A possible sustainable growth of the financial sector due to the development of activity of credit unions is being examined in this paper. Moreover the analysis of contemporary credit unions conceptions and problems of management improvement are performed. In addition theoretical priorities for credibility and international capabilities of credit unions are presented. A sketch of some actual theories is being performed and methods for analysis of credit unions’ activities are particularly composed. following method of improvement of observational research was performed in this paper. In order to evaluate common tendencies of activities of the credit unions in the World and particularly in the European union the financial institutions’ legal regulations are specially surveyed. furthermore legal regulations of credit unions are analyzed in practice for local and international credit unions of Lithuania. The preliminary evaluation of the credit unions activity in the circumstances of contemporary waves of the financial crisis is presented. After examining available and possible theoretical and practical aspects the assumptions from the analyzed material are proposed. The article discusses the development of credit unions and the factors affecting the credit union managers approach to the credit union system development prospects. Despite an occurrence of the recent commercial banks global situation concerning the possible disappointment of consumers credit unions are one of the best institutions for further financial sustainability in the retail credit markets. An object of this research is credit unions and some other self-credit institutions. In addition the accumulated global information from the cooperative financial institutions is overviewed.

Sustainable Growth of the Financial Sector: the Case of Credit Unions

The globalization phenomenon has become a subject of research in scholastic literature. The impact of globalization is the subject of ongoing debate, which is based more on personal provisions than on objective evidence. A need arises to evaluate the process of globalization based not on a subjective view, but rather on empirical studies grounded in scientific reasoning. Scholars, attempting to add rationality to the discussion, use empirical data, namely indicators of globalization. Such empirical evidence would allow for a more objective assessment of the essence of the globalization process, its scope and impact on various social sectors. Quantitative assessment of globalization is a complex matter, since there is no generally accepted valuation methodology. Different quantitative indicators are used in the separate spheres of globalization: economic, cultural, social, and political. A need to measure the phenomenon of globalization as a whole, to establish an integrated set of indicators, presents itself. Attempts to assess the extent of globalization with one complex set of indicators are a new phenomenon, which has not been studied sufficiently. Attempting to measure and assess a country 's level of globalization, researchers use different sets of indicators and different methodologies. The extent of globalization in a state very often depends on the assessment methodology. The two most widely known and most freąuently analyzed globalization indices, which bring together indicator groups of different areas of globalization - economic, political, social and cultural, are the Kearney globalization index and the Dreher (KOF) globalization index. Kearney was the first to attempt to combine aspects such as personal contacts, technological and political integration together with measurements of economic globalization. The compilers of the index look for correlations between the globalization level of a state and economic, social, political and other characteristics of the country, but do not address the ąuestion of positive or negative effects of globalization. Dreher improved Kearney's index-creation methodology, expanding the number of indicators. Despite the fact that Kearney and KOF globalization indices are calculated by assessing the same - economic, political and social - aspects, the selection of different number of indicators, the different relative weight of the indicators, and different calculation methods lead to different results. The advantage of the KOF index is the ability to assess the impact of globalization on a country's development. In the Baltic countries, the globalization processes are intense, but their volume and tendencies, the influence of globalization  on  the  economic, social  and cultural development of the countries, and which ąuantitative assessment methods can be applied to measure the level of globalization are not known. The analysis, evaluation, and application of research and methodologies developed by foreign scholars would allow for an assessment of the volume and perspectives of globalization in the Baltic countries. The aim of the article: to assess the level of globalization and the tendencies of its changes in the Baltic countries using the methodology of the KOF globalization index. The creation methodology and collected data of the KOF index enable one to investigate and compare the overall level of globalization and the dynamics of the globalization level in individual sectors of the Baltic countries and to assess the level of globalization in Lithuania, Latvia and Estonia, in the context of all the countries in the world. The collection and processing of data needed to calculate the index takes a long time, so the globalization indices of separate countries of the world published by the compilers of the KOF index reflect three-year-old globalization levels. To assess the level of globalization in the Baltic countries in recent years, it is appropriate to examine the correlation between the globalization processes in Lithuania, Latvia and Estonia and the socio-economic indicators of the countries. Using data from previous periods of the KOF globalization index, having determined the correlations between the processes of globalization and different economic-social indicators, and with the help of regression techniąues, the future trends in the globalization level of Baltic countries can be foreseen. http://dx.doi.org/10.5755/j01.ee.22.1.219

/pdf/an-assessment-of-the-level-of-globalization-in-the-baltic-21er6ufdmd.pdf

An Assessment of the Level of Globalization in the Baltic States

Most scientific studies concentrate on factors that impact the choice of a certain strategy, and they seek to identify forces that stimulate standardization or adaptation. But the validity of the choice of standardization or adaptation strategy is determined by its potential to improve company performance (Samie & Roth, 1992). Jain (1989) states that suitability of an international marketing strategy is confirmed by the strategy's influence on the company performance - economic and strategic benefit, received due to implementation of the chosen strategy.Although the factor of company's performance should be one of the most important ones when making the strategic decision of standardization/adaptation, according to scientists, this issue has been researched empirically the least, and results of performed research works are contradictory (Katsikeas, Samiee & Theodosiou, 2006). Therefore, the link between standardization/adaptation of international marketing strategy and company performance remain a topical object of the scientific research.The problem in this article is formulated with the help of the following ąuestion: is there any link between standardization/adaptation decisions of international marketing strategy and company performance?The aim of the article is to develop a theoretical model of the link between standardization/ adaptation decisions of international marketing strategy and company performance and to test it empirically. Seeking to realize the set task, research was performed using methods of systematic and comparative analysis of scientific literature. Empirical verification of the theoretical model was performed using the case analysis method.Identified internal organisational and external environmental factors, which limit standardization/ adaptation decisions of international marketing strategy, are presented in the article based on the analysis of scientific literature. Reviewing research of this subject, causality direction is analyzed and the link between standardization/adaptation decisions of international marketing strategy and company performance is substantiated. The performed analysis of scientific literature has shown that the link between standardization/ adaption and company performance is reciprocal and complicated; possibly it is influenced by other forces, such as Porter's (1980) generic strategies.Based on literature analysis a theoretical model of the link between standardization/adaptation decisions of international marketing strategy and company performance was composed. The model encompasses external and internal antecedent factors that condition the decision to standardize or adapt and outcomes of standardization/ adaption as well as the influence of the generic strategy on the standardization/ adaptation decisions of international marketing strategy and company performance. The model reveals that company performance may be not only the outcome of standardization/adaptation decisions, but also an antecedent of these decisions. The generic strategies have a direct and indirect (acting through the international marketing strategy) impact on company performance.Analysis of the case of LENZE Group revealed that applied standardization/ adaptation and cost leadership/differentiation strategies when they are adjusted do complement each other and their strategic goals are not confronting. This partially negates theoretical assumptions that adaptation is compatible with the differentiation strategy, and standardization is compatible with cost leadership strategy, and this reveals that other combinations of strategic decisions are also possible, conditioning the improvement of company performance.http://dx.doi.org/10.5755/j01.ee.22.1.223

/pdf/the-link-between-standardization-adaptation-of-international-535xoo7yc8.pdf

The Link between Standardization/Adaptation of International Marketing Strategy and Company Performance

Such social networking sites as MySpace, Facebook, Cyworld, and Bebo since the moment of their introduction have attracted millions of users, many of whom have integrated these sites into their daily practices However none of these sites are equally popular across cultures This article provides overview of research which was carried out up to date in the area of cross-cultural issues in social networking sites and explains approach offered for further research in this area Approach is basically build on seven building blocks of social media (social networking sites is a part of social media) proposed by J H Kietzmann et al (2011) and individualism – collectivism dimension of cultural values proposed by G Hofstede (1980)

Cultural adaptation issues in social networking sites

Such social networking sites as MySpace, Facebook, Cyworld, and Bebo since the moment of their introduction have attracted millions of users, many of whom have integrated these sites into their daily practices. However none of these sites are equally popular across cultures. This article analyses research which was carried out up to date in the area of cross-cultural issues in social networking sites. Cross-cultural research about the use of social networking sites up to date mostly involves analysis of only one or few social networking sites, most often analysed audiences are universities and students, in many cases only few users of websites surveyed or observed per website and or country. Thus larger scalle research is needed to rearch significant results in area of evaluating cross-cultural isues in social networking sites across the world.

Overview of research on cross-cultural impact on social networking sites

Analysis of the change of marketing solutions in the process of internationalisation of a company reveals that the formation of marketing strategy in international markets is an evolutionary process and decisions made during that process differ based on the stage of international development of the company. As activities evolve, companies encounter a critical choice: to standardize or to adapt strategic marketing solutions. The use of competitive advantages acquired during unique multinational operations is the main success factor when forming a marketing strategy in the global market. Until now most research claimed that in order for a company to be successful in foreign markets, it should evaluate its marketing solutions and experience and to choose one

/pdf/standardization-adaptation-of-marketing-solutions-in-3hmltgr94c.pdf

Standardization/Adaptation of Marketing Solutions in Companies Operating in Foreign Markets: An Integrated Approach

Internacionalizacijos teorijų ribos GIMUSIŲ GLOBALIŲ ĮMONIŲ FENOMENAS

With the growth of international business integration and globalisation, internationalisation of company activities has become a necessity seeking to survive and develop own business regardless of company size, managed resources, and nature of activities. And although many companies still internationalise their activities slowly following the evolutionary trajectory of activity internationalisation, there are more and more dynamic companies that start their activities in foreign markets very quickly after their establishment. These new international companies, also called born global firms, are defined as small, technologically-oriented, entrepreneurial business organisations that seek to acquire a competitive advantage starting from their establishment acting in an international market, applying innovative business strategies, and thus acquiring the necessary resources for activities and selling their products in many countries. Up till now formation of marketing decisions in international markets has been assessed as a consistent evolutionary process when companies change marketing decisions depending on the stage of involvement in activities in foreign markets and set goals of activities in international markets. But evolving marketing decisions cannot be applied to all companies that are active in foreign markets, or they should be used with exceptions with regard to the particularity of the internationalisation process of these companies. Analysis of theoretical and empirical studies allows to state that companies that are involved in activities in international markets more actively apply adaptation of marketing decisions more often than their standardization. Standardization of marketing decisions for companies that get involved in activities in international markets quite slowly is one of the essential factors of their successful international activity. The research objective of this article is to assess differences of marketing decisions of traditional exporters and born global firms. Methods for the research – analysis and generalization of systematic academic literature and an empirical research (questionnaire survey) of marketing decisions of Lithuanian traditional exporters and born global firms Lithuanian exporting firms. Empirical research has revealed that the analysed Lithuanian born global firms, when compared with traditional exporters, adapt their marketing decision more often than they standardize them; born global firms seek for immediate communication with consumers in international markets more often, born global firms create new products or services for certain international markets more often than traditional exporters do, and they adapt price and promotion actions for international markets also more often than traditional exporters. Summarizing the results of the performed research of standardization/adaptation of marketing decisions of Lithuanian traditional exporters and born global firms it is possible to state that Lithuanian born global firms, when compared with traditional exporters, are more inclined to a more often adaptation of marketing decisions, which is determined by characteristics of born global firms and the process of involvement in activities in international markets. DOI: http://dx.doi.org/10.5755/j01.em.17.3.2130

/pdf/lyginamoji-lietuvos-gimusiu-globaliomis-imoniu-ir-tradiciniu-4cfvzl2xha.pdf

Lyginamoji lietuvos gimusių globaliomis įmonių ir tradicinių eksportuotojų marketingo sprendimų analizė

Antreprenerystės įtaka mažų ir vidutinių įmonių internacionalizacijai

/pdf/marketingo-sprendimu-standartizacija-ir-adaptacija-imoniu-1eog6csevx.pdf

Monika Alimienė

Papers

Standardization/Adaptation of Marketing Solutions in Companies Operating in Foreign Markets: An Integrated Approach

Internacionalizacijos teorijų ribos GIMUSIŲ GLOBALIŲ ĮMONIŲ FENOMENAS

Lyginamoji lietuvos gimusių globaliomis įmonių ir tradicinių eksportuotojų marketingo sprendimų analizė

Antreprenerystės įtaka mažų ir vidutinių įmonių internacionalizacijai

Marketingo sprendimų standartizacija ir adaptacija įmonių veiklos internacionalizacijos kontekste