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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 an...

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...

Homophily - a natural human behavior and its relevance in consumer decision making

As the internet grows more pervasive and vital to the daily lives of billions of people across the globe, business owners and marketers alike are constantly searching for innovative ways to effectively tap into new markets. Looking at consumer relationships and how they affect purchasing behavior, then, is a logical step to take. Homophily and how it affects consumer decision making is an important concept to understand in order to create the most effective marketing campaign possible. What does “homophily” mean? Put bluntly, homophily is the tendency that people have to be drawn to be with similar interests and values as themselves. This is something seen throughout various cultures and in varying situations. People tend to seek out individuals who are similar to them in some way. They forge connections with those individuals and might continue looking for even more people with whom to connect. The internet, with its wealth of social media platforms, has made ho...

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