A Marketing Approach to Commodity Futures Exchanges: A Case Study of the Dutch Hog Industry
提出用营销战略优化商品期货交易所的套期保值服务，以荷兰养猪期货市场为例，通过分析418户农民数据，发现市场导向、感知绩效等变量是区分是否参与期货交易的关键。
This paper proposes a marketing strategic approach to commodity futures exchanges to optimise the (hedging) services offered. First, the environment of commodity futures exchanges is examined. Second, the threats and opportunities of commodity futures exchanges are analysed. Our analysis demonstrates that market orientation is an important element in the market strategies of commodity futures exchanges. Our market strategic framework is applied to the Dutch hog futures market. It is concluded that market penetration is an appropriate strategy. Consequently, to identify the variables that distinguish between farmers who initiate futures positions and farmers who do not, we conducted a discriminant analysis on data gathered from 418 Dutch hog farmers. The discriminant analysis shows that latent variables, such as farmers' perceived performance, farmers' reference price and farmers' market orientation, are important discriminating variables. Furthermore, farmers' cash market behaviour (in terms of the frequency of selling in the spot market) is an important discriminating variable as well. The usefulness of these results as input for a penetration policy is demonstrated.