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市场分割和国际资产定价：对上市世界权益基准股的实证研究外文翻译市场分割和国际资产定价:对上市世界权益基准股的实证研究外文翻译外文题目:Market Segmentation AndInternational Asset Prices:Evidence From The Listing Of World Equity Benchmark Shares出处:JOURNAL OF FINANCIAL RESEARCH.SPRING 2001作者:Patro and Dilip Kumar原文:AbstractThis article provides an empirical analysis of the announcementeffect of the listing of the seventeen World Equity Benchmark Shares WEBS on the returns of the corresponding market index returns andclosed-end country fund premiums. I find that the announcement of the listing of the WEBS resulted in a positive market price reaction for the market indexes. Furthermore, there was a significant decline in premiums for closed-end country funds. The findings are consistent with models of international asset pricing under market segmentation and theyillustrate that the listing of internationally tradable securities is an effective mechanism for integrating international capital markets.I. IntroductionOn March 18, 1996, the WEBS Index Fund Inc., introduced seventeenseries of World Equity Benchmark Shares WEBS, representing seventeen countries' market indexes on the American Stock Exchange. The WEBS series for a given country aims to provide price and yield performance similar to that of the Morgan Stanley Capital International MSCI equity index corresponding to that country. Although open-end and closed-end funds that invest in foreign markets have traded in the United Statesfor some time, this listing represented a unique event. For the first time, investors in the United States had direct access to a fund replicating the market portfolio of a foreign country.Because the WEBS provide an opportunity for U.S. investors to invest in an entire foreign market portfolio, they are likely to affect asset prices in the foreign market, to the extent investment barriers exist and the foreign market is not fully integrated with the U.S. capital market. In this article I test this hypothesis by providing an empirical analysis of the announcement effect of the listing of the WEBS on the returns of the market indexes and premiums of closed-end country funds of the countries represented by the WEBS.The foundation of this study is a framework where the securities in a market are priced with incomplete risk sharing with the world market. The securities are priced mainly according to the nationalistic price of risk because of market segmentation. The market segmentation could be due to direct or indirect barriers to investing in that country. Consequently,security prices are higher than they would be under complete risk sharing with the world market. When WEBS were introduced, therefore, securities that were originally subject to the national price of risk were priced according to the world market price of risk. The cash flows of the security previously not spanned by the world market are now spanned. Because of this global risk sharing the price reaction is positive and the expected returns of the securities decline. Therefore, because of the listing of the WEBS, the prices of the MSCI indexes are expected to increase and their average returns are expected to decrease, which is the first hypothesis tested.Investment restrictions resulting in higher prices has been observed for other internationally tradable securities. Countries such as Finland and Thailand have two classes of shares, and the shares that can be bought by foreign investors trade at higher prices than the securities available only to local investors. This is because the restricted securities are accessed by a smaller group of investors and are subject to the national market price of risk see Hietala 1989 and Bailey and Jagtiani 1994 for evidence from Finland and Thailand, respectively.The premiums on closed-end country funds may reflect investment barriers and market segmentation e.g., Bonser-Neal, Brauer, Neal, and Wheatley 1990, Errunza, Senbet, and Hogan 1998. Pontiff 1996 shows that closed-end fund premiums are related to the difficulty with whichthe underlying portfolio can be replicated. This may be termed a supply effect, whereby the increased availability of alternative internationalinvestments results in smaller premiums. Because the listing of the WEBS provides additional investment opportunities, this should result in a decline in the premiums on country funds from foreign markets for which WEBS were listed. Therefore, I also test the hypothesis that the announcement of the listing of WEBS results in smaller premiums for a sample of closed-end country funds.Premiums on closed-end funds represent a long-standing anomaly. In the domestic setting, negative premiums have been the norm, attributed to taxes, management fees, illiquid stocks, or irrational factors such as noise trading Lee, Shleifer, and Thaler 1991. Although there is evidence that each of these factors may explain part of the premiums, the debate on this issue is far from over. It is, however, agreed that the closed-end fund status of a fund will result in a discount or a negative premium. Furthermore, it is also established that the discounts on closed-end funds move together Lee, Shleifer, and Thaler 1991.Although factors that determine domestic closed-end fund premiumsare important in explaining country fund premiums, country fund share prices and net asset values are determined in two different market segments by two different groups of investors. Therefore, market segmentation has a role. To the extent that investors benefit from global diversification, and foreign investments experience direct or indirect barriers, such investors will be willing to pay a premium for a country fund. However, even for country funds, there is discount because of the closed-end fund status. Errunza, Senbet, and Hogan 1998illustrate this idea theoretically, showing a country fund can trade ata premium or a discount as a trade-off between these two factors: the closed-end fund factor which they term imperfect spanning and investment restrictions. Thus, sentiment is assumed to result in discounts and segmentation is assumed to result in premiums. Therefore, the discountson domestic funds are used to control for the sentiment factor and test whether premiums decline because of the listing of the WEBS.Previous researchers examine the effects of cross-listing securities and market openings on their expected returns e.g., Kim and Singhal 1999, Miller 1999. I contribute to the growing literature on the effects of market openings, investment liberalization, and cross-listing ofsecurities by providing an analysis of the effect of listing of WEBS. Bonser-Neal et al. 1990 find that the premiums on closed-end countryfunds from France, Japan, Korea, and Mexico decreased followinginvestment liberalization. The findings in the current study provide additional evidence that market segmentation is one of the determinantsof the country fund premiums. The findings also have policy implications, suggesting the cross-listing of securities either individually or asa portfolio can help integrate markets III. MethodologyIn efficient capital markets, prices adjust to new information assoon as the information is released. Therefore, the effects of listingof WEBS should occur when an announcement of their listing is made. The analysis is done using this announcement date, obtained from Lexis-Nexis. The forthcoming listing of WEBS was announced in November 1995 eventhough they were listed in March 1996. To examine the effect of this announcement on the returns of the market indexes and the premiums of closed-end country funds, I employ three methods. If the same inference is obtained using the different methods, it indicates the findings are robust. In the first method, paired mean difference t-tests and Wilcoxon signed-rank tests are used to compare the pre-announcement and post-announcement mean returns, standard deviations of the returns, and mean premiums of the country funds.In the second method, the premiums are regressed on a dummy variable to examine the changes in the time series of country fund premiums. The dummy variable equals zero for the pre-announcement period and one for the post announcement period. If the announcement of the WEBS resultedin a significant decline in the average premiums, the coefficient of the dummy variable is expected to be significant and negative. To controlfor the negative premiums resulting from the closed-end status, the premiumsin excess of the premiums on an index of domestic closed-end funds are used in these regressions.In the third method, traditional event study is used to examine the crosssectional effect of the listing of the WEBS. In the methodology,let month 0 be November 1995, the month in which the listing of WEBS was announced. Let Ri,t be country i's index return at time t, and let a-Ri be the mean return and sigmai be the standard deviation of returns for the estimation period. The estimation period is one year before theannouncement of the listing. The month in which the fund listing is announced is represented as t 0. For the mean-adjusted returns technique, the abnormal returns ARi,t are computed as follows for the entire sample period:ARi,t Ri,t - a-Ri/sigmai. 1The standardized average abnormal returns computed are cumulatedover different periods relative to listing of the fund, as follows: Multiple line equations cannot be represented in ASCII text. 2where a and b are event months relative to the announcement month. The cumulative abnormal returns CARs are calculated for three periods: before announcement of the WEBS -12 to -1, during announcement of the WEBS 0, and after announcement of the WEBS +1 to +12. These CARs are tested to see if they are statistically significantly different from zero. The t-statistic for the hypothesis that the CAR is zero is computed as in Brownand Warner 1980. If the listing announcement is associated with a positive price reaction, the announcement month's CAR is expected to be significant and positive.The previous procedure is repeated using the twenty-two countryfunds' premiums. Let Pi,t be the premium on a country fund at time t and let MPi,t be the mean premium and sigmai be the standard deviation ofthe premiums for the estimation period. The abnormal premiums APi,t are computed for the entire sample period:APi,t Pi,t - MPi,t/sigmai. 3The standardized average abnormal premiums are cumulated over different periods relative to listing of the fund, as follows: Multiple line equations cannot be represented in ASCII text. 4where a and b are event months relative to the listing month. The cumulative abnormal premiums CAPs are calculated for three periods and the t-statistic for the hypothesis that the CAP is zero is computed asin Brown and Warner 1980.IV.Empirical ResultsAnnouncement Effect of the Listing of WEBS on Market Index Returns Models of international asset pricing under market segmentation Eun and Jankiramanan 1986, Errunza, Senbet, and Hogan 1998 illustrate thatin a meanvariance framework, expected returns on a security will have a national risk premium if there are barriers to international investing.Bailey and Jagtiani 1994 find that even securities eligible for investment by foreigners have significant risk exposures to their home market portfolios, supporting partial segmentation of international capital markets in which national risk premiums are important.In such partially integrated international capital markets, the securities in a country are priced with incomplete risk sharing with the world market and the price of the security is lower than the price under complete risk sharing with the world market. Therefore, when WEBS are listed the securities are priced with increased risk sharing in global capital markets, causing the prices to increase and expected returns to decline.To understand the decline in expected returns, assume a country's stock market is partially open to international investors. This may be because of explicit barriers as discussed in Eun and Janakiramanan 1986 or indirect barriers such as taxes, transaction costs, information problems, and so on. In such scenarios, the expected returns on the securities of that country are determined by their covariance with the return on the world market portfolio as well as the respective country market portfolio. When securities are cross-listed and trade internationally, the national risk premium should disappear and the only risk priced should be the covariance with the world market portfolio, resulting in lower expected returns. This decline in expected returns causes security prices to increase; therefore, a positive price reaction is expected following international tradability. This fact is demonstrated empirically by Miller 1999.V. ConclusionsI examine the behavior of the returns of a sample of MSCI indexes and closed-end country fund premiums for the period surrounding the announcement of the listing of the WEBS. I find the announcement of the WEBS resulted in a significant increase in the returns of the MSCI country equity index returns and a significant decline in the premiums on closed-end country funds for countries for which WEBS were listed. These findings indicate the international capital markets are not fully integrated and the listing of the WEBS resulted in further integration of the world capital markets.外文题目:Market Segmentation And International AssetPrices:Evidence From The Listing Of World Equity Benchmark Shares 出处:JOURNAL OF FINANCIAL RESEARCH.SPRING 2001作者:Patro and Dilip Kumar译文:市场分割和国际资产定价:对上市世界权益基准股的实证研究摘要本文研究了关于17个上市世界股权基准股与市场相关指数回报率、封闭式国家基金溢价之间的实证分析。
薪酬管理外文文献翻译The existence of an agency problem in a corporation due to the separation of ownership and control has been widely studied in literatures. This paper examines the effects of management compensation schemes on corporate investment decisions. This paper is significant because it helps to understand the relationship between them. This understandings allow the design of an optimal management compensation scheme to induce the manager to act towards the goals and best interests of the company. Grossman and Hart (1983) investigate the principal agency problem. Since the actions of the agent are unobservable and the first best course of actions can not be achieved, Grossman and Hart show that optimal management compensation scheme should be adopted to induce the manager to choose the second best course of actions. Besides management compensation schemes, other means to alleviate the agency problems are also explored. Fama and Jensen (1983) suggest two ways for reducing the agency problem: competitive market mechanisms and direct contractual provisions. Manne (1965) argues that a market mechanism such as the threat of a takeover provided by the market can be used for corporate control. "Ex-post settling up" by the managerial labour market can also discipline managers and induce them to pursue the interests of shareholders. Fama (1980) shows that if managerial labour markets function properly, and if the deviation of the firm's actual performancefrom stockholders' optimum is settled up in managers' compensation, then the agency cost will be fully borne by the agent (manager).The theoretical arguments of Jensen and Meckling (1976) and Haugen and Senbet (1981), and empirical evidence of Amihud andLev (1981), Walking and Long (1984), Agrawal and Mandelker (1985), andBenston (1985), among others, suggest that managers' holding of common stock and stock options have an important effect on managerial incentives. For example, Benston finds that changes in the value of managers' stock holdings are larger than their annual employment income. Agrawal and Mandelker find that executive security holdings have a role in reducing agency problems. This implies that the share holdings and stock options of the managers are likely to affect the corporate investment decisions. A typical management scheme consists of flat salary, bonus payment and stock options. However, the studies, so far, only provide links between the stock options and corporate investment decisions. There are few evidences that the compensation schemes may have impacts on thecorporate investment decisions. This paper aims to provide a theoretical framework to study the effects of management compensation schemes on the corporate investment decisions. Assuming that the compensation schemes consist of flat salary, bonus payment, and stock options, I first examine the effects of alternative compensation schemes on corporate investment decisions under all-equity financing. Secondly, I examine the issue in a setting where a firm relies on debt financing. Briefly speaking, the findings are consistent with Amihud and Lev's results.Managers who have high shareholdings and rewarded by intensive profit sharing ratio tend to underinvest.However, the underinvestment problem can be mitigated by increasing the financial leverage. The remainder of this paper is organised as follows. Section II presents the model. Section HI discusses the managerial incentives under all-equity financing. Section IV examines the managerial incentives under debt financing. Section V discusses the empirical implications and presents the conclusions of the study.I consider a three-date two-period model. At time t0, a firm is established and goes public. There are now two kinds of owners in the firm, namely, the controlling shareholder and the atomistic shareholders. The proceeds from initial public offering are invested in some risky assets which generate an intermediate earnings, I, at t,. At the beginning, the firm also decides its financial structure. A manager is also hired to operate the firm at this time. The manager is entitled to hold a fraction of the firm's common stocks and stock options, a (where0<a<l), at the beginning of the first period. At time t,, the firm receives intermediate earnings, denoted by I, from the initial asset. At the same time, a new project investment is available to the firm. For simplicity, the model assumes that the firm needs all the intermediate earnings, I, to invest in the new project. If the project is accepted at t,, it produces a stochastic earnings Y in t2, such that Y={I+X, I-X}, with Prob[Y=I+X] = p and Prob[Y=I-X] = 1-p, respectively. The probability, p, is a uniform density function with an interval rangedfrom 0 to 1. Initially, the model also assumes that the net earnings, X, is less than initial investment, I. This assumption is reasonable since most of the investment can not earn a more than 100% rate of return. Later, this assumption is relaxed to investigate the effect of the extraordinarily profitable investment on the results. For simplicity, It is also assumed that there is no time value for the money and no dividend will be paid before t2. If the project is rejected at t,, the intermediate earnings, I, will be kept in the firm and its value at t2 will be equal to I. Effects of Management Compensation Schemes on Corporate Investment Decision Overinvestment versus UnderinvestmentA risk neutral investor should invest in a new project if it generates a positiexpected payoff. If the payoff is normally or symmetrically distributed, tinvestor should invest whenever the probability of making a positive earninggreater than 0.5. The minimum level of probability for making an investment the neutral investor is known as the cut-off probability. The project will generzero expected payoff at a cut-off probability. If the investor invests only in tprojects with the cut-off probability greater than 0.5, then the investor tendsinvest in the less risky projects and this is known as the underinvestment. Ifinvestor invests the projects with a cut-off probability less than 0.5, then tinvestor tends to invest in more risky projects and this is known as thoverinvestment. In the paper, it is assumed that the atomistic shareholders risk neutral, the manager and controlling shareholder are risk averse.It has been argued that risk-reduction activities are considered as managerial perquisites in the context of the agency cost model. Managers tend to engage in these risk-reduction activities to decrease their largely undiversifiable "employment risk" (Amihud and Lev 1981). The finding in this paper is consistent with Amihud and Lev's empirical result. Managers tend to underinvest when they have higher shareholdings and larger profit sharing percentage. This result is independent of the level of debt financing. Although the paper can not predict themanager's action when he has a large profit sharing percentage and the profit cashflow has high variance (X > I), it shows that the manager with high shareholding will underinvest in the project. This is inconsistent with the best interests of the atomistic shareholders. However, the underinvestment problem can be mitigated by increasing the financial leverage.The results and findings in this paper provides several testable hypotheses forfuture research. If the managers underinvest in the projects, the company willunderperform in long run. Thus the earnings can be used as a proxy forunderinvestment, and a negative relationship between earningsandmanagement shareholdings, stock options or profit sharing ratiois expected.As theunderinvestment problem can be alleviated by increasing the financialleverage, a positiverelationship between earnings and financial leverage isexpected.在一个公司由于所有权和控制权的分离的代理问题存在的文献中得到了广泛的研究。
测绘工程专业英语翻译Uuit1 What is Geomatics? （什么是测绘学） 2 Unit 2 Geodetic Surveying and Plane Surveying（大地测量与平面测量）7 Unit 3 Distance Measurement（距离测量）12 Unit 4 Angle and Direction Measurement（角度和方向测量）15 Unit 5 Traversing （导线测量）18 Unit 6 Methods of Elevation Determination（高程测量方法）22 Unit 7 Robotic Total Station （智能型全站仪）26 Unit8 Errors in Measurement（测量工作中的误差）30Uuit1 What is Geomatics? （什么是测绘学）Geomatics Defined（测绘学定义）Where does the word Geomatics come from?（Geomatics－测绘或地球空间信息学，这个名词是怎么来的呢？）GEODESY+GEOINFORMATICS=GEOMATICS or GEO- for earth and – MATICS for mathematical or GEO- for Geoscience and -MATICS for informatics. （大地测量学＋地理信息学＝GEOMATICS 测绘学或者geo 代表地球，matics 代表数学，或者geo 代表地球科学，matics 代表信息学）It has been said that geomatics is many things to many people.（据说测绘学这个词对不同的人有不同的理解）The term geomatics emerged first in Canada and as an academic discipline; it has been introduced worldwide in a number of institutes of higher education during the past few years, mostly by renaming what was previously called “geodesy” or “surveying”, and by adding a number of computer scienceand/or GIS-oriented courses.（这个术语【term 术语】作为一个学科【academic discipline 学科】第一次形成【emerge】于加拿大；在过去的几年里被全世界的许多高等教育研究机构所熟知，通常是以前的“大地测量学” 或“测量学”在引入了许多计算机科学和GIS 方向【或“基于GIS” 】的课程后重新命名的。
文献信息：文献标题：Elements of strategic social media marketing: A holisticframework（战略性社交媒体营销要素：整体框架）国外作者：Reto Felix, Philipp A. Rauschnabel, Chris Hinsch文献出处：《Journal of Business Research》,2017,70:118-126字数统计：英文2632单词，15772字符；中文5082汉字外文文献：Elements of strategic social media marketing:A holistic frameworkAbstract Social media marketing is an integral element of 21st-centurybusiness. However, the literature on social media marketing remains fragmented and is focused on isolated issues, such as tactics for effective communication. The curr research a pplies a qualitative,theory-building a pproach to develop a strategicfour generic dimensions of strategic social m ediaframework that articulatesmarketing. Social m edia marketing scope represents a range from defenders t osocial media marketing c ulture includes the poles o f conservatism andexplorers,modernism, social media marketing structures fall between hierarchies and networks, and social m edia marketing governance ranges from autocracy t o anarchy. B yproviding a comprehensive conceptualization and definition of strategic social mediaframework that e xpands beyondmarketing, this r esearch proposes a n integrativeextant marketing theory. Furthermore, managers can apply the framework to position their organizations on these four dimensions in a manner consistent with their overa corporate mission and objectives.Key Words: Strategic social media marketing; Holistic framework; New media; Definition of social media marketing; Social media strategy; Digital marketing1.IntroductionUnderstanding the role of social media in the context of marketing is critical f both researchers and managers (e.g. Fong & Burton, 2008; Kumar, Bezawada,2013). Most existingRishika, Janakiraman, &Kannan, 2016; Schultz &Peltier,studies focus on particular issues, such as purchase behavior (Chang, Yu, & Lu, 2015 Kumar et al., 2016; Relling, S chnittka, Sattler, & Johnen, 2016), customerrelationshipmanagement (Trainor, Andzulis, R app, & Agnihotri, 2014), brandmanagement (Asmussen, Harridge-March, Occhiocupo, & Farquhar, 2013),innovation management (Gebauer, Füller, & Pezzei, 2013), and employee recruitment (Sivertzen,Nilsen, & Olafsen, 2013). W hile these s tudies detail advancements inspecialized areas of social media knowledge in a marketing and management context, extant literature does not provide a holistic framework for social media marketing the strategic level. This deficiency is surprising because both academics (Labrecqu vor dem Esche, Mathwick, Novak, & Hofacker, 2013; Schultz & Peltier, 2013; Yadav& Pavlou, 2014) and practitioners (Divol, Edelman, & Sarrazin, 2012) acknowledge new complexities accompanying these m edia and agree that r esearch into s ocialsocial mediastrategicmedia marketing n eeds to be reconceptualized.In a nutshell,marketing remains an untested user interaction paradigm (Naylor, Lamberton, & West, 2012) with little published academic research.The current article aims to address this theoretically and managerially importan research gap by exploring the following two research questions: How is strategicsocial m edia marketing defined a nd conceptualized? and What factors demandsocial media marketing s trategy?an organization'swhen constructingconsiderationSpecifically, this research attempts to define the continua on which critical strat social media marketing decisions lie and to integrate them into a holistic framewor2.MethodologyThe study e mployed a two-stage r esearch design. The first stage c onsisted ofin-depth interviews (Fontana & Frey, 1998) with seven European social m ediaexperience in socialmarketing e xperts who possess b oth national and internationalmedia marketing. Following a purposive sampling strategy (Lincoln & Guba, 1985), experts were recruited according to their job position, experience, and direct expos to social media marketing practices in real industry settings. Seeking depth rather tthe qualitative research breadth, the sample size instage 1 was commensurate with-richparadigm in which relatively small sample sizes are used to generate informationdata (Patton, 1990). A ll informants agreed t o audiotape the i nterviews (between 25and 60 min), which resulted in 117 pages of double-spaced, verbatim transcripts.procedure c onsisted of a qualitative The second stage o f the data collectionsurvey of social media marketing experts (Miles & Huberman, 1994). The survey data were used not for confirmation but as a new and independent qualitative data source with a focus on triangulating the information obtained through the depth interview and online surveys (Jack & Raturi, 2006). Respondents came from a list of 265 social media marketing experts identified through managerially focused magazines, through interviews in business magazines, or because they were mentioned as knowledgeable and experienced experts in personal communication. E-mail requests were sent to allexperts along with two reminders, which resulted in 50 returned surveys (responserate = 18.9%). Seven data s ets w ere eliminated because o f incomplete a nswers orbecause social media marketing plays a minor role in the respondents' daily work. The final sample consisted of 43 respondents (age: m = 37; SD = 9 years; 74% male; 88% European) with various backgrounds in their position and/or industry.Table 1 Summary of stage 2 informantsCompany size (employees)< 50 14 (32.6%)50–99 5 (11.6%)100–499 3 (7.0%)500–9998 (18.6%)1000–4999 6 (14.0%)5000–10,000 3 (7.0%)>10,000 4 (9.3%)Social media marketing experience (in years)Average: 6.4 years1–2 5 (11.6%)3–519 (44.2%)6–812 (27.9%)9 and more 7 (16.3%)Percentage of working time associated with social mediaAverage: 52.8%<20%7 (16.3%)20–3910 (23.3%)40–59 6 (14.0%)60–79 3 (7%)80–10015 (34.9%)n/a 2 (4.7%)Age (in years)Average: 37< 30 9 (20.9%)30–3919 (44.2%)40–4910 (23.3%)50–59 5 (11.6%)Self-reported experience in…Means aSocial Media 6.2Social Media Marketing 5.9Marketing 5.7Customer Management 4.7Advertising 5.2Communications/Public Relations 5.6How much experience do you have in the following areas? (1 = no experience at aall; 7 = highly experienced)Respondents were asked to (1) define s ocial m edia marketing, (2) discussself-selected best and worst practice examples of social media marketing, (3) discusssuccess factors and success m etrics, and (4) d escribe their ideal implementation of-selected organization. The survey employed commonsocial media marketing in a self& Mcbride, 2009), s uch as addingdesign t echniques (Smyth, Dillman, C hristian,large answer fields and asking respondents to be as specific as possible, to increrespondents' motivation to provide detail.3.FindingsFig. 1 shows the strategic social media marketing framework with its four central dimensions.Fig. 1. Strategic social media marketing framework.social media marketing s cope addresses the question whether companies First,use social media marketing p redominantly for communication with one or a fewstakeholders or comprehensively (both externally and internally) as a genuine tool f Defenders use social m edia marketing primarily a s a one-waycollaboration.rather than communication tool t o entertainconsumers or to inform stakeholders,groups. Conversely, explorers are interested in integrating employees or communityan authentic social media marketing c ollaborationinteractionsbased on reciprocalwith many different stakeholders such as clients, employees, suppliers, andgovernment agents.between conservatism, Second, social media marketing c ulture distinguishesapproach t owhich is represented by an encapsulated,mass advertisingtraditional,social media marketing, and modernism, which is characterized by a more permeable,open, and flexible social media marketing culture.Third, social media marketing structure addresses the organization and departmentalization of the social media marketing assignment in the firm. Hierarchieapproach with a clearly defined s ocial media marketingstand for a centralizedassignee. Networks represent an organizational structure in which all employees are responsible for social media marketing, and thus a dedicated social media marketing director is no longer necessary.Fourth, social m edia marketing governance refers t o how the companyestablishes rules and guidelines and how social media marketing responsibilities ar controlledin the company. The extreme position of autocracy describes a situationwith precise regulations on who in the company is allowed to interact on social medi platforms. Conversely, anarchy represents a situation without any such rules o rguidelines.The current research focuses on the extremes of each continuum, but, in general, firms likely choose (intentionally or unintentionally) a position somewhere between the poles o n each dimension. For example, c ompanies need to find a position onsocial media marketing g overnance t hat neither regulates everything employees areallowed to say nor leaves t hem without any guidance on which to base their responsibilitiesor behaviors. Fig. 1 also suggests that d ecisions on social mediageneral(e.g.,marketing s hould i ndeed b e guided by the firm's internalinfluencersvision, mission, corporate goals, corporate culture, available resources), which in should be in line with external i nfluencers (e.g., communities, competition,government regulation).4.Discussion and implicationsThis research addresses the absence of a holistic framework for strategicsocialreveals several approachesmedia marketing. A review of the marketing l iteraturemanagementregarding aspects of strategicmarketing s uch as customer r elationship(e.g., Payne & Frow, 2005) or marketing organization (Workman, Homburg, &Gruner, 1998). However, few articles address the strategic marketing of social mediaand none put forth a holistic social media marketing framework.While extant research related to social media marketing investigates social media mostly through the lens of a particular marketing problem (e.g. Fong & Burton, 2008; Kim & Ko, 2012; Kumar et al., 2016) or witha focus on customers and communication (e.g., Chang et al., 2015), t he findings of this s tudy reveal f ourgeneral social m edia marketing dimensions that firms should address when conceptualizing or managing their strategic social media marketing approach. As the findings indicate, these dimensions are interdependent, and companies should strive position themselves on the four dimensions in an integrated way, rather than treati them as isolated, independent decisions.4.1.A new definition of social media marketingThis research suggests a new definition of social media marketing: Social media-functional concept that uses social media marketing is an interdisciplinary and cross(often in combination with other communications channels) to achieve organizational goals by creating value for stakeholders. On a strategic level, social media marketi covers an organization's decisions about social media marketing scope (ranging from defenders to explorers), culture (ranging from conservatism to modernism), structurto networks), and governance (ranging from autocracy to(ranging from hierarchiesanarchy).4.2.Implications for social media marketing scopeSocial media marketing provides firms with an opportunity to use social media to with customers, employees, communities, and other stakeholdersbuild relationships(i.e., when they act as explorers). At the same time, firms may choose to view soci media as simply another c ommunications channel through which they can pushwhen they act as defenders). Though potentiallyinformation to customers (i.e.,approach does nottake advantage of thefor c ustomers, the defendercreating valuewithin the network of customers,opportunitiesfor building r eal relationshipsemployees, interest groups, the government, and other stakeholders, as propagated by modern relationshipmarketing (Payne & Frow, 2005). However, the explorerstakeholders in theapproach may require firms to redefine the role o f differentorganization.4.3.Implications for social media marketing cultureManagement and organizational behavior researchers (Zheng et al., 2010) as well as marketing academics and practitioners (Deshpandé & Farley, 2004) recognize the-financial firmimportance of culture and organizational climate for financial and non performance. The current research emphasizes t he importance o f culture for s ocialmedia marketing. Companies engaging in social media marketing must acknowledgethat stakeholders can take control of and manipulate social media content (Labrecque et al., 2013). Thus, companies should contemplate t he trade-offs between anwhich provides m oreencapsulated social media marketing c ulture (conservatism),connect a nd engageand consumers' desire tobrand constructs,control of importantwith firms displaying a more progressive, permeable culture (i.e., modernism).4.4.Implications for social media marketing structureExtant marketing research investigates how the elements of marketing should besuch as formalization,characteristics,organized a ccording t o a firm's structural(e.g.,Olson, S later, & Hult, 2005). C onsequently,and specializationcentralization,and organizationalsocial m edia marketing structure focuses on responsibilitiesemployed to configure social media marketing. Whereas social mediahierarchiesmarketing governance pertains to who can or should say what in social media, social media marketing structure focuses on who has the responsibility to post and interac in these m edia. A s the informants emphasized, firms s hould i ntegratesocial mediaThe informantsmarketing in a way that fits with their o verarching strategies.or asets o f benefits that c an emerge from either a hierarchicalidentifieddifferentnetworked structure. However, they recommended that specific decisions about who has the responsibility to interact online with customers, activists, and pundits sh be formally discussed in the organization.4.5.Implications for social media marketing governancerights, and Research on governance usually investigates the structures,responsibilities among different employees in organizations (Freeman & Reed, 1983).-discipline of corporate governance, Information technology (IT) governance, as a subfocuses on specifying which individuals have the responsibility for making decisions on the use of IT (Brown & Grant, 2005). Whereas IT governance traditionally focuses-related purposes, social media can potentially be used byon the use of IT for work(company-granted a ccess) or unofficial(personalany employee in either officialaccount access) capacities. Therefore, the applicability of IT governance research is limited u se when extended to social m edia marketing. S ome companies havedeveloped the idea of educating e mployees about the personal a nd firm-related consequences of “undesirable” social media use through social mediamarketingguidelines andguidelines(Linke &Zerfass, 2013). However, building social mediagovernance into a holistic framework for social media marketing is novel. The role o employees in promoting brands in other contexts (and thus increasing firm value) is(Morhart, Herzog, & Tomczak, 2009).well represented in the academic literatureWeber Shandwick's (2014) recent s tudy reveals a n emerging movement termed“employee activism” in which one-third of the surveyed respondentswere socialwho defended their employers and advocated f or the firm online.media activistsEmployees may be better able to understand the needs of consumers and products that can meet those needs, and they can effectively advocate and promote the firm online. These technologiesall employees to champion the firm. Forhave allowed v irtuallyNordstrom has policies to provide e mployees withexample, the fashion r etailerof social media marketingThis applicationand expectations.knowledge, d irection,governance can increase the overall social media marketing s uccess o f the firm (Nordstrom, 2015; Ross, Beath, & Sebastian, 2015).5.Limitations and future researchavenues forfruitfulSeveral limitationsto the current study s uggest p otentiallyapproach r eveals four d imensions o f strategicfuture research. First, the qualitativesocial media marketing and identifies the extreme points of each dimension. However,of differentto identify the impactfuture researchcould u se quantitative approachespositions on each of these dimensions. Research could also investigate the influenc of each dimension on firm or social media marketing p erformance. For example,studies could try to isolate the effect of each dimension on outcome variables such2013) or, m ore specifically,newconsumer–brand engagement (Schultz & Peltier,is themedia brand engagement (Hennig-Thurau et al., 2010). A second limitationover-representation of European (especially German) informants in the analyses. Prior research d iscusses cross-cultural differences in consumers' u se of social m edia(Bernoff &Li, 2008; World Newsmedia Network, 2015). Furthermore, extantresearch advocates for the adaptation of social media content to the targeted cult(Tsai &Men, 2012). T hus, caution should b ebased on differingconsumer profilestaken in extrapolating the framework to other cultural contexts. Future research mig determine w hether aspects of cultural or economic context add dimensions t o theapproaches r egardingproposed f ramework or whether they simply require differentthe four dimensions.Future research should also investigate how other characteristics, such as cultur the type of firm (e.g., B2B vs. B2C), the industry (e.g., financial services vs.“idealadvertising agency), company size, or available resources, influence a firm'ssocial media marketing. Finally,position” on each of the dimensions o f strategic-regulatory bodies (e.g.,future research could investigate the role of regulatory or selfon social media marketing g overnance a ndWord of Mouth Marketing A ssociation)how firms can create v alue and form core competencies b y superseding t hese requirements.6.ConclusionThis study sheds light on the complex nature of strategic social media marketingis too complex to be managed and executedSocial m edia marketing, in practice,-functional collaborations exclusively by a single individual or even department. Crossalong the four d imensions o f social media marketing a re necessary to successfullynavigate in this dynamic arena.中文译文：战略性社交媒体营销要素：整体框架 摘要 社交媒体营销是21世纪商业的一个组成部分。
市场营销英语试题及答案一、选择题（每题1分，共10分）1. Which of the following is NOT a function of marketing?A. Product developmentB. PromotionC. DistributionD. Human resources management2. The 4Ps of marketing mix refer to:A. Product, Price, Place, PromotionB. Product, Price, Position, PromotionC. Product, Price, Positioning, PromotionD. Product, Place, Position, Promotion3. What is the primary goal of market segmentation?A. To increase the number of productsB. To target specific customer groupsC. To reduce advertising costsD. To expand the market share4. Which of the following is an example of a push strategy?A. AdvertisingB. Personal sellingC. Sales promotionsD. Public relations5. The concept of "Customer Lifetime Value" (CLV) is used to measure:A. The value of a customer's first purchaseB. The value of a customer's total purchases over timeC. The value of a customer's most recent purchaseD. The value of a customer's future purchases6. What is the term used to describe the process of identifying, anticipating, and satisfying customer requirements efficiently and effectively?A. Market researchB. Customer relationship managementC. MarketingD. Product management7. A marketing campaign that focuses on the benefits of the product to the customer is known as:A. Feature-based marketingB. Benefit-based marketingC. Need-based marketingD. Value-based marketing8. Which of the following is a type of market structure?A. MonopolyB. OligopolyC. Perfect competitionD. All of the above9. In marketing, the term "brand equity" refers to:A. The value of the brand's assetsB. The brand's market shareC. The brand's advertising budgetD. The brand's customer base10. Which of the following is a key element of the marketing mix for services?A. Service qualityB. Service priceC. Service promotionD. All of the above二、填空题（每题1分，共5分）11. The SWOT analysis is a tool used to identify a company's strengths, weaknesses, opportunities, and ________.12. The marketing concept is based on the idea that the key to achieving organizational goals is to determine the needs and wants of ________ and society.13. A ________ is a marketing strategy that involves creatinga unique image or identity in the minds of consumers.14. The term "market penetration" refers to increasing sales of existing products to existing customers without ________.15. The marketing mix for tangible goods is often referred to as the "4Ps," while for services it is sometimes called the "7Ps," which includes the additional elements of people, process, and ________.三、简答题（每题5分，共10分）16. Briefly explain the concept of market orientation and its importance in business.17. Describe the steps involved in the marketing research process.四、案例分析题（15分）18. (a) Assume you are a marketing manager for a new smartphone brand. Discuss the factors you would consider when setting the price for your product.(b) How would you use the concept of market segmentation to target different consumer groups?五、论述题（20分）19. Discuss the role of technology in modern marketing and how it has changed the way companies interact with their customers.答案：一、选择题1. D2. A3. B4. B5. B6. C7. B8. D9. A10. D二、填空题11. threats12. target customers13. brand positioning14. targeting new markets15. physical evidence三、简答题16. Market orientation is a business philosophy that emphasizes the importance of understanding and meeting customer needs in order to achieve long-term success. It involves a customer-centric approach where the company's actions are driven by the needs and wants of the market. This concept is important because it helps companies to be more competitive by focusing on customer satisfaction, which can lead to increased loyalty and profitability.17. The marketing research process typically involves the following steps: defining the research problem, designing the research, collecting data, analyzing data, and reporting findings. Each step is crucial for gaining insights into the market and making informed decisions.四、案例分析题18. (a) When setting the price for a new smartphone, factors to consider include production costs, competitor pricing, perceived value, target market's willingness to pay, and the desired profit margin. (b) Market segmentation can be used to identify different consumer groups based on demographics, psychographics, or behavioral factors. Tailoring。
大连理工大学硕士学位论文金属镓出口战略研究姓名：周重阳申请学位级别：硕士专业：工商管理指导教师：陈树文20020622摘要金属镓是一种稀散金属，一种小金属，全世界的年产量仅有２００余吨，但广泛应用于电子行业。
山东铝业公司原是中国唯一生产金属镓的企业，９０％的产品出口。
但到２００１年底，中国产镓的能力在一年内由１０吨增加到１００吨。
国外生产镓的企业也在扩建或兴建新线。
世界原镓的产量翻了一番，多年供不应求的局面被改变。
世界经济不景气使镓的价格一落千丈，产品积压。
而中国对镓的需求较少，销售遇到了困难。
认真研究出口战略已成当务之急。
本文依据市场营销理论，采用定性分析方法。
经过广泛的市场调查，对镓的生产、需求和价格进行了认真的回顾，介绍了中国原镓的生产及出口情况，其它国家的生产，世界需求状况及供求关系和价格趋势等。
从产品在光电和集成电路上的应用、日本和美国等主要市场国、粗镓及高纯镓产品品质上做出详细的市场细分；从市场国的进１：３环境、行业环境和企业内部环境的角度，利用ＳＷＯＴ分析方法进行了全面的出１：３环境分析。
在此基础上，选择了目标市场战略、产品开发战略和市场竞争战略等出口战略，确定了目标市场、欲开发的产品和竞争对手。
并从组织结构、４Ｐ策略（产品、价格、销售渠道和促销）和服务方面制定了实施方案。
这是国内首篇全面研究金属镓市场的文章，希望对中铝集团内产品的出口起到一定的作用，同时希望对中国金属镓的发展有所帮助。
关键词：镓；战略；研究ＡｂｓｔｒａｃｔＧａｌｌｉｕｍｉｓ８ｓｐｅｃｉａｌｔｙｍｅｔａｌ，ａｍｉｎｏｒｍｅｔａｌａｓｗｅｌｌ．Ｔｈｅｔｏｔａｌｏｕｔｐｕｔｉｎｔｈｅｗｏｒｌｄｉｓｎｏｔｖｅｒｙｌａｒｇｅ，ｉｓｏｎｌｙｓｏｍｅ２００ｔｏｎｕｅｓｐｅｒａｎｎｕｍ．Ａｓａｎｉｍｐｏｒｔａｎｔｉｎｔｅｒｍｅｄｉａｔｅｍａｔｅｒｉａｌ，ｉｔｉｓｗｉｄｅｌｙｕｓｅｄｉｎｅｌｅｃｔｒｏｎｉｃｓｉｎｄｕｓｔｒｙ．Ｇａｌｌｉｕｍｉｓｐｒｏｄｕｃｅｄａｓａｍｉｎｏｒｂｙ－ｐｒｏｄｕｃｔ，ｍａｉｎｌｙｏｆａｌｕｍｉｎａｐｒｏｄｕｃｔｉｏｎｆｒｏｍｂａｕｘｉｔｅｏｒｅｓ，ｓｏｍｅｔｉｍｅｓｏｆｔｈｅｓｍｅｌｔｉｎｇａｎｄｒｅｆｉｎｉｎｇｏｆｚｉｎｃｍｅｔａｌ．Ａｔｔｈｅｅｎｄｏｆｔｈｅｙｅａｒ２０００，ｗｉｔｈｄｅｖｅｌｏｐｍｅｎｔｏｆｔｅｌｅｃｏｍｍｕｎｉｃａｔｉｏｎ，ｗｏｒｌｄｄｅｍａｎｄｏｎｇａｌｌｉｕｍｉｎｃｒｅａｓｅｄ．Ｔｈｅｐｒｉｃｅｒａｐｉｄｌｙｗｅｎｔｕｐｕｎｄｅｒｉｎｃｒｅａｓｅｄｄｅｍａｎｄａｎｄｍａｒｋｅｔｓｐｅｃｕｌａｔｉｏｎｓ．ＳｈａｎｄｏｎｇＡｌｕｍｉｎｕｍＣｏｒｐｏｒａｔｉｏｎｕｓｅｄｔ０ｂｅｔｈｅｏｎｌｙｏｎｅｐｒｏｄｕｃｅｒｏｆｇａｌｌｉｕｍｉｎＣｈｉｎａ．９０％ｏｆｉｔｓｐｒｏｄｕｃｔｓａｒｅｅｘｐｏｒｔｅｄ．Ｉｎ２０００，ｗｈｅｎｓｅｅｉｎｇｐｒｉｃｅｕｐ’ｏｔｈｅｒａｌｕｍｉｎａｒｅｆｉｎｅｒｉｅｓｓｔａｒｔｅｄｔｏｂｕｉｌｄｇｒｅｅｎｐｒｏｄｕｃｔｉｏｎｌｉｎｅｓ．Ｂｙｅｎｄｏｆｔｈｅｙｅａｒ２００１，ｔｈｅｐｒｏｄｕｃｔｉｏｎｅａｐａｃｉｔｙｏｆｐｒｉｍａｒｙｇａｌｌｉｕｍｉｎｗｈｏｌｅＣｈｉｎａｉｎｃｒｅａｓｅｄｔｏ１００ｔｏｎｎｅｓｆｒｏｍ１０ｔｏｎｎｅｓｗｉ血ｉｎｏｎｅｙｅａｒ．ＳｏｍｅｇａｌｌｉｕｍｍａｎｎｆａｃｔｕｒｅｒｓｏｕｔｓｉｄｅＣｈｉｎａｃｏｎｓｉｄｅｒｅｄｔｏｅｓｔａｂｌｉｓｈｎｅｗｌｉｎｅｓ．Ｗｏｒｌｄｐｒｏｄｕｃｔｉｏｎｏｆｐｒｉｍａｒｙｇａｌｌｉｕｍｗａｓｅｘｐａｎｄｅｄｔｈｅｉｒｃａｐａｃｉｔｙ，ｏｒａｌｍｏｓｔｄｏｕｂｌｅｄ．Ｉｎ２００１，ｗｏｒｌｄｅｃｏｎｏｍｙｓｔａｇｎａｔｅｄ．Ｇａｌｌｉｕｍｐｒｉｃｅｓｕｆｆｅｒｅｄａｄｉｓａｓｔｒｏｕｓｄｅｃｌｉｎｅ．Ｄｅｃｒｅａｓｅｄｄｅｍａｎｄｃａｕｓｅｓｌａｒｇｅｉｎｖｅｎｔｏｒｙ．ＴｈｅｍａｒｋｅｔｉｎＣｈｉｎａｉｓｖｅｒｙｓｍａｌｌ．ＨｏｗｔｏｈａｎｄｌｅＣｈｉｎｅｓｅｇａｌｌｉｕｍＮＯＷ．ｐｒｏｄｕｃｔ？ＩｔｉｓｔｈｅｒｉｇｈｔｔｉｍｅｔｏｓｔｕｄｙｅｘｐｏｒｔｓｔｒａｔｅｇｙＴｈｉｓａｒｔｉｃｌｅｉｓｗｒｉｔｔｅｎｂａｓｅｄｏｎｍａｒｋｅｔｉｎｖｅｓｔｉｇａｔｉｏｎａｎｄｍａｒｋｅｔｉｎｇｔｈｅｏｒｙ．Ｔｈｒｏｕｇｈｍａｒｋｅｔｓｅｇｍｅｎｔａｔｉｏｎａｎｄａｎａｌｙｓｉｓｏｆｅｘｐｏｒｔｅｎｖｉｒｏｎｍｅｎｔ，ｓｏｍｅｅｘｐｏｒｔｓｔｒａｔｅｇｙｉｓｃｈｏｓｅｎ，ａｎｄｉｍｐｌｅｍｅｎｔａｔｉｏｎｔａｃｔｉｃｉｓｐｕｔｆｏｒｗａｒｄ．Ｉｔｉｓｅｘｐｅｃｔｅｄｔｈａｔｔｈｅａｒｔｉｃｌｅｅａｕｐｌａｙａｃｅｒｔａｉｎｒｏｌｅｔｏｅｘｐｏｒｔａｔｉｏｎ，ａｎｄｂｅｈｅｌｐｆｕｌｔｏｇａｌｌｉｕｍｄｅｖｅｌｏｐｍｅｎｔｉｎＣｈｉｎａ．Ｋｅｙｗｏｒｄ：ｇａｌｌｉｕｍ，ｓｔｒａｔｅｇｙ，ｓｔｕｄｙ金属镓出口战略研究０引言镓是由法国的ＬｅｃｏｑｄｅＢｏｉｓｂａｕｄｒａｌｌ先生于１８７５年发现的。
journal of international marketing文章标题：《探索国际市场的趋势与策略：Journal of International Marketing 文章精选解析》国际市场是企业拓展业务、增加竞争力的必经之路。
本文将为您介绍《Journal of International Marketing》期刊中的精选文章，帮助您深入了解国际市场的发展趋势及营销策略。
一、《Journal of International Marketing》简介《Journal of International Marketing》（以下简称JIM）是美国市场营销协会（AMA）旗下的一本国际市场营销领域的顶级学术期刊。
自1994 年创刊以来，JIM 专注于国际市场营销理论与实践的研究，为全球营销学者和从业者提供了丰富的学术资源和实践指导。
二、精选文章解析1.文章标题：《Digital Transformation in Global Marketing: A Framework for Research and Practice》文章简介：本文探讨了数字转型对全球市场营销的影响，并提出一个研究与实践的框架。
内容亮点：- 数字技术对全球市场产生了深远影响，促使企业重新审视其营销策略；- 作者提出了一个包含四个维度的数字转型框架：技术、组织、战略和顾客；- 企业应根据自身情况，制定合适的数字转型策略，以应对国际市场的挑战。
2.文章标题：《The Role of Cultural Intelligence in International Marketing Success》文章简介：本文分析了文化智力在国际市场营销成功中的作用，为企业提供了一种新的营销思路。
内容亮点：- 文化智力是企业在国际市场取得成功的关键因素之一；- 作者提出了文化智力的四个维度：认知、情感、行为和策略；- 企业应重视培养员工的文化智力，以提高国际市场的竞争力。
Food Science And Technology And Economy粮食科技与经济2023 年8月第48卷 第4期Aug .2023V ol.48, No.4商标、专利和作品等常见知识产权客体的保护制度在商业、工业、文化等领域发挥的作用，现如今已基本被大众所熟知并认可，但同样作为《TRIPs》明确的知识产权客体之一，地理标志还是位“生面孔”[1]，关于地理标志保护制度及其在农业领域的意义，社会普遍对此了解还不够深入。
实际上，地理标志因其适用范围集中在食品、食材以及其他农林牧渔领域，故而天然地成为发展农业、提升农产品附加值的重要抓手。
中国是农业大国，同时也处于由农业大国迈向农业强国的转型阶段。
实现这一跨越，需要在农械、农机等“硬条件”上持续发力，也需要注重推动地理标志等“软条件”齐头并进。
日本国土狭长、山岭错落，适宜耕种的土地面积较少，农业产值总量不高，但却是世界上公认的农业强国，其原因之一就在于日本注重提升农产品的品质、保护农产品的声誉，走高净值的农业出口之路，这一做法的效果从近年来名噪一时的“日本和牛”等日本农产品上可见一斑。
农产品的品质和声誉固然源自实际生产活动，基于农业发展视角的日本地理标志法研究于 浩（1．北京大学 习近平新时代中国特色社会主义思想研究院，北京 100871；2．天津市静海区大邱庄生态城发展建设管理局,天津 301606）摘要：日本于2014年出台的《特定农林水产品等名称保护法》标志着日本选择了地理标志专门法保护模式。
该部法律有着浓厚的地方振兴和产业发展意图，是日本“地域品牌”战略的延伸。
与地域团体商标不同，日本管理地理标志的部门是农林水产省而非特许厅，而且注重保护地理标志的载体而非使用人，因此将产业链下游生产经营者的使用行为作为地理标志限制使用的例外。
日本对地理标志管理体制的选择以及地理标志使用范围的扩大，对中国地理标志如何在乡村振兴战略中发挥作用提供了参考。
Geomarketing on a Pay-per-Use BasisPeter Gustav WENZL and Stephan WINTERDepartment of Geoinformation, Technical University ViennaGusshausstr. 27-29, 1040 Vienna, Austria{wenzl, winter}@geoinfo.tuwien.ac.atAbstractGeomarketing applications use a large amount of geographic and demographic data. Due to the extremely high costs for this data geomarketing is only feasible for large companies that can afford such data sets, or for companies offering specialized geomarketing services to a number of clients. This paper describes a possible solution for small and medium enterprises to do geomarketing at reasonable price. An online service where the user pays only for the data used in the individual geomarketing query is the proposed solution (pay−per−use).The approach for the design of an online geomarketing service with pay−per−use capability must satisfy the requirements of e−commerce (security) and geomarketing. We formally specify and implement a prototype of an online geomarketing service and investigate the security issues.1. IntroductionThis paper deals with a special topic of e-commerce, the selling of data on a “pay−per−use“ basis. Pay−per−use means that the user pays only for the amount of data used, or better for the benefit he gained from the use of the data. A pay−per−use mechanism implemented in a geomarketing service is especially interesting for small and medium enterprises (SMEs) that cannot afford geomarketing data sets and systems currently available on the market (GISMO 1998). We propose to develop an online geomarketing service that implements a pay−per−use mechanism and provides a few selected geomarketing tasks. Beside the provision of selected geomarketing tasks the service must be easy to get and simple to use. Thus a geom arketing service accessible via the Internet is the solution.Some commercial geomarketing companies offer already online services (e.g., WIGeoGIS 1999). However, they do not work on an individual pay-per-use concept.Important requirements for such an online system are:• security, which is an issue for the data involved in the geomarketing analysis process as well as for a possible online payment;• a pay−per−use mechanism, that allows the user to pay only for the amount of data which is actually used, or to pay only for the benefit gained from the analysis;• a way to use additional customer (client) data sets for the geomarketing process.This work describes the development of a technical concept for an online geomarketing service and its realization in a Java prototype. First, we define a use case for such an onlinePeter Gustav Wenzl und Stephan Winter2service to specify the system requirements. Then we develop a formal specification of the system and of the protocol needed for the billing. The formal specification allows a form of rapid prototyping and the identification of some necessary objects. Additionally it allows identifying possible security issues of the online service. Finally the formal model is implemented in a Java prototype.2. Use CaseThis section describes the use case (Booch et al. 1998) of a baker searching for a new shop location. The use case is developed to specify the system requirements and to help to understand why this system – and geomarketing in general – is useful for SMEs.Searching for a new shop location is probably a rarely needed task for a baker, but nonetheless a vital decision for any small company that wants to expand. A service that gathers all the necessary data for this task and provides the information conveniently has the potential for great acceptance among SMEs.2.1 Required Data for the Use CaseThe answer to the question “What data will be needed in order to perform a search for a new shop location?” leads to the following list. The list consists of data provided by the client and data provided by the service provider.1. Client data:• Existing locations of own shops• Addresses of real estate adequate for a new shop, e.g., from a real estate broker• Optional: customer addresses2. Provider data:• City map• Locations of all bakeries, e.g., from the yellow pages• Population statistics and other geo-statistical dataThe data has to be obtained from data providers at cost. A small company like a bakery can neither gather nor handle maps and geo-statistical data sets.2.2 The Usage of the Use Case ServiceThe use case service, an online search for a new shop location for a bakery, could be used as follows.• The user connects to the homepage of the geomarketing service.• In the case of first time usage, the user goes through a standard registration process.• The registered user logs on to the service. At the provider side, a protocol starts.From this point on all relevant steps are recorded for billing purposes.• The web interface of the service is opened.• The user selects a task from a list, in this case “shop location planning”.• In the case that the selected task needs client data the user gets to an interface that allows the upload of the required data in well-formatted form.Geomarketing on a Pay-Per-Use Basis 3 • After the data is uploaded successfully the task is processed within a secure environment.• The results are prepared according to the user’s choice (image, text file, spread sheet).• The results are transmitted to the client side and visualized in the web browser.• The user logs off from the system. The billing protocol is closed.Billing is made offline in this scenario: the provider exploits the protocol of processed tasks or used data. This walk-through is modelled formally in Section 4.3. Security Issues of an Online Geomarketing ServiceSecurity issues are of central concern for the acceptance of any online service. Since an online geomarketing service is a distributed system, there are numerous points of attack and intentions to attack that have to be identified.Conventional online systems have to deal with security issues that stem from the distribution or heterogeneity of their system and thus have to deal with attackers from the outside of their system. This means a conventional distributed system is exposed to external attacks. With regard to the generality of the problem, we do not consider external attacks in the formal specification; however we identify and discuss conventional security issues of the implemented prototype in Section 5.2.In addition to security issues of conventional systems a geomarketing service is exposed to internal attackers. Any of the parties involved in the geomarketing analysis can be considered as possible internal attacker, interested in the unauthorized usage of data of the other party. A client using an online service wants to be sure that the submitted data is only used for the intended purpose and that it is not collected or retrieved illicitly by malicious third parties or competing companies. Vice versa, the service provider wants to protect her expensive data from illicit access.3.1 Protection of Client and Provider DataThe additional security concern of a geomarketing service is the protection of client and provider data from illicit usage of any party involved in the geomarketing process (internal attackers).A solution of the problem of using and, at the same time, protecting someone’s data could be a piece of software that uses the data of both sides in a protected environment and only delivers the results of the operations to the outside of this environment. A secure environment – we use the metaphor ‘box’ here – can be set up that provides interfaces to both, the client data and the provider data (Figure 1). Both parties’ data are internally processed for geomarketing tasks, and only the results are transmitted to the client. The secure box assures that there is no data stream of the original data to an unintended destination.Because of the distribution of the system the box must not be understood as a monolithic piece of software, it is rather a combination of objects and methods of client and provider, working together to protect the data of client and provider from the unnoticed data access. Since an online geomarketing service is a distributed service, the box is located at the place where the geomarketing computation happens, i.e., the box is not necessarily located at thePeter Gustav Wenzl und Stephan Winter4service provider side. The box accepts incoming data streams from both participating parties, client and provider. The data transmission has to be secured on the transportation layer (e.g., secure socket layer SSL (W3C 1999)).Figure 1: The box principle.Although this seems to be a simple and secure solution, one problem remains. Even if the box is created with a maximum of security, the parties that want to protect their data will always have to trust the party that is responsible for the programming of the box. This is because the programmer of the box or at least th e box itself will always need full access to the data sets involved. A solution for this problem can be a central authority that is trusted by both the client and the provider. This central authority certifies the security of the box. Additional security mechanisms must be implemented that provide authentication on application layer1 level.This way it is assured that only original distributed parts of the system are involved in the process (e.g., signed objects). This is necessary to prevent the service from the attack via so called Trojan horses2. From the technical point of view, it is possible to design an online geomarketing service for secure transmission of data and its secure processing (see Section 5.2), but in order to establish trust among the potential users the need for legal instruments like contracts remains.4. Formal SpecificationThe formal model helps to identify some of the needed client and server objects and methods as well as to prove the security of the formal model. The functional programming language HASKELL (Bird 1998; 1999) is used for the development of the formal model and for testing their correctness. Rapid prototyping is another reason why HASKELL is chosen as the specification language. The compact code allows checking for system functionality and security at an early development stage. For details about software design with the help of formal specification see (Loeckx et al. 1996).The formal specification comprises the following parts:1 According to the ISO/OSI reference model,/TERM/O/OSI.html2 A destructive program that masquerades as a benign application. Unlike viruses, Trojan horses donot replicate themselves but they can be just as destructive.Geomarketing on a Pay-Per-Use Basis 5 • The code for the client side part.Comprises the formalized client side functionality.• The code for the provider side part and secure box.Comprises the formalized provider side functionality, like administration,database and service tasks.• The code of the protocol through the geomarketing analysis.Due to space limitations, in this paper only the central function, the formalized protocol of the geomarketing service, is given as example of the formalization in the following subsection. For the whole formal specification see Wenzl (Wenzl 2000). Once the formalization process is finished the model is translated to an imperative programming language; this is done here with the programming language Java (Section 5).4.1 Formal Specification of the Geomarketing ServiceThis section describes the formalization of the geomarketing service. The following code shows the formalization of a complete geomarketing analysis pass.test logon_info tid client_data cdata pdata =displayResult. -- ClienttransmitResult. -- Provider -> ClienteraseClientData -- Providerexecute. -- Provider(enterClie ntData client_data). -- Client -> Provider(selTask tid). -- ClientlogonOK. -- Provider -> Client(logon logon_info) $ (cdata, pdata) -- Client -> ProviderThe parameters of the test funct ion describe the inital state of client and provider side data (cdata and pdata) and data structures as well as possible user interaction during the geomarketing analysis process (e.g., selection of a task by its id). The function test has to be read bottom up. The tuple (cdata, pdata) on the right side of the $ sign represents the initial state of client and provider side, both of them are altered during the geomarketing analysis process. Functions with parentheses are client side functions with additional user input. On the right side of the formal code it is commented where the processing happens or from where to where data is transmitted. The test models a protocol with user interaction. Compare this formalization of the geomarketing analysis process with Figure 2.4.2 Flow Chart for Protocol Security TestThe flow chart in Figure 2 is a form of visualization of the geomarketing analysis process; it has a direct correlation to the formal code above. The flow chart s hows all paths that can be entered during an online geomarketing cycle, and it is used to identify the possible points of attack (numbered paths). The dotted lines show loops that are reasonably realized in a commercial implementation. For the formalized code only the solid lines are relevant, because HASKELL stops execution when an error message is written.The HASKELL code for the protocol test includes as many test cases as needed to enter all solid line paths shown in the flow chart of Figure 2. The test of the formal model shows that the paths that might be exploited by malicious users, indicated with dashed lines andPeter Gustav Wenzl und Stephan Winter6circled numbers in Figure 2, can not be passed through. A discussion of technical prevention methods to the various attack points can be found in Section 5.2.Figure 2: Flow chart of the geomarketing analysis process.The following list describes the paths that might be used by malicious users.• For external attackers the most interesting path would be the one that bypasses the authentication procedure (path 1). The protocol test function that excludes the check for authorization produces an error message. This tells the tester that apossible attacker has to find a valid user id and the corresponding password to get access to the system, which is a common problem in standard distributed systems.• In path 2 the attacker would try to get access to the private data of the geomarketing customer, or even worse to tamper it. Considering the informationcontent a user can gain from accessing client data at point 2, which would be only small amounts of user information, or possibly credit card information, it wouldtake too much effort to break any state-of-the-art secure communication protocol.This means a standard protection mechanism would discourage any user to crackthe secure communication stream.Geomarketing on a Pay-Per-Use Basis7 • Path 3 means that a non-authorized person tries to access or tamper the result data on its way from the provider to the client. Getting access at path 3 might be moreinteresting, because here the result of the geomarketing analysis is transmittedback to the client. Nevertheless, to access the result of one customer would not b e enough to take an advantage that justifies the effort of hacking a securemechanism. The result transmitted to the client will in most cases be an image orsome information in tabular form that has only relevance to the particularcustomer who requested the information. To take an advantage of the gathered information, a malicious user would have to get access to the results of a hugenumber of customer requests of which the malicious individual can try to restorethe spatial or demographic data set used for the analysis.Path 2 and path 3 imply that a malicious user has to crack a secure communication stream.5. The JAVA PrototypeThe Java prototype implements a simplified online geomarketing service for SMEs with the described option for pay-per-use. Our prototype has two selectable standard functions.One is the decision support for an SME in search for a new shop location, i.e. our use case task. In this case the customer has to provide a list of available real estate and the service selects the best one considering the shop locations of competitors of this SME. This function has all the functionality that is needed for the development of a prototype with pay-per-use capability. It additionally requires the upload of private client data to the provider side.As a second function the customer can browse through the Yellow Pages of our example data set. This is freely available for registered users. No client data upload is required; the user simply selects among the categories of the yellow pages and gets a list of all companies within this category. After selection of the desired company the user gets the corresponding address information displayed.The prototype implementation is a client server application using CORBA technology (Inprise 1999). The client in this system is a Java applet that can be run from any standard web browser. Since CORBA allows the distribution of services over a network in an easy way, there is not a single monolithic server. The provider side of the geomarketing s ervice manages a collection of CORBA objects distributed within a local network and serving different purposes (see Figure 3).5.1 The Prototype EnvironmentThis section explains the CORBA objects that are developed for the prototype geomarketing service. Figure 3 shows the setup of the prototype environment. The boxes below the line marked with LAN are the CORBA server objects of the geomarketing service.The system comprises four distributed CORBA server objects. The Logfile Object and the Authentication Object are directly derived from the HASKELL specification, the New Shop Location and the Yellow Pages objects are not formalized in HASKELL, because they are specific tasks and hence not relevant for the protocol formalization.The server objects are:Peter Gustav Wenzl und Stephan Winter8• the Logfile Object• the Authentication Object• the New Shop Location Object• the Yellow Pages ObjectFigure 3: The prototype environment at our department.The Logfile Object is the central object for the pay-per-use capability of the system. This CORBA object is instantiated by all other server objects as well as by the client applet. This means the server for the Logfile Object has to be started before all other object servers3. The object provides a method that writes a time-stamped line to a logfile table within the database. Besides the timestamp the two input parameters of the writelog method are written in the database. The two parameters are the user_id and a message specifying the action t h at the user performed or the amount of data read from or written to the database. The Logfile Object is instantiated by all other objects that are part of the system. Whenever this method is invoked within the application a line is added to a database table, e.g., the programmer can put such a statement in the event-handling method of a button, which would cause a logfile entry each time the button is pressed. This mechanism allows a detailed logging of all actions and events throughout the whole geomarketing process.The Authentication Object provides methods for user registration in case of a first time usage of the system, or the authentication of a user trying to log on to the system. In the prototype version of the online geomarketing service the user can specify a user id and a password and can immediately start to use the system. In a commercial implementation the user would probably receive login name and password via e-mail after the user entries have been checked.The New Shop Location Object provides a method that takes a list of addresses and returns the index of the most suitable address for the customer. The most suitable address can be assumed to be e.g. the one with the largest surrounding area that does not include a direct competitor. More intelligent algorithms could be used also.3Server in this context means a Java program that runs in the background and binds the objects with the business logic, the so called servants, to the naming service.Geomarketing on a Pay-Per-Use Basis9 The Yellow Pages Object has three methods, one providing a list of all categories in the yellow pages of our example data set, one giving a list of all companies belonging to the selected category, and the last one returning the address information available on the selected company. The client applet gets a reference to this server object when the user enters the yellow pages service. The user interface of the applet is then responsible for collecting input parameters and displaying the results of the processing.All objects get a connection to the databases needed for their tasks. This is done by a Connection Manager Object that is instantiated when the server for a CORBA object is started.The Java applet as the client of the system binds the CORBA objects and invokes the provided methods via graphical user interfaces and is responsible for the display of the results. The input checker module of the formalization is implemented in this applet as methods that check the user inputs to the various fields for validity.5.2 Security Issues of the PrototypeThis section identifies the weak points of the prototype system. An assessment of the points of attack is given in Table 1. The numbers of the entries in the column ‘Point of Attack’ in Table 1 are references to the numbers in Figure 3. The value of the threatened data at these points, and hence the possible damage is ranged from medium/small to high.Point of Attack Attack Prevention Data value Threat1 eavesdropping SSL medium/small medium/low2 password SSL + hash alg. medium Low3 object access object authent. high highTable 1: Assessment of possible attacks.• In case of eavesdropping the possible damage is considered as medium or low, because an attack at this point would give the attacker access to either thecustomer’s private data (low value) or to the result of the geomarketing task(medium/low value). To exploit the gathered information the attacker would needthe results of more than one geomarketing request. Due to the format of the result of data, the exploitation of it may be additionally hard for any attacker.• Password Attacks means either to crack the algorithm used for the creation of passwords or to get the user id and the password by eavesdropping to thecommunication. To crack the algorithm implies that the attacker needs access tothe passwords in encrypted form, which is a problem of its own. The damage or loss in this case is considered as medium because the attacker can only collect information that will be provided by the online system. Since the online service issupposed to deliver only marketing information in medium price range the possible damage will be within this range. An illicit use of the system wouldfurthermore be detected soon. Due to that consideration the threat is classified withlow.•The threat of unauthorized object access is considered as high because the se rvices provided by CORBA objects have direct access to the whole data set. IfPeter Gustav Wenzl und Stephan Winter10an attacker finds what the interfaces of these objects look like, he can easily writehis own CORBA client and use the data to the extent intended by the CORBAobject.6. ConclusionIn this paper we derived a technical concept for pay-per-use in geomarketing services. This concept was developed in steps by first building of a use case and then designing a formal model of a geomarketing process. These two models were then combined to the technical model, which is the designed Java prototype of an online geomarketing service.The definition of a use case was taken to specify a useful geomarketing task for a small enterprise and the data needed for such a task. After the formalization of the geomarketing task and the required communication sequence between the client and the service provider (the process protocol), a prototype of such a system was implemented in the Java programming language. The functionality of the designed prototype system was kept as simple as possible. The goal of the prototype was to examine some non-trivial technical concepts (e.g., CORBA, JDBC, and security issues) that had to be considered for the setup of an online geomarketing service. The resulting working imp lementation is useful to identify the points of the system where additional work needs to be done in order to design a potentially commercial version of an online geomarketing service.The work presented in this paper leads to the following conclusions:• The billing of a geomarketing service by the provider is possible on a pay-per-use basis. In order to do this the service provider needs detailed information about theamount of data processed during a geomarketing task. This paper presented a wayof logging all the user interactions as well as information about the used data to adatabase. To be able to send the bill to the person or company that executes theanalysis task the provider needs registration information of each user trying toaccess the system.• It was shown that the involved data streams can be secured against possible attackers. For the purpose of the prototype implementation, standard mechanismswere introduced. These mechanisms can be considered as secure enough for acommercial version that has to secure expensive provider data.• The approach chosen for the developed implementation was adequate for this purpose. It helped to define the necessary components and data-flows step by step.For a beginner in functional programming with HASKELL it is hard to understand the completely different concepts to standard imperative programming languages.But the developed compact and easy-to-read code and its rapid prototypingcapabilities justify the time spent for learning this language.• Beside the formalization two other tools help to come to the final result. First, the set-up of a use case that helps to keep in mind for whom and what purpose thesystem is developed. Second, the design of a state machine (Figure 2) as a sub-model of the formal model. The state machine helped to visualize the interactionsequence and the information flow of an online geomarketing task. With the statemachine, it was easier to identify the weak points of the system.Geomarketing on a Pay-Per-Use Basis11 • Java as the language of choice for th e prototype was very useful. For web based applications there is no comparable programming tool that allows theimplementation of sophisticated user interfaces.• CORBA is very useful for the programming of distributed systems. For the programming of Java applets with CORBA support more work needs to be doneby the developers of web browsers, because so far it is necessary to download ahuge amount of ORB class files needed for the applet operation. When usingCORBA some additional security issues have to be considered.7. ReferencesBird, R., 1998: Introduction to Functional Programming using Haskell, Series in Computer Science, Prentice Hall, London.Booch, G.; Rumbaugh, J.; Jacobson, I., 1998: The Unified Modeling Language User Guide.Addison Wesley, Reading.GISMO, 1998: GISMO - Geomarketing Internet Service for SME using OpenGIS, ESPRIT Project 27436., 1999: Haskell - The Haskell Home Page, .Inprise, 1999: VisiBroker for Java - Programmers Guide Version 3.3. Inprise Corporation. Loeckx, J.; Ehrich, H.-D.; Wolf, M., 1996: Specification of Abstract Data Types. Wiley Teubner, Chichester.W3C, 1999: How secure is the encryption used by SSL?, /Security/faq/wwwsf7.html#Q58.Wenzl, P.G., 2000: A Technical Concept for Pay-per-Use in Geomarketing Services.GeoInfo Series, 17. Department of Geoinformation, Technical University Vienna, Vienna.WIGeoGIS, 1999: WIGeoGIS Homepage, http://www.wigeogis.at.。
