SSE/EFI Working Paper Series in Business Administration,
Stockholm School of Economics

Abstract: The transition process of the formerly socialist economies of Eastern Europe dates back more than a decade. Whereas a few countries now entering the European Union experience significant progress some others, most notably the former CIS-countries including Russia, lag behind. Despite the central role of its subject matters for such market development, marketing has conceded ground to economics concerning the understanding of transition economies. This paper attempts to provide a remedy in this regard by presenting the results of a study undertaken in the retail banking sector in Saint Petersburg. Central to the argument is the idea that by looking into both horizontal and vertical market features, here competition and consumer loyalty, marketing provides an analysis where patterns appear which are not evident in conventional neoclassical scrutiny.

Keywords: transition economy; market construct; competition; consumer loyalty

40 pages, September 3, 2004

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