CHAPTER 3 Literature Review.................................................................... 23-83
4. Methodology
4.3 Survey instrument development
This study followed well-accepted psychometric scale-development procedure (Churchill 1979; Gerbing and Anderson 1988; Nicholls, Gilbert, and Roslow 1998). Initially, a review of extensive literature on the three concepts was done to identify the key issues, as understood by other researchers. This was followed by qualitative work, both the in-depth interviews and Delphi with experts as described in the previous sections, which was performed to develop a survey instrument for the research. The steps of the survey instrument development are reviewed and summarized as follows.
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4.3.1 Concept development from literature review: The literature review showed that research on the three concepts had been done mostly in Western context. For example, the sources of customer service encounter dis/satisfaction, for both interpersonal and technology-based self-service encounters were derived from CIT in the USA context.
These drivers may work, but it cannot automatically be assumed that they will apply exactly in the Asian context. Essentially, the study followed one of the approaches recommended by many cross-cultural researchers (e.g., Malhotra and Paterson 2001;
Malhotra, Agarwal and Peterson 1996); start with “etic”, i.e., “universal” concepts (and measures), but then confirm that they are relevant through in-depth understanding within the specific culture in which they will be used (“emic”). The in-depth understanding of how people in a culture view a concept, according to Malhotra, Agarwal and Peterson (1996), must come from qualitative research methods. Thus, the next step of survey instrument development was conducted through in-depth interviews.
4.3.2 Generation of items specific to brokerage service context: As mentioned in the qualitative research section, the in-depth interviews were with 25 retail stock traders (customers), with 20 marketing officers of stockbrokerage firms (see the list of firms in box), and with five marketing professors, all in Bengali language, to generate a pool of items for measuring each concept specific to the brokerage service context and Bangladesh perspective. The generated items in all categories from both literature review and in-depth interview are listed in the table:
Table 4.5: The generated Items in all categories (Qualitative primary data sources)
Interpersonal Service Encounter Satisfaction Items (Primary source) Trader provides me reasonable comments for making right trading decisions.
Trader informs me instantly and continuously of relevant and useful information.
Trader receives and executes my orders accurately and rapidly.
Trader always serves me according to my preferences.
Trader informs me about available service.
Trader informs me about unavailable service
Trader informs me when and why brokerage service is very slow.
Trader reports me the brokerage firm’s mistake instantly.
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Trader responds to other core service failures quickly.
Trader checks and informs me inside information or market intelligence report instantly.
Trader provides me services with professional and friendly personality and voice.
My Trader often gives me surprise gift.
My Trader is able to perform well under adverse circumstances My trader is very smart and knowledgeable.
My Trading firm’s floor is well organized and equipped My Trading firm is a leading house in stock market.
Trader who serves me regularly provides me an extra service as a client.
Trader gives me interesting alternative suggestions even though it means more work for them.
Trader Shows genuine concern toward my situation My Trader acts energetically and enthusiastically
Interpersonal Service Encounter Dissatisfaction Items (Primary source) Telephone lines of my Trader are always busy.
Trader does not respond to my calls immediately and usually keeps me waiting.
Trader recommends me to trade frequently in order to gain commissions Trader is unable to solve the problems of service failures.
Trader does not take any actions.
Trader does not take any actions when back offices provide slow services.
Trader provides service with unwillingness voice when I order a small volume Trader cannot control his or her emotions in keeping information confidential Trader does not keep details of my investing portfolios confidential.
Technology-Based Service Encounter Satisfaction Items (Primary source) IT helps me to trade anytime during operating hour
IT helps me to trade from anywhere IT saves my time of trading
IT reduces my cost of trading
IT allows me to complete trading quickly IT provides me real-time quotations of trading.
IT doesn’t disclose my stock trading behavior related information to others IT allows me to execute buying and selling orders accurately
IT is reliable
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IT solves the problem of getting connected via phone with traders during pick hour IT feels me good as I can avoid interaction with traders
IT gives me control
I enjoy trading via Internet It is fun of trading by myself
I find Internet trading more convenient than trading via traders IT helps me to check stock quotations instantly
IT helps to check trade volume instantly
IT also allows me to reach brokerage house via telephone to help IT allows me to resolve transaction disputes via telephone IT allows me to execute purchase / selling orders independently IT provides me one-stop solution
IT gives access to my personal history of investing portfolio instantly IT offers me wider and organized information compare to stock traders.
IT provides me the precise or customized information I need IT provides me intelligence report regarding market behavior My firm is expert in Internet Trading
My firm is a leading trading house with strong reputation My firm delivers what it promises
My firm’s Internet services meet my expectation
Technology-Based Service Encounter Dis/satisfaction Items (Primary Sources) Sometimes I cannot execute an order because the broker server is down
Sometimes I am unable to log on
Internet trading is not secure because of hacking Internet trading order is sometimes lost
IT is very time consuming when loading stock quotations A confirmation of online trading order is very slow Brokerage firm’s website is difficult to navigate Brokerage firm’s Internet information is not up-to-date
I don’t receive any e-mail alert of any significant change in trading policy Sometime I make mistake of entering wrong number of buying and selling order I cannot transfer responsibility of my mistake to traders
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Satisfaction Items (Secondary sources)
(Ganesh et al., 2000; Krepapa et al., 2003; Caruana et al., 2000; Oliver, 1980;
Olorunniwo and Hsu, 2006; Collier, 2006)
I am happy about doing trade face –to-face or via mobile phone.
I believe I did the right thing when I trade via trader.
Overall I am satisfied with the performance of my traders.
Loyalty Items (Secondary sources)
(Caruana, 2002; Zeithaml et al., 1996; Dabholkar et al., 2000; Kim et al., 2004;
Reichheld, 2003)
If I had to do it over again, I would choose trading via trader.
I do trade via traders because it is the best choice for me.
I consider myself to be a loyal patron trading via traders.
Technology Readiness Items (16 the modified version of Parasuraman, 2005) New technologies contribute to a better quality of life.
Technology gives me more freedom of mobility.
Technology gives people more control over their daily lives.
Technology makes me more productive in my personal life.
Other people think I have better knowledge on new technologies I prefer to use the most advanced technology available.
I can usually figure out new high-tech products and services without help from others.
I keep up with the latest technological development in my area of interest.
Technical support lines are not helpful because they don’t explain things in terms I understand.
Sometimes, I think that technology systems are not designed for use by ordinary people.
Use manuals for a high-tech product or service are not written in plain language.
Technology always seems to fail at the worst possible time.
People are too dependent on technology to do things for them.
Too much technology distracts people to a point that is harmful.
Technology lowers the quality of relationships by reducing personal interaction.
I do not feel confident doing business with a place that can only be reached online.
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