The explanatory potential of congruence in the relationship between retail image, brand image and retail customer satisfaction

This paper aims to contribute to current customer satisfaction and retailing literature by conceptualising the relationship between retail image, brand image and whether a congruent relationship between the two influences customer satisfaction. Whilst most literature pertaining to customer satisfaction tends to consider the concept in terms of an independent variable, this paper seeks to explore retail image and brand image as antecedents to achieving this state and further proposing the mediating explanatory potential that a congruent relationship between the two plays. A conceptual model is developed, central constructs and subsequent research propositions are discussed.

Corporate brand identity and image congruence in the leisure services sector : a stakeholder perspective

This paper aims to contribute to current leisure services and branding literature by conceptualising the relationship between brand identity, brand image and whether a congruent relationship between the two influences customer satisfaction and loyalty. A conceptual model is developed in the context of zoological operations, central constructs and subsequent research propositions are discussed.

Structural equation modelling of complex sample survey : an application to brand signalling data

The purpose of this paper is to present an empirical analysis of complex sample data with regard to the biasing effect of nonindependence of observations on standard error parameter estimates. In a two-factor confirmatory factor analysis model, using real data, we show how the bias in standard errors can be derived when the nonindependence is ignored. We demonstrate that the standard error bias produced by the nonindependence of observations can be considerable and we briefly discuss solutions to overcome the problem.

Building brand identity : Does it pay? An investigation into cultural and recreational services

This conceptual paper aims to contribute to current services branding literature by conceptualising the relationship between brand identity and critical antecedents and empirically verifying whether the creation of a strong brand identity results in the ultimate pay off in terms of improved organisational performance. A conceptual model is developed in the context of the cultural and recreational services sector and central constructs and subsequent propositions are discussed.

The halloween effect and Japanese equity prices : myth or exploitable anomaly

Bouman and Jacobsen (American Economic Review 92(5), 1618–1635, 2002) examine monthly stock returns for major world stock markets and conclude that returns are significantly lower during the May–October periods versus the November–April periods in 36 of 37 markets examined. They argue that, in general, the Halloween strategy outperforms the buy and hold strategy thereby casting doubt on the validity of the efficient market paradigm. More recently, Maberly and Pierce (Econ Journal Watch 1(1), 29–46, 2004) re-examine the evidence for U.S. equity prices and conclude that Bouman and Jacobsen’s results are not robust to alternative model specifications. Extending prior research, this paper examines the robustness of the Halloween strategy to alternative model specifications for Japanese equity prices. The Halloween effect is concentrated in the period prior to the introduction of Nikkei 225 index futures in September 1986. After the internationalization of Japanese financial markets in the mid-1980s, the Halloween effect disappears.

An investigation on asset allocation and performance measurement for unit trust funds in Malaysia using multifactor model : a post crisis period analysis

This study examines the pattern of asset allocation and the performance of unit trust in Malaysia over the post crisis period by using risk-adjusted performance measures and multi-factor model from the year 2000 to 2004. Evidence from the statistics suggests that an active asset allocation strategy had been observed among Malaysian fund managers during the post Asian financial crisis. It is also suggested that investment allocation in equity remained a dominant vehicle for investment and asset allocation. Findings from multifactor model suggest that all funds of different objectives registered positive alphas except for income funds, with growth funds being among the top. While balanced funds registered highest diversification effectively, diversifying away about 70%-80% of unsystematic risk, the momentum factor is not among the important elements to explain unit trust performance in Malaysia.

Drivers, impediments and manifestations of brand orientation in museums : an international museum study

Purpose - While the body of work exploring brand orientation has grown, there has been a general failure to build on extant research and generate a holistic conceptualization of brand orientation. This paper aims to develop a model of the key drivers, impediments and manifestations of brand orientation in a museum context.

Design/methodology/approach - A collective case study design was used, consisting of key informant interviews using a semi-structured interview protocol and analysis of institutional documents and observational research. Interviews took place with well-known museums across three countries: the United Kingdom, the United States of America and Australia. This paper demonstrates the richness of qualitative case studies as a method of theory building and as a precursor to further empirical research.

Findings - The case study findings reveal both a philosophical and behavioral aspect of brand orientation. Thus, six attributes are presented that include brand orientation as an organizational culture and compass for decision-making and four brand behaviors (distinctiveness, functionality, augmentation and symbolism). The conceptual model also depicts the critical antecedents to brand orientation in a museum context.

Research limitations/implications - This study provides a foundation for future brand research by offering a holistic conceptualization of brand orientation and identifying the primary antecedents in a museum context. Future research may wish to empirically establish a valid and reliable scale of brand orientation and examine its explanatory potential. Future research may also consider other contexts to provide further insight into the drivers and inhibitors of brand orientation.

Practical implications - If organizations seek to establish a strong brand orientation they must devote resources to establishing the brand as a dominant organizational philosophy that guides decision-making. In addition, brand oriented organizations must establish the brand as a distinctive asset that communicates relevance and accessibility and invest in augmenting initiatives that enable the organization to connect with customers on a personal and emotional level.

Originality/value - Using an exploratory method we are able to reconcile a number of approaches to brand orientation and provide a conceptualization that incorporates the philosophical and behavioral approaches to business orientations. Museums face substantial resource constraints, competing needs of multiple stakeholders and increasing market turbulence. If museums can achieve such significant organizational change then the sector presents an interesting exemplar for many other non-profit organizations.

Service quality in a higher education context : an integrated model

Purpose – The aim of this study is to develop and empirically test an integrated model incorporating the antecedents and consequences of service quality in a higher education context.

Design/methodology/approach – This research employed both qualitative and quantitative research methods. The data from three focus groups, conducted at the Central Queensland University (CQU), Rockhampton, Australia, generated key themes and their interrelationships. The theoretical model was then tested using structural equation modelling technique on a sample of 528 university students.

Findings – The findings show that information (marketing communications) is more statistically significant than past experience as the antecedents of service quality. The consequences of service quality are composed of trust, satisfaction, and image. Overall, the results suggest a good validity of the theoretical model and the key paths in the model are found statistically significant, except past experience affecting service quality.

Originality/value – The model provides a good explanation of a university brand image, and perceived service quality was found playing an important role in this model. Universities intending to enhance their image are encouraged to consider focusing their efforts on marketing communication information, service quality, student satisfaction and trust.

Retail brand orientation, positional advantage and organisational performance

This study adopts a resource-based view of branding referred to as brand orientation. Despite the importance of branding in retail, relatively little empirical research has been conducted to understand the degree to which retailers can be considered brand oriented. The purpose of the present research is to establish a conceptualisation of brand orientation that is applicable in a retail context across countries. Moreover, we seek to empirically validate a model of the retail brand orientation–positional advantage–organisational performance relationship and to contribute to a more comprehensive understanding of the factors driving retailer performance. A mail survey was used to collect data from retail firms in Australia, USA and UK. The unit of analysis is the retail firm. Confirmatory factor analysis was employed to assess the measurement properties of the study constructs and structural equation modelling was performed to test the research model. The findings suggest that four elements of retail brand orientation (functionality, distinctiveness, augmentation and symbolism) play different roles in relation to certain aspects of positional advantage, which highlights the importance of developing strength in all four areas. Similarly, a position of superiority in only one aspect of a retailer's offer is insufficient to assure both financial and strategic returns.

Regime dependent causality : equity and credit markets

We apply a Markov switching model to investigate the possibility of an asymmetric causal relationship between the volatility process inferred from the iTraxx CDS options market and the implied volatility from the stock index options market. We find strong evidence that the stock market leads the CDS market and the effect of the implied stock market volatility is more significant during the volatile regime. We also find that a large jump in the stock return, up or down, may indeed be followed by a regime shift.

Non-nested tests of a GDP-augmented Fama–French model versus a conditional Fama–French model in the Australian stock market

We extend Vassalou (2003) by conditioning the Fama–French model with the same macroeconomic variables used to construct a GDP factor. The motivation for doing so is to ascertain whether the ability of the GDP-augmented model to explain equity returns is actually due to news about future GDP growth or whether it is due to the macroeconomic conditioning variables used to construct the GDP factor. We compare the performance of a GDP-enhanced Fama–French model with the conditional Fama–French model using non-nested testing techniques. We find that the GDP-augmented model considerably underperforms the conditional version of the model.

The relationship between market orientation, brand orientation and perceived benefits in the non-profit sector: a customer-perceived paradigm

The purpose of this paper is to examine the relationship between ‘market orientation’, ‘brand orientation’ and ‘perceived benefits’ in the non-profit sector from the perspective of the customers. Data were collected from a number of church organizations in Australia using a self-administered questionnaire. The tests for construct reliability, validity and research hypotheses were conducted using structural equation modelling. Findings reveal that ‘market orientation’ is significantly associated with both ‘perceived brand orientation’ and ‘perceived benefits’. An alternative model also reveals significant relationship between ‘brand orientation’ and ‘perceived benefits’ through ‘market orientation’ as the mediating variable. The study contributes to the body of literature and provides practical implications for non-profit managers and church leaders alike. An organization that endeavours to build a strong brand and deliver relevant benefits to its members should ensure that it has sufficient understanding of its members and utilizes the various resources of the organization to deliver superior values to its existing and prospective members.

The role of brand orientation in church participation: an empirical examination

Although a large amount of research has been undertaken into the application of marketing techniques in church organizations, few studies have provided empirical evidence on the effects of brand orientation on church participation. This empirical study sought to contribute to the body of literature via a survey of 344 church attendees of a particular church denomination in Australia. The conceptual model hypothesizes brand orientation as performing direct and indirect effects on church participation through perceived benefits as the mediating variables. A person's perception of the extent to which a church engages in brand-oriented activities and behavior is significantly related with his or her perception of the benefits associated with church activities, which then leads to a higher level of church participation. The results reveal that brand orientation is significantly related with perceived benefits and church participation.