All articles by Avishek Majumder

CRM project foundations before implementing a new strategy

As implicated in the previous study, CRM implementation and integration into the objectives of a business comprises of 5 important phases. Building CRM project foundations are the second phase of the process (Buttle, 2013). This phase comprises of various activities for CRM project design and planning process.

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How to write the abstract and the summary of a study?

Abstract and summary is the short version summarizing and describing the contents of a paper. They comprise of the same context but are different in a few ways. They provide the first impression of a paper and act as a preface to answer the reader’s questions;

  • What has been done in the paper?
  • How has it been done?
  • What is the research about?
  • Why has it been done?
  • What were the findings?

Things to consider

Points to remember while writing abstract and summary
Points to remember while writing abstract and summary

Abstract or summary is an important part is written at the beginning of a paper. However, they are always written after the completion of a project. Another aspect is that abstracts and summaries never include citations or references. They must be simple and easy to understand and should answer the questions mentioned in the above section. An abstract and summary must cover the complete research in a maximum of 1000 words. However, abstracts are usually limited to 500 words, summaries of 1000 words are usually termed as ‘Executive summaries’. If the paper is a scientific article, then write an abstract of a maximum of 300 words and a minimum of 150 words. The following points should be kept in mind while writing the abstract or the summary of a study:

  • the background or introduction
  • the rationale of the paper
  • aim of the research
  • literature reviews (only in case of summary and executive summary)
  • conceptual framework (in case of summary and executive summary)
  • methods used
  • findings of the research
  • conclusions and limitations

Things not to include

  • Lengthy background or contextual information.
  • Redundant phrases, unnecessary adverbs and adjectives, and repetitive information.
  • Acronyms or abbreviations.
  • References to other literature.
  • Using incomplete sentences and symbols.
  • Jargon or terms that may be confusing to the reader.
  • Citations to other works.
  • Any sort of image, illustration, figure, or table, or references.

Difference between abstract and summary

Type of paperJournals, Essays, and Masters’ ThesisThesis and Dissertations for PhD and Masters’
No. of words and length (pages) 150 to 300 words;
A quarter of page to one page abstract
300 to 1000 words;
One page to four page summary or executive summary
Contents Aim of the study, problem statement, methods, findings and limitations of the research Aim and objectives, background, literature review, problem statement, methods, findings, conclusions and limitations
Use of keywords Abstracts in scientific papers usually comprise of keywords No keywords needed
Type Critical and descriptive Descriptive and informative

Steps to follow

  1. First, complete the whole research and the writing of the paper.
  2. Extract the information.
  3. Plan the type of abstract or summary; informative, descriptive or critical. Informative are usually lengthy and briefly describes all the chapters of a thesis or dissertation. Descriptive comprises of only goals and findings of the study, and critical presents only findings of research papers.
  4. Provide information on aim, problem statement, methods, findings and conclusions of the main paper.
  5. Repeat the process and check if any important information is missing.
  6. Cross-check with the questions mentioned in the earlier section of the article.

Sample

Aim of the study

(AIM) The main aim of the current paper was to find the different aspects of abstract and a summary.

(PROBLEM STATEMENT) It was, however, found that there are certain differences between an abstract and a summary. Moreover, summaries are extended parts of abstracts. Therefore, it is important to assess the different aspects and the difference between an abstract and a summary.

(BACKGROUND) It is the short version summarizing and describing the contents of a journal or a dissertation or thesis. Abstract and summary comprise of the same context but are different in a few ways. They provide the first impression of a research paper.

(METHODS) The current paper compares different samples of abstracts and summaries from different journal papers and theses. A sample of 5 different journals and 5 different theses was explored to find the difference between them.

(FINDINGS) There is a significant difference between abstract and summary on the basis of type of research paper, no. of words and length, contents and type of abstract/summary.

(CONCLUSION AND LIMITATIONS) The current study found the presence of a significant difference. However, the study has certain limitations which need to be addressed in future for better understanding the difference between abstract and summary. The limitations has been presented at the end of the paper.

Steps to conduct the capital asset pricing model (CAPM)

Capital asset pricing model (CAPM) is a method of estimating the risks of investing in a particular stock. It is mainly used by financial analysts and investors to decide what price they should pay for a particular stock. It was first used and developed by Harry Markowitz in 1952. Harry described the relationship between an investor’s risk and the expected return in CAPM. According to Markowitz, (2008), “the expected return of a particular security or a portfolio is equal to the rate on a risk-free security plus a risk premium. If the security or portfolio does not meet or exceed the required return, then the investment should not be entered into” (pg. 91). It means that, if Stock A is riskier than Stock B, the price of Stock A should be lower to compensate investors for taking on the increased risk.

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Different methods of conducting momentum analysis

In the previous article, different data types and challenges faced while conducting momentum of daily returns remain presented. There are different methods of calculating the momentum of stock prices. Each type of calculation depends on the type of data being used. Stock exchange experts use different tools to find the momentum of stocks, however, MS Excel is one the best methods. Apart from that, the STATA software package can be used for assessment of momentum investing.

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An introduction to momentum analysis

Momentum analysis is mainly done to measure the rate of rise or fall in stock prices (Sehgal and Jain, 2011). It is a method to show the trend of daily stocks and prices over time. Momentum analysis is applied only on financial stock prices of companies or stock portfolios. The use of momentum analysis dates back to the early 1990s, when a paper analyzing the momentum of stock returns on U.S. equities was presented for the period 1963-1990.

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Impact of the Drug Price Control Order on the pharma industry

The Drug Price Control Order (DPCO) was enacted by the Government of India in 1955. The latest amendments to the policy and regulations were made in 2013 and termed as DCPO-2013 (National Pharmaceutical Pricing Authority, 2018). This regulation ensures the availability of essential drugs to the public at a reasonable and controlled price (Kumar, Gupta, and Kumar, 2014). The Drug Price Control Order identifies drugs as an essential commodity. The Drug Price Control Order poses a check on manufacturers and prevents them to sell their drugs at an exorbitant price (The Economic Times, 2017). No pharma company is authorized to sell any drug to a consumer at a price exceeding the tagged price by National Pharmaceutical Pricing Authority (NPPA) under DPCO-2013.

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How to write the ‘limitations or shortcomings of the study’ in a thesis?

‘Limitations or shortcomings of the study’ is the last stage of a thesis. After the study is completed, as a researcher, you may have identified shortcomings. Enlisting those areas in the thesis serves many purposes.

Identifying limitations or shortcomings in a study means that you have carefully considered their potential impact on your findings. So, when readers frame an opinion about your study, they know the conditions under which your findings are valid. Secondly, it establishes the credibility of your research. No study is complete without its set of limitations. Therefore identifying these limitations formally acknowledges that your research was carried out ethically. Finally, it establishes the validity of the research.

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How to measure customer satisfaction and loyalty to improve business performance?

Buttle, (2013), conceptualized that customer satisfaction, loyalty and business performance are all interlinked with one another. Corroborating Buttle, (2013), Hill and Alexander, (2017) stated that:

….profit can be traced back to customer satisfaction which, in turn, is related to employee loyalty (p22).

However, it is important to know how customer satisfaction and loyalty is related to the performance of business operations. It is evident from the fact that it is less expensive to get business from an old customer than from a new one. Customer satisfaction, customer loyalty, and customer retention is directly related to the operational performance of a business. In addition, customer satisfaction and loyalty also help measure business performance.

Customer loyalty and satisfaction helps measure business performance
Customer loyalty and satisfaction helps measure business performance

Customer satisfaction is a measure of how business’ total product or service performs in relation to customer requirements. In other words, customer satisfaction is a measurement about customer’s perseverance on the performance of the service provider or the product supplier (Hill and Alexander, 2017). Customer loyalty, on the other hand, is the attitude of the customers towards the likeness and being dedicated to the services or products of a business. Customer loyalty is the measurement of the customer’s commitment to a business and its services (Hill and Alexander, 2017). Business performance is defined as the efficient use of manpower and other resources to create unique value to retain its (Hill and Alexander, 2017).

Methods to measure customer satisfaction

The most common way of quantifying customer satisfaction is to compare their perception of experience with their expectations. Businesses use the expectations-disconfirmation model of customer satisfaction to measure customer perseverance (Buttle, 2013). If customer expectation remains underperformed then it is a negative disconfirmation and customers remain dissatisfied. Positive disconfirmation occurs when perception exceeds expectation. The customer might be pleasantly surprised or even delighted. In this way, businesses assume that customers have expectations and that businesses are able to judge their performance. It is important to find out customer expectation and then measure it with business performance and with the competitors (James, 2007).

Expectations-disconfirmation model of customer satisfaction for business performance
Expectations-disconfirmation model of customer satisfaction for measure business performance

Customer expectations, however, rely on the business’ most recent communications, brand image, communication from other customers, online reviews and information, and customer’s previous experiences (James, 2007). These aspects act as inputs for the business, and thereby create and shape each consumer’s level of expectations of value for the businesses. Expectations of each consumer will generally vary to some extent, based on their individual exposures to the various communications, their level of purchase involvement, and their previous experiences (Buttle, 2013). On the other hand, the values of customers remain motivated by:

  • Overall product or service quality.
  • Interaction and relationships with customers and staffs.
  • Service experience and process.
  • Value for money.
  • Creation of image and social status or brand status.

Methods to measure behavioural customer loyalty

There are two major approaches to define and measure loyalty;

  • behaviour and,
  • attitude (Buttle, 2013).

Businesses measure behavioural loyalty by reference to customer purchasing behaviour. In this regard, loyalty is expressed in continued patronage and buying. On the other hand, businesses measure attitudinal loyalty by reference to components of attitude such as beliefs, feelings and purchase intention (Geçti and Zengin, 2013). Customers who have a stronger preference for, involvement in, or commitment to a supplier are more loyal in attitudinal terms.

The most loyal remain shown by those who have high scores on the three behavioural variables (Geçti and Zengin, 2013):

  • regency of purchases (R),
  • the frequency of purchases (F) and,
  • the monetary value of purchases (M).

The variables are measured as follows;

  • R-time elapsed since last purchase
  • F-number of purchases in a given time period
  • M-monetary value of purchases in a given time period

An instance of using the model and calculation formula to find the loyalty of the customers is presented in the figure below.

RFM measures of behavioral loyalty for business performance
RFM measures of behavioral loyalty for business performance

Methods to measure attitudinal customer loyalty

Since, attitudinal loyalty is measured on the basis of the beliefs, feelings and purchasing intention of the customers, businesses use Dick and Basu’s model (Buttle, 2013). According to the model, there are four forms of loyalty for relative attitudinal strength and repeat purchase behaviour.

Dick and Basu model for customer loyalty to measure business performance
Dick and Basu model for customer loyalty to measure business performance

Loyal are those who have high levels of repeat buying and a strong relative attitude. Spurious loyal have high levels of repeat purchase but weak relative attitude. Customer’s repeat purchasing remain explained by, inertia, high switching costs and indifference (Alhaddad, 2015). Latent loyalty exists when a strong relative attitude is not accompanied by repeat buying. This shows evidence of weakness in the company’s distribution strategy, the product or service not being available when and where customers want.

KPI that helps to evaluate business performance

These methods of measures from customer loyalty and satisfaction help in measuring the financial, customer, process and learning and growth (Hill and Alexander, 2017). In addition, customer-related KPIs that help to evaluate business performance for a CRM implementation include;

  • customer satisfaction levels,
  • retention rates,
  • acquisition costs,
  • number of new customers acquired,
  • average customer tenure,
  • customer loyalty (behavioural or attitudinal),
  • sales per customer,
  • revenue growth,
  • market share
  • and share of customer (wallet).

References

  • Alhaddad, A., 2015. A structural model of the relationships between brand image, brand trust and brand loyalty. International Journal of Management Research and Reviews5(3), p.137.
  • Buttle, F., 2013. Customer Relationship Management Concepts and Technologies. 2nd edn. Burlington: Elsevier. doi: 10.1017/CBO9781107415324.004.
  • Geçti, F. and Zengin, H., 2013. The relationship between brand trust, brand affect, attitudinal loyalty and behavioral loyalty: A field study towards sports shoe consumers in Turkey. International Journal of Marketing Studies5(2), p.111.
  • Hill, N. and Alexander, J., 2017. The handbook of customer satisfaction and loyalty measurement. Routledge.
  • James, O., 2007. Evaluating the expectations disconfirmation and expectations anchoring approaches to citizen satisfaction with local public services. Journal of Public Administration Research and Theory19(1), pp.107-123.
  • Ramanathan, U., Subramanian, N., Yu, W. and Vijaygopal, R., 2017. Impact of customer loyalty and service operations on customer behaviour and firm performance: empirical evidence from UK retail sector. Production Planning & Control28(6-8), pp.478-488.

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