A sample applied to Future Group : Drivers Of Customer Loyalty In A Retail St...Ramesh Godabole
A Survey conducted by large US retailer applied to India's leading retail player Future Group(Big Bazaar) to understand the customer loyalty.
A Study on customer loyalty using the three drivers, Product Quality, Service Quality and Brand Image. Analysed using the Logistic Regression Model.
A sample applied to Future Group : Drivers Of Customer Loyalty In A Retail St...Ramesh Godabole
A Survey conducted by large US retailer applied to India's leading retail player Future Group(Big Bazaar) to understand the customer loyalty.
A Study on customer loyalty using the three drivers, Product Quality, Service Quality and Brand Image. Analysed using the Logistic Regression Model.
The Influence Of Relationship Marketing On Switching Barrier, Customer Satisf...inventionjournals
This study was aimed at testing and analyzing influence of relationship marketing on switching barrier, customer satisfaction, customer trust, and customer retention. The study was conducted with respondents of 141 Emerald BNI BANK customers in Indonesia. Data were collected by using instruments of questionnaires. The test on the model was done using structural equation model analysis with GSCA approach. Switching barrier significantly influenced on customer satisfaction and customer trust. Furthermore, customer satisfaction and customer trust significanly influenced on customer retention. Partially, it was identified that variable of customer trust was the most dominant variable influencing on the customer retention.
International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Marketing Mix and Service Quality Effect on Customer Satisfaction and Loyalty...QUESTJOURNAL
ABSTRACT: This study aims to test and empirical analysis the marketing mix and service quality effect on customer satisfaction and customer loyalty, research was conducted in 26 branches in Sulawesi a population of about 16 212 customers of PT. HadjiKalla in Sulawesi who purchase Toyota cars for 2015 with a sample of 390 customers. The results of the analysis of structural equation modelusing AMOS version 20 provide evidence that marketing mix has a positive and significant effect on customer satisfaction and customer loyalty. Service quality is positive and significant effect on customer satisfaction, but insignificant effect on customer loyalty. Customer satisfaction has a positive and significant effect on customer loyalty. Marketing mix and service quality has a significant on customer loyalty as a mediated customer satisfaction. The practical implication of this study provide increased knowledge and understanding of the customer and the company's management in Sulawesi in increasing customer loyalty through marketing mix, service quality and customer satisfaction. Limitations of this study on a sample size using only the customers car brands Toyota and just carried on Sulawesi area that may limit generalizability of the research findings. Originality of this study provide the basis for the development configuration modeling using structural equation model and conceptual models that prove marketing mix and service quality on customer loyalty as a mediated customer satisfaction in previous research done separately. The mediating role of customer satisfaction is proven to increase customer loyalty to the highway.
The relationship between customer satisfaction and customer loyalty in the ba...Samaan Al-Msallam
Abstract
A large number of studies on customer satisfaction and customer loyalty have been conducted in marketing over
the years. Customer satisfaction is a crucial factor for bank success and it has the possibility to influence
customer loyalty. From a theoretical perspective it is very important to investigate which factors influence
customer satisfaction. This paper analyzes the basic factors which affects customer satisfaction towards services
of Bank. This study adopted empirical research design on the sample size of 401 respondents who were
customers of different banks in Syria. Data is collected through survey questionnaires related to customer
expectation ,price fairness , customer satisfaction and customer loyalty towards services of banks . Data is
analyzed by using AMOS 18. The research reviews the current academic marketing literature and tries to
identify antecedents of customer satisfaction and customer loyalty. The findings from this study also provide
important managerial implications.
Keywords: bank, customer satisfaction, customer loyalty.
The Impact of Brand Image on the Customer Retention: A Mediating Role of Cust...inventionjournals
In modern time, researchers and practitioners in the field of marketing has paid enormous attention to brand. Currently, the brand is no longer a competent tool in the managers’ hands. Brand is a strategic requisite which helps companies to make more value to customers and also to build up sustainable competitive advantages. Successful brands increase trust in products and intangible services, and customer will be able to better visualize and identify their services. Brand image is the awareness of the product or services for the customer through which the image of the organization is built. Customer satisfaction is also linked with it and positively related with each other which are considered the important tool for marketing strategy. This paper examines the influence of brand image on customer retention under the mediation effect of customer satisfaction.
The purpose of this study is to find out how service quality, brand image, and product quality
affect customer loyalty through customer satisfaction. This study is a census-based study, the object of research
used in this study were 100 respondents
The Effects of the Determinants of Customer Satisfaction on Brand LoyaltySamaan Al-Msallam
ABSTRACT:- Most of marketing literature recognizes customer satisfaction as a significant antecedent to Brand loyalty. Further, the relationships between both satisfaction constructs with Brand loyalty have mostly been studied separately. The purpose of this study is to explore the effects of three customer perceptions (perceived quality, brand image, price fairness) on customer satisfaction and Brand loyalty. A combination of a convenience and judgmental sample survey of 584 mobile phone users, from undergraduate students of major universities in Damascus, was used to the test the hypotheses. The results illustrate that customer satisfaction significantly affects customer loyalty. Also, the factors of perceived quality , brand image and price fairness affect Brand loyalty. Customer perception of perceived quality, brand image and price fairness are almost equally to build up the satisfaction. We suggest that managers should consider perceived quality and price fairness as foundations to build up customer satisfaction, Brand loyalty and, also to improve brand image as an added on value for customers.
The Influence Of Relationship Marketing On Switching Barrier, Customer Satisf...inventionjournals
This study was aimed at testing and analyzing influence of relationship marketing on switching barrier, customer satisfaction, customer trust, and customer retention. The study was conducted with respondents of 141 Emerald BNI BANK customers in Indonesia. Data were collected by using instruments of questionnaires. The test on the model was done using structural equation model analysis with GSCA approach. Switching barrier significantly influenced on customer satisfaction and customer trust. Furthermore, customer satisfaction and customer trust significanly influenced on customer retention. Partially, it was identified that variable of customer trust was the most dominant variable influencing on the customer retention.
International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Marketing Mix and Service Quality Effect on Customer Satisfaction and Loyalty...QUESTJOURNAL
ABSTRACT: This study aims to test and empirical analysis the marketing mix and service quality effect on customer satisfaction and customer loyalty, research was conducted in 26 branches in Sulawesi a population of about 16 212 customers of PT. HadjiKalla in Sulawesi who purchase Toyota cars for 2015 with a sample of 390 customers. The results of the analysis of structural equation modelusing AMOS version 20 provide evidence that marketing mix has a positive and significant effect on customer satisfaction and customer loyalty. Service quality is positive and significant effect on customer satisfaction, but insignificant effect on customer loyalty. Customer satisfaction has a positive and significant effect on customer loyalty. Marketing mix and service quality has a significant on customer loyalty as a mediated customer satisfaction. The practical implication of this study provide increased knowledge and understanding of the customer and the company's management in Sulawesi in increasing customer loyalty through marketing mix, service quality and customer satisfaction. Limitations of this study on a sample size using only the customers car brands Toyota and just carried on Sulawesi area that may limit generalizability of the research findings. Originality of this study provide the basis for the development configuration modeling using structural equation model and conceptual models that prove marketing mix and service quality on customer loyalty as a mediated customer satisfaction in previous research done separately. The mediating role of customer satisfaction is proven to increase customer loyalty to the highway.
The relationship between customer satisfaction and customer loyalty in the ba...Samaan Al-Msallam
Abstract
A large number of studies on customer satisfaction and customer loyalty have been conducted in marketing over
the years. Customer satisfaction is a crucial factor for bank success and it has the possibility to influence
customer loyalty. From a theoretical perspective it is very important to investigate which factors influence
customer satisfaction. This paper analyzes the basic factors which affects customer satisfaction towards services
of Bank. This study adopted empirical research design on the sample size of 401 respondents who were
customers of different banks in Syria. Data is collected through survey questionnaires related to customer
expectation ,price fairness , customer satisfaction and customer loyalty towards services of banks . Data is
analyzed by using AMOS 18. The research reviews the current academic marketing literature and tries to
identify antecedents of customer satisfaction and customer loyalty. The findings from this study also provide
important managerial implications.
Keywords: bank, customer satisfaction, customer loyalty.
The Impact of Brand Image on the Customer Retention: A Mediating Role of Cust...inventionjournals
In modern time, researchers and practitioners in the field of marketing has paid enormous attention to brand. Currently, the brand is no longer a competent tool in the managers’ hands. Brand is a strategic requisite which helps companies to make more value to customers and also to build up sustainable competitive advantages. Successful brands increase trust in products and intangible services, and customer will be able to better visualize and identify their services. Brand image is the awareness of the product or services for the customer through which the image of the organization is built. Customer satisfaction is also linked with it and positively related with each other which are considered the important tool for marketing strategy. This paper examines the influence of brand image on customer retention under the mediation effect of customer satisfaction.
The purpose of this study is to find out how service quality, brand image, and product quality
affect customer loyalty through customer satisfaction. This study is a census-based study, the object of research
used in this study were 100 respondents
The Effects of the Determinants of Customer Satisfaction on Brand LoyaltySamaan Al-Msallam
ABSTRACT:- Most of marketing literature recognizes customer satisfaction as a significant antecedent to Brand loyalty. Further, the relationships between both satisfaction constructs with Brand loyalty have mostly been studied separately. The purpose of this study is to explore the effects of three customer perceptions (perceived quality, brand image, price fairness) on customer satisfaction and Brand loyalty. A combination of a convenience and judgmental sample survey of 584 mobile phone users, from undergraduate students of major universities in Damascus, was used to the test the hypotheses. The results illustrate that customer satisfaction significantly affects customer loyalty. Also, the factors of perceived quality , brand image and price fairness affect Brand loyalty. Customer perception of perceived quality, brand image and price fairness are almost equally to build up the satisfaction. We suggest that managers should consider perceived quality and price fairness as foundations to build up customer satisfaction, Brand loyalty and, also to improve brand image as an added on value for customers.
Social marketing (the marketing of social change) has four decades of experience in bringing about systematic and systemic change in the broader society. Marketing’s role as a means for understanding the individual, their needs, world views and barriers to change can be used equally effectively within the organisation (as well as without an organisation). This paper overviews a set of the key models for managing the social change process from the macro-level through to understanding and addressing the individual’s needs for during periods of change.
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Marketing Performance Analysis by Customer Relationship Marketing, Market Ori...inventionjournals
This study tried to determine and analyze the performance of marketing through customer relationship marketing (CRM), market orientation, and the image of Islamic Banks in Kediri, East Java, Indonesia. The population in this study some 65 873 customers who have savings in five Islamic Banks. Testing of the model is done with Generalized Least Square Estimation (GLS), analysis of structural equation modeling (SEM), proportional random sampling method and software assistance Amos 22, on 397 respondents. The test results model (fit) seen from the GFI, AGFI, TLI, CFI, RMSEA and CMIN / DF, each of which amounted to 0.915, 0.901, 0.949, 0.953, 0.063 and 1.497 are all that are in the range of expected values so that the model can be accepted.The results showed that: customer relationship marketing (CRM), market orientation, and image effect on the competitive advantage of Islamic Banks in Kediri. CRM, and market orientation affect the marketing of Islamic Banks Performance in Kediri. The company's image does not affect the marketing of Islamic Banks Performance in Kediri.It is suggested that the bank to constantly improve its image. This can be done by giving the concern for the surrounding community as the company's involvement with social activities. Thus the social programs that the company will be able to form a personality, raise the reputation of companies before the general public.
Atmospheric Affect as a Tool for CreatingValue and Gaining S.docxjasoninnes20
Atmospheric Affect as a Tool for Creating
Value and Gaining Share of Customer
Barry J. Babin
UNIVERSITY OF SOUTHERN MISSISSIPPI
Jill S. Attaway
ILLINOIS STATE UNIVERSITY
Can the retail atmosphere be useful in developing long-lasting relationships many retailers inhabit, success driven retailers must find ways
to maintain stability and grow in order to survive.with consumers? This research addresses this question by investigating
the impact of positive and negative affect associated with ambient environ- At a basic level, retailers’ lifeblood is the revenue developed
through relationships with customers. This revenue can bemental conditions. A key dependent variable is conceptualized and vali-
dated and captures the proportion of business a customer spends in one expanded and developed through cultivating relationships
with new customers, encouraging current customers to spendlocation relative to a store’s direct competitors. Structural equation results
suggest that both positive affect and negative affect impact this measure, a larger proportion of their dollars with the retailer, and by
extending the length of time or duration of the relationship—but the impact is facilitated through both feelings’ relationship with hedonic
and utilitarian shopping value. J BUSN RES 2000. 49.91–99. 2000 seeking customers for life. A Canadian grocery chain explored
these avenues for increasing profitability and observed that ifElsevier Science Inc. All rights reserved.
each customer purchased one additional produce item, profit-
ability would increase by more than 40%. Similarly, current
customers who substituted two store-brand items for two
S
urvival through continuous acquisition of consumer re- national brand items each store visit, would increase profitabil-
ity by 55%. Furthermore, if these improvements were achievedsources is the most paramount goal and most appro-
priate orientation of a firm (Anderson, 1982). Retailers simultaneously, future gross profits could be improved dra-
matically (Grant and Schlesinger, 1995). Thus, expanding aand service providers have offered various incentive programs
in an effort to gain a greater share of each customer’s business. customer’s share of wallet can lead to profitability gains and
future success. The question remaining is how can retailersLike airlines with frequent flyer programs, hair salons, book-
stores, and even mass merchandisers have offered programs achieve a greater proportion of customers’ expenditures?
The research presented here investigates a retailer’s physicalin which frequent purchasers can gain further purchase incen-
tives. The success and expense of these programs vary, but atmosphere and its role in creating consistent purchase behav-
ior. Previous research demonstrates how ambient conditions,the focus on developing more repeat purchases from each
consumer motivates research into other avenues for generating including store layout, design and signage, and employee and
custom ...
The purpose of this study was to explore the relationship between satisfaction with the organizational communication and external customer orientation among front-line employees in a commercial recreation setting.
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Marketers keep on evolving ways and means to attract as well as
retain the customers. During the last few decades, the marketing practices have
been changed rapidly. The consumers now wish to be associated with those
organisations and brands, which are ethical and follow high standards of
integrity. Such aspects have been incorporated in the concept of Marketing 3.0,
which is based on value-based matrix (VBM). The present study empirically
predicts the construct of VBM in the banking industry context. The sample size
of the study is 283. The logistics ordinal regression was applied with 27 items
to identify the predictive constructs of value-based banking. ‘Selection of bank
based on value system’ was the dependent variable and the independent
variables contained 25 statements covering value-based banking along with
2 covariates ‘age’ and ‘education’. It was found that ‘value-based banking’ and
‘education’ have significant impact on the dependent variable.
1This is a sample lecture on Marketing, Chapter 1 from the texbook Kotler, P. & Armstrong, G. (2012). Principles of Marketing. New Jersey: Prentice-Hall.
This sample lecture was prepared for Ashford Unversity, 2011.Upon completion of this lecture, a certificate of completion is available from Alpha & Omega Healthcare Management Consulting. For the certificate, please contact tripthimathew@alphanomega.info or DrMathewTM@gmail.com
The development of the internet led to the use of information technology. The use of information technology not only to transform the services provided, but also to change the service delivery process. In connection with this condition raises the opportunity for retail transactions in the use of online shopping. The purpose of research to determine the effect of E-Service Quality, Price Perception to Repurchase Intention mediated by Customer Satisfaction, Customer Loyalty and Experiential Marketing on On-line shopping. The number of samples taken as many as 496 respondents. Respondents who were taken with the provisions ever shop by using online shopping. Sampling method by using random sampling. Data were analyzed by using Structural Equation Modeling (SEM). The results showed the largest influence is satisfaction to consumers loyalty, compared to the other variables. There is e-service quality, experiential marketing, price perception have influence to customer satisfaction. In addition consumer satisfaction has influence to customer loyalty and customer loyalty has influence to repurchase intention. Hence customer satisfaction has influence to repurchase intention, and customer satisfaction has a direct or indirect influence to repurchase intention.
Strategy and effectiveness of advertisement on emotion, sentiment, and attitu...Gaurav Singh
Presentation on my thesis which is on the topic "Strategy and effectiveness of advertisement on emotion, sentiment, and attitude of consumer buying behavior".
Running head CUSTOMER SERVICE1CUSTOMER SERVICE2Cust.docxsusanschei
Running head: CUSTOMER SERVICE
1
CUSTOMER SERVICE
2
Customer Service
LaShanda Lewis
AMU
I. Introduction
Significant changes and advances have been made in customer service research. A lot of researchers have concentrated on defining and measuring customer service, as well as its importance for the sake of isolating it from the marketing mix. It is essential to enhance the establishment of service levels as an overall strategy of marketing. This, in turn, helps in evaluating customer experiences and provides suggestions for future research.
A. Thesis:
Customer service is the backbone of success in significant service organizations and the industry as a whole, and thus, this concept needs to be integrated into organization operations to achieve maximum profitability and customer retention.
II. Body - Paragraph 1:
Topic A.
Factors affecting successful customer service
Supporting Evidence
Satisfactory customer service is dependent on creativity, innovation, and high-quality standards. There are various factors which affect the effectiveness of customer service delivery (Wilson et al., 2012). Organizations can develop standards of performance to meet statistical goals.
Explanation
Poor customer service leads to a disastrous outcome. An organization with perfect customer service thrive as a result of increased efficiency. Negative word of mouth from consumers might lead to deterioration of the organization success.
Why is this important?
This is an essential aspect of consideration primarily due to the level of dynamism and competition in the market. The determination of factors affecting customer service will help organizations come up with strategies to counter competition in the market.
III. Body - Paragraph 2:
Topic B
Relationship between customer service and customer satisfaction
Supporting Evidence
There is a strong relationship between customer satisfaction and customer service. Meeting the needs of a consumer at the end of purchase should be prioritized by all human resource functional units in the organization. The pot purchase stage determines the level of satisfaction of consumers (Brady et al. 2010).
Explanation
Customer satisfaction is measured by the disconfirmation theory, which compares the evil of performance after making use of the product. The level of expectation matters in customer service and quality needs to be enhanced.
Why is this important?
This is important because consumer satisfaction and customer service are highly correlated. Without good customer service, customer satisfaction cannot be achieved, and vice versa.
IV. Body- Paragraph 3
Topic C
How customer service affect customer loyalty
Supporting Evidence
Loyalty is defined as the commitment to the organization and the consumer, which forms profoundly after a consumer can get excellent services and quality products to suit his or her needs. Loyalty encourages repetitive buying, and cannot be realized where there is poor custo ...
Presentation about measuring service quality in water utilities. Showing preliminary data which indicates that perceptions of water quality are based on variables other than the physical quality of the water.
The Incompleteness Theorem of Performance Measurement in Service QualityColiban Water
Are quantitative performance measures sufficient to understand how customer perceive your services? Presented at the World Business Capability Conference in Auckland (December 2012).
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
Recruiting in the Digital Age: A Social Media MasterclassLuanWise
In this masterclass, presented at the Global HR Summit on 5th June 2024, Luan Wise explored the essential features of social media platforms that support talent acquisition, including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
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➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
The key differences between the MDR and IVDR in the EUAllensmith572606
In the European Union (EU), two significant regulations have been introduced to enhance the safety and effectiveness of medical devices – the In Vitro Diagnostic Regulation (IVDR) and the Medical Device Regulation (MDR).
https://mavenprofserv.com/comparison-and-highlighting-of-the-key-differences-between-the-mdr-and-ivdr-in-the-eu/
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
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2. Customer Service Hypotheses Retail setting and staff influences buying behaviour When product, price and promotion are identical, the better service provider will be more successful
37. Booms, B.H. and Bitner, M.J. (1981), Marketing strategies and organization structures for service firms, in Donnelly, J.H. and George, W.R. (Eds), Marketing of Services , American Marketing Association, Chicago.
38. Borden, Neil H. (1964) The concept of the marketing mix. Schwartz, George (ed.) Science in Marketing , New York: John Wiley.
39. Gountas, Sandra, Ewing, Michael T., and Gountas, John I. (2007) Testing airline passengers' responses to flight attendants' expressive displays: The effects of positive affect, Journal of Business Research 60, 81–83.
40. Krishna, Aradhna, and Morrin, Maureen (2008) Does touch affect taste? The perceptual transfer of product container haptic cues, Journal of Consumer Research 34, 807–818.
42. Macknik, Stephen L. and Martinez-Conde, S. (2010) Sleights of Mind. New-York: Henry Holt.
43. Toulmin, S. (1969). The Uses of Argument, Cambridge, England: Cambridge University Press.
44. Woods, A.T., Poliakoff, E., Lloyd, D.M., Kuenzel, J., Hodson, R., Gonda, H., Batchelor, J., Dijksterhuis, G.B., and Thomas, A (2011): Effect of background noise on food perception, Food Quality and Preference 22(1), 42–47. Customer Service References
Editor's Notes
Now generally accepted as a absolute truth in marketing. Marketing mix originally proposed by Neil H. Borden in 1964: “The Concept of the marketing mix”: Product Planning, Pricing, Branding, Channels of Distribution, Personal Selling, Advertising, Promotions, Packaging, Display, Servicing, Physical Handling, Fact Finding Analysis E. Jerome McCarthy simplified the system and grouped them in four categories, now known as the Four Ps of Marketing. The basic marketing mix does not recognise the service aspect of marketing appropriately. Booms and Bitner extended the marketing mix in 1981 to add three aspects to cover the specific nature of a service. People: how do staff behave? How do other consumers behave? Process: How long does it take to complete the service? Is it a pleasant experience? Physical evidence: In retailing the physical evidence is the product. Effectively all products should be viewed as services because of the importance of retail. Note that customer service is not part of the marketing mix as such. Customer service in retail is related to: Place People Process
One of the issues in marketing of services is the inseparability of the provision of the service and the place of the service. Products are not produced at the same place and time they are consumed. Some services can be delivered at arm's length (such as online retail). In consumer behaviour the focus is on the customer while in organisational behaviour the focus is on staff. To market services you need to look at both. Bitner analysed existing literature and created a conceptual model. Environmental dimensions: the five senses and signs, symbols and artefacts Holistic environment: how the space is perceived in our mind Moderators: Cognitive control and personality of staff and customers Internal responses: cognitive, emotional (staff satisfaction) or physiological Behaviours: approach or avoidance for consumers. For staff: productivity, staff turnover) Phil Kotler introduced the term 'atmospherics': "the conscious designing of space to create certain effects in buyers that enhance his purchase probabilities Gruen Transfer: “the moment … consumers unwittingly respond to cues in the shopping environment that are designed to disorientate. … lighting, sounds, temperature and the spatial arrangements of stores and displays interact, leading the customer to lose control of their critical decision making processes. Our eyes glaze over, our jaws slacken, we forget what we came for and become impulse buyers. Named after Victor Gruen, inventor of the shopping mall. Coined by marketing critic Douglass Rushkoff. Other research shows for example that: The level of background noise affects both the intensity of flavour and the perceived crunchiness of foods (Woods et al. 2006) This is why airline food tastes so bad. The material of a drinking cup influences the taste it has (Kishna and Morrin 2008): Beer in a plastic cup. Mechanism: All neurons are connected to provide one consistent version of reality. Synesthesia: stimulation of one sensory or cognitive pathway leads to automatic, involuntary experiences in a second sensory or cognitive pathway
Extensive research has shown expressive displays such as smiling, displaying friendliness and genuine concern for clients produce positive outcomes such as reported satisfaction and intention to repurchase. Sandra and her husband John Gountas, together with Michael Ewing researched the connection between expressive displays and the likelihood of repurchasing. Customer satisfaction survey (10 point likert scale) with a national airline in 2003 (n=1160). Five hypotheses: The service provider's expressive display positively influences services satisfaction. The perception of a service provider's ‘real’ smile positively influences service satisfaction. Service provider's expressive displays positively influence consumers to choose a service again The service provider's expressive display positively influences reported satisfaction with life. Overall service satisfaction positively influences satisfaction with life. All hypotheses, except the last one, were confirmed at statistical significant levels Our brains are wired to respond positively to smiles. Emotional contagion. We see this very clearly in infants. We have so called mirror neurons that activate when we see certain things. When we see smiles, our smile mirror neurons fire. This kinda explains how people can get enthralled in film and suspend disbelief.
Convenience is an important aspect for customers. The service process needs to be analysed (mapped). Time is an important consideration when planing a service process. The major quality determinants of a service are (SERVQUAL by Parasuraman, Zeithaml and Berry in the eighties): Reliability Assurance Tangibles Empathy Responsiveness Behaviour of staff controlled by: Socialisation Training (procedures)
Counterargument: online retail has same product and often same price, but people still prefer this low service variety. Recent publicity surrounding internet shopping versus brick and mortar shopping have focussed on price and more specifically the GST. Customers have different channel preferences. The success of online retail could be seen as a counter argument against the claim that customer service influences sales because the elements of people and place have been reduced. However, on the aspect of process online retail has many advantages – there is no need to go anywhere. People's home are centres of entertainment, there is no need to go outside. But, this does not diminish the argument as online retailers compete on price, which they can do because of lower overheads that outweigh shipping cost. The service argument is only valid when competing on equal product, price and promotion. All SERVQUAL elements can be covered with online shopping. One aspect of the preference of online shopping is cognitive control – self determination, i.e. NOT wanting service.
The Toulmin model can be used to summarise a line of reasoning (would normally not add in presentation). Other supporting aspects are that are purchasing behaviour is never fully rational. Not irrational! Bounded rationality: we can never fully perceive all aspects of our world. Also: Our free will is an illusion. Research shows that intentions to act are formed. Libet experiment: the intention starts in the brain .5 seconds before the action. We are only aware of the action .3 seconds before the act. We have free won't, i.e. we have cognitive control over our actions. When this cognitive control is not present we show deviant behaviour such as addiction Thus: we are influenced by environmental cues such as the surroundings we are in and the behaviour of others/ Virgin Blue started to compete on price (market penetration strategy). Now that price has almost equalised they are still successful Examples are hard to find because product, price and promotion is never equal between offerings
The place, people and process aspects of marketing overlap. Staff uniforms can be both people and place. Staff behaviour can be both people and process. Importance of service blueprinting. A flow chart that starts with customer demand and ends with customer satisfaction. Recent research shows that customers are ageist, i.e. they rate people in their own generation as better service providers than others. This could have implications for recruitment, i.e. gender AND generational balance.
Two types of literature research: Snowballing: using references from a paper you use. Disadvantage – you can only go backwards in time. Bibliographic research: Using specific topical bibliographies. These have been surpassed by database systems. Database research: Keyword search. Unintelligent data, i.e. no editor to collate the appropriate articles and books, based on key words. Two types of papers: Literature review: Somebody writes what others have written and has a new perspective on this. Empirical research: Undertaking experiments, surveys, focus groups and so on Types of research Qualitative: Describing a quality – based on logic. Quantitative: Using statistical analysis Types of publications: Peer reviewed journals: Double blind review and so on to reduce bias and 'group think' Non peer reviewed journals Magazines, newspapers Online: Blogs are great to find out about social reality (dogs in Mauritius) Wikipedia is a great starting point, but can not be used as a reference