International Journal of Business Forecasting and Marketing Intelligence (13 papers in press)
Retail Service Quality Scale Validation in Pakistani Super and Hyper Stores Context
by Umer Mukhtar, Suleman Anwar
Abstract: The purpose of this study is to test the Retail Service Quality model, reliability, validity and generalizability of Retail Service Quality Scale (RSQS) in retail hyper and supermarkets of Pakistan, developed by Dabholkar. The dimension of convenience is tested as an independent dimension in the model. Two Well-known Retail Stores categorized as Hyper and Super Market Stores are selected for this study. Purposive Sampling method was used and 250 useful responses were collected from both stores in the region of Lahore, Pakistan. The study shows that RSQS is a valid instrument to measure retail service quality in super and hyper retail markets is also applicable in Pakistani Settings. In model testing, six dimensions are explaining 21.5 % and 17.3% variance in Super and Hyper retail Markets, respectively. The model and Instrument is also appropriate in Pakistan for measurement and make use of other than USA and other developed countries. Retail Business Managers can assess the current state of Retail Service Quality and can do management decisions to improve the performance in each dimension of model. This study contributes towards the limited studies carried out on model and instrument validity in Pakistan. It is tested in Pakistan as a collectivist state and a vibrant and dynamic country in modern retailing and towering preferences of consumers in super and hyper retail markets. This study is contributing by fulfilling the need of instrument validation, as it is a critical incremental progression to ensure the valid scientific knowledge generation.
Keywords: Retail Service Quality; Super Stores; Validity of RSQS; Customer service quality; Retailing; Super Stores; Hyper Stores; Service Experience; Retail sector Pakistan; Reliability; Customer Interaction; Tangibles.
SMEs Intention towards the Adoption of Mobile Marketing: A Case of Pakistan
by Masoodul Hassan, Maimoona Malik, Zeeshan Iqbal
Abstract: The fastest growing marketing phenomena, around the world especially in small and medium enterprises (SMEs) of developed and developing economies, is the adoption of mobile marketing which radically influences ways of advertising. However, Pakistani SMEs are less interested towards the adoption of mobile marketing. Therefore, this study aimed to develop and examine a parsimonious structure of multiple constructs comprised as technological (perceived usefulness, perceived ease of use), organizational (subjective norms, financial resources), and environment (competitive pressure, customers pressure and technological support) through the theoretical lens of technology-organization-environment (TOE). Convenient sampling technique was used for data collection by distributing self-administrated questionnaires among the top-management of SMEs in Pakistan. Furthermore, structural equation modelling with the help of SmartPLS was used to analyse the yielded data. The study results empowers the policy makers and academicians to gain in-depth knowledge of the drivers associated with intention to adopt m-marketing by Pakistani SMEs.
Keywords: Small and Medium Enterprises (SMEs); Technological Factors; Organizational Factors; Environmental Factors; TOE Framework; Mobile Marketing; Intention; Pakistan.
Individuals Intention towards Social Commerce: An Empirical Study of Pakistan
by Masoodul Hassan, Zeeshan Iqbal, Nayab Bukhari
Abstract: This study aimed to explore the individuals intention towards the social commerce in Pakistan through the theoretical lenses of technology acceptance mode, theory of reasoned action and theory of planned behaviour. A parsimonious structure of the key constructs of TAM, TRA and TBP along with an additional construct of perceived risk was developed. The researchers have developed a research questionnaire and distributed among the respondents to yield the data about the study constructs. Furthermore, PLS-SEM approach was utilized, through SmartPLS software, to test the hypothesized relationships between the study constructs. The results disclosed the significant highlights about the individuals behavioural intention towards social commerce with respect to Pakistan, which are useful for the academicians as well as for the policy makers.
Keywords: Technology Acceptance Model; Theory of Reasoned Action; Theory of Planned Behaviour; Attitude; Intention; Social Commerce; Pakistan.
Public Policy Issues and Initiatives in Collection of Information and Intelligence in Direct Marketing
by Pratap Chandra Mandal
Abstract: Companies require information about their customers to attract them, influence them, and build relationships. Companies apply a number of direct marketing channels to collect information and intelligence about customers. Collecting information and intelligence through direct marketing channels raises concerns about the different unfair practices followed by direct marketers. The paper discusses the various unfair practices adopted by companies involved in direct marketing, the issue of invasion of consumer privacy, and the need for protection of consumer privacy. The paper further focuses on the various rules and regulations enforced by the governments of countries to protect customers. The various initiatives taken by companies are discussed. Direct marketing channels allow companies to collect information and intelligence about customers and to influence them. However, companies need to protect their customers to build long-term relationships.
Keywords: direct marketing; consumer privacy; consumer protection; marketing information; unfair practices.
Forecasting Crude Oil Price Volatility in India using a Hybrid ANN-GARCH Model
by Arshad Ahmed, Sujoy Bhattacharya
Abstract: In this paper the volatility forecasts of Crude Oil commodity price returns are analyzed. Various GARCH family models are used to forecast the volatility and the output in terms of return vectors of these models are used as inputs for a neural network. The return forecasting performance of the GARCH family models are compared with GARCH-ANN models using Root Mean Square Error as the criteria. The results show that the Hybrid Model of ANN and EGARCH gives the best performance. An explanatory variable, the exchange rate between Indian Rupee and Saudi Arabia Riyal is used as input for the Neural Network model for the second scenario and using the same criteria of Root Mean Square Error, it is observed to have no improvement over the previous ANN-GARCH models.
Keywords: GARCH models; ANN-GARCH; Crude Oil; Volatility forecasting.
COMPARISON OF METHODOLOGIES OF SHARIAH STOCK SCREENING: THE CASE OF SAC SC MALAYSIA, FTSE YASAAR DUBAI AND DOW JONES ISLAMIC MARKET INDICES
by Shaikh Hamzah Abdul Razak, Zainal Abidin Tahir, Aida Shaiza Ismail
Abstract: Following the growth trend of Islamic finance, there has been a concurring growth in Islamic investments. The Islamic finance industry has grown on average by almost 20 per cent per annum, a compound annual growth rate of 17 per cent from 2009 to 2013 (IFSB, 2013) with its current assets estimated to be worth USD 2 trillion and is set to reach USD 5 trillion in year 2020. Starting from a nascent beginning in providing Shariah compliant banking facilities, the industry has developed into a more integrated financial system of banking, capital markets and takaful. Adding to the momentum to this development, sparks of interests from Europe and America on Islamic finance has fueled the industry further. This paper aims to analyse three Shariah screening methodologies namely Securities Commission (Malaysia), FTSE NASDAQ Dubai Shariah Index Series and the Dow Jones Islamic Market Indices. A comparative descriptive analysis was performed to highlight the variances of the three screening methodologies. A sample of 30 companies comprising of Shariah and non-Shariah stocks invested by the Malaysian institutional funds were analyzed using the latest audited financial reports available. The main financial ratios used in quantitative screening by leading equity index providers are (1) liquidity ratio; (2) interest ratio; and (3) debt ratio. Our analysis shows that out of the 30 samples stocks, only 8 companies passed using the criteria of the three providers. On individual basis, 24 companies complied with debt ratio requirement under the SC SAC, and FTSE Dubai whilst 14 companies under DJIM. The limitations of the studies is the non-availability of detailed information such as type of bank accounts and debts, hence assumption made is that the cash are keep in conventional accounts unless indicated. Non-compliant business activities like hotels, which is part of the group business activities and its income contributions to the group, were not disclosed.
Keywords: Shari’ah stock screening; Securities Commission; Dow Jones; FTSE Dubai; Quantitative Screening; Financial Ratios; Qualitative; Quantitative.
CONSUMERS ELECTRONIC WORD OF MOUTH-SEEKING INTENTIONS ON SOCIAL MEDIA SITES CONCERNING SAUDI BLOGGERS YOUTUBE FASHION CHANNELS: AN ECLECTIC APPROACH
by Majdah ALnefaie, Shahadat Khan, Siva Muthaly
Abstract: This study seeks to investigate the appropriateness of an eclectic model of factors that influence Saudi consumers electronic -word-of-mouth (eWOM) seeking intention on bloggers YouTube social media sites. There is lack of understanding about eWOM seekers motivations to engage in these behaviour patterns. This study uses the theory of utilitarian and hedonic motivations and explores the factors related to the social and cultural elements that influence eWOM-seeking intention. The study implemented a two-phase mixed method approach including qualitative observation netnography method and then an online questionnaire was designed to test the relationships among the variables in the studys conceptual framework. A total of 210 usable responses were received. The data was analysed using the partial least squares analysis (PLS) technique. The findings indicate that availably-of-information and purchase-intentions developed through utilitarian motivations had the most significant influence on eWOM-seeking intentions. The managerial implications, limitation and future study are deliberated.
Keywords: Social Media Sites; Electronic word of mouth; Utilitarian and Hedonic Motivations; Seeking intention; Fashion industry; Saudi Arabia.
Stock composition of mutual funds and fund style: a time series decomposition approach towards testing for consistency
by Jaydip Sen
Abstract: In this paper, we present a generic approach for checking the consistency between the proclaimed style of a mutual fund and the actual fund composition. We use a method of time series decomposition of stock prices to ascertain whether their inclusion in a particular style of fund is justified. It has been our contention that some share prices have a strong trend component in their time series, some show seasonality, while some share prices exhibit strong random component. We have chosen a sample of 11 equity-based mutual funds of varying styles, from Indian financial market and analysed whether the style of the fund matches with the stock composition of the fund. We feel that the retail investors, who buy into certain funds on the basic trust that fund managers have the requisite expertise, should know whether the portfolio matches what they promise. A detailed analysis of the results show that, while in majority of cases the actual allocation of funds is consistent with the corresponding fund style, there have been some notable deviations too.
Keywords: mutual fund; time series decomposition; trend; seasonal; random; R programming language; non-parametric statistical tests.
Appeals and spiels: a comparative analysis on alcohol advertising in the USA and Ireland
by Amina Gibic, Vivek S. Natarajan, Kabir Chandra Sen
Abstract: The USA and Ireland vary in their policies and regulations regarding the alcohol industry. In this study, we sought to see whether the consumption of alcoholic beverages, and alcohol company's appeals and target audiences varied among the two countries, as well. 150 total alcohol commercials (75 from the USA, 75 from Ireland), ranging from the year 2002 to the current year, were collected and analysed. The brand, commercial name, appeal used (image, product, sex or humour), type of alcoholic beverage promoted, and the audience targeted (young men ages 18-49, young women ages 18-49 and niche markets: craft beer, health conscious, sports fans) were observed and noted, as were ads explicitly targeting youth. Although appeal utilised and type of alcoholic beverage promoted did not vary significantly between the two countries, the target audiences by country varied significantly, as did target audience by type of alcoholic beverage. This study reveals how the similarities in alcohol advertisements contrast with the difference in policies and regulations among the USA and Ireland, thus bringing the varying levels of industry clout and influence between the two countries to light.
Keywords: alcohol; selling proposition; comparative analysis; target audience; appeal; niche market; on-pitch advertising; pitchside advertisements; advertisingl US; Ireland; business; marketing; industry; country.
Marketing information and marketing intelligence: roles in generating customer insights
by Pratap Chandra Mandal
Abstract: Business cannot exist without customers. Companies require generating customer insights to know the requirements of customers. Collection of relevant marketing information and marketing intelligence forms the basis of knowing customers. The paper discusses about the various aspects of collecting marketing information and marketing intelligence for generating customer insights. It focuses on the application of marketing information systems in capturing information about customers. It discusses the ways in which marketing information, marketing intelligence, and marketing information systems work together to generate relevant customer insights. The paper focuses on the analysis of competitive intelligence to understand customers better. Finally, the paper emphasises that ethical practices need to be followed in analysing marketing intelligence. Proper utilisation of marketing information, marketing intelligence, and marketing information systems provides a direction for companies to generate better customer insights.
Keywords: marketing information; marketing intelligence; marketing information system; customer insight; internal data.
Examining Indian consumers belief and attitude about locavore food
by D.P. Sudhagar
Abstract: The study investigated the restaurant customer preference for locavore menu while dining in the restaurant. A qualitative design was employed based on the theory of planned behaviour. The study examined the belief and attitude associated with the locavore food consumption. Findings indicate that the restaurant customer holds a positive belief about the locavore food and they are interested in selecting the locavore menu. Factors such as healthy eating, motivation to the restaurateurs, encouragement to the local food suppliers, commitment to conserve the environment have influenced the attitude. The restaurant consumers are happy to be a part of the local food movement. The results will enlighten the hoteliers and the restaurant managers to understand the locavore food consumption. The study results will motivate the restaurateur to provide wider locavore menu choices to create a unique image of the restaurant and to fulfil the dining needs of the demanding customers. This is the first qualitative study conducted in the Indian context particularly in the locavore restaurants. This study will help to formulate and to amend the existing locavore menu options available in the restaurants and serving strategies to delight the customer.
Keywords: locavore food; restaurant customer; theory of planned behaviour; belief; attitude; consumption patterns; India.
Exploring social media users' behaviour based on electronic word-of-mouth: a multivariate analysis
by Sita Mishra
Abstract: Today, the advent and adoption of social media changed the way brands and consumers interact. Social media enable consumers to have more influence on the products and services that marketers create to meet their needs. Therefore, to explore attitude of Indian consumers' behaviour to affiliate with brands and engage in eWOM, this study carried out a survey of 181 social media users. Results of the study identified three factors-interpersonal influence, trust and endangerment that facilitate eWOM behaviour. Further, the study established the relationship between brand affiliation factors and purchase intention of social media users. The present study is the first research in India which performed segmentation of eWOM users.
Keywords: electronic word-of-mouth; eWOM; consumer behaviour; social media; consumer segmentation; cluster analysis.
Measuring service convenience of e-retailers: an exploratory study in India
by Sablu Khan, Mohd Afaq Khan
Abstract: The purpose of this study is to conceptualise and explore the strategic importance of e-retailers' service convenience. This study suggests that e-service convenience is a vital factor in the e-buyers buying behaviour. E-service convenience provides customer experience during e-shopping. The present study is done to adapt the scale developed by Jiang et al. (2013) to measure e-service convenience for the e-retailers. The findings of the present study contribute and extend theory by adapting the e-service convenience scale for e-retailers. This study has also added two new constructs (e.g., order convenience and logistics/reverse-logistics convenience) for e-service convenience in e-retailing context. The findings and the new e-service convenience scale will be helpful for e-retailers and marketers to improve its services.
Keywords: e-commerce; e-service convenience scale; e-retailer; e-shopping; India.