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A study of product strategy priorities at the small enterprises of the North-Alföld Region
Published June 5, 2009

Through a non-representative sample of the small enterprises of the North-Alföld Region, this paper studies the product strategic priorities enabling us to make a detailed typology of small
enterprises. According to the relevant technical literature, the types of small enterprises have typical strategic priorities. Obviously, each group can... be characterised with certain strategic
priorities, which are sharply distinct from each other. These priority features are shown in the form of characteristic features in the enterprise’s marketing activities, market behaviour (product policy, innovation attitude, technology, price policy). This paper studies the enterprises of the sample through the role of production technology, material quality, low price and branding endeavours affecting product positioning.

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Situation of small and middle sized enterprises in Northern Great Plain Region
Published July 18, 2012

Most of the enterprises operating in Hungary belong to the group of small and medium enterprises (SMEs) which means that their total number of staff is less than 250. The aim of the study is to examine SMEs operating within the North Great Plain region. It provides a short summary of the general characteristics of the region, the situation and ...significance of SMEs based on the data 2009 and it also clarifies the relevant definitions. The data shows that the enterprise type that is most characteristic in the the region is joint venture (the most popular type is Ltd). It can be laid down as a fact that the number of micro and sole entrepreneurs is also significant in the area. It is also clear that the majority of small enterprises deals
with commerce, while most of the medium enterprises are involved in industry (processing industry). As a continuation of the examination, size of investments, influx of foreign capital, ratio of employed people and grant opportunities are also to be evaluated since these factors influence the operation of enterprises as well. 

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Accounting Information Systems in the Decisions Support of Enterprises
Published May 11, 2003

In the information society we are living in the whirl of information but this doesn’t mean that we are in full possession of information for our present decisions. We gain the information at time in insufficiently detailed another time in too detailed form, and the information were gained from different sources may be contradictory. The actor...s of market recognize the power of information but – as in the case of other-type resource utilization – the preparation of this information-power needs more or less investment. Greater part of the small and medium-size agricultural enterprises haven’t tool at all to gain the economical information. After the EU-connection if one of these enterprises will apply for financial support it needs supply continuous and detailed data about own activity for European Community. The main question that can exist exact data-supply without appropriate computerized background. On the other hand if an enterprise has information system it will have the market-goods on the others which don’t have such an investment.

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Managing risk using real options in company’s valuation
Published April 8, 2014

The valuation of company is very important because provides information about the current value/situation of company, and through this, provide the opportunity of choosing the best company’s growth alternatives. The future strategic decisions are characterized by lack of knowledge, information, so all measures of company’s growth are closel...y linked with uncertainty and risk. The company’s valuation process is also related with uncertainty and risk. The risk may result both from the assessed assets and the technique used. In literature, we could find three approaches for risk management: capital budgeting based method, methods based on portfolio analysis and real options approach of risk management. Among them, the real options based methods is the most revolutionary approach for risk management. The advantages of the method, consists in the fact, that the process of establishing strategic decisions integrates the possibility of reversibility, delay and rejections, which isn’t it possible at two previous methods. The method also takes into account the total risk of company, so both the company-specific and systematic risk. In this study, I have used one of the best-known real option based method, the Black-Scholes model, for determining the option’s value. Determination of option value is based on the data of enterprise, which was tested Monte Carlo simulation. One of the basic assumptions of the Black-Scholes model is that the value of option is influenced by several factors. The sensitivity of option’s value could be carried out with so-called “Greeks”.. In the study the sensitivity analysis, was carried out with indicators Delta (Δ), Gamma (Γ) and Vega (ν). The real options based risk management determinations were performed in the R-statistics software system, and the used modules are 'fPortofio' and 'mc2d'. By using of real options method, I have calculated the average value of company capital equal with 38.79 million. By using simulation was carried out 1000 runs. The results of this show a relatively low standard deviation, small interquartile range and normal distribution. In the calculation of indicator Delta, could be concluded the value of company moves in 0.831 proportion to the price of options, the standard deviations of index is low, so the real option based method could be used with success in company’s value estimation. The Gamma index shows the enterprise value is sensitive just for large changes. The result of Vega reflects the value of option, so the company’s value volatility, which is small in this case, but this means a volatility of value. In summary, we can conclude that the call options pricing model, well suited for the determination of company’s value.

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