STUDIA UNIVERSITATIS BABE -BOLYAI NEGOTIA

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1 NEGOTIA /201

2 STUDIA UNIVERSITATIS BABE-BOLYAI NEGOTIA /2015

3 EDITORIAL BOARD OF STUDIA UNIVERSITATIS BABE-BOLYAI NEGOTIA EDITOR-IN-CHIEF: EXECUTIVE EDITOR: CO-EXECUTIVE EDITOR: EDITORIAL BOARD: SECRETARIES OF THE EDITORIAL BOARD:

4 YEAR Volume 60(LX) 2015 MONTH SEPTEMBER ISSUE 3 S T U D I A UNIVERSITATIS BABE BOLYAI NEGOTIA 3 STUDIA UBB EDITORIAL OFFICE: CUPRINS CONTENT SOMMAIRE INHALT,,,

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6 COSMETIC CONSUMPTION OF METROPOLITAN MALES IN A DEVELOPING COUNTRY NEZIHE FIGEN ERSOY 1, MEDET YOLAL 2, BULENT BATMAZ 3 ABSTRACT. Keywords: JEL: 1. Introduction 1 Nezihe Figen Ersoy, Assoc. Prof. Dr., Faculty of Economics and Business Administration, Anadolu University, 26470, Eskisehir, Turkey, nfersoy@anadolu.edu.tr 2 Medet Yolal, Assoc. Prof. Dr., Faculty of Tourism, Anadolu University, 26470, Eskisehir, Turkey, myolal@anadolu.edu.tr 3 Bülent Batmaz, Lecturer, Open Education Faculty, Anadolu University, 26470, Eskisehir, Turkey, bbatmaz@anadolu.edu.tr

7 2. Literature Review

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9 3. Theoretical Framework

10 Self-esteem and Self image

11 Self-image and Shopping Societal beliefs and lifestyle

12 Lifestyle and Shopping behaviour 4. Methodology

13 5. Results Table 1.

14 self-esteem lifestyle societal beliefs shopping selfimage healthageing

15 Figure 1. Table 2. Items Factor loading Eigenvalue Variance explained Reliability coefficient Self-esteem

16 Lifestyle Societal beliefs Shopping Self-image Total variance explained 56.39

17 Table 3. SUBSCALE SHOPPING BEHAVIOUR t R 2 SELF SELF SOCIETAL LIFESTYLE ESTEEM IMAGE BELIEFS ITEM SE SE SE SE SE Chi-Square =

18 Figure 2. t-value p t-value p t-value p t-value p Table 4. SE t R 2 Result

19 6. Conclusion

20 REFERENCES Psychology & Marketing, Journal of Fashion Marketing and Management,

21 A research of major variables effecting men s consumption of cosmetic products Consumption Journal of Fashion Marketing and Management, The organic beauty industry: a gendered economic review European Journal of Marketing, International Journal of Retail & Distribution Management, International Journal of Retail & DistributionManagement, Journal of Economic Psychology, Türkiye nin erkek profili aratrmas (A research of Turkish men s profile). Consumer culture and postmodernism Food and Chemical Toxicology Gender issues and consumer behaviour, Gender issues and consumer behaviour, Belief, attitude, intention, and behavior: an introduction to theory and research Journal of Product & Brand Management Model: The ugly business of beautiful women Journal of Consumer Research International Journal of Retail Distribution Management

22 Journal of Consumer Culture Journal of Consumer Culture, Family and Consumer Sciences Research Journal Australasian Marketing Journal Male order: Unwrapping masculinity, Lifestyle shopping: The subject of consumption, Journal of Retailing and Consumer Services, Journal of Consumer Research, Enterprise and Society, A beginner's guide to structural equation modelling, Journal of Consumer Research, Consumer behavior: Buying, having, and being Journal of Consumer Marketing, Marketing Intelligence & Planning, ABAC Journal, Journal of Consumer Research,

23 How male consumers construct and negotiate their identities in the marketplace: three essays Using multivariate statistics, Journal of Fashion Marketing and Management,

24 TOURIST INNS ON ROMANIA S MODERN TOURISM MARKET MONICA MARIA CORO 1, CORNELIA POP 2 DIANA ROUA MICU (TUAN) 3 ABSTRACT. Keywords: JEL Classification: 1 Assistant Lecturer Dr., Department of Hospitality Services at the Faculty of Business, Babe- Bolyai University of Cluj-Napoca, monica.coros@tbs.ubbcluj.ro, monica.coros@gmail.com. 2 Professor Dr., Business Department at the Faculty of Business, Babe-Bolyai University of Cluj- Napoca, cornelia.pop@tbs.ubbcluj.ro. 3 Master student, Master Program of Hotel Management at the Faculty of Business, Babe-Bolyai University of Cluj-Napoca, roua.tautan@yahoo.com.

25 1. Introduction

26 Graphs 1a and 1b: Source: Authors calculations based on NIS data (Yearbooks , TempoOnline 2015).

27 Table 1. County Romania Arges Bacau Bihor Brasov Braila Caras- Severin Cluj Constanta Covasna Dambovita Hunedoara Prahova Suceava Teleorman Timis Tulcea Source: Authors calculations based on NIS data (TempoOnline 2015).

28 Table 2. County Romania Arges Bacau Bihor Brasov Braila Caras- Severin Cluj Constanta Covasna Dambovita Hunedoara Prahova Suceava Teleorman Timis Tulcea Source: Authors calculations based on NIS data (TempoOnline 2015). Table Total arrivals 3,670 4,049 3,952 4,113 4,084 5,502 5,456 1, Total 6,142 4,668 5,162 6,048 6,585 8,061 8,751 5,133 2,132 3,304 1,586 1, overnights

29 Average length of stay Occupancy rate Source: Authors calculations based on NIS data (TempoOnline 2015). 2. Literature Review inn establishments accommodation hotels companies Inn, Inns han hanuri osptrie

30 Innhan inn han tourist inns, the inns

31 3. Material and Method e.g. hanhangihangiuhanulnostrujupâni jupân cârcium cârciumreas birt birtu fgdufogadó inn Gasthofrscrucela rscruce

32 4. Results and Discussions 288 Graph 2: Source: Authors calculations based on the collected data.

33 Historic provinces Modern regions of development Table 4. Accommodation and Foodservices Only Accommodation Services Only Food- Services Total ROMANIA Transylvania 141 Dobrogea 20 Wallachia 7 -Oltenia 77 Bukovina-Moldova 50 North-East 35 South-East 35 South-Muntenia 38 South-West-Oltenia 23 West 23 North-West 38 Center 80 Bucharest-Ilfov 16 Source: Authors calculations based on the collected data. inn

34 Graphs 3a and 3b:

35 Source: Authors calculations based on the collected data.

36 Table 5. Number of provided services Total number of provided services Inns providing: Accommodation services (242 units) Food-services (198 units) Source: Authors calculations based on the collected data.

37 Graph 4: Source: Authors calculations based on the collected data.

38 Graphs 5a and 5b: Source: Authors calculations based on the collected data.

39 Graph 6: Source: Authors calculations based on the collected data. Table 6: Historic provinces Accommodation and Food-Service Unit Accommodation Units Food- Service Unit Promotional Activities Name of the Operating Enterprise ROMANIA Transylvania Dobrogea Wallachia- Oltenia Bukovina- Moldova

40 Modern regions of development Accommodation and Food-Service Unit Accommodation Units Food- Service Unit Promotional Activities Name of the Operating Enterprise ROMANIA North-East South-East South-Muntenia South-West- Oltenia West North-West Center Bucharest-Ilfov Source: Authors calculations based on the collected data. Inn-related Terms Accommodation Services Table 7. Han/Hanu'/ Hanul/ Hangia Birt/Cârcium/ Jupâni/ Osptrie Fgdu/ Fogadó Food-Services Source: Authors calculations based on the collected data. Inn Gasthof TOTAL 205 (of 249) 162 (of 234) han innhanulhanhanu Hangia Birt

41 Cârcium Fgdu Jupâni Osptrie Gasthof innfogadó FogadóFgdu inn inn all inclusive services inn

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43 Graph 7: Source: Authors calculations based on the collected data. Table 8. Historic provinces Modern regions of development Urban Area (Small Town) Urban Area (at the Entrance/ Exit, on the Belt Road) Rural Area (in the Village/ Resort) Rural Area (in-between Localities) ROMANIA Transylvania Urban Area (Municipality) Dobrogea Wallachia- Oltenia Bukovina- Moldova North-East South-East South-Muntenia South-West- Oltenia West North-West Center Bucharest-Ilfov Source: Authors calculations based on the collected data.

44 Graph 8: Source: Authors calculations based on the collected data.

45 Table 9: Historic provinces Modern regions of development Limited Liability Joint- Company Stock (including Company SRL-D) Authorized Individual/ Family Businesses Other types - No data NGOs, available cooperatives ROMANIA Transylvania Dobrogea Wallachia- Oltenia Bukovina- Moldova North-East South-East South-Muntenia South-West- Oltenia West North-West Center Bucharest-Ilfov Source: Authors calculations based on the collected data. e.g. persoan fizic autorizatîntreprindere individual asociaie familialîntreprindere familial

46 e.g. 5. Conclusions Cârciuma de

47 Hanul Ancuei han la Moara cu NorocThe Tavern/Pub from the Mill with Luck Hanul Ancuei

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49 REFERENCES Revista de turism. Studii i cercetri în turism Aspecte din activitatea de turism Dicionar Enciclopedic Romîn Dicionarul Limbii Romîne Moderne Dictionary of Travel, Tourism and Hospitality Istoricul Hanurilor Bucuretene Hanul Ancueihttp:// Moara cu Noroc Database of Officially Ranked Accommodation Units / Lista structurilor de primire turistic cu funciuni de cazare clasificate Database of Officially Ranked Food-Service Units / Lista structurilor de primire turistic cu funciuni de alimentaie public clasificate Statistical Yearbooks TempoOnline

50 The List of Websites Accessed between the 10 th of February 2015 and the 12 th of March 2015, for theidentification of Romania s Tourist Inns:

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52 PORTFOLIO OPTIMIZATION ALGORITHMS IONUT TRAIAN LUCA ABSTRACT. Portfolio Theory Key words: JEL classification: 1. Introduction Portfolio Theory

53 2. Markowitz Model The Journal of Finance Portfolio selection Figure 1: Source: Markovitz [21] ns j, V 0, S j, R j, S j.

54 x j S j,, V 0 S j u j MV-Mean Variance Model R j,

55 3. Multi-period time horizon approach for Mean-Variance model t t, t, t-1 t, t,t+1, T.

56 t, t,

57 4. Transaction cost, sensitivity to input data and approximation schemes

58 if the essence of the portfolio analysis problem could be adequately captured in a form suitable for linear programming methods, the prospect for practical application would be greatly enhanced. 5. Introduction of new risk measures

59 Figure 2: Source: author s own work 5.1. Mean absolute deviation model (MAD) n R j

60 5.2. Minimax model for single period portfolio selection

61 Minimax model R j An admissible solution x is efficient if there does not exist an admissible solution y such that:

62 Proposition 1 (Yu, 1974) (see [41] and [5]) (x,y) is an efficient solution for. Minimax Model

63 Theorem 2 (solution for parametric problem) (see [5]) For the solution for parametric problem is: (1) (2) where is the set of assets to be invested and is computed as following: If such that: (3) (4) (5) (6) then ; else. S n

64 (3), (4), (5) (6) k Theorem 2 (1) (2).,,... Theorem 2.,

65 , Theorem 3 (solution for portfolio optimization problem)(see [5]) Efficient frontier for portfolio optimization problem is computed by considering intervals, with,, for which the following holds: 1. For each, problem has a unique solution on interval. The amount invested in each asset is: where. Total portfolio risk is: Total wealth is:

66 2. For each has multiple solutions. The amount invested in each asset is: where. Total portfolio risk is: Total wealth is: Where: Theorem 4 (solution for portfolio optimization problem in case of risk free asset) (see [5]) The efficient frontier for portfolio optimization problem is computed by considering n-i0 interval, with, for which the following are true: 1. For, problem has unique solution on intervals.

67 The amount invested in each asset is with. Total risk of portfolio is and total wealth is 2. For each has multiple solutions. The amount invested in each asset is with. Total risk of portfolio is and total wealth is where

68 3. For interval problem has unique solution. The entire amount is invested in riskless asset, so. Total portfolio risk is y=0. Total wealth is Minimax models for multi-period portfolio selection Yu model

69 V 0 S 1, S 2 S n 1,2,..., T. 1, 2, t, T-1 T S j, t, R tj R tj r tj t, t,

70 Proposition 5 If (x,z) is an efficient solution for, then x is the efficient solution for. If x is the efficient solution for, then (x,z) with and, is the efficient solution for. Proposition 1)

71 T

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73 (T-1), T-1,

74 Theorem 6 (solution for parametric optimization problem at time stage T-1) is The optimal solution for parametric optimization problem where is the set of assets to be invested and is computed as follows: 1. If (case similar to Cai), then: if such that: then, else. 2. If. 3. If, then: If such that:

75 then, else. T

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77 Young model G 6. Conclusions REFERENCES Liquidity and Asset Prices: Financial Management Implications, Programare dinamica aplicata, Sensitivity Analysis for Mean-Variance Portfolio Problems,

78 On the Sensitivity of Mean-Variance Efficient Portfolios to Changes in Asset Means: Some Analytical and Computational Results, Portofolio optimization under a minimax rule, Massaging Mean-variance Inputs: Returns from Alternative Global Investment Strategies in the 1980s, Capital Market Equilibrium with Transactions Costs, An Exact Solution to a Dynamic Portfolio Choice Problem under Transaction Costs, The Multi-Period Consumption Investment Problem and Single period Analysis, On the Optimality of Some Multiperiod Portfolio Selection Criteria, Multiperiod Consumption-Investment Decision, Investment: Analysis and Management, On the Use of Mean Variance and Quadratic Approximations in Implementing Dynamic Investment Strategies: A Comparison of Returns and Investment Policies, Multi-Period Mean Variance Analysis: Toward a General Theory of Portfolio Choice, A risk index model for multi-period uncertain portfolio selection, Risk and investment opportunities in portofolio optimization, Portfolio optimization using L1 risk function, Mean absolute deviation portofolio optimization model and its applications to Tokyo Stock Market, Index Models for Portfolios Selection, Optimal Dynamic Portfolio Selection: Multiperiod Mean-Variance Formulation Portofolio Selection, Lifetime Portfolio Selection under Uncertainity: The continuous time case An Analytic derivation of the Efficient Portfolio Frontier, Continuous Time Finance,

79 Optimal Multiperiod Portfolio Policies, Large Scale Portfolio Optimization, The implementation shortfall: Paper versus reality, Markowitz s Portfolio Selection : A Fifty-Year Retrospective Lifetime Portfolio Selection by Dynamic Stochastic Programming, A Simplified Model for Portfolio Analysis A Linear Programming Algorithm for a Mutual Fund Portfolio Selection, A Linear Programming Approximation for General Portfolio Selection Problem, A Transition Model for Portfolio Revision, A Linear Programming Formulation of the General Portfolio Selection Problem, A Finite Algorithm to maximize Certain PseudoConcave Functions on Polytopes, A bayesian model for portfolio selection and revision, A Minimax Portfolio Selection Rule with Linear Programming Solution, Dynamic portofolio optimization with risk control for absolute deviation model, Dynamic optimal portofolio with maximum absolute deviation model, Multiperiod portfolio selection on a minimax rule, Cone convexity, cone extreme points, and nondominated solutions in decision problems with multiobjectives, Programare dinamica discreta,

80 INTEGRATED COMMUNICATION - A MODERN MANAGERIAL INSTRUMENT USEFUL IN IMPROVING ORGANIZATIONAL SUCCESS MARIA-MAGDALENA LUPU 1 ABSTRACT. Key words: J.E.L. CODES: 1. Introduction and Review of Literature magdalupu6268@gmail.com

81 integration

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83 Figure 1. Processing after Barat Thomas, 2008, Integrated Communication, slide 7, slideshare.net/tombarat/integrated-communication

84 2. Research based on questionnaires, regarding the implementation of the integrated communication concept in the county councils from the south area of Romania The research methodology research subject

85 objectives The hypotheses The research method interviewface to face investigation The collecting data semantic differential The processing of the collected data three analysis domains The sample The observation unit The study unit The period of collecting the data x i ni zi

86 M E N (1 N * e 2 ) M E 370 (1 370 * 0,03 ) The results of the research 1. - The evaluation of the integrated communication situation inside the studied organizations

87 Diagram 1 Source: own projection

88 2. The management preoccupation over the integrated communication Diagram 2 Source: own projection

89 3. Relevant questions Diagram 3 - Source: own projection 4. Conclusions

90 The first hypothesis - the integrated communication concept is understood, especially by the organization s managers disaffirms The second hypothesis the integrated communication is part of the organization s general strategy disaffirms. The third hypothesis the organization s management is preoccupied with the assurance of the strategic coherence to apply the integrated communication plan disaffirms. -

91 - - Acknowledgement REFERENCES Integrated Communication slideshare.net/tombarat/integrated-communication Handbook of Strategic Public Relations & Integrated Communication Understanding the Development and Diffusion of Integrated Marketing Communications (IMC): A Metaphorical Perspective Theoretical Concept or Management Fashion? Examining the Significance of IMC Effective public relations Two disciplines on same road Brand Strategy and Integrated Marketing Communication (IMC): A Case Study of Player's Cigarette Brand Marketing Integrated communications, integrated marketing communications and corporate reputation: Evidences from dell computer corporations

92 Liberating the intellectual domain from the practice: Public relations, activism, and the role of the scholar Social Media: Should marketers engage and how can it be done effectively Towards a dynamic communication model: A useful tool in relationship communication Rethinking marketing communication: From integrated marketing communication to relationship communication Integrating marketing communication and public relations: A stakeholder relations model Integrated communication: Synergy of persuasive voices The customer century. Lessons from world-class companies in integrated marketing and communications From organizational effectiveness to relationship indicators: Antecedents of relationships, public relations strategies, and relationship outcomes Public Relations as Relationship Management: A Relational Approach to the Study and Practice of Public Relations Excellent public relations and effective organizations: A study of communication management in three countries Product publicity: An orphan of marketing research Integrated communication: Synergy of persuasive voices Integrated communication: Implications for public relations beyond excellence The future of excellence in public relations and communication management Shifting foundations: Public relations as relationship building Handbook of public relations Public relations cases Analyzing business relationships and distinguishing different interaction levels Guidelines for measuring relationships in public relations Strategic brand management: building, measuring, and managing brand equity The evolution of marketing and marketing communications: Principles and practice Marketing communications: Principles and practice

93 Integrated Marketing Communication Integrated Corporate And Product Brand Communication Marketing and public relations Should they be partners or rivals? Marketing Communications Classics: An International Collection of Classic and Contemporary Papers Explicating relationship management as a general theory of public relations Social media: The new hybrid element of the promotion mix Integrated Marketing Communications Integrated marketing communications in markets with uncertainty and competition Image heritage: The temporal dimension in consumers corporate image constructions The inevitability of integrated communications Integrated marketing communications in US advertising agencies: an exploratory study The evolution of IMC: IMC in a customer-driven marketplace Integrating strategic relationship management: evaluating public relations as relationship management in integrated communication Integrated Business Communication: In a Global Marketplace Essentials of Corporate Communication: Implementing Practices for Effective Reputation Management The new Community Rules: Marketing on the Social Web Using Communication Theory: An Introduction To Planned Communication Brand Media Strategy: Integrated Communications Planning in the Digital Era