Technology and bank marketing information systems

Banks have traditionally been hostile to the marketing concept. Whilst this is being eroded, banks do not seem to have firmly embraced marketing information systems, according to an interview survey undertaken, although some steps are being made. With their major investments in technology it is crucial that banks take the opportunities to develop a comprehensive marketing information system.     

Natural and Built Photographic Images: Preference,Complexity, and Recall

An investigation of the effect of natural versus built images of tourism activities on consumer responses was undertaken, using a selection of tourism promotion photographs. A sample of 156 males and 175 females provided ratings for images including: preference (liking), degree of complexity, consumption vision, and recall. The research provides evidence for consumer preference for natural versus built images, shows the role of complexity as an association to image type, and demonstrates that areas of interest most liked within an image are different by gender. Tourism activity images that are predominantly natural are more likely to be recalled. This study contributes to the application of a new method using areas of interest to pinpoint elements of images that are most interesting.     

GSEs,Mortgage Rates,and the Long-Run Effects of Mortgage Securitization

Our paper compares mortgage securitization undertaken by government-sponsored enterprises (GSEs) with that undertaken by private firms, with an emphasis on how each type of mortgage securitization affects mortgage rates. We build a model illustrating that market structure, government sponsorship, and the characteristics of the mortgages securitized are all important determinants of mortgage rates. We find that GSEs generally—but not always—lower mortgage rates, particularly when the GSEs behave competitively, because the GSEs implicit government backing allows them to sell securities without the credit enhancements needed in the private sector. Using our simulation model, we demonstrate that when mortgages eligible for purchase by the GSEs have characteristics similar to other mortgages, the GSEs implicit government-backing generates differences in mortgage rates similar to those currently observed in the mortgage market (which range between zero and fifty basis points). However, if the mortgages purchased by GSEs are less costly to originate and securitize, and if the GSEs behave competitively, then the simulated spread in mortgage rates can be much larger than that observed in the data.     

Credit Scoring and Mortgage Securitization: Implications for Mortgage Rates and Credit Availability

This article develops a model of the interactions between borrowers, originators, and a securitizer in primary and secondary mortgage markets. In the secondary market, the securitizer adds liquidity and plays a strategic game with mortgage originators. The securitizer sets the price at which it will purchase mortgages and the credit-score standard that qualifies a mortgage for purchase. We investigate two potential links between securitization and mortgage rates. First, we analyze whether a portion of the liquidity premium gets passed on to borrowers in the form of a lower mortgage rate. Somewhat surprisingly, we find very plausible conditions under which securitization fails to lower the mortgage rate. Second, and consistent with recent empirical results, we derive an inverse correlation between the volume of securitization and mortgage rates. However, the causation is reversed from the standard rendering. In our model, a decline in the mortgage rate causes increased securitization rather than the other way around.     

Exploring value co-creation in Fan Fests: the role of fans

Abstract

Fan Fests have recently provided various opportunities for host cities, organizers, sponsors and fans, manifesting a modern intersected third place service setting (other than a stadium) where varied stakeholders can co-create value and sport experience and consumption can take different forms and shapes. Yet, although Fan Fests are becoming integral parts of mega-events, research has fallen short of capturing the unique nature of such value co-creation ecosystem, and the role of fans in such value co-creation environment. This paper takes up this challenge and explores the still evolving nature of the Fan Fest, using a primarily consumer and participant focused approach in order to explore the experiences of a Fan Fest and address questions of event construction, participation, organization and consumption. Drawing on SDL and Consumer Culture Theory perspectives we situate the role of fans in value co-creation in Fan Fests and provide implications for management and future research.     

The impact of staff empowerment and communication style on customer evaluations: The special case of service failure

Empowering front-line staff to deal with service failures has been proposed as a method of recovering from service breakdown and ensuring greater customer satisfaction. However, no empirical study has investigated consumer responses to empowerment strategies. This research investigates the effect on customer satisfaction and service quality of two employee characteristics: the degree to which the employee is empowered (full, limited, and none), and the employee's communication style (accommodative–informal and personal, and underaccommodative–formal and impersonal). These employee characteristics are studied within the context of service failures. Subjects were shown videotaped service scenarios, and asked to complete satisfaction and service quality ratings. Results revealed that the fully empowered employee produced more customer satisfaction than the other conditions, but only when the service provider used an accommodating style of communication. Fully empowered and nonempowered employees were not judged differently when an underaccommodating style of communication was adopted. © 1997 John Wiley & Sons, Inc.     

Employment Characteristics of Superstore Retailing

Retail superstores in Great Britain have been the subject of much research and discussion. This article examines a neglected facet of superstores, namely employment, and considers some characteristics of superstore employment and their relationship to the size of superstore development. On the basis of the regression analyses undertaken, a predictive model of superstore employment and the scale of store is presented.