Rok 2014 (ročník 17)

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Benefits and risks of self-financing of NGOs: empirical evidence from the Czech Republic, Slovakia and Austria
(Technická Univerzita v Liberci, ) Vaceková, Gabriela; Svidroňová, Mária; Ekonomická fakulta
Self-financing of non-government organizations is a highly discussed topic in the theory and practice of non-government organizations (NGOs). In the presented paper we respond to the current theoretical and practical questions associated with self-financing in the context of an effort to achieve financial independence and thus a long-term stability of NGOs. Our intention is to present and interpret the results of the analysis of primary research of funding the NGOs in the Slovak Republic and Austria and preliminary results of a pilot pre-research in the Czech Republic. Based on the historical development of these countries, especially the development of the non-profit sector within the conditions of every country and on the relevant empirical findings we assess and compare the current extent and potential of self-financing in the selected countries (including the extent of other sources of funding). We point out the benefits and risks connected to the examined issue and try to show that self-financing of NGOs must be understood in a broader context than just a "business" or a commercial activity and that it can be in compliance with the core work. Furthermore we explore the effect of self-financing on the principle of non-distribution-constraint of NGOs and we try to point out that self-financing can be in compliance also with this principle. By presenting these conclusions we fulfil the scientific goal of the paper, which is to identify particular benefits and risks of self-financing of NGOs based on relevant empirical findings from the Czech Republic, the Slovak Republic and Austria.
Does economic interventionism help strategic industries? Evidence from Europe
(Technická Univerzita v Liberci, ) Maček, Anita; Ovin, Rasto; Ekonomická fakulta
Although most studies proves that Cross-Border Mergers and Acquisitions (C-B M&A) cause more benefits than threats, the real economic policy in the EU countries offsets the fear that liberalization of inward C-B M&A would endanger economic position of strategic industries and thus national economic goals. After the adoption of EU Directive 2004/25/EC on Takeover Bids the era of fast growth of inward C-B M&A in the EU and consequently the era of rising interventionism so as to protect national strategic industries and companies has started. Additional stimulus for the European Union’s (EU) most developed economies to exercise interventionism was financial and economic crisis starting in 2008. Considering high ranking of employment goals and state-supported social cohesion in continental Europe, it is not surprise that interventionist reactions came from ruling parties and coalitions regardless their political orientation. By the help of the results of their 2009 empirical study on C-B M&A authors tested the relation between the results referring to C-B M&A effects on strategic sectors and the Heritage Foundation Index of Investment Freedom. With combining the results from 2009 study with Index of Investment Freedom from 2009 and in the second equation with index from 2014 authors checked if strategic sectors benefit from incoming C-B M&A when subject to the previous market oriented industrial policy. Both estimated equations proves that unlike with sheltering economic policy, when subject to market conform measures of industrial policy, strategic sectors will benefit from inward C-B M&A. By proving the statistical significant relationship between the results from 2009 study and Index from 2014 authors also proved the statistical and analytical quality of the equation from 2009. By proving statistical significance of the second equation we proved that the judgement of the academic community could be considered relevant also after five years following the real experience as basis of their judgement.
The competitive environment among companies in the Czech part of Euroregion Neisse-Nisa-Nysa
(Technická Univerzita v Liberci, ) Dědková, Jaroslava; Blažková, Klára; Ekonomická fakulta
The paper concentrates on the characteristics of the competitive environment in the Czech part of Euroregion Nisa and a constituent part of the outcome of a specific research project at the Faculty of Economics at the Technical University in Liberec. It can be assumed that a company that wants to succeed on the market must use its competitive advantage and develop its competitiveness. This is based on the ability to respond quickly and correctly to the requirements of customers and competing companies. Competitiveness means a company generating competitive advantages faster than its competitors. The authors look at the question of which competitive advantages exist among the companies in ERN, what is important to companies and what relationship there is between competitive advantages and the competitive strategies used. The introduction to the paper presents methodological approaches to the topics of competitive strategies and the competitive environment from the perspective of experts on the matter. The main aim of the paper is to identify and characterise the competitive environment of companies in the Czech part of Euroregion Nisa based on an evaluation of data from primary questioning. The authors of the paper deal with the issue of the main competitive strategies that companies now use and in what lies their competitive advantage. Results and discussion are found in an evaluation of primary research undertaken among 170 companies in the Czech part of Euroregion Nisa. A detailed investigation confirmed that competitive advantage and competitive strategies need to be understood as multi-dimensional and multi-factored. There are several “key” types of competitive advantage, their number and order of importance depending on many circumstances; for example a company's sphere of activity, the area of business activity, the size of the company, the requirements of owners and customers, the priorities of management and so on. Each industry uses its own competitive advantage differently and the decisive factor is succeeding with customers. It can be contended that successful companies need to produce differentiated products at low cost and need to be flexible.
Manager's assessment of organizational culture
(Technická Univerzita v Liberci, ) Babinková, Zuzana; Melović, Boban; Milisavljević, Stevan; Grubić-Nešić, Leposava; Mitrović, Slavica; Ekonomická fakulta
This paper analyzes the dimension of organizational culture assessment by managers, in order to diagnose the results of the research directions of changes in management that contributed to the successful functioning of the organization. The research encompassed 168 managers within 8 companies of different structure and ownership type. A Pareek questionnaire was used to measure the dimensions of corporate culture. The managers have expressed their opinions on different corporate culture dimensions on a 4-level scale. In particular, the following were considered: openness, confrontation, trust, authenticity, proactivity, autonomy, cooperation and attitude towards experimenting. Determining dominant corporate culture dimensions has primarily a purpose of identifying: the current state of value dimensions of culture, differences between opinions of managers in public sector versus those in production companies, differences between opinions pertinent to different managerial levels, and opinions about possible impact of certain dimensions of corporate culture on behavior of employees within the companies encompassed in the study. Survey results indicate a clear difference in the assessment of organizational culture in relation to the level of managers, types of organizations (manufacturing or service) and ownership status of the organization (public or private). Higher levels of management rate higher the majority of dimensions of organizational culture as compared to the lower levels of management. Managers of manufacturing industrial systems rate higher the dimensions of organizational culture in comparison with the managers of the service sector. Managers, as bearers of the culture, can contribute to establishment of desired cultural values that will promote the development of organization. In the long turbulent transition period that Serbia has been going through – and which has a negative impact on business performance of the companies – it is vital to determine the difference between the existing values and those desired that would contribute to the fastest development of the companies.
Market orientation and strategic behaviour at high-tech companies
(Technická Univerzita v Liberci, ) Kaňovská, Lucie; Tomášková, Eva; Ekonomická fakulta
The paper is focused on market orientation with a special emphasis on strategic behaviour at high–tech companies in the Czech Republic. Market orientation is based on marketing conception and is described by many researchers as a method that helps to contribute to the better management of a company. The perception of the implementation of market orientation is evolving. However, the main principle is still the same – market orientation has a positive impact on business performance. Nowadays, a lot of authors deal with the implementation of market orientation. From this reason, we have undertaken research entitled: “Research on implementation on market orientation in Hi-Tech Firms” (GA 402/07/1493). The paper deals with market orientation and strategic behavior at hi-tech firms. The objective of the paper is to assess relationships between market orientation and strategic behaviour at high-tech companies. The data was acquired via a New Method questionnaire, which measured market orientation in a company. The New Method questionnaire, containing a 7-point Likert scale created by Tomaskova [54] was used for the research. The complete database was analyzed by using standard statistical methods (correlation analysis, Spearman correlation coefficient, chi-square) as well as other sophisticated techniques (Cronbach alpha). The main results of the research show that the level of market orientation at hi-tech firms in the Czech Republic is high and confirms the importance of obtaining information and using this information inside the company for market orientation. The main results of the research findings show that market orientation has a significant influence on strategic behaviour. It is possible to say that strategic behaviour is a part of market orientation. This strategic behaviour can be divided into two parts: Firstly gaining information for strategic company decision-making and, secondly, ways of using the information obtained in a company. Both these parts have a significant influence on business performance.
Právo európskej únie
(Technická Univerzita v Liberci, ) Pauličková, Alena; Ekonomická fakulta
Právo európskej únie
Vybrané aspekty efektívnosti sovenského zdravotníctva jednodňová zdravotná starostlivosť a jej rozvoj v podmienkach Slovenskej Republiky
(Technická Univerzita v Liberci, ) Šikula, Milan; Ekonomická fakulta
Vybrané aspekty efektívnosti sovenského zdravotníctva jednodňová zdravotná starostlivosť a jej rozvoj v podmienkach Slovenskej Republiky
Faktory ovlivňující kupní chování spotřebitelů a jejich význam pro podniky
(Technická Univerzita v Liberci, ) Novotný, Josef; Duspiva, Pavel; Ekonomická fakulta
The article reports the results of research consumers’ behavior and preferences when buying housing supplements, household equipment and preparation of new processed models which identifies the key factors influencing the purchasing behavior of consumers. Nowadays, the purchasing behavior of consumers is a topical problem on market due to frequent changes in society which have a substantial impact on the purchasing behavior, such as economic conditions, demographic trends, the influence of minorities, globalization or climate changes in the world. Therefore, a questionnaire survey was performed through research of consumers according to segmentation criteria divided into eight segments and that was aimed on selected factors having a topical influence on consumers. Based on the results of the research was drawn a model of identical and nonidentical factors influencing purchase consumers’ behavior and the model cobwebs. Both models forms basis for management decision-making enterprise in business policy. Subsequently, research was performed in enterprises whose business activities are aimed on home furnishings and household equipment. Research observed verification of test hypotheses concerning the marketing activities of enterprises and the possibility of using models. The proposed models allow enterprises more efficient decision-making during product innovation, specialization in business policy and marketing activities. The enterprises that do not consistently pay attention to purchasing behavior of consumers with using of factors that are influencing consumers´ purchasing behavior, they may lose competitiveness, market position and customers.
Sequence determining of construction of the offshore wind farm construction applying permutation method
(Technická Univerzita v Liberci, ) Bagočius, Vygantas; Zavadskas, Edmundas Kazimieras; Turskis, Zenonas; Ekonomická fakulta
Ranking of work or feasible investments is one of high-importance keys for successful economic development. The share of renewable energy sources in the Lithuanian primary energy supply is on the lowest among EU. Only bio fuel, hydro and wind power can be considered as potential renewable energy sources in Lithuania at present time. Wind energy generation mature technology and comparatively low cost make it promising as an important primary energy source in the nearest future. The aim of this paper is to determine the sequence for the wind turbine construction in the waters of Lithuania. The key criteria set for was determined for the problem solution: area of the territory, water depth, distance to shore, average wind velocity, max power on the area, amount of energy per year, investments and CO2. AHP method is used to estimate criteria weights. The problem was solved applying multi-attribute permutation method. This method allows dealing with qualitative and quantitative as well as with linguistic (verbal) data.
Identification and prioritization of key stakeholder groups in marketing communication of colleges
(Technická Univerzita v Liberci, ) Slabá, Marie; Štarchoň, Peter; Jáč, Ivan; Ekonomická fakulta
This paper shows the possibility of using the Stakeholder Circle Methodology for the identification and prioritization of key stakeholder groups for the purpose of marketing communication in colleges. At the beginning, we emphasize the necessity of the use of marketing communications in the context of the changing market situation of tertiary education in the Czech and Slovak Republics, then we present basic steps of the Stakeholder Circle Methodology and methodology of the research. The selected research results are compared and subjective priorities are assigned based on professional judgment and, at the end, objective priorities are identified by Stakeholder index and subsequently key stakeholder groups are identified. Particular individual departments, faculty and staff, the media, potential and present students, and marketing and public relations departments belong among the most important target groups of stakeholders in marketing communication of universities. Based on the research results, the importance of internal communication has to be supported by universities’ marketing communication, followed by media relations forward to increasing a positive image and goodwill.
The effects of co-brand marketing mix strategies on customer satisfaction, trust, and loyalty for medium and small traders and manufacturers
(Technická Univerzita v Liberci, ) Kim, Ki-Pyeong; Kim, Yoo-Oh; Lee, Min-Kweon; Youn, Myoung-Kil; Ekonomická fakulta
Due to Korea’s recent economic depression, polarised consumption, and intensifying competition, its medium and small traders and manufacturers find it increasingly difficult to compete for sales in the domestic and foreign markets. The reality is that their survival is being threatened by the weakness of their brand power compared to that of large businesses and global enterprises. As the brand has become a key method for identifying products and guaranteeing quality owing to the spread of the Internet, the position of medium and small traders and manufacturers with relatively weak brand power has become tenuous. Accordingly, securing the brand marketing function is becoming a crucial factor for those medium and small traders and manufacturers who wish to leap into the middle ranks through sales increases and business stabilization achieved by market extension. Therefore, this study presents a model that clarifies the effect of the Co-Brand Marketing Mix Strategy when used by medium and small traders and manufacturers on customer satisfaction and loyalty and offers hypotheses to clarify the relationship among variables by examining previous studies on co-brand, the Marketing Mix Strategy, customer satisfaction, trust, and loyalty. The fact that customer satisfaction increases loyalty, thus triggering repurchase intentions and recommendation intentions, will also be verified. This paper is, therefore, clearly different from existing studies targeting large, medium, and small businesses since it focuses on medium and small traders and manufacturers. The significance of this study is in its assertion that the co-brand strategy can become a method for medium and small traders and manufacturers to secure their competitiveness.
The implementation of internal communication system as a way to company efficiency
(Technická Univerzita v Liberci, ) Holá, Jana; Pikhart, Marcel; Ekonomická fakulta
The paper focuses on the management of internal communication inasmuch it can influence company efficiency and competitiveness in the current global business market. The implementation of internal communication strategies can be a way to enhance company efficiency and it can also increase and support engagement of employees in everyday company operations and connect the employees expectations and increase their morale. On the other hand, inefficient communication is a stress factor paralysing the key functions in a company structure and its strategy. The conducted research has proved the crucial role of internal communication in producing superior financial results and the implementation of internal communication into strategic management is considered to be a necessary condition for efficient internal communication in any company operating in the global market. The implementation of internal communication into strategic management of the company means accepting the importance of staff as communicators and partners and thus seeing them as the most important asset for the company. The conducted research carried out in 252 companies operating in the Czech market has shown that strategic and systematic internal communication is important for the company profitability and its competitiveness. Small companies do not focus on internal communication as such and solve the communication issues intuitively and ad hoc, however, it is important to set certain strategies of internal communication into a company management so that the problems of insufficient communication are eliminated as much as possible. The research has proved that in the companies which systematically manage their internal communication the efficiency evaluation of the internal communication is significantly higher than in the ones which do not manage their internal communication systematically, and in the companies which include internal communication in their strategic management the evaluation of efficiency of internal communication is significantly higher than in other companies.
Scenarios and their application in strategic planning
(Technická Univerzita v Liberci, ) Fotr, Jiří; Špaček, Miroslav; Souček, Ivan; Vacík, Emil; Ekonomická fakulta
The article deals with the concept of scenario planning. Scenarios, as opposed to usual prediction methods, are focused on the identification of discontinuities in the development and help the organization cope with sudden changes and noticeably contribute to its survival. Contemporary methods of scenarios construction work on need to ensure flexibility of the strategic plan and get the firm ready for a quick reaction when set trigger points specifying the corresponding scenario come to pass. Processing of business environment information, known as Business Intelligence, becomes necessity. Based on the methodological platform, it describes in detail the stepwise process of scenario construction. The very process of scenario elaboration goes through six basic steps, Identification of risk factors and determination of their importance; Selection of key risks which, according to the company’s opinion, fundamentally influence fulfilment of strategic goals; Formulation of basic scenarios and testing their consistency; Determination of probability of scenarios occurrence and Performing a “gap analysis” for the sake of determining the extent of strategic goals fulfilment. There are various types of scenarios which might be respected due to the development of entrepreneurial environment introduced and discussed. Respecting the indicated risk factors and their influence on key risks of the financial plan, the spread of scenarios is being drafted. It is typical of business practice to work with 3–4 scenarios. Besides determining the impact of a risk on the firm’s performance (the rate of fulfilling set strategic goals), the probability assessment of each scenario is also necessary. Outputs from constructed scenarios are to be worked up into a particular strategic option, which may be used as a qualified base for the strategic decision-making process.The practical application shows how the methodology used raises flexibility in strategic planning of the firm.
Identifying key success factors for international joint ventures in China: a foreign parent perspective from finnish firms
(Technická Univerzita v Liberci, ) Zheng, Xiaosong; Larimo, Jorma; Ekonomická fakulta
International Joint Venture (IJV) has been one of the main foreign market entry approaches in the last decade and this is particularly true for entry to the huge Chinese market. Although IJVs have been a very commonly used entry form many studies have indicated that the IJVs have not reached the goals set for them or they have clearly failed. Recently there has been also a growing interest to examine the performance and determinants of successful IJVs in China from major developed countries. The studies have so far mainly focused on IJVs where the foreign partners are either from Asian countries or from big western economies like from the USA whereas research focused on IJVs established by firms from small developed European economies like from various Nordic countries has been extremely limited. This paper tries to shed some light on this gap by analyzing the performance and key success factors of Finnish-Chinese IJVs from a Finnish parent perspective. In the paper a conceptual model to examine key IJV performance determinants is first built up and then we apply this model in the analysis of a few Finnish-Chinese IJVs. The results of the study show that IJV performance depends on the measure of the performance. Focusing on management evaluation of performance the FDI experience and timing of entry are found to be the key success factors at IJV formation stage while partner commitment is the key success factor at IJV operation stage. At the end of the paper, conclusions are made and limitations are discussed together with an outline of future research directions.
Impacts of selected NACE industries´ foreign ownership on the czech economy
(Technická Univerzita v Liberci, ) Roubíčková, Michaela; Heryán, Tomáš; Ekonomická fakulta
The aim of the current paper was to estimate whether the Czech companies’ equity increasing and returns on equity’s development have an impact on GDP’s development in selected Czech business sectors. Contribution of our study to foreign direct investment and firm performance the matters is using quarterly frequency data to examine relationship between foreign ownership and quarterly economic growth in selected NACE business sectors. Hanoušek et al. [9] argue that Foreign Direct Investments (FDI) have some several impacts at the Czech microeconomic level. We argue then, it could be interesting to compare domestic and foreign ownership with weighted GDP growth rate in the Czech Republic. If foreign equity in the country and rentability of foreign owned companies affect GDP more than rentability of domestic companies, foreign ownership is more efficient for the Czech economy. From our point of view, microeconomic data in pooled sample could influence macroeconomy of the country. It motivates recent study. We are estimating panel regression models with cross section weights. Our endogenous variable is weighted GDP growth rate in pooled data of all our selected business industries. Our exogenous variables are average equity growth rate and growth rate of return on equity (ROE), both in pooled sample of selected Czech industries. This study proved positive impacts of foreign ownership on GDP in the Czech Republic. Foreign-owned companies have a positive impact on GDP growth rate through both increase in equity and increase of ROE of Czech firms. In the case of domestic-owned firms the positive impact of ROE change was not demonstrated.
The costs and reimbursements for lung cancer treatment among selected health care providers in the Czech Republic
(Technická Univerzita v Liberci, ) Šimrová, Jana; Barták, Miroslav; Vojtíšek, Radovan; Rogalewicz, Vladimír; Ekonomická fakulta
The objective of the article is to objectivise and assess the costs for the lung cancer therapy from the payer’s (health insurance company) and the healthcare provider’s (hospital) perspective based on information available from several large hospitals and specialised centres. No comprehensive assessment of costs related to the treatment of lung cancers at all stages has been published in the Czech Republic to-date. The results in this study are calculated based on diagnostic and therapeutic algorithms, i.e. process maps. These, in turn, are derived from the recommended therapeutic procedures issued by the Masaryk Institute of Oncology, the University Hospital in Hradec Králové and the University Hospital in Plzeň. In total, the costs and reimbursements were calculated for 32 utilized algorithms, i.e. process maps. The costs for therapeutic processes account for 22 results, while 10 results correspond to diagnostic processes. Both direct and indirect costs were included in individual calculations. The calculations imply that treatment costs significantly differ depending on the selected diagnostic and therapeutic procedure. It becomes apparent that the setting of the reimbursement system presently generates different stimuli for providers, who may reach both positive and negative balances. This fact, in turn, may have an effect on the economic result leading, in its consequence, to the preference of more suitable alternatives in terms of reimbursement regardless of the optimum procedures for the particular patient. This fact is, to a certain extent, reflected by the reimbursements calculated by means of the DRG system. The given algorithms may potentially be used by health care providers to reach working costs, which will allow accurate calculations for particular hospitals.
Media portrayals of regions in the Czech Republic: selected issues
(Technická Univerzita v Liberci, ) Sucháček, Jan; Seďa, Petr; Friedrich, Václav; Koutský, Jaroslav; Ekonomická fakulta
Amount of information provided by media is growing virtually every day. Surprisingly, attention devoted to the spatial implications of media information is far from sufficient. Existing researches bring ample evidence that TV coverage embodies media agenda in a satisfactory manner as it has rather profound impact on the public on the one hand and is representative enough on the other. Our paper deals with TV news reporting related to NUTS III regions in the Czech Republic. The main perspective adopted in this article is a qualitative one, which facilitates the evaluation of TV news contents. We are deliberately focusing on national TV broadcasting, which is the most influential one. Individual contributions we evaluate appeared in the framework of news reporting in public Czech TV and private Nova and Prima. In spite of severe limitations in media data, our paper covers the period between the years 2004 and 2011, which helps to underpin our conclusions in a sufficient way. Contributions, which are related to individual NUTS III regions and resonate at the national level, constitute the focal point of our research. TV reflection of material reality is of intangible character; nonetheless similarly to material categories, one can identify spatial as well as thematic differentiation and even patterns also in the sphere of TV news reporting. There are only little doubts that media landscape and closely associated mental maps have been largely underestimated so far. Thus, these topics represent one of pivotal theoretical and practical challenges in the field of spatial sciences, which holds true for post-transition country even more.
The Analysis of the creative industry linked in connection with the economic development
(Technická Univerzita v Liberci, ) Kloudová, Jitka; Chwaszcz, Ondřej; Ekonomická fakulta
The paper analyses the development of the creative industries in the Czech Republic during the years 1990–2010. The specification of creative industries is undertaken on the basis of the concept of creative economy and is based on the basic classification of the economic activities (NACE). This classification is used by most of the European statistic offices. The study is analyses the development of creative industries in relation to the basic economic indicators (production, employment, net income and export). Each analyzed parameter proves a faster development than the overall average indicators. Production of the creative industries, which increased in the period 2005/2010 by 30% compared to 22% of the national average, is used as an example. Such results demonstrate the positive impact of creative industries to the economy. A similar effect has been demonstrated for other analyzed indicators. Employment in the creative industries has risen also very rapidly over the time. Moreover, the incomes in this industry are higher compared to the average. This leads to the stronger demand and in addition, it ensures higher payments to government budgets. Furthermore, the study analyses the impact of creative industries in every region of the Czech Republic. For this purpose, the Creative Industries Index (CII) was created. Its design is based on the share of creative industries in total production and at the same time it is based on the proportion of employees working in the creative industry in comparison to the total labor force. As a next step, the study uses correlation analysis to establish the link between CII and selected macroeconomic indicators (GDP, vacancies, and incomes). In each case, the positive and high level degree of correlation was found. As a result, this study confirms the significant contribution of creative industries that help to maintain and develop a regional competitiveness.
The numerical example for evaluating the criteria describing the quality of the trip by international train
(Technická Univerzita v Liberci, ) Sivilevičius, Henrikas; Maskeliūnaitė, Lijana; Ekonomická fakulta
The paper aims to determine the quality of the trip by train, which depends on the number of factors described by four groups of criteria. Each group includes individual criteria. The weight of the criteria of each group describing the quality of the trip by train is different. It is determined by using Kendall’s rank correlation method. The normalized weights of sixteen criteria of the group A, describing the elements of the train and the state of the railway track, are found based on the analytic hierarchy process (AHP) method. They are used in the original additive mathematical model, allowing the quality of the trip by train to be expressed by a single value – the multiple criteria index. The weight of each criterion is multiplied by its dimensionless variable calculated by comparing the real criterion value to its best, worst or allowable (standard) value. The validity of the developed mathematical model is checked by using the data on the technical state of the elements of the international train ‘Vilnius-Moscow’ and the railway track obtained on the territory of Lithuania.
Strategy and strategic management concepts: are they recognised by management students?
(Technická Univerzita v Liberci, ) Ferreira, João J.; Raposo, Mário L.; Mainardes, Emerson Wagner; Ekonomická fakulta
The purpose of this paper is to assess the acquired knowledge of university management students on strategy and strategic management concepts. Phenomenography was used in the analysis and a collective description was conducted. A sample of students taking management degrees at five universities was adopted. Following data analysis, a model explaining our definition of students is presented. This definition was compared with the existing literature. Our findings do not indicate a single, predominant concept but reflect a diverse set of existing concepts. We conclude that students do present difficulties when it comes to explaining their theoretical definition in real situations applied to organizations. The results contribute towards a better understanding of the universities surveyed, but cannot be generalized. Thus, we recommend future studies replicate this research project at other Higher Education Institutions and confirm the factors making up the construction of the definition of strategy from the perspective of future managers. Given that topics relating to strategy and strategic management are highly relevant to organizations today, it is of similar great importance to identifying just what future managers perceive about these issues. Our model explains the definition of strategy in the vision of young managers about to enter the market. A balance between the current schools of thought on strategy and an approach to the reality of enterprises are presented as challenges for both teachers and researchers in this field.

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