkers onlangs afgetrokke is met die meet van die prestasie van mark aktiwiteit. Die druk vir finansiële verantwoordbaarheid het in wye kommer oor die rol van die bemarkingsfunksie binne ’n maatskappy, uitgeloop. Daar word bespiegel oor die ondergang van professionele bemarkers tensy bemarkers ’n begrip van die bemarking-finansie skeidingsvlak ontwikkel en in staat is om ’n dialoog met topbestuur aan die gang te sit rakende die waarde wat bemarking tot ’n maatskappy voeg. Moderne finansiële teorie stel voor dat die primêre finansiële doelwit van enige maatskappy die verhoging van belanghebbende waarde moet wees. Waarde-gebaseerde bestuur (WGB) sluit die gepaste toewysing van skaars hulpbronne, deur die gebruik van vooropstelling en koste-voordeel analise van verskeie strategieë, in, om te verseker dat bestuurders op die belanghebbende waarde skepping gefokus bly. Die WGB filosofie omarm vier grondliggende dryfsmagte wat op die skep van waarde, waarvan eerstens die winsgewende groei van verkope is, ’n impak het. Aangesien bemarkers die bewaarders van die handelsnaam verkope is, plaas die erkenning van verkope as ’n waarde drywer, bemarking in die middelpunt van die waarde kultuur. Die rol van die bemarkingsfunksie is om kliënt waarde te skep wat omgesit sal word in bemarkingsbates (handelsmerk billikheid) en dien so om waarde tot ’n maatskappy by te dra. Die handelsmerk waarde ketting som die proses op waardeur bemarkers waarde kan skep deur versigtig in verskeie bemarkingstaktieke (of uitgawes) te belê. Hierdie uitgawes word saamgevat deur die bemarkingsmengsel. Die bemarkingsmengsel kan kortliks beskryf word as die som van alle uitgawes wat bedoel is om handelsmerk billikheid te bou en kan in vier komponente, wat as die 4Ps (produk, prys, plek en promosie) bekend staan, geklassifiseer word. Daar is reeds kommer uitgespreek dat bemarkers te veel aandag aan die stadiums in die handelsmerk waarde ketting bestee waar bemarkings strategie geformuleer word en te min aandag word aan die latere stadiums geskenk waar die strategie teruggeskakel word aan die waarde wat deur die implementering daarvan geskep word. Ten spyte van die menigte beskikbare bemarkings metrieke lê die sleutel tot die meet van die impak van bemarkingsaktiwiteite in die onderhou van ’n balans tussen nie-finansiële, doeltreffende metrieke en finansiële effektiwiteit metrieke. Daar is dus ’n behoefte aan die ontwikkeling van gemiddelde-vlak modelle wat bemarkings taktieke (uitgawes) aan finansiële impak (bv. verkope) skakel om sodoende die waarde wat deur bemarking geskep word, te kommunikeer. Dit is belangrik om, as ’n eerste treë na die doelwit om sulke modelle te ontwikkel, die aard van die verhouding tussen bemarkingsuitgawes (in terme van die 4Ps) en verkope te verstaan. Die hoofdoel in hierdie studie was dus om vas te stel of daar ’n verhouding tussen die uitgawes van verskillende bemarkingskomponente (4Ps) en verkope bestaan. Die voorstel wat geformuleer is, het verklaar dat die verskeidenheid in verkope ’n produk is wat toegeskryf kan word aan fluktuering in bemarkings uitgawes. ’n Meta analise studie is onderneem en twee Suid-Afrikaanse vinnig-bewegende gebruikers goedere handelsmerke se finansiële data vir die typerk van Julie 2001 tot einde van Junie 2005 is ondersoek. Die bemarkings uitgawes wat vir elk van die handelsmerke aangegaan is, is ontleed en toegeken volgens die 4Ps van bemarking. Die metode wat toegepas is om die verhouding tussen bemarkings uitgawes en verkope te ondersoek het ontstaan deur die aanneem van meervoudige agteruitgang analise tussen die onafhanklike veranderlikes (bemarkings uitgawes) en die afhanklike veranderlikes (verkope). Daar is egter verwag, as gevolg van die feit dat die data oor tyd versamel is, dat die tyd-verwante kenmerke in die data inherente aannames mag beledig het, waarop meervoudige agteruitgang analise gebaseer is. ’n Tydsreek agteruitgang analise is gevolglik aangeneem om verantwoordbaar te wees vir tydsverwante kenmerke soos neiging of seisoenaliteit. Teenwerkende fop veranderlikes is by die agteruitgang analise ingesluit om die effek van neiging of seisoenaliteit beter te verstaan. In die geval van Handelsmerk A, was dit nodig om fop veranderlikes in te sluit om die effek van neiging in die agteruitgang analise teen te werk. Die uitslae het gewys dat daar ’n statisties noemenswaardige verhouding tussen die uitgawes van verskillende bemarkingskomponente (4Ps) en verkope is. Slegs verspreiding uitgawes en prys (tesame met neiging) het unieke verskille in verkope verduidelik. In die geval van Handelsmerk B was dit nodig om die fop veranderlikes in te sluit vir beide neiging en seisoenaliteit voordat die model gepas was vir analise. Die uitslae het weereens gewys dat daar ’n duidende verhouding tussen die uitgawes van verskillende bemarkingskomponente (4Ps) en verkope is. Slegs produksie uitgawes (tesame met neiging en seisonaliteit) het egter unieke verskille in verkope vir Handelsmerk B verduidelik. Daar was dus, in gevolgtrekking tot die uitslae wat gevind is, belangrike bevindings om van kennis te neem. Dit is eerstens van uiterste belang om die impak van tyd-verwante kenmerke in die data te verstaan en om vervolgens die gepaste model aan te neem om verhoudings in die data te ondersoek. Tweedens, ten spyte van ’n statistiese noemenswaardige verhouding wat bespeur is tussen bemarkings uitgawes en verkope, het die verskeie komponente van die 4Ps verskillende vernaamheid vir verskillende handelsmerke en die gepaste toekenning van bronne sal afhang van die aard van die produk en die strategie wat beoog word.

Thesis (MComm (Business Management))--Stellenbosch University, 2008. / This study aims to look at the definition of the group of alternative investments commonly known as ‘hedge funds’, in order to better understand why regulatory bodies the world over are vehemently working on introducing new legislation and guidelines as a means of maintaining market security and integrity in order to ensure adequate investor protection. This study posits that the two most viable options available to regulatory bodies to ensure effective implementation of these changes are (i) to either further restrict access to hedge funds and thereby curb their ‘retailization’ and/or (ii) to introduce rigorous levels of disclosure on the part of hedge funds and their intermediaries. It is the objective of this study to establish that for either of these options to be attained, tangible improvement in both the quantity and quality of information disclosure from hedge funds and their intermediaries about their positions, strategies and exposures in a manner that would enable them to continue to provide the market efficiency-enhancing services that they currently offer. After introducing all the key issues that have motivated this resolve, the study looks at the current regulatory environment and the challenges facing regulators such as the varying degrees of banking freedom offered by different states and jurisdictions. Proposed changes to current legislation are also considered across several jurisdictions. The results from the local market field study set the platform for recommendations to be investigated in future studies in order to provide guidelines for the supervision of the hedge fund industry.

Thesis (MComm (Business Management))--University of Stellenbosch, 2006. / The term business model is relatively recent. Though it appeared for the first time in the 1950s it rose to prominence and reached the mainstream only in the 1990s. Today the term is commonly used, but there is still no single dominant definition. Many different conceptualizations of business models exist. They all have various degrees of resemblance, or difference of some degree. From those business literatures, an intellectual root of the concept has been explored, offering a working definition, and the necessity for a company to renew its business models. To deliver information, products, and services in new ways, new business models address previously unrecognized or unmet needs, and appeal to customers precisely because they improve the quality of what is available to them, or reduce the cost, or both. Leading companies have discovered that to keep up with the rate of change in the marketplace, today’s key performance factors are different than they were in the past, hence the need for new business models and their strategic innovation. This thesis explores the role of business models in leveraging demand and supply chain dynamics in business ecosystems. Radical changes in the business environment have suggested limitations of traditional business models. New business environments are characterized not only by the rapid pace of change, but also the discontinuous nature of such change. New business environments, characterized by dynamically discontinuous change, requires a re-conceptualization of new competencies, new business models that break the rules of the game in the industry. The fact that a company should constantly attempt to develop new business models in its industry if it hopes to survive, has been examined, and how those new business models can leverage demand and supply chain dynamics in business ecosystems. The theoretical findings are illustrated by relevant case studies.

Thesis (MComm (Business Management))--University of Stellenbosch, 2010. / ENGLISH ABSTRACT: The determinants of capital structure form an important part of the finance profession. Contemporary capital structure theory began in 1958 when Modigliani and Miller indicated that in a perfect capital market, the value of a firm is not influenced by its capital structure. However, when considering, inter alia, the effect of taxes, bankruptcy costs and asymmetric information, the value of a firm could be affected by its leverage. Capital structure theory offers two contrasting capital structure models, namely the trade-off and pecking order models. According to the trade-off model, firms trade-off the costs and benefits of debt financing in order to reach an optimal capital structure. According to this model, a positive relationship exists between leverage and profitability. In contrast, the pecking order model indicates that firms use a financing hierarchy where internal funds are preferred above debt and equity usage. This model indicates a negative relationship between leverage and profitability. However, in practice, firms often deviate from these models to incorporate the benefits of the other model or to adapt to changing circumstances. Firms' financing decisions may be influenced by both firm-specific and economical factors within the country where they are operating. Therefore, a firm's managers should consider the growth rate, interest rate, repo rate, inflation rate, exchange rates and the tax rate when conducting finance decisions, since these factors could influence the cost and availability of capital. In addition, these economical factors often have a significant influence on each other. Prior capital structure research mainly focused on developed countries. However, South Africa provides the ideal environment to consider the effect of economic changes on capital structure within a developing country, due to South Africa's profound economic changes during 1994 and the years to follow. The primary objective of this study was thus to determine whether the capital structures of South African listed industrial firms are influenced by changes in the South African economical environment. The effect of economic changes on capital structure was examined by using a TSCSREG (time-series cross-section regression) procedure. The regression model is based on a model developed by Fan, Titman and Twite (2008). One-period lags were built into the model to make provision for the effect of economic changes that often only occur after some time. The study was conducted on a sample of firms listed on the industrial sector of the Johannesburg Securities Exchange (JSE Ltd) over the period 1989 to 2008. The data, required to calculate the measures, were obtained from the South African Reserve Bank, the South African Revenue Service and the McGregor BFA database. This database contains standardised financial statements for both listed and delisted South African firms. In an attempt to reduce the possible skewing of results due to survivorship bias, both listed and delisted firms were included in the sample. In order to reflect its true nature, data should be available for consecutive years. Therefore, only firms with data available for more than five years were included in the final sample. The resulting sample consisted of 320 firms and 4 172 observations. The sample was also divided into years before and years after 1994, in order to determine the effect of the economic changes during 1994 and the years to follow on the firms' capital structures. The results of this study indicated that some of the economic factors influenced the D/E ratio as well as each other. However, the effect of economic changes often only occurred after a lagged period. A strong relationship was indicated between the tax rate and the repo rate, which influenced the significance of the regression results. Support was found for both the trade-off and the pecking order models. The combined profitability variable ROA-ROE also had a significant effect on the other variables. Based on these results, the claim that economic changes have an impact on capital structure is supported. The effect is often only indicated after a certain period. It also seems that the combination of the two capital structure models have a significant effect on leverage. Firms therefore appear to consider a combination of these models when conducting finance decisions. / AFRIKAANSE OPSOMMING: Die determinante van kapitaalstruktuur speel belangrike rol in die finansiële professie. Hedendaagse kapitaalstruktuurteorie het in 1958 tot stand gekom toe Modigliani en Miller aangedui het dat die waarde van 'n firma in 'n perfekte kapitaalmark nie deur kapitaalstruktuur beïnvloed word nie. Maar, wanneer die uitwerking van onder andere belastings, die koste van bankrotskap en asimmetriese inligting in ag geneem word, kan die waarde van 'n firma deur sy finansiële hefboomwerking beïnvloed word. Kapitaalstruktuurteorie bied twee kontrasterende kapitaalstruktuurmodelle, naamlik die ruilmodel (trade-off model) en rangorde-model (pecking order model). Volgens die ruilmodel vergelyk firmas die kostes en voordele van finansiering met geleende kapitaal totdat 'n optimale kapitaalstruktuur bereik word. Hierdie model dui op die bestaan van 'n positiewe verband tussen hefboomwerking en winsgewendheid. In teenstelling hiermee dui die rangorde-model aan dat firmas 'n finansieringshiërargie gebruik waar interne fondse verkies word bo skuld en ekwiteit. Hierdie model dui 'n negatiewe verband aan tussen hefboomwerking en winsgewendheid. In die praktyk wyk firmas egter dikwels af van hierdie modelle om die voordele van die ander model te inkorporeer of om by veranderende omstandighede aan te pas. Firmas se finansieringsbesluite kan beïnvloed word deur beide firma-spesifieke en ekonomiese faktore in die land waar hulle sake doen. Daarom moet 'n firma se bestuurders die groeikoers, rentekoers, inflasiekoers, wisselkoerse en die belastingkoers oorweeg wanneer hulle finansieringsbesluite neem, aangesien hierdie faktore moontlik die koste en beskikbaarheid van kapitaal kan beïnvloed. Hierdie ekonomiese faktore het dikwels ook 'n belangrike invloed op mekaar. Vroeëre navorsing insake die kapitaalstruktuur het dikwels op ontwikkelde lande gefokus. Suid-Afrika bied egter die ideale omgewing om die uitwerking van ekonomiese veranderinge op kapitaalstruktuur in 'n ontwikkelende land te ondersoek as gevolg van Suid-Afrika se betekenisvolle ekonomiese veranderinge gedurende 1994 en die daaropvolgende jare. Die primêre doelwit van hierdie studie was dus om te bepaal of die kapitaalstruktuur van genoteerde Suid-Afrikaanse nywerheidsondernemings deur veranderinge in die Suid-Afrikaanse ekonomiese omgewing beïnvloed word. Die uitwerking van ekonomiese veranderinge op kapitaalstruktuur is ondersoek deur gebruik te maak van 'n TSCSREG (tydreeks dwarssnit-regressie)-prosedure. Hierdie regressiemodel is gebaseer op 'n model wat deur Fan, Titman en Twite (2008) ontwikkel is. Enkeltydperk-vertragings is in die model ingebou om voorsiening te maak vir die uitwerking van ekonomiese veranderinge wat dikwels eers ná 'n tydperk sigbaar word. Die studie is uitgevoer op 'n steekproef firmas wat gedurende die tydperk 1989 tot 2008 op die nywerheidsektor van die Johannesburgse Sekuriteitebeurs (JSE Ltd) genoteer is. Die nodige data om die metings te bereken is verkry van die Suid-Afrikaanse Reserwebank (SARB), die Suid-Afrikaanse Inkomstediens (SAID) en die McGregor BFA-databasis. Hierdie databasis bevat gestandaardiseerde finansiële state vir beide genoteerde en gedenoteerde Suid-Afrikaanse firmas. In 'n poging om die moontlike skeeftrekking van resultate as gevolg van die oorlewingsneiging te verhoed, is beide genoteerde en gedenoteerde firmas by die steekproef ingesluit. Data moet vir opeenvolgende jare beskikbaar wees om die ware aard daarvan aan te dui. Daarom is slegs firmas met data beskikbaar vir meer as vyf jaar in die finale steekproef ingesluit. Die steekproef het gevolglik 320 firmas en 4 172 waarnemings behels. Die steekproef is ook in jare voor en jare ná 1994 verdeel, om die uitwerking van ekonomiese veranderinge gedurende 1994 en die daaropvolgende jare op firmas se kapitaalstruktuur te bepaal. Die bevindinge van die studie het daarop gedui dat sommige van die ekonomiese faktore die skuld/ekwiteit (D/E)-verhouding, maar ook elkeen van hulle beïnvloed het. Die uitwerking van ekonomiese veranderinge het egter dikwels eers ná 'n vertraagde tydperk sigbaar geword. 'n Sterk verhouding is aangedui tussen die belastingkoers en die repokoers, wat die betekenisvolheid van die regressieresultate beïnvloed het. Ondersteuning is gevind vir beide die ruilmodel en die rangorde-model. Die gekombineerde winsgewendheidsveranderlike ROA-ROE het ook 'n betekenisvolle uitwerking op die ander veranderlikes gehad. Die bewering dat ekonomiese veranderinge 'n impak op die kapitaalstruktuur het, word ondersteun op grond van die bevindinge van hierdie studie. Die uitwerking daarvan word egter dikwels eers ná 'n tydperk sigbaar. Die gekombineerde kapitaalstruktuurmodelle het moontlik 'n betekenisvolle uitwerking op hefboomwerking. Dit wil dus voorkom of firmas 'n kombinasie van hierdie modelle oorweeg wanneer hulle finansieringsbesluite neem.

Thesis (MEcon)--Stellenbosch University, 2004. / ENGLISH ABSTRACT: With heightening competitive pressures in the retailing environment, customer satisfaction and customer loyalty have become barometers of retailer performance. Determining the relationship of all the controllable elements that encourage or inhibit consumers during their contact with a retailer, defined as the Total Retail Experience (Berman and Evans, 1998: 19), with customer satisfaction and customer loyalty, formed the basis of this study. The dimensions ofTRE that were applied in this study were five controllable components, namely personal interaction, merchandise value, internal store environment, merchandise variety and complaint handling. The empirical study was applied specifically to a retailer dealing in health, home and beauty products. Data for this study was gathered via questionnaire from 34 000 of the most loyal card holders which participated in the loyalty program offered by the health, home and beauty retailer. The results of the data study indicated that the TRE instrument was a valid instrument to measure the success of providing a positive TRE for their consumers. Further, the instruments used to measure customer satisfaction and loyalty were deemed highly reliable. Of the five elements of TRE, enhancing the quality of personal interaction should be the primary focus in improving customer satisfaction, and it is significant that this retailer's management need only focus on improving these five dimensions of TRE to enhance customer satisfaction, given that almost three-quarters of customer satisfaction was accounted for by the five TRE dimensions. Results indicated that in contrast to customer satisfaction, customer loyalty was primarily driven by product related issues, with merchandise value being the strongest predictor of loyalty. Again, it was noted that more than half of the retailer's customer loyalty could be accounted for by the five TRE dimensions. Thus, efforts to improve any of the five TRE dimensions would enhance customer loyalty within this retailer's cardholder base. The varying importance of the specific TRE dimensions to both customer satisfaction and customer loyalty allow this retailer to identify the driving forces behind each of these concepts and allow for prioritizing strategies to optimize satisfaction and loyalty within their consumer base. By analyzing the responses of the individual items (questions) that measure each of the TRE dimensions as they appeared in the questionnaire, this study enables the retailer to focus on very specific aspects that influence each dimension of the TRE experience. Overall, it must be noted that respondents had positive experiences at the health, home and beauty retailer, which provides the retailer with a useful indicator of current satisfaction and loyalty levels and a point of comparison in determining the impact of the strategies employed to heighten satisfaction and loyalty. / AFRIKAANSE OPSOMMING: Toenemende druk van mededinging in die kleinhandelomgewing veroorsaak dat klientsatisfaksie en -lojaliteit barometers van kleinhandelprestasie word. Die basis van hierdie studie is daarin gelee om vas te stel wat is die verwantskap tussen al die beheerbare elemente wat verbruikers se gedrag tydens kontak met 'n kleinhandelaar aanmoedig of inhibeer, gedefinieer as die Totale Kleinhandelervaring (TKE) (Berman en Evans, 1998: 19), en klientsatisfaksie en -lojaliteit is. Die dimensies van TKE wat in hierdie studie toegepas is, is vyf beheerbare komponente, naamlik persoonlike interaksie, handelsware waarde, interne winkelomgewing, handelsware verskeidenheid en klagte hantering. Die empiriese studie is spesifiek toegepas op 'n kleinhandelaar wat handel dryf in gesondheid-, huis- en skoonheidsprodukte. Data vir die studie is ingesamel met behulp van 'n vraelys wat aan 34 000 van die mees lojale kaarthouers wat lid is van die lojaliteitsprogram van die gesondheid-, huis- en skoonheidsprodukte kleinhandelaar, gestuur is . Die resultate van die studie toon dat die TKE instrument 'n geldige instrument is om die sukses te meet indien 'n positiewe TKE vir kliente aangebied word. Voorts is ook bevind dat die instrumente wat gebruik is om satisfaksie en lojaliteit te meet, hoogs betroubaar is. Die verbetering van persoonlike interaksie tussen kliente en personeel blyk die primere fokus te wees indien klientsatisfaksie verbeter wil word. Die vyf dimensies van TKE is verantwoordelik vir byna driekwart van kliente se satisfaksie. Die kleinhandelaar se bestuur behoort dus slegs te fokus op die verbetering van die vyf dimensies van TKE. In kontras met satisfaksie, blyk lojaliteit primer veroorsaak te word deur produk verwante kwessies, met handelsware waarde as die sterkste voorspeller van lojaliteit. Meer as die helfte van die lojaliteit aan die kleinhandelaar word teweeggebring deur die vyf dimensies van TKE. Dus, pogings om enige van die vyf dimensies van TKE te verbeter, sal lei tot 'n verhoogde klientlojaliteit onder die kleinhandelaar se lojaliteit-kaarthouers. Die varierende belangrikheid van die verskillende TKE dimensies vir beide klientsatisfaksie en -lojaliteit stel die kleinhandelaar in staat om die dryfkragte agter elkeen van hierdie konsepte te identifiseer en maak die prioritisering van strategiee om satisfaksie en lojaliteit te maksimeer, moontlik. Die ontleding van die response op die individuele items (vrae) wat elkeen van die TKE dimensies meet soos wat dit in die vraelys voorkom, maak dit vir die kleinhandelaar moontlik om op spesifieke aspekte wat elke dimensie beinvloed, te fokus. Globaal gesien is bevind dat respondente positiewe ervarings by die gesondheid-, huis- en skoonheidsprodukte kleinhandelaar gehad het en hierdie kan as 'n nuttige indikator gebruik word van bestaande satisfaksie- en lojaliteitsvlakke en ook as 'n punt van vergelyking vir die bepaling van die doeltreffendheid van strategiee wat aangewend word om satisfaksie en lojaliteit te verbeter.

Thesis (MBA)--Stellenbosch University, 2005. / Some digitised pages may appear illegible due to the condition of the original hard copy. / ENGLISH ABSTRACT This study project has as its main aim the development of a framework and model for the purpose of constructing a new best practice management tool, the Social Business Contract, to align, regulate and control interactive behaviour in the workplace. The tool is presented in its concept phase only and has been developed to address a perceived gap between paperless and actual, enforceable accountability for interactive behaviour on all organisational levels. The aim of the Social Business Contract is to promote corporate social responsibility, which is influenced and shaped by interactive organisational behaviour. In order to establish corporate social responsibility in line. with Good Corporate Governance principles to which the concept of accountability inherently attaches, the core of the Social Business Contract has, as its name implies, a legal character. The overriding consequence of establishing corporate social responsibility through a legal agreement is that top-down and bottom-up accountability is created and endorsed which permeates the organisation on every level. The Social Business Contract is to be an agreement between employer and employee capable of conclusion on either an individual- or a collective basis. To this end the Law of Contract and Labour Law as benchmarked against the Constitution of South Africa are relevant to this study. In developing the framework, called the Social Business Contract Framework or S.B.C.F., a five-element approach was applied. The reason for this approach is that behaviour in the workplace is regarded as the product of interactive forces comprising of psychological, emotional, ethical, social and legal elements. The purpose of the S.B.C.F. is to give structure to the Social Business Contract and to establish the parameters in which it is to function. The S.B.C.F. consists of three tiers relating to the material, functional and procedural aspects around which the Social Business Contract revolves and which also supports the characteristics inherent in and required by law. The purpose of the model that was developed, called the P.L.E.S.E.-Model, is to assess or measure how the elements referred to in the previous paragraph, fit in relation to each other so that an overall profile of the strengths, weaknesses, opportunities and threats relating to organisational interactive behaviour can be constructed. This profile would facilitate the planning of the material content that the Social Business Contract would need to address in order to bring the interactive elements into balance with one another. The Social Business Contract's validity is dependent on obtaining and managing consensus. Due to the relationship of authority that characterises the employment relationship, the Social Business Contract seeks to promote the concepts of bona fides, justice, fairness and equality in order to alleviate the potential conflicts and pressures that may result from the power differential between the parties. It also seeks to place the Psychological Contract on a legal basis, enhance the contract of employment, encourage effective organisational design and promote Good Corporate Governance on a social level. Validation for the S.B.C.F., the P.L.E.S.E.-Model and the concept of the Social Business Contract was sought through fieldwork research. / AFRIKAANSE OPSOMMING: Die hoofdoel van hierdie studie projek, is om In raamwerk en model te ontwikkel vir doeleindes van die konstruksie van In beste-praktyk bestuursinstrument, die Sosiale Besigheidskontrak, ten einde interaktiewe gedrag in die werkplek in ewewig te bring, te reguleer en te beheer. Die instrument word slegs aangebied in konsepfase en was ontwikkel om In bemerkbare gaping tussen papierlose en wesenlike, afdwingbare verantwoordbaarheid, ten opsigte van interaktiewe gedrag op alle organisatoriese vlakke, aan te spreek. Die doel van die Sosiale Besigheidskontrak is om korporatiewe sosiale verantwoordelikheid te bevorder wat beïnvloed en gevorm word deur interaktiewe organisatoriese gedrag. Ten einde korporatiewe sosiale verantwoordelikheid daar te stel, waaraan die verantwoordbaarheidskonsep inherent gekoppel is, het die kern van die Sosiale Besigheidskontrak, soos die naam impliseer, In regskarakter. Die oorheersende gevolg wat voortvloei uit die daarstelling van korporatiewe sosiale verantwoordelikheid deur middel van In regsooreenkoms, is dat In bo-na-onder en onder-na-bo verantwoordbaarheid geskep en onderskryf word wat die organisasie op elke vlak deurdring. Die Sosiale Besigheidskontrak word vooropgestel as In ooreenkoms tussen werkgewer en werknemer wat beide op In individuele en kollektiewe vlak gesluit kan word. As gevolg hiervan is Kontraktereg en Arbeidsreg soos gemeet aan die Konstitusie van Suid-Afrika, relevant to hierdie studie. In Vyf-element benadering is toegepas in die ontwikkeling van die Sosiale Besigheidsraamwerk of S.B.C.F. Die rede vir hierdie benadering is dat gedrag in die werkplek beskou word as die produk van interaktiewe kragte wat bestaan uit sielkundige, emosionele, etiese, sosiale en regselemente. Die doel van die S.B.C.F. is om struktuur aan die Sosiale Besigheidskontrak te verleen en om die parameters waarin dit moet funksioneer, vas te stel. Die S.B.C.F. bestaan uit drie vlakke verwysend na die materiële, funksionele en prosedurele aspekte waarom die Sosiale Besigheidskontrak draai en wat ook die karaktertrekke inherent aan en vereis deur die reg, ondersteun. Die doel van die model wat ontwerp is, genaamd die P.L.E.S.E.-model, is om vas te stelof te meet hoe die elemente waarna verwys is in die vorige paragraaf met mekaar ineenskakel, sodat 'n oorhoofse profiel van die sterktepunte, swakhede, geleenthede en bedreigings met verwysing na organisatoriese interaktiewe gedrag, opgestel kan word. Hierdie profiel sal die beplanning van die materiële inhoud, wat die Sosiale Besigheidskontrak sal moet aanspreek ten einde die interaktiewe gedragselemente te balanseer, vergemaklik. Die geldigheid van die Sosiale Besigheidskontrak hang af van die verkryging en bestuur van konsensus. As gevolg van die outoriteitsverhouding wat kenmerkend is van die indiensnemingsverhouding, poog die Sosiale Besigheidskontrak om die konsepte van bona fides, geregtigheid en gelykheid te bevorder, ten einde die potensiële konflik en druk te verlig wat voortvloei uit die magsdifferensiaal wat tussen die partye bestaan. Dit poog ook om die Sielkundige Kontrak op "n regsbasis te plaas, die indiensnemingskontrak te versterk, organisatoriese ontwerp aan te moedig en Goeie Korporatiewe Bestuur op "n sosiale vlak, te bevorder. Veldnavorsing ter stawing van die S.B.C.F., die P.L.E.S.E.-Model en die konsep van die Sosiale Besigheidskontrak, was onderneem.