Consumer empowerment in insurance

2018 ◽  
Vol 36 (6) ◽  
pp. 1073-1097 ◽  
Author(s):  
Pascal Buehler ◽  
Peter Maas
Keyword(s):  
Decision Making ◽  
Self Efficacy ◽  
Service Providers ◽  
Time Lag ◽  
Decision Making Process ◽  
Consumer Empowerment ◽  
Content Type ◽  
Perceived Performance ◽  
Performance Risk ◽  
The Impact

Purpose The purpose of this paper is to enhance the understanding of consumer empowerment in the relationship between consumers and service providers. It draws on self-efficacy theory to conceptualize consumer empowerment and explain the impact on perceived performance risk in insurance decision making. Design/methodology/approach This study employs data collected from an online survey involving 487 consumers in Switzerland, who recently decided on an insurance service. A structural equation model quantifies both the psychological effects on consumers’ perception of insurance services and behavioral effects on their decision-making process. Findings Perceived consumer empowerment is conceptualized by perceived self-efficacy and perceived controllability. Both have a significant impact on perceived performance risk, while the former is partially mediated by the preference to delegate the decision to a surrogate. Moreover, customers’ involvement in the purchase process moderates both the direct and indirect effect of perceived self-efficacy on perceived performance risk. Research limitations/implications The results are based on consumers’ perceptions from a single country. Furthermore, consumers’ perceptions were surveyed with a time lag after the decision-making process. To increase rigor, perceptions should be collected during decision making. Practical implications Results show that consumer empowerment can be employed as a risk reduction strategy. Consumers with self-efficacy and controllability beliefs perceive significantly less performance risk; however, practitioners should consider that consumers are also motivated to make decisions independently rather than delegating their decisions. Furthermore, consumer empowerment depends on consumer will. For largely indifferent consumers, empowerment does not affect risk or decision delegation preference. Originality/value The study is among the few empirical works to examine the effects of consumer empowerment on the consumer-service provider relationship on an individual level. Furthermore, applying consumer empowerment in relationship marketing implies a shift in research focus to the question of how consumers construe decision-making situations rather than objectively measuring the state of consumer relationship.

Factors influencing cruise vacations: the impact of online reviews and environmental friendliness

2019 ◽  
Vol 74 (3) ◽  
pp. 400-415 ◽  
Author(s):  
Frida Bahja ◽  
Cihan Cobanoglu ◽  
Katerina Berezina ◽  
Carolin Lusby
Keyword(s):  
Decision Making ◽  
Influencing Factors ◽  
Online Reviews ◽  
Influential Factors ◽  
Decision Making Process ◽  
Relative Importance ◽  
Environmental Friendliness ◽  
Content Type ◽  
Cruise Line ◽  
The Impact

Purpose The purpose of the study was to discover the relative importance of influencing factors toward booking a cruise vacation. Based on a review of literature, this study focused on exploring the relative importance of six influential factors in cruise customers’ decision-making process: cruise vacation price, cruise duration, distance from the cruise port, itineraries, environmental friendliness of cruise line and cruise online reviews. Design/methodology/approach The complexity of cruise customers’ decision-making process for involving these six attributes with several levels was examined with choice-based conjoint (CBC) analysis. CBC was selected due to its realistic approach to purchase decisions, in the form of trade-offs. The online survey collected data anonymously. The survey was distributed through Amazon’s Mechanical Turk (Mturk) platform. The sample consisted of 450 cruise customers, who had experienced a cruise vacation before. Findings The findings of the study showed that online reviews were the most influential attribute for cruise customers in their cruise decision, followed very closely by the environmental friendliness of the cruise line. The next influential factor was the duration of the cruise vacation, which was followed by distance from the cruise port, cruise itinerary and cruise vacation price. The best and the worst cruise vacation profiles were generated based on the CBC analysis. Practical implications The findings of this study provide some insights with regard to cruise customers’ importance about influencing factors when deciding on a cruise vacation. Originality/value The research provides insides in understanding the influential factors at the last stage of cruise customers’ decision-making process. In this regard, cruise industry can pay more attention in promoting the attributes of a cruise offer as influential factors. Additionally, the findings of this study contribute to the general knowledge about cruise customers’ decision-making process.

Implementation of 3D printing and the effect on decision making in logistics management

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Stefan Hecker
Keyword(s):  
Decision Making ◽  
3D Printing ◽  
Service Providers ◽  
Logistics Management ◽  
Service Development ◽  
Content Type ◽  
Disruptive Technologies ◽  
Logistics Service ◽  
Service Portfolio ◽  
The Impact

PurposeFrom a synthesis of literature, the purpose of this paper is to present a conceptual service development methodology showing the impact of 3D printing as a disruptive technology to the service portfolio. The methodology is designed to support practitioners and academics in better understanding the impact of disruptive technologies may have to the service portfolio and participate in the technology.Design/methodology/approachA literature review is conducted and based on these findings a conceptual framework has been developed.FindingsThe design of a methodology for the development of 3D printing services is used to evaluate the disruption potential of 3D printing and to implement the technology in the service portfolio of a logistics service provider. The disruption potential of 3D printing influences a logistics manager by make to order decisions. In addition, it could be proven the service portfolio was diversified.Research limitations/implicationsLiterature directly dealing with technology-based service development for decision making in logistics management is rare and thus the methodology is built on insights, compiled from the distinct research areas. Further research should be performed on this nascent topic.Practical implicationsLogistics service providers may use the developed methodology to revise their service portfolio by the consideration of disruptive technologies, in order to reduce strategic misdecisions regarding the range of services.Originality/valueThis paper looks specifically at decision making for implementing disruptive technologies to the service portfolio.

scholarly journals Vibration Edge Computing in Maritime IoT

2022 ◽  
Vol 3 (1) ◽  
pp. 1-18
Author(s):  
Anna Lito Michala ◽  
Ioannis Vourganas ◽  
Andrea Coraddu
Keyword(s):  
Decision Making ◽  
Edge Computing ◽  
Decision Making Process ◽  
Process Data ◽  
Content Type ◽  
Time Dynamic ◽  
Data Volume ◽  
Promising Solution ◽  
The Cost ◽  
The Impact

IoT and the Cloud are among the most disruptive changes in the way we use data today. These changes have not significantly influenced practices in condition monitoring for shipping. This is partly due to the cost of continuous data transmission. Several vessels are already equipped with a network of sensors. However, continuous monitoring is often not utilised and onshore visibility is obscured. Edge computing is a promising solution but there is a challenge sustaining the required accuracy for predictive maintenance. We investigate the use of IoT systems and Edge computing, evaluating the impact of the proposed solution on the decision making process. Data from a sensor and the NASA-IMS open repository were used to show the effectiveness of the proposed system and to evaluate it in a realistic maritime application. The results demonstrate our real-time dynamic intelligent reduction of transmitted data volume by without sacrificing specificity or sensitivity in decision making. The output of the Decision Support System fully corresponds to the monitored system's actual operating condition and the output when the raw data are used instead. The results demonstrate that the proposed more efficient approach is just as effective for the decision making process.

Consumers’ decision-making self-efficacy for service purchases: construct conceptualization and scale

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Dena Hale ◽  
Ramendra Thakur ◽  
John Riggs ◽  
Suzanne Altobello
Keyword(s):  
Decision Making ◽  
Self Efficacy ◽  
Design Methodology ◽  
Service Providers ◽  
Reliability And Validity ◽  
Order Structure ◽  
Content Type ◽  
Study Approach ◽  
Order Construct ◽  
Scale Measure

Purpose The purpose of this study is to develop and validate a scale to determine the consumer’s level of decision-making self-efficacy for a high-involved service purchase, specifically the purchase of medical insurance. One question to ask is how service providers can help consumers purchase the services that best meet their needs? Before interventions can occur, it is necessary to benchmark consumers’ perceptions of their own decision-making control and abilities. Design/methodology/approach A scale that measures consumers’ service decision-making self-efficacy was developed using the principles established for scale development validation. A four-study approach was used to reach the research objective. Findings The research consisted of four studies designed to: generate items to measure consumer service decision-making self-efficacy (CSDMSE); purify the scale and assess its dimensionality (second-order structure); establish the reliability and validity of the scale; and establish norms to provide details on its usefulness for aiding consumers with service purchases. The scale was found to be a higher-order construct, comprising three lower-order constructs. Originality/value Research suggests that consumer self-efficacy may affect their decision-making. The greater the consumer’s self-efficacy for decision-making tasks, the more efficient the decision-making process strategies are expected to be. This is the purpose for which the CSDMSE scale measure was created: to understand how, where and when service professionals can assist consumers with making appropriate service-related decisions and purchases.

scholarly journals The impact of mood on decision-making process

2017 ◽  
Vol 12 (3) ◽  
pp. 242-257 ◽  
Author(s):  
Tony Gear ◽  
Hong Shi ◽  
Barry J. Davies ◽  
Nagah Abdlelaziz Fets
Keyword(s):  
Decision Making ◽  
Emotional State ◽  
Strategic Decision ◽  
Dominant Factor ◽  
Decision Making Process ◽  
Strategic Decisions ◽  
Content Type ◽  
Future Studies ◽  
Relational Factors ◽  
The Impact

Purpose The purpose of this paper is to explore and analyze relationships between contextual factors, and micro-cognitive, emotional and relational factors, influencing the strategic decision-making process. Design/methodology/approach The relative roles of “rationality,” “intuition” and “political behavior” in five recent and critical strategic decisions have been explored using 16 semi-structured interviews with senior decision-makers in three Middle Eastern Arabic commercial banks. Findings Context specific macro-factors were found to influence the emotional state of strategists, leading them to adopt a rational approach, rather than use intuitive judgment, to making all five decisions. Research limitations/implications The study was limited to one contextual situation and business sector in order to maintain these variables relatively constant, with proposals for extending studies to other business situations and contexts. Practical implications The paper provides evidence for the impact of micro emotional and relational factors on decision-making practice, which should lead to increased recognition for strategists, and organizations, of the importance of these influences on strategic decision practice. Social implications A social implication is that organizations should build a level of awareness of the impact of the mood of strategists who are involved with strategic decisions, perhaps through appropriately designed social processes of organizational learning. Originality/value The paper examines the little-researched influence of the mood of strategists on the nature of decision-making process, and demonstrates the importance of including emotional factors in future studies. An explanatory framework is developed which is consistent with an interpretation that places the emotional state (mood) of “concerned attention” which existed within the senior management groups as the dominant factor driving the nature of process. A generalized research framework is proposed to aid future studies of strategic processes.

The influencing role of social media in the consumer’s hotel decision-making process

2019 ◽  
Vol 11 (4) ◽  
pp. 378-391 ◽  
Author(s):  
Vikas Gupta
Keyword(s):  
Decision Making ◽  
Social Media ◽  
Information Search ◽  
Decision Making Process ◽  
Content Type ◽  
Social Media Platform ◽  
The Social ◽  
Media Platform ◽  
The Impact

Purpose This study aims to evaluate the role of social media on the hotel decision-making process of consumers during the evaluation stage of searching, identifying the alternatives and selecting a hotel in India. It will help the stakeholders in the hotel industry of India to make the social media platform more efficient for consumers by providing inputs on the factors consumers consider while making online hotel purchase. Design/methodology/approach This study involves an exploratory qualitative approach which includes 32 face-to-face, semi-structured, in-depth individual interviews with the social media platform users. The selection of interviewees for this study has been done on the basis of a non-random purposive sampling approach. Findings The findings reveal that social media plays an important role in affecting the way consumers search, decide and book hotels. It also suggests that social media helps consumers in collecting information about products and services, assessing alternatives and making their choices. It confirms that while negative facets exist, the positive benefits outweigh the negative aspects of using social media when selecting a hotel. The results also reveal the impact of circumstantial influence related to social media on hotel selection, on the basis of content source and the level of trust and accuracy in the content. Practical implications This study has some strategic implications for hospitality marketing and management related to a better understanding of the influence of social media on the hotel customer decision-making process. The study shows that a variety of social media with associated content sources and levels add to the complexity of hotel-related information search and decision behaviour. Originality/value The study makes a contribution by addressing the existing gaps and bridging the arena of consumer behaviour and social media literature in a hotel context and sheds light on how consumer decisions while selecting a hotel are influenced through social media. The core contribution is the generation of factors through in-depth interviews which are based on real-life scenarios relating to the influence of social media on hotel decision-making.

scholarly journals Utilizing a time-to-shelf study to start a conversation on change

2015 ◽  
Vol 16 (1) ◽  
pp. 28-33
Author(s):  
Sally Gibson
Keyword(s):  
Decision Making ◽  
Organizational Performance ◽  
Academic Libraries ◽  
Design Methodology ◽  
Decision Making Process ◽  
Evidence Based ◽  
Content Type ◽  
Workflow Analysis ◽  
The Impact ◽  
Evidence Based Decision Making

Purpose – The purpose of this paper is to show the value of benchmarking organizational performance in order to enable conversations about workflow analysis and potential changes. Design/methodology/approach – Data from a time-to-shelf study are compared to literature describing similar studies at other academic libraries which enable the decision-making process for a new workflow. Findings – The results of a time-to-shelf study necessitated a change in workflow. This paper examines how the data enabled staff to agree to changes and supported the decision-making process. Originality/value – This paper examines the impact of evidence-based decision making on the performance and workflow of a technical services department.

Managing operations in customer-intensive services with forward-looking customers

Kybernetes ◽  
2018 ◽  
Vol 47 (10) ◽  
pp. 1941-1955 ◽  
Author(s):  
Chengzhang Li ◽  
Minghui Jiang ◽  
Xuchuan Yuan
Keyword(s):  
Decision Making ◽  
Service Providers ◽  
Service Operations ◽  
Purchase Decision ◽  
Service Rate ◽  
Optimal Price ◽  
Content Type ◽  
Reservation Utility ◽  
The Impact ◽  
Forward Looking

Purpose This paper aims to investigate the optimal price and service rate decisions in a customer-intensive service, where customers’ perceived service quality decreases in the service speed. Customers are assumed to be forward-looking in purchase decision-making and heterogeneous in their reservation utilities. The purpose of this paper is to study the impact of customers’ forward-looking behavior and the heterogeneity on the operational decisions in a customer-intensive context. Design/methodology/approach The service is delivered through an M/M/1 queue system with unobservable queues. Customers are forward-looking in queue joining decisions, where the purchase decisions are made when the expected utility is greater than the reservation utility. The optimal price and service rate decisions are analyzed with both homogeneous and heterogeneous customers, where homogenous customers have the same reservation utility in purchase decision-making, while heterogeneous customers have different reservation utilities, which are captured by a random variable. Findings The optimal price and service rate decisions with forward-looking customers depend on the customer intensity, potential market size and customers’ reservation utility distribution. The results suggest that customers’ heterogeneity in terms of their reservation utilities affects the optimal decisions, market coverage and the expected revenue. Service providers need to take customers’ heterogeneity and the forward-looking behavior into operational decision-making. Originality/value This paper extends previous studies in customer-intensive service and contribute to the service operations management area by explicitly incorporating customers’ forward-looking behavior and heterogeneity in purchase decision-making. Assuming customers are forward-looking and heterogeneous is more realistic and practical. The results highlight that knowing customers’ behavioral characteristics can better improve decision-making in service operations, which is critical for enhancing customers’ satisfaction and loyalty, thus critical to a firm’s success in the market with intensive competition.

Performance of Shari’ah-compliant and non-Shari’ah-compliant listed firms: a case study of Malaysia

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Irum Saba ◽  
Mohamed Ariff ◽  
Eskandar Shah Mohd Rasid
Keyword(s):  
Decision Making ◽  
Design Methodology ◽  
Islamic Finance ◽  
Decision Making Process ◽  
Content Type ◽  
Listed Firms ◽  
Finance Industry ◽  
The Impact ◽  
Statistical Results

Purpose Shari’ah provides the basic tenets of the Islamic finance industry and advocates banks to share their profits and losses with investors. But what it means for a firm to be “Shari’ah-compliant” and what form of connections it can have, even in theory, to either the firm’s value or profitability is still an untapped question. This study tries to answer this question. This study aims to find the impact of Shari’ah compliance on firm performance. The results obtained would be useful in helping investors, regulators, companies, government, academicians and practitioners in their decision-making process as to ensure better economic and business gains, both locally and globally. Design/methodology/approach Panel data on 634 Shari’ah-compliant firms have been used in this study for the period of 2000–2014. Findings The results indicate that Shari’ah compliance adds to the value of firms as firms perform transactions according to Shari’ah while avoiding non-permissible activities. Originality/value This study adds value to the existing literature by showing the statistical results for the impact of Shari’ah compliance on the performance of the listed firms on Bursa Malaysia.

The impact of the Greek economic crisis on the sustainability of the Turkish economy

Kybernetes ◽  
2019 ◽  
Vol 49 (4) ◽  
pp. 1127-1142 ◽  
Author(s):  
Kyriaki Argyro Tsioptsia ◽  
Ioannis Mallidis ◽  
Thomas Siskou ◽  
Nikolaos Sariannidis
Keyword(s):  
Decision Making ◽  
Economic Crisis ◽  
Decision Making Process ◽  
Policy Makers ◽  
Content Type ◽  
Crude Oil Prices ◽  
Turkish Economy ◽  
Egarch Model ◽  
Portfolio Managers ◽  
The Impact

Purpose This paper aims to examine the impact of the Greek economic crisis on the sustainability of the Turkish economy. Design/methodology/approach A generalized autoregressive conditional heteroskedasticity (GARCH) model is used over the Thomson Reuter’s Turkey Index for the period of May 1999 to August 2018 using monthly data. The control variables introduced in the proposed model are the S&P 500 of the US stock market and crude oil prices which are used to isolate more general systemic factors. Findings The structural analysis of volatility with the EGARCH model has shown that current volatility is more influenced by past volatility than by previous month shocks. Research limitations/implications The results can be exploited by investors, portfolio managers and policy makers in their decision-making process. Originality/value It is a first-time effort that examines the impact of the Greek economic crisis on the sustainability of the Turkish economy. The developed methodology can be used by investors, portfolio managers and policy makers in their decision-making process.

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