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Big mac index & Starbucks index - Its relevance in global business development.

The global marketplace is an ever-changing space. This is perhaps especially true in the financial sector, where currencies from all over the world come together and are routinely evaluated and reevaluated with every fluctuation of the market. Certain currencies tend to stay fairly stable as far as valuation is concerned and the spectrum within which they move is narrow. For others, the fluctuations are far more significant. In order to look at the value of currencies in an interesting way, two special “indexes” were created. These are the Starbucks “Latte Index” and the “Big Mac Index”. What are the Latte Index and the Big Mac Index? The Big Mac Index is the older of the two indexes in question and was created in 1986 by The Economist. It was never intended to be a serious measure of currency valuation, but rather a lighthearted approximation of how global currencies compare to one another. The Latte Index was created by The Wall Street Journal in 2017 and was meant to be t

Measurement of customer satisfaction in marketing research

We can measure customer satisfaction level of marketing research projects using PZB model. According to Parasuraman, Zeithaml and Beiry (PZB) model, Perceived Service Quality = Perceived Service - Expected Service . Based on their research work, they identified that customers consider five dimensions in their assessment of service quality which results customer satisfaction, as given below: Reliability: Ability to perform the promised service dependably and accurately Responsiveness: Willingness to help customers and provide prompt service Assurance: Employee's knowledge and courtesy and their ability to inspire trust and confidence. Empathy: Caring, individualised attention given to customers Tangibles: Appearance of physical facilities, equipment, personnel and written materials Scale can be developed for these attributes and weightage to be assigned. Then use an empirical model to calculate Perceived service. Assume perceived service as equal to expec

Follow Nudge theory, do wonders in innovation

I am fascinated with the nudge theory and always follow when we do open innovation. It's not a disruptive innovation method. It is using for training without forcing change; for example, hiding soft drinks from the visibility of consumer and place water in a store shelf is based on nudge theory, its objective is to reduce soft drinks consumption. Another interesting example is, Men may notice a fly in the male urinal in public toilets. Men tend to point towards something during urination. How it benefits? Cleaning companies are saying that the use of cleaning liquids was reduced by 80% due to less spill over. Psychologists developed nudge theory for social reformation. We can see a lot of examples in our surroundings. Nowadays it has relevance in a business context while experimenting in open innovation By Thomas George , Director of DoWell Research GmbH Enhancing innovation by crowdsourcing and co-creation with users in product/service design, Open i

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Big mac index & Starbucks index - Its relevance in global business development.

Measurement of customer satisfaction in marketing research

Follow Nudge theory, do wonders in innovation