Readers are kindly asked to use the official publication in references. Financial well-being: a c... more Readers are kindly asked to use the official publication in references. Financial well-being: a conceptualization and research agenda Abstract With savings rates at record lows and inadequate long-term financial planning for retirement, financial well-being has become an important topic for individuals and households as well as for societies and countries. Research on the topic, however, remains scarce and scattered across disciplines. The present paper aims to consolidate and extend knowledge on financial well-being and makes a threefold contribution to the discussion. First, we propose a new definition based on a perceptual perspective of financial well-being and link it to an individual's current and anticipated desired living standard and financial freedom. We then develop a framework that distinguishes key elements of financial well-being; namely, interventions and financial behaviors, consequences, contextual factors, and personal factors. We then present a research agenda to guide future research on financial well-being. This work is designed to inspire researchers to continue expanding the knowledge so that financial institutions can take measures to increase financial well-being. Highlights • Research on financial well-being is still at an early stage. • We provide a new definition of financial well-being. • We develop a comprehensive framework of financial well-being. • We present a research agenda related to financial well-being.
Aktuelle Forschungsfragen im Dienstleistungsmarketing, 2009
... Kashyap, Rajiv (2001): The Effects of Service Guarantees on External and Internal Markets, Ac... more ... Kashyap, Rajiv (2001): The Effects of Service Guarantees on External and Internal Markets, Academy of Marketing Science Review, 10, S. 1-19. Page 219. Dienstleistungsgarantien-Forschungsstand und Ausblick 209 Kumar, Piyush/Kalwani, Manohar U./Dada, Maqbool (1997 ...
ABSTRACT In jüngster Zeit werden Dienstleistungsgarantien in Management und Wissenschaft als ein ... more ABSTRACT In jüngster Zeit werden Dienstleistungsgarantien in Management und Wissenschaft als ein innovatives Marketinginstrument angesehen, mit dessen Hilfe Dienstleistungsanbieter Wettbewerbsvorteile sichern und ausbauen können (Wirtz/Kum 2004). So bieten beispielsweise die Münchner Stadtwerke ihren Kunden eine Garantie an, in der sie die Bearbeitung aller Anfragen innerhalb eines bestimmten Zeitraumes zusagen (o.V. 2006). Die Bremer Straßenbahn AG entschädigt ihre Kunden mit einem kostenlosen Tagesticket, wenn der Bus oder die Straßenbahn mehr als 15 Minuten Verspätung hat. Das Management mancher Hotelketten, wie beispielsweise der Choice Hotels, verspricht, Unannehmlichkeiten während eines Aufenthaltes sofort zur Zufriedenheit des Gastes abzustellen oder bei Nichtzufriedenheit kein Entgelt zu verlangen (siehe Abbildung 1). Abbildung 1Beispiele für Dienstleistungsgarantien (Quellen: Stadtwerke München; Bremer Straßenbahn AG; Choice Hotels, UK)
International Journal of Research in Marketing, 2011
The authors investigate the intellectual pillars of service marketing and its evolution through k... more The authors investigate the intellectual pillars of service marketing and its evolution through key subareas during 1992-2009 using a citation-based approach. They derive insights for the most promising research directions. The results reveal the dynamic influences of different research topics on service marketing. In a graphical representation, the authors further show that the main topics have changed their research orientations over time. For example, the literature on online service & technology infusion reveals an increasingly operational and customer-focused orientation. A citation-based measure of the significance of research opportunities and a comparison with the topics found in recent literature reviews indicate that research on managing business-to-business services & service infusion, complaint handling & service recovery, and enhancing and managing the service value chain are promising topics. These results assist academics and practitioners by revealing what we know about service research and what we need to know in the future.
Manufacturers in many industries seek service-led growth beyond their product core. Yet research ... more Manufacturers in many industries seek service-led growth beyond their product core. Yet research on the link between service revenue growth and firm profitability is still at an early stage. To shed further light on this complex relationship, we report the results of a longitudinal study based on panel data of 414 companies in the German mechanical engineering industry collected over a five-year period. Employing latent growth curve modeling and using multiple group analysis, the study provides empirical evidence for the causality between service infusion strategies and manufacturers' profit trajectories. The results also reveal differential effects of service categories and the moderating role of manufacturers' product innovation efforts. For companies with high product innovation activity, services supporting the product (SSPs) directly increase firm profitability, while services supporting the clients' actions (SSCs) do not display any link with long-term profitability. Conversely, for companies with low product innovation activity, SSCs have a significant, positive effect on firm profitability, while SSPs have only an indirect effect. In sum, our findings caution managers that service offerings do not automatically improve company profits. Manufacturers must carefully consider the fit between their service offerings and product innovation activities to grow bottom line results.
ABSTRACT In many business markets, manufacturers seek service-led growth to secure their existing... more ABSTRACT In many business markets, manufacturers seek service-led growth to secure their existing positions and continue to grow in increasingly competitive environments. Using longitudinal data from 513 German mechanical engineering companies and latent growth curve modeling, this study offers a fine-grained view of the financial performance implications of industrial service strategies. By disentangling the revenue and profit implications of industrial service strategies, findings reveal that such strategies increase both the level and the growth of manufacturing firms’ revenue streams. In contrast, they reduce the level but improve the growth of manufacturers’ profits. Results further suggest that services supporting the clients’ actions (SSC) and services supporting the supplier’s product (SSP) affect performance outcomes in different ways. SSCs directly affect revenue and profit streams. In turn, SSPs display only indirect effects on financial performance mediated through SSCs. A moderator analysis identifies two organizational contingencies that facilitate service business success: Only companies with decentralized decision-making processes and a high share of loyal customers can expect favorable financial results from industrial service strategies. In summary, this research provides significant insights and managerial guidance for turning service strategies into financial successes.
With savings rates at record lows and inadequate long-term financial planning for retirement, fin... more With savings rates at record lows and inadequate long-term financial planning for retirement, financial well-being has become an important topic for individuals and households as well as for societies and countries. Research on the topic, however, remains scarce and scattered across disciplines. The present paper aims to consolidate and extend knowledge on financial well-being and makes a threefold contribution to the discussion. First, we propose a new definition based on a perceptual perspective of financial well-being and link it to an individual's current and anticipated desired living standard and financial freedom. We then develop a framework that distinguishes key elements of financial well-being; namely, interventions and financial behaviors, consequences, contextual factors, and personal factors. We then present a research agenda to guide future research on financial well-being. This work is designed to inspire researchers to continue expanding the knowledge so that financial institutions can take measures to increase financial well-being. Highlights • Research on financial well-being is still at an early stage. • We provide a new definition of financial well-being. • We develop a comprehensive framework of financial well-being. • We present a research agenda related to financial well-being.
ABSTRACT Today, customers increasingly engage in optional co-production by taking over additional... more ABSTRACT Today, customers increasingly engage in optional co-production by taking over additional tasks in the service process that traditionally have been performed by service employees. Thereby, customers become “partial employees” of the service provider. Service providers benefit from this co-production as they can substitute employees’ for customers’ labor to achieve productivity gains. Indeed, productivity gains by means of co-production are a double-edged sword. Customers as “partial employees” might expect compensation for the time and effort they invest in the service process. Thus, co-production may reduce their willingness-to-pay (WTP). However, the necessary reduction in price may outweigh the company’s productivity gains obtained from co-production. Surprisingly, empirical studies neither examine the relationship between co-production and WTP nor provide evidence that WTP declines because of a higher degree of co-production. This paper addresses this gap by investigating the relationship between co-production and WTP. Referring to social exchange theory, the authors deduce and test competing hypotheses and find that customers expect a material compensation for their efforts resulting in a negative relationship between co-production and WTP. This result is replicated using distinct methodological approaches (i.e., economic and scenario-based experiments) as well as different service contexts (i.e., car wash and restaurant). Moreover, moderators are examined. Counterintuitively, the results show that customers with high ability have a lower WTP in case of optional co-production than low ability customers. Furthermore, enjoyment reveals to be a means to immaterially compensate customers for optional co-production while perceived control has no impact. Another possibility to increase customers’ WTP in case of optional co-production is to provide them with a choice between different co-production processes. For service providers, these results emphasize the meaning of taking into account the decline in WTP due to optional co-production when setting prices and restructuring service processes. Moreover, service providers should offer customers a choice between different service processes and try to increase the joy that customers derive from co-production.
ABSTRACT Social media offer consumers a public stage to voice their dissatisfaction to a global a... more ABSTRACT Social media offer consumers a public stage to voice their dissatisfaction to a global audience. Negative service experiences can therefore go viral in the twinkling of an eye. Hence, they can seriously damage a company’s reputation (States 2009). Consumers use social media platforms with little or no physical and mental costs to interact with firms and talk about companies with other users on a daily basis (Fischer/Langner 2008; van Noort/Willemsen 2012). Due to the increasing prevalence of fast Internet access, smartphones, and the public nature of communication in the social web, conversations can occur beyond geographic constraints (Kane et al. 2009; Boyd et al. 2010).
Readers are kindly asked to use the official publication in references. Financial well-being: a c... more Readers are kindly asked to use the official publication in references. Financial well-being: a conceptualization and research agenda Abstract With savings rates at record lows and inadequate long-term financial planning for retirement, financial well-being has become an important topic for individuals and households as well as for societies and countries. Research on the topic, however, remains scarce and scattered across disciplines. The present paper aims to consolidate and extend knowledge on financial well-being and makes a threefold contribution to the discussion. First, we propose a new definition based on a perceptual perspective of financial well-being and link it to an individual's current and anticipated desired living standard and financial freedom. We then develop a framework that distinguishes key elements of financial well-being; namely, interventions and financial behaviors, consequences, contextual factors, and personal factors. We then present a research agenda to guide future research on financial well-being. This work is designed to inspire researchers to continue expanding the knowledge so that financial institutions can take measures to increase financial well-being. Highlights • Research on financial well-being is still at an early stage. • We provide a new definition of financial well-being. • We develop a comprehensive framework of financial well-being. • We present a research agenda related to financial well-being.
Aktuelle Forschungsfragen im Dienstleistungsmarketing, 2009
... Kashyap, Rajiv (2001): The Effects of Service Guarantees on External and Internal Markets, Ac... more ... Kashyap, Rajiv (2001): The Effects of Service Guarantees on External and Internal Markets, Academy of Marketing Science Review, 10, S. 1-19. Page 219. Dienstleistungsgarantien-Forschungsstand und Ausblick 209 Kumar, Piyush/Kalwani, Manohar U./Dada, Maqbool (1997 ...
ABSTRACT In jüngster Zeit werden Dienstleistungsgarantien in Management und Wissenschaft als ein ... more ABSTRACT In jüngster Zeit werden Dienstleistungsgarantien in Management und Wissenschaft als ein innovatives Marketinginstrument angesehen, mit dessen Hilfe Dienstleistungsanbieter Wettbewerbsvorteile sichern und ausbauen können (Wirtz/Kum 2004). So bieten beispielsweise die Münchner Stadtwerke ihren Kunden eine Garantie an, in der sie die Bearbeitung aller Anfragen innerhalb eines bestimmten Zeitraumes zusagen (o.V. 2006). Die Bremer Straßenbahn AG entschädigt ihre Kunden mit einem kostenlosen Tagesticket, wenn der Bus oder die Straßenbahn mehr als 15 Minuten Verspätung hat. Das Management mancher Hotelketten, wie beispielsweise der Choice Hotels, verspricht, Unannehmlichkeiten während eines Aufenthaltes sofort zur Zufriedenheit des Gastes abzustellen oder bei Nichtzufriedenheit kein Entgelt zu verlangen (siehe Abbildung 1). Abbildung 1Beispiele für Dienstleistungsgarantien (Quellen: Stadtwerke München; Bremer Straßenbahn AG; Choice Hotels, UK)
International Journal of Research in Marketing, 2011
The authors investigate the intellectual pillars of service marketing and its evolution through k... more The authors investigate the intellectual pillars of service marketing and its evolution through key subareas during 1992-2009 using a citation-based approach. They derive insights for the most promising research directions. The results reveal the dynamic influences of different research topics on service marketing. In a graphical representation, the authors further show that the main topics have changed their research orientations over time. For example, the literature on online service & technology infusion reveals an increasingly operational and customer-focused orientation. A citation-based measure of the significance of research opportunities and a comparison with the topics found in recent literature reviews indicate that research on managing business-to-business services & service infusion, complaint handling & service recovery, and enhancing and managing the service value chain are promising topics. These results assist academics and practitioners by revealing what we know about service research and what we need to know in the future.
Manufacturers in many industries seek service-led growth beyond their product core. Yet research ... more Manufacturers in many industries seek service-led growth beyond their product core. Yet research on the link between service revenue growth and firm profitability is still at an early stage. To shed further light on this complex relationship, we report the results of a longitudinal study based on panel data of 414 companies in the German mechanical engineering industry collected over a five-year period. Employing latent growth curve modeling and using multiple group analysis, the study provides empirical evidence for the causality between service infusion strategies and manufacturers' profit trajectories. The results also reveal differential effects of service categories and the moderating role of manufacturers' product innovation efforts. For companies with high product innovation activity, services supporting the product (SSPs) directly increase firm profitability, while services supporting the clients' actions (SSCs) do not display any link with long-term profitability. Conversely, for companies with low product innovation activity, SSCs have a significant, positive effect on firm profitability, while SSPs have only an indirect effect. In sum, our findings caution managers that service offerings do not automatically improve company profits. Manufacturers must carefully consider the fit between their service offerings and product innovation activities to grow bottom line results.
ABSTRACT In many business markets, manufacturers seek service-led growth to secure their existing... more ABSTRACT In many business markets, manufacturers seek service-led growth to secure their existing positions and continue to grow in increasingly competitive environments. Using longitudinal data from 513 German mechanical engineering companies and latent growth curve modeling, this study offers a fine-grained view of the financial performance implications of industrial service strategies. By disentangling the revenue and profit implications of industrial service strategies, findings reveal that such strategies increase both the level and the growth of manufacturing firms’ revenue streams. In contrast, they reduce the level but improve the growth of manufacturers’ profits. Results further suggest that services supporting the clients’ actions (SSC) and services supporting the supplier’s product (SSP) affect performance outcomes in different ways. SSCs directly affect revenue and profit streams. In turn, SSPs display only indirect effects on financial performance mediated through SSCs. A moderator analysis identifies two organizational contingencies that facilitate service business success: Only companies with decentralized decision-making processes and a high share of loyal customers can expect favorable financial results from industrial service strategies. In summary, this research provides significant insights and managerial guidance for turning service strategies into financial successes.
With savings rates at record lows and inadequate long-term financial planning for retirement, fin... more With savings rates at record lows and inadequate long-term financial planning for retirement, financial well-being has become an important topic for individuals and households as well as for societies and countries. Research on the topic, however, remains scarce and scattered across disciplines. The present paper aims to consolidate and extend knowledge on financial well-being and makes a threefold contribution to the discussion. First, we propose a new definition based on a perceptual perspective of financial well-being and link it to an individual's current and anticipated desired living standard and financial freedom. We then develop a framework that distinguishes key elements of financial well-being; namely, interventions and financial behaviors, consequences, contextual factors, and personal factors. We then present a research agenda to guide future research on financial well-being. This work is designed to inspire researchers to continue expanding the knowledge so that financial institutions can take measures to increase financial well-being. Highlights • Research on financial well-being is still at an early stage. • We provide a new definition of financial well-being. • We develop a comprehensive framework of financial well-being. • We present a research agenda related to financial well-being.
ABSTRACT Today, customers increasingly engage in optional co-production by taking over additional... more ABSTRACT Today, customers increasingly engage in optional co-production by taking over additional tasks in the service process that traditionally have been performed by service employees. Thereby, customers become “partial employees” of the service provider. Service providers benefit from this co-production as they can substitute employees’ for customers’ labor to achieve productivity gains. Indeed, productivity gains by means of co-production are a double-edged sword. Customers as “partial employees” might expect compensation for the time and effort they invest in the service process. Thus, co-production may reduce their willingness-to-pay (WTP). However, the necessary reduction in price may outweigh the company’s productivity gains obtained from co-production. Surprisingly, empirical studies neither examine the relationship between co-production and WTP nor provide evidence that WTP declines because of a higher degree of co-production. This paper addresses this gap by investigating the relationship between co-production and WTP. Referring to social exchange theory, the authors deduce and test competing hypotheses and find that customers expect a material compensation for their efforts resulting in a negative relationship between co-production and WTP. This result is replicated using distinct methodological approaches (i.e., economic and scenario-based experiments) as well as different service contexts (i.e., car wash and restaurant). Moreover, moderators are examined. Counterintuitively, the results show that customers with high ability have a lower WTP in case of optional co-production than low ability customers. Furthermore, enjoyment reveals to be a means to immaterially compensate customers for optional co-production while perceived control has no impact. Another possibility to increase customers’ WTP in case of optional co-production is to provide them with a choice between different co-production processes. For service providers, these results emphasize the meaning of taking into account the decline in WTP due to optional co-production when setting prices and restructuring service processes. Moreover, service providers should offer customers a choice between different service processes and try to increase the joy that customers derive from co-production.
ABSTRACT Social media offer consumers a public stage to voice their dissatisfaction to a global a... more ABSTRACT Social media offer consumers a public stage to voice their dissatisfaction to a global audience. Negative service experiences can therefore go viral in the twinkling of an eye. Hence, they can seriously damage a company’s reputation (States 2009). Consumers use social media platforms with little or no physical and mental costs to interact with firms and talk about companies with other users on a daily basis (Fischer/Langner 2008; van Noort/Willemsen 2012). Due to the increasing prevalence of fast Internet access, smartphones, and the public nature of communication in the social web, conversations can occur beyond geographic constraints (Kane et al. 2009; Boyd et al. 2010).
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