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عنوان فارسی مقاله:
فروپاشی عمودی تولید و ترقی بازار برای مارک ها
عنوان انگلیسی مقاله:
Vertical disintegration of production and the rise of market for brands
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مقدمه انگلیسی مقاله:
1. Introduction
Brands represent the most valuable intangible asset (Itami and Roehl, 1991) that firms as diverse as Apple and McDonald’s own, often worth much more than other assets, such as property and machinery (The Economist, 2014). From the economic point of view, brands may facilitate the flow of information in product markets to reduce information asymmetry issues (Aaker, 1991). Brands better enable matching between suppliers and consumers to the extent that they convey information to consumers about the origins of goods or services. Also, brands allow consumers to better express their preferences formed by past experience in the market place (Economides, 1988; Ramello, 2006). As intangible market-based resources, brands can represent valuable resources that can create competitive advantage over competitors (Kozlenkova et al., 2014; Srivastava et al., 2001). The willingness of firms to develop brands has been associated with the cost of developing brands internally (see e.g., Frey et al., 2014). The development of a strong brand is not something that can be achieved over a short period of time and without substantial and risky investment: firms may therefore look outside their boundaries to acquire brands. But also this exchange process is not without costs. In fact, it can be harmed by a number of related problems, such as a difficulty to estimate the economic value of brands and inappropriate management of brands when transferred. What is more, brands are often integrated with the rest of the business process of specific firms and the lack of asset complementarity may weaken the ability of the acquirer to generate value from a particular brand as a traded resource (see e.g. Makadok, 2001). In spite of this, anecdotal evidence of Italian fashion brands being acquired by foreign firms, suggests that firms have become more active in the acquisition and disposal of brand assets; the understanding of this important phenomenon is however still lacking By taking a broad view of the phenomenon, the aim of this research is to provide evidence of the existence of a market for brands and enablers for its emergence. We are interested in brand transactions that involve the transfer of specific brand assets between firms rather than the buy or sell of entire firms through M&As. In this research we explore hypotheses on what determines the emergence of market for brands, in particular on the relationship between the process of disintegration of production and the size of this market. As any emerging market, a market for brands creates entrepreneurial opportunities while so far intangible assets have mainly been regarded as factors for the success of entrepreneurial firms
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