The Use of Multivariate Data Analysis Techniques with Relationship Marketing

Transcription

1 LUCIAN BLAGA UNIVERSITY OF SIBIU FACULTY OF ECONOMIC STUDIES The Use of Multivariate Data Analysis Techniques with Relationship Marketing Teaching Assistant, PhD.: Mihai Țichindelean

2 THEORETICAL FOUNDATIONS OF RELATIONSHIP The theory of Relationship Marketing is based on researches within the following domains: 1) Business-to-Business Marketing 2) Service Marketing A frequent cited definition of relationship marketing is that of Grönroos (1997) which considers that marketing is about establishing, maintaining and enhancing and commercializing customer relationships (often but not necessarily long term relationships) so that objectives of the parties involved are met. This is done by mutual exchange and fulfillment of promises.

3 THEORETICAL FOUNDATIONS OF RELATIONSHIP Relationship Marketing understood through the Client Relationship Lifetime Cycle Relationship Intensity Relationship Length Acquisition Phase Retention Phase Re(winning) Phase

4 THEORETICAL FOUNDATIONS OF RELATIONSHIP Relationship Marketing understood through the value chain concept External moderating factors Company s input Psychological Effects Behavioral Effects Company s Outputul - Perceived Quality - Perceived Value - Felt Satisfaction - Trust - Engagement - Client s Loyalty - WOM Activities Internal moderating factors

5 Multiple Regression Y = β 0 + β 1 X 1 + β 2 X β k X k + ε Similar Values Communication Trust Opportunistic Behavior T = β 0 + β 1 SV + β 2 C + β 3 OB + ε

6 Summary of Regression Model R 2 R R 2 Standard R adjust 2 Durbin F S.Level Change DoF - error Change Change of F ed Watson 0,703 0,494 0,486 0,566 0,494 68, ,000 2,079 Variance Analysis of Regression Model Model Regression (SS reg ) Rezidual (SS rez ) Total (SS Y ) Sum of Squares 66,007 67, ,721 DoF Mean of SoS F Sig ,002 0,321 68,561,000 Final Regression Function T = 2, , 351SV + 0, 37OB + 0, 254C

7 Hypothesis of the regression model 1. Linearity of the regression model 2. Multicoliniarity of the regression model 3. Exogenity of independent variables 4. Homoschedasticity and lack of autocorrelation 5. Exogenous generated data 6. Normal distribution of residual Conclusions: The clients trust in the company is influenced positively and with an average intensity by the similar values they share with the company; The clients trust in the company is influenced positively, but weakly by the perceived communication; The client s trust in the company is influences negatively and with an average intensity by the perceived opportunistic behavior of the company.

8 Factor Analysis Item 1 Item 2 Item 3 Item 4 Conative Dimension Cognitive Dimension Affective Dimension Atitudinal Loyalty Correlation Coefficient I 1 I 2 I 3 I 4 I 1 1,000 0,810 0,304 0,423 I 2 0,810 1,000 0,275 0,432 I 3 0,304 0,275 1,000 0,688 I 4 0,423 0,432 0,688 1,000 Significance Level I 1 I 2 I 3 I 4 I 1 0,000 0,000 0,000 I 2 0,000 0,000 0,000 I 3 0,000 0,000 0,000 I 4 0,000 0,000 0,000

9 Variance of extracted components Initial Eigenvalues Component Variation of retained factors (initial variation of Eigenvectors) (Factor or Total % of % cumulated Total % of % cumulated Eigenvector) variation variation 1 2,473 61,823 61,823 2,473 61,823 61, ,042 26,040 87,864 1,042 26,040 87, ,299 7,468 95, ,187 4, ,000 F 1 = 0, 550I 1 + 0, 559I 2 0, 191I 3 0, 042I 4 F 2 = 0, 114I 1 0, 127I 2 + 0, 633I 3 + 0, 531I 4

10 Conclusions: The first two items I 1 and I 2 built up a factor named intention to rebuy the company s offer when decision conditions remain unchanged. The last two items, I 3 and I 4 represent the intention to rebuy the company s offer if the price rises with 5%.

11 Multiple Analysis of Variance Felt satisfaction Perceived Value A B C D The variable means according to the company lastly patronaged Company Dependent var. Perceived Value Felt satisfaction Omv Petrom Mol Rompetrol Mean 5,03 4,15 4,82 4,89 4,66 7,1 6,49 6,68 7,11 6,79

12 Main table for Manova Source Dependent variable Sum of squares D.o.F Factor company Felt satisfaction 14,065 3 Mean Sum of Squares 4,688 F 2,048 Sig. level 0,109 Residual Perceived value Felt satisfaction 27, , ,294 2,289 5,954 0,001 Total Perceived value Felt satisfaction 288, , ,561 Perceived value 316, Dependent variable Perceived Value Factor Group 1 (company) Omv Petrom Mol Rompetrol Factor Group 2 (company) Petrom Mol Rompetrol Omv Mol Rompetrol Omv Petrom Rompetrol Omv Petrom Mol Mean difference 0,88* 0,22 0,14-0,88* -0,67* -0,74-0,22 0,67* -0,07-0,14 0,74 0,07 Standard Error 0,222 0,248 0,336 0,222 0,242 0,332 0,248 0,242 0,350 0,336 0,332 0,350 Statistical Sig. 0,001 0,822 0,973 0,001 0,032 0,119 0,822 0,032 0,997 0,973 0,119 0,997 Confidence Interval Lower bound 0,31-0,43-0,73-1,46-1,30-1,60-0,86 0,04-0,98-1,01-0,12-0,84 Upper bound 1,46 0,86 1,01-0,31-0,04 0,12 0,43 1,30 0,84 0,73 1,60 0,98

13 Multiple linear discriminant: Independent Discriminant function variables 1 2 Felt satisfaction -0,142 1,248 Perceived Value 1,080-0,642 F 1 = (-0,142)FS + 1,080PV

14 Cluster Analysis RFM Model Initial group s centroids Groups (training set) Frequency of buying (F) 2,00 3,23 2,93 Monetary value of the last acquisition (M) 2,75 1,86 4,29 Recency of last acquisition (R) 4,38 1,45 1,93 Final group s centroids Groups (test set) Frequency of buying (F) Monetary value of the last acquisition (M) Recency of last acquisition(r)

15 The Decision Problem of the petrol stations is the lack of information regarding the way the psychological and behavioral dimensions of their customers interact Research purpose is to describe the relation between a set of psychological and behavioral customer specific dimensions An example of research objective and hypothesis (17/22): O1. To describe how the perceived value of the company s offer influences their felt satisfaction H1. The perceived value of the company s offer influences positive and in an medium intensity their felt satisfaction

16 Information sources: Nr. Criteria Source type Explications 1. Source origin relative to External the company which seeks source information The company s clients 2. Information type Primary data source Primary data 3. Source identity Individul Individual 4. Information Cost Commercial Source Online and offline source (online and offline questionnaire)

17 Conceptual and operational definitions of some research variables: Latent variable Conceptual definition Operational definition Related research Trust T Commitment A Trust is defined through similar values which the client shares with the company (Brown, Barry și Dacin, 2005). An exchange partner believing that an ongoing relationship with another is so important as to warrant maximum efforts at maintaining it (Morgan și Hunt, 1994). 1. The company has the same values as I do (T1). 2. I identify myself with the company (T2). 1. I feel attached to the company (C1). 2. There are a series of benefits because I am the company s client (C2). Morgan and Hunt, 1994; Sen and Bhattacharya, 2001; Brown, Barry and Dacin, 2005; Morgan and Hunt, 1994; Wang, 2002; Verhoef, 2010;

18 Investigated collectivity => Sibiu citizens who are clients of a petrol filling station Ad-hoc survey was used as data collecting method. Final sample dimension = 241 individuals.

19 Measuring model (SEM)

20 Measuring model Latent variable Items Mean Standard Deviation Coefficient loadings WOM Commitment (C) Trust (T) Loyalty (L) Perceived Value (VP) Satisfaction (S) WOM1 3,13 0,816 0,874 WOM2 3,56 0,775 0,874 A1 2,98 0,896 0,776 A2 2,96 0,863 0,799 A3 2,99 0,928 0,845 A4 2,76 0,957 0,834 Î1 3,18 0,798 0,882 Î2 2,60 0,929 0,815 Î3 3,00 0,776 0,880 L1 3,88 0,685 0,902 L2 4,01 0,797 0,911 L3 8,01 1,995 0,858 VP1 4,73 1,325 0,928 VP2 4,67 1,278 0,860 VP3 4,46 1,480 0,809 S1 6,93 1,813 0,768 S2 6,71 1,494 0,765 S3 7,04 1,551 0,831 S4 6,76 1,363 0,851 S5 6,63 1,464 0,834 S6 6,84 1,529 0,871 Factor s Eigenvalue % of total item variation 1,529 76,43 2,65 66,25 2,216 73,86 2,379 79,31 2,256 75,19 4,044 67,39

21 Measuring model exploratory analysis Latent variable Tests WOM C T L PV S Bartlett Calculated value χ 2 Degrees of freedom Statistical significance 79,48 1 0, ,47 6 0, ,32 3 0, ,76 3 0, ,66 3 0, , ,000 level Kaiser-Meyer-Olkin 0,500 0,792 0,702 0,724 0,645 0,874 Cronbach s alpha 0,703 0,830 0,816 0,720 0,829 0,899 sfericity of itemilor (Bartlett) communalities of items (test Kaiser-Meyer-Olkin) scale consistence (Cronbach s alpha).

22 Measuring Model confirmatory analysis Latent Diagonal elements (square root average variance)/ Pearson correlation CR AVE variables Î A L WOM VP S Î 0,828 0,617 0,786 A 0,831 0,551 0,740 0,742 L 0,871 0,694 0,487 0,551 0,833 WOM 0,700 0,534 0,731 0,636 0,754 0,731 VP 0,849 0,656 0,612 0,524 0,454 0,672 0,810 S 0,898 0,595 0,563 0,437 0,407 0,587 0,710 0,771 Convergence criteria (CR) and discrimination criteria (AVE and SQRAVE) for latent variables.

23 QUANTITATIVE RESEARCH -DETERMINING THE INTERACTION BETWEEN PSICHOLOGICAL AND BEHAVIORAL DIMENSIONS OF FUEL DISTRIBUTORS AND CLIENTS Execution stage creating and validating the structural equation model Satisfaction H 2 Loyalty H 3 H 1 H 4 H 6 H 10 Perceived value Trust H 11 H 7 WOM H 5 H 9 Commitment H8

24 QUANTITATIVE RESEARCH -DETERMINING THE INTERACTION BETWEEN PSICHOLOGICAL AND BEHAVIORAL DIMENSIONS OF FUEL DISTRIBUTORS AND CLIENTS Execution stage creating and validating the structural equation model The statistical consistency of the structural equation model it is fulfilled through the following sets of indices: First set of indices Second set of indices Third set of indices χ 2 (CMIN) gdl χ 2 /gdl RMSEA PCLOSE NFI RFI IFI CFI GFI AGFI 340, ,936 0,062 0,025 0,900 0,872 0,945 0,945 0,881 0,844 Notation of Estimations Estimations Level of Hypothesis and Standard Result estimated unstandardized standardized statistical relations error hypothesis coefficient coefficients coefficients significance H1: VP S γ 11 0,969 0,712 0,114 0,000 Confirm H2: S L β 41 0,203 0, ,019 Confirm H3: S Î β 21 0,104 0,225 0,044 0,018 Confirm H4: S WOM β 51 0,074 0,165 0,033 0,027 Confirm H5: S A β 31 0,015 0,027 0,041 0,718 Infirm H6: Î L β 42 0,222 0,095 0,297 0,454 Infirm H7: Î WOM β 52 0,420 0,437 0,117 0,000 Confirm H8: A WOM β 53-0,028-0,034-0,302 0,763 Infirm H9: A L β 43 0,800 0,397 0,240 0,000 Confirm H10: L WOM β 54 0,200 0,487 0,033 0,000 Confirm H11: Î A β 32 0,855 0,735 0,108 0,000 Confirmare

25 Structural Model S H 2 L H4 H 3 H 1 H 10 PV T H 7 H 11 H 9 WOM C

26 Structural Model Hypothesis and relationships H12 (S Î A L) H13 (S Î A L WOM) Direct Effects Causal indirect effect Non-causal indirect effect Way (intensitatea) Way Intensity Way Intensity S-L (0,187) S Î A L 0,225x0,735x0,397 = 0,065 None S Î A L WOM 0,225x0,735x0,397x0,487 = 0,031 H14 (S L WOM) S-WOM (0,165) S L WOM 0,187x0,487 = 0,091 None H15 (S Î WOM) H16 (Î A L WOM) H17 (Î A L) H18 (VP S L) H19 (VP S Î A L) H20 (VP S WOM) Î-WOM (0,437) Nu există Nu există S Î WOM S A L WOM Î A L VP S L VP S Î A L VP S WOM 0,225x0,437 = 0,098 0,735x0,397x0,487 = 0,142 0,735x0,397 = 0,291 0,712x0,187 = 0,133 0,712x0,225x0,735x0,397 = 0,046 0,712x0,165 = 0,117 S Î and S WOM S Î and S L 0,225x0,165 = 0,037 0,225x0,187 = 0,042 H21 (VP S L WOM) H22 (VP S Î WOM) Nu există VP S L WOM VP S Î WOM 0,712x0,187x0,487 = 0,064 0,712x0,225x0,437 = 0,07 None H23 (VP S Î A L WOM) VP S Î A L WOM 0,712x0,225x0,735x0,397x0,487 = 0,022

27 Structural Model Total effects in psycho-behavioral model Relation Direct Total Indirect causal effects Effects effect S L 0,187 0,065 0,252 S Î 0,225-0,225 S WOM 0,165 0,031+0,091+0,098 = 0,22 0,385 Î WOM 0,437 0,142 0,579 Î L - 0,291 0,291 Î A 0,735-0,735 A L 0,397-0,397 VP S 0,712-0,712 VP L - 0,133+0,046 = 0,179 0,179 VP WO - 0,177+0,064+0,07+0,022 = 0,333 M 0,333 L WOM 0,487-0,487

28 MANAGERIAL RECOMMENDATIONS Maintaining a high client satisfaction level by considering the satisfaction specific attributes (e.g. employees empathy); Developing client loyalty through relationship marketing specific instruments (loyalty cards, cross-offerings, etc.); Creating convergence of the values the clients believe in and the company s specific values through well planned communication strategies

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