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Social Media Marketing: A Literature Review and Implications: IMPLICATIONS

OF SOCIAL MEDIA MARKETING

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DOI: 10.1002/mar.20936

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Social Media Marketing: A Literature
Review and Implications
Helena Alves
University of Beira Interior and NECE

Cristina Fernandes
Polytechnic Institute of Castelo Branco and NECE

Mário Raposo
University of Beira Interior and NECE

ABSTRACT

This study carries out content analysis and systemizes articles on social media marketing in the Web
of Science database. Forty-four studies were analyzed in accordance with a variation on the
systematic review approach, involving synthesis- and interpretation-based assessment. The results
demonstrate how most of the studies analyzed focus on the consumer perspective in terms of usage,
share, and influence of social media on consumer decisions, and perceptions. The studies focusing on
the firm’s perspective centered not only on the usage of social media, but also on their
implementation, optimization, and measurement of results. The majority of studies are quantitative
and published in recent years. This study not only reached certain conclusions for both theory and
practice, but also defined future lines of research according to the gaps detected by the study’s
results. © 2016 Wiley Periodicals, Inc.

The emergence of new information and communication
technologies, particularly the Internet and social net-
works, has changed market dynamics, threatening the
competitive positions of firms (Porter, 2001) and in-
creasing the power of consumers (Urban, 2005).
The Internet- and online-based social media have
changed consumer consumption habits by providing
consumers with new ways of looking for, assess-
ing, choosing, and buying goods and services (Albors,
Ramos, & Hervas, 2008). These developments influ-
ence how marketers operate and affect marketing prac-
tices in terms of both strategy and tactics by present-
ing marketers with new challenges and difficult choices
(Thomas, 2007).
We understand social media as including all
Internet-based technological applications, in accor-
dance with the principles of Web 2.0 and providing
the creation and exchange of user-generated content,
while also facilitating interaction and collaboration be-
tween participants (Kaplan & Haenlein, 2010). Such
applications also include blogs and microblogs (such as
Twitter), social networking sites (such as MySpace and
Facebook), virtual worlds (such as Second Life), collab-
orative projects (such as Wikipedia), content commu-
nity sites (e.g., YouTube, Flickr), and sites dedicated
to feedback (e.g. online forums; Chan & Guillet, 2011;
Mangold & Faulds, 2009).
According to Mangold and Faulds (2009), social me-
dia enables firms to communicate with their customers
and also allows customers to communicate with each
other. Communications between firms and their cus-
tomers help build brand loyalty beyond traditional
methods (Jackson, 2011; Kaplan & Haenlein, 2010),
which concede to the promotion of products and ser-
vices as well as the setting up of online communi-
ties of brand followers (Kaplan & Haenlein, 2010).
Furthermore, conversations between customers pro-
vide firms with new means of increasing brand aware-
ness, brand recognition, and brand recall (Gunelius,
2011).
Researchers such as Castronovo and Huang (2012)
maintain that marketing strategies involving market-
ing intelligence, promotions, public relations, product
and customer management, and marketing communi-
cations should begin exploring and leveraging social
media, not only because there is a growing interest
among consumers in Internet usage, but also due to
the fact that consumers consider information shared on
social media as more reliable than information issued
directly by firms (Constantinides et al., 2010).
According to eMarketer (2013), firms have increas-
ingly adopted social media for various marketing ac-
tivities such as branding, market research, customer
relationship management, service provision, and sales

Psychology & Marketing, Vol. 33(12): 1029–1038 (December 2016)

View this article online at wileyonlinelibrary.com/journal/mar
© 2016 Wiley Periodicals, Inc. DOI: 10.1002/mar.20936
1029
promotion alongside various studies that are putting
forward evidence of the positive implications of de-
ploying social media in marketing strategies. However,
many firms have yet to incorporate social media into
their strategies (Chan & Guillet, 2011) despite the
existence of diverse studies providing empirical evi-
dence of the benefits to companies (see, e.g., Alhabash,
McAlister, Quilliam, Richards, & Lou , 2015; Kozinets,
Valck, Wojnicki, & Wilner, 2010; Kumar & Mirchan-
dani, 2012; Kumar et al., 2013; Luo & Zhang, 2013; Yu,
Duan, & Cao, 2013), as well as detailing the means by
which social media marketing strategies may be im-
proved and leveraged (see, e.g., Guo, Pathak, & Cheng,
2015; Liu & Park, 2015; Lorenzo-Romero, Alarcón-
Del-Amo, & Constantinides, 2012; Qazi, Raj, Tahir,
Cambria, & Syed, 2014; Tang et al., 2015).
Given the limited scope of research into the differ-
ent aspects of social media, as well as their specific
significance to company marketing activities, this arti-
cle carries out a review of the literature on social media
marketing. The purpose of this article is also to identify
the fields of marketing where social media marketing
strategies have been applied and studied, the results
found, the types of research developed, and what im-
plications might be drawn from these studies for both
management practice and theory.
To the best of our knowledge, there has been no
generic review of social media marketing, and thus this
article makes a relevant contribution to this field of re-
search. Hence, our aim involves contributing to deepen-
ing and systemizing the study of social media market-
ing by surveying the most prominent lines of research
as well as those requiring further study. In addition,
by systemizing the conclusions of various social me-
dia marketing studies, we also deepen the knowledge
firms require in order to either take their first steps or
strengthen their recourse to social media for strategic
purposes.
METHOD
Within the scope of our objective of providing a sys-
tematic review of literature on the “social media mar-
keting” concept, we put forward two stages in this sec-
tion: (1) planning the review, which describes the way
in which we planned our systematic approach along-
side references to those authors following a similar
methodology; (2) conducting the review and analysis,
where we set out a description of the various phases
of the review and the systematization of the selected
literature.
PLANNING THE REVIEW
To ensure replicability for future researchers, we fol-
low a systematic review process. This is generally
understood as an overall perception of trust in the
scientific research existing in any field or topic (Pet-
1030
ticrew & Roberts, 2006). Its aim is to identify, assess,
and summarize all relevant studies using a replicable
and transparent process (Tranfield, Denyer, & Smart,
2003). We explained the criteria for the bibliographi-
cal research, for admission and exclusion, and the an-
alytical processes, thus providing a means to audit the
processes.
As the field of research in social media market-
ing proves quite recent and diverse, we here apply
a variation of systematic review, involving synthesis-
and interpretation-based assessment, in order to com-
bine the best evidence based management practices
(Macpherson & Holt, 2007; Thorpe, Holt, MacPherson,
& Pittaway, 2005; Tranfield et al., 2003).
CONDUCTING THE REVIEW AND
ANALYSIS
In the first phase of gathering references for our study,
we began by researching the Web of Science for all
titles containing the words “social media marketing.”
Following this, we then excluded books, book chap-
ters, reports, and conference proceedings due to the
variability in their respective peer review processes
and more restricted availability. In contrast, journal
articles were deemed to have been duly validated
(Podsakoff, MacKenzie, Bachrach, & Podsakoff, 2005).
Thus, we did not restrict the research to periodicals
with the greatest impact on their fields but rather in-
cluded all the articles from journals indexed by the Web
of Science containing the expression “social media mar-
keting.” We did not define any time frame for publi-
cation and our initial search returned 108 articles. In
the second phase, we carried out analysis in order to
verify whether the studies already identified were ap-
propriate to the purposes of this research. In this phase,
we retained only those articles from English language
publication and that were neither proceedings nor
commentaries. Following this procedure, we excluded
63 articles and maintained 44.
The third phase of this study involved individual-
ized and independent analysis of the articles by two
researchers through recourse to a predefined evalua-
tion grid that incorporated the analysis of the social
media marketing concept applied along with the re-
spective methodology, study type, sector, and the social
media channel utilized in the study along with the main
conclusions. This grid was subsequently compared and
refined.
In the fourth and final phase of our study, we com-
pleted content analysis and systematized the 44 arti-
cles, and to this end making recourse to NVivo (version
11.0) software. Based on these results, we extracted
summarized information on the subject to analyze in
terms of the type of study, type of analysis, conclusions,
scope, and similarities among the studies.
ALVES, FERNANDES, AND RAPOSO
Psychology & Marketing DOI: 10.1002/mar

Figure 1. A representation of the 100 words (with more than
four letters) most used in the articles analyzed.
AN OVERVIEW OF RESEARCH ON SOCIAL
MEDIA MARKETING
The Concept of Social Media Marketing
Our first analytical stage consisted of trying to system-
ize the concept of social media marketing based on the
definitions appearing in the articles. However, we found
only the article by Chan and Guillet (2011) actually pre-
sented a definition of the social media marketing con-
cept based on the AMA (American Marketing Associa-
tion) definition of marketing in 2006; a definition that
was reviewed and updated by the AMA in 2013. Hence,
in terms of systemization, we may only state that prac-
tically all these studies approach the concept of social
media marketing as a transposition of the marketing
concept applied to social media with no author high-
lighting any particularities to applying the marketing
concept in this domain.
Areas of Study
The next stage deployed exploratory analysis of the con-
tent of the various studies analyzed. Figure 1 sets out
the results in a representation of the 100 words with
more than four letters that were most frequently men-
tioned in these articles.
As Figure 1 demonstrates, the most prominent
words are social media marketing, in agreement with
the area of study but appearing interrelated with others
on a secondary level in which the words Facebook, on-
line, information, and brand stand out, which to some
extent anticipate the content of these articles as we
demonstrate further on in the article. After analyzing
the dates of the articles, which vary from 2010 to 2015,
the majority appear in the last two years, conveying the
growing importance of this subject.
IMPLICATIONS OF SOCIAL MEDIA MARKETING
Psychology & Marketing DOI: 10.1002/mar
Figure 2 presents the results of the cluster analysis
that enabled the grouping of the analyzed articles in
terms of the similarity of the words used based on the
Pearson correlation coefficient. As observed, the cluster
analysis allows for the identification of various groups
of articles that prove more similar to each other when
the figure is read from right to left. Analyzing Figure 2,
we understand how there are clearly two main and mu-
tually distinct clusters. The first article cluster (iden-
tified at the top of Figure 2) above all spans articles
studying social media marketing as a means for man-
aging relations between clients and for fostering cus-
tomer engagement. While the cluster containing the
rest of the articles, although more diverse in nature,
above all, contains articles approaching the manage-
ment of marketing content and the social media and its
respective implications.
Our analysis also confirms that social media market-
ing has been approached across rather diverse fields as
reflected in the distance between some of the articles
analyzed, for example, the article by Ubeda, Gieure,
De-la-Cruz, and Sastre (2013) (in the extreme top left)
focusing on usage of social media by technology-based
firms and the articles by Hoffman and Fodor (2010)
and Kumar and Mirchandani (2012) (in the extreme
top right) focusing on measuring the return on invest-
ment in social media marketing campaigns.
This project also considered whether the empir-
ical studies analyzed focused more on consumer or
firm/organization perspectives, the subject studied, and
their respective key conclusions (Table 1). As observed
in Table 1, the greatest number of studies focuses
on consumer perspectives. Of the studies focusing on
firm/organization perspectives, those describing the
degree of use and facility of using social media by
firms/organizations predominate alongside the results
of social marketing strategies and also unethical usage
of social media marketing strategies, in this specific
case, by alcohol brands directed at adolescents.
In regards to studies focusing on consumer behav-
ior, four major lines of research stand out: (a) studies
of the influence of social media on increased consump-
tion by consumers, (b) studies of the usage, searching,
and sharing of information by social media consumers,
(c) studies of the influence of social media on consumer
attitudes toward brands, and (d) studies of how the in-
fluence among consumers gets processed through social
media.
These studies in turn reveal how microblogs and
social networks are the social media most commonly
adopted by firms, specifically Facebook (17 studies)
and Twitter (12 studies), with Myspace and YouTube
also encountered in three and two studies, respectively.
However, these studies also reported that in some sec-
tors, for example, in health, tourist destination man-
agement, and in the B2B context, their usage still re-
mains limited. The studies also conclude that social
media marketing actions impact company market val-
ues, their sales and word of mouth; above all, opin-
ion leaders use and share information on social media
1031
 Figure 2. Article grouping based on the similarity of their words.
and that their influence on other consumers depends
on their characteristics and overwhelmingly conveyed
by their communication networks rather than through
their contact networks; the messages and content of
social media cannot be the same for utility and he-
donic products; these are perceived differently by in-
dividuals with different levels of trait reactance; the
more personalized applications are, the greater their
success; and social media marketing actions and cam-
paigns contribute to improving consumer attitudes to-
ward brands similar to that proposed by Kaplan and
Haenlein (2010), Gunelius (2011), and Jackson (2011).
Type of Study
Finally, the typology of studies was analyzed regard-
ing the type of analysis carried out. As Table 2 sets
out, four studies are purely theoretical, 39 are empiri-
cal and, of those, 29 are quantitative, 5 are qualitative,
and 5 apply mixed methodologies and demonstrate a
1032
predominance of quantitative techniques in the study
of social media marketing. In the quantitative studies,
the majority apply quantitative statistical and econo-
metric techniques such as linear regressions, structural
equations, and stochastic analysis, while in qualita-
tive studies content analysis predominates. Analysis of
Table 2 confirms that qualitative methodologies still
remain scarce in this field even if these open up un-
derstandings of the meanings to the phenomena under
study (Patton, 2002).
IMPLICATIONS AND FUTURE LINES OF
RESEARCH
From the results presented by the various different
studies, we may identify various implications both for
theory and for practice. One of the conclusions reached
by the studies refers to how microblogs and social net-
works, such as Facebook and Twitter, constitute the
ALVES, FERNANDES, AND RAPOSO
Psychology & Marketing DOI: 10.1002/mar
Table 1. Analyzed Study Focuses.
Focus of Study Subject Analyzed Main Conclusions Studies

Firm/organization Degree of use and facility
of using social media
- Microblogs and social networks are the Ashley and Tuten (2015), Chan
most commonly used means
- Sites managed by the firm itself have
better results
- The use of social media is still
restricted in some
sectors/organizations, such as health,
tourist destination management
organizations, and in B2B, where this
often depends on the individual and
private use of social media by
professionals in these
sectors/organizations
- It is very easy to begin using social
media
and Guillet (2011), Enli and
Skogerbø (2013), Hays, Page,
and Buhalis (2012), Keinänen
and Kuivalainen (2015),
Koumpouros, Toulias, and
Koumpouros (2015), Mackey
and Liang (2013),
Michaelidou et al. (2011), and
Ubeda et al. (2013)

Optimization,
measurement, and
impact of social media
marketing strategies
- Social media sentiment has a stronger Kozinets et al. (2010), Kumar
impact on firm stock performance than and Mirchandani (2012),
conventional media Kumar et al. (2013), Luo and
- Word-of-mouth messages are adapted Zhang (2013), and Yu et al.
by the senders according to the (2013)
receiver
- Consumer buzz and online traffic
explain part of the company’s value
- Social media can be used to generate
increased sales, return on investment,
word of mouth, and spread
information about brands

Abusive/unethical use Communications made by firms on social Nicholls (2012)

media can lead to risk behaviors by
consumers
Consumer Increased consumption - Messages on social media contribute to Alhabash et al. (2015), Hoffman
increased consumption of the products et al. (2014), and Hong (2012)
targeted

Use, search, and share of
information
- Opinion leaders search for and share Bilgihan et al. (2014), Chang
more information in social media et al. (2015), Lorenzo-Romero
- Participation and sharing of et al. (2012), Özgüven and
information varies according to the Mucan (2013), Schulze et al.
demographic and behavioral (2014), La Torre, Miccoli, and
characteristics of social media users Ricciardi (2014), and
- Strategies of social media marketing Workman and Gupta (2013)
for utility products cannot be based on
the same mechanisms as hedonic
products
- The most popular smartphone
applications are those that allow the
uploading of photos and their
personalization
- The popularity of a post influences its
sharing

(Continued)

social media, so far, most commonly deployed by com-
panies (Chan & Guillet, 2011; Enli & Skorgerbo, 2013).
Furthermore, these are the means that prove able to
return the best results in terms of attitudes toward the
brand (Kim & Ko, 2012; Kumar & Mirchandani, 2012;
Kumar et al., 2013) and companies should therefore en-
sure their presence in these channels but, on the other
hand, leaving open the scope for company recourse to
other social media platforms. According to Mangold and
Faulds (2009) and Chan and Guillet (2011), there are

IMPLICATIONS OF SOCIAL MEDIA MARKETING 1033

Psychology & Marketing DOI: 10.1002/mar
Table 1. Continued.
Focus of Study Subject Analyzed Main Conclusions Studies

Attitude toward the - Messages on social media contribute to Cambria, Grassi, Hussain, and
brand improved attitudes toward the brand, Havasi (2012), Chen et al.
increased word of mouth and customer (2015), De Vries et al. (2012),
equity Kim and Ko (2012), Lee et al.
- Positioning the brand post on top of (2015), Lee, Xiong, and Hu
the brand fan page enhances brand (2012), Leung, Bai, and
post popularity Stahura (2015), Rishika et al.
- Vivid and interactive brand post (2013), Smith, Fischer, and
characteristics enhance the number of Yongjian (2012), and Zadeh
likes and Sharda (2014)
- The share of positive comments on a
brand post is positively related to the
number of likes
- People with different levels of trait
reactance respond differently toward
the same marketing attempt
- Twitter and Facebook seem to be the
best means to improve consumer
attitudes toward the brand
- - The time and the number of followers
of a brand post are determinant in
measuring the post’s popularity

Influence among - It is more reliable to forecast the Guo et al. (2015), Liu and Park
consumers influence on individuals through their (2015), Qazi et al. (2014), and
network of effective communications in Tang et al. (2015)
social media than through their list of
friends
- The usefulness of an assessment
depends on the characteristics of the
message but also on the characteristics
of the individual making the
assessment
- The SVM ranking model can help to
determine which users recommend to
other users

SVM = support vector machine.

various means of social media, among them, in addi-
tion to the aforementioned social network sites, virtual
worlds, content community sites, and sites dedicated
to feedback. This points to the need to analyze the be-
haviors of consumers in these different channels, the
differences in consumer behaviors across the various
channels, and the contribution of these other means
that have not been studied yet, the similarities that
occur between Facebook and Twitter, moving toward
increased sales, word of mouth, and profits.
Another conclusion with major implications for com-
panies derives from how social media marketing strate-
gies hold the capacity to impact the market value of
firms and businesses. Social media enable and empower
word of mouth (Luo & Zhang, 2013; Yu et al., 2013) as
well as the capacity to generate added sales (Kumar
& Mirchandani, 2012). However, these findings high-
light how this extends beyond simply maintaining the
presence in social media. Obtaining success from com-
pany social media marketing strategies requires elic-
iting strong feelings among users (Chen, Kim, & Lin,
2015; Lee, Gallagher, Liebman, Miller, & Marlenga,
2012). This may result not only from vivid and inter-
active brand posts, by positioning the brand post at
the top of the Web page (Chang, Yu, & Lu, 2015; De
Vries, Gensler, & Leeflang, 2012), among other mar-
keting techniques, but also from the involvement of
consumers in social media initiatives and campaigns
(Rishika, Kumar, Janakiraman, & Bezawada, 2013).
Our results also stress how opinion leaders channel
and share the greatest amount of information on so-
cial media (Bilgihan, Peng, & Kandampully, 2014) and
should correspondingly constitute the preferential tar-
gets of any social media marketing strategy. Through

1034 ALVES, FERNANDES, AND RAPOSO

Psychology & Marketing DOI: 10.1002/mar
Table 2. Analyzed Article Systemization of Objectives and Types of Analysis.
Type of Study Type of Analysis References

Theoretical Hoffman and Fodor (2010), Jara, Parra, and

Empirical study Quantitative
Qualitative
Mixed
SVM = support vector machine.
Skarmeta (2014), Lee et al. (2012), and
Malthouse, Haenlein, Skiera, Wege, and
Zhang (2013)
Experimental analysis Alhabash et al. (2015) and Chen et al. (2015)
Structural equation analysis Bilgihan et al. (2014), Chang et al. (2015),
Keinänen and Kuivalainen (2015), Kim
and Ko (2012), and Leung et al. (2015)
Descriptive statistics Chan and Guillet (2011), De Vries et al.
(2012), La Torre et al. (2014), Michaelidou
et al. (2011), and Ubeda et al. (2013)
Regression analysis Guo et al. (2015), Hoffman et al. (2014), Hong
(2012), Liu and Park (2015), and Schulze
et al. (2014)
ANOVA analysis Koumpouros et al. (2015) and Okazaki,
Navarro, and López-Nicolas (2011)
Several analyses and indexes Kumar and Mirchandani (2012), Kumar
et al. (2013), and Rishika et al. (2013)
Latent segmentation analysis Lorenzo-Romero et al. (2012)
vector autoregression with exogenous Luo and Zhang (2013)
variables (VARX) model
Web search analytics Mackey and Liang (2013)
Ranking SVM model Tang, Ni, Xiong, and Zhu (2015)
Econometric analysis Yu et al. (2013)
Stochastic analysis Zadeh and Sharda (2014)
Content analysis Ashley and Tuten (2015), Enli and Skogerbø
(2013), Nicholls (2012), and Kozinets et al.
(2010)
Semantic Web analysis Cambria et al. (2012)
Content analysis and counts Hays et al. (2012)
Semantic analysis and experimental study Lee et al. (2015)
Machine learning, Content analysis, Logistic Qazi et al. (2014)
regression, etc.
Content analysis, Poisson regression, and Smith et al. (2012)
log-linear analysis
Content analysis and counts Workman and Gupta (2013)

these opinion leaders, such strategies prove to gener-
ate buzz words about the company and its products.
However, in terms of future lines of research, there is
still a need to better understand just how online shar-
ing of information takes place, which in turn shapes
the co-creation of value by consumers and to this end
making recourse to social network theories, for exam-
ple, to better grasp the relationships and the spread of
information across human online networks.
The results also demonstrate how companies are not
able to deploy but a single strategy for social media
marketing because, on the one hand, individual charac-
teristics such as different levels of trait reactance end
up influencing the ways in which consumers react to
these strategies (Lee, Kim, Lim, & Kim, 2015; Özgüven
& Mucan, 2013) and, on the other hand, because the
characteristics of products, for example, with hedonistic
versus functional appeals, also condition the respective
social media marketing strategies (Schulze, Schöler, &
Skiera, 2014) and require different approaches to en-
sure the deployment of effective and efficient strategies.
The results also convey how the majority of studies
focus on understanding the aspects related to consumer
behaviors in social media, and so more studies, focus-
ing on firms, their various facets, especially barriers to
social media usage, measuring returns on investment,
ways to optimize strategies, among others, may prove
future paths for research.
In addition, firms need models to analyze the returns
on investment in social media. Some studies already
take this approach, for example, we would highlight
those by Hoffman and Fodor (2010) and Kumar and
Mirchandani (2012). Nevertheless, more studies are
necessary both to confirm the results found by these
authors and also to analyze the models developed by
other, less studied, social media.
Regarding recourse to the usage of social me-
dia in the B2B context, this proves still limited in
scope (Keinanen & Kuivalainen, 2015; Michaelidou,
Siamagka, & Christodoulides, 2011; Ubeda et al., 2013)
and hence more studies in this area are necessary,
particularly targeting possible utilizations of some

IMPLICATIONS OF SOCIAL MEDIA MARKETING 1035

Psychology & Marketing DOI: 10.1002/mar
social media that displays a more professional orien-
tation, by which firms can obtain resources for the cre-
ation of value, for example, LinkedIn.
Another line of research that does not appear in the
articles analyzed encapsulates the formation of social
capital by consumers through their participation in so-
cial media and the implications for creating value from
firm products and services. As mentioned by Akaka,
Vargo, and Lusch (2012), the focus on value creation
lies in the individual capacity of actors to adapt and
integrate the resources they access through their social
networks in the meanwhile enhanced and increased by
social media. Finally, the results demonstrate how the
majority of studies adopted quantitative approaches
and thereby indicating the need for more qualitative
approaches to understand consumer social media be-
haviors.
CONCLUSIONS AND LIMITATIONS
Given the scarcity of studies systematizing the informa-
tion conveyed by the research done thus far on the field
of social media marketing, we carried out this system-
atic review of the literature on this theme. The results
show that the majority of studies have hitherto focused
either on analyzing the consumer perspective on social
media marketing in an attempt to perceive how they
react to these means or on how companies are able to
extract the maximum possible value from recourse to
such channels for managing their relationships with
clients. However, more studies are necessary to explore
the perspectives of companies as they engage in social
media marketing, especially in terms of understand-
ing the key barriers and obstacles to their usage. The
results also point to the need for qualitative studies to
better grasp recourse to social media marketing utiliza-
tion within the framework of marketing strategies. The
main limitation of this study would be the fact that the
research was limited to the term “social media market-
ing,” considering only the Web of Science database, and
only including articles in journals. Therefore, comple-
mentary analysis including other databases would be
necessary to confirm this study’s conclusions.
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The authors are grateful for the support and funding
from Portuguese Science Foundation through the project
“UID/GES/04630/2013.”
Correspondence regarding this article should be sent to:
Helena Alves, Management and Economic Department, Uni-
versity of Beira Interior and NECE, Estrada do Sineiro, 6201-
209 Covilhã, Portugal (halves@ubi.pt).
ALVES, FERNANDES, AND RAPOSO
Psychology & Marketing DOI: 10.1002/mar