The desire to know the future is as old as humanity. For the tourism industry the demand for accurate foretelling of the future course of events is a task that consumes considerable energy and is of great significance to investors. This paper examines the issue of forecasting by comparing...

This article assesses the usefulness of transaction cost economics when we view economic organizations, such as firms as complex adaptive systems. Modern complexity science is a radically different in orientation to neoclassical economics, which deals with decision making in contexts that are...

Purpose: This paper is based on the proposition that the choice of marketing tactics is determined, or at leastsignificantly influenced, by the nature of the company’s external environment. It aims to illustrate the type of marketingmix tactics that are suggested for a complex and turbulent...

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Research paper

Word-of-mouth advertising involves activities to encourage consumers to talk about a product or company to friends and neighbours, setting in motion a chain of communication that could spread through a whole market. Each activity, itself small and relatively unimportant, could escalate through...