Sales promotion: the role of equity sensitivity

PurposeThis paper explores how consumer psychographics impact responses to sales promotions (SPs), and specifically whether equity sensitivity (ES) moderates attitudes towards sales promotion in the retail purchase experience (PE).Design/methodology/approachThe study examines data from a survey of 284 Hong Kong consumers, using a shopping mall-intercept method. Every third person walking past the researchers was asked to participate in the survey. After obtaining their permission, those agreeing to take part in the study were surveyed either inside or outside of the shopping complex. The face-to-face intercept surveying method also increases confidence in sample and response reliability.FindingsThe study finds that ES has a significant positive relationship with evaluations of the retail PE. Consumers identified as “Benevolents” were significantly more positive towards SPs and reported significantly higher satisfaction with the PE. In contrast, consumers identified as “Entitled” were less positive towards SP and less satisfied with the PE. In addition, noncash SPs significantly positively influenced Benevolents' PE.Research limitations/implicationsThe current study extends and expands equity theory and ES research by applying these concepts to consumer SPs. The study is limited to an examination of common consumer purchases, across different product categories and SP types. While this allows us to examine the relationship between SP attitudes, ES and purchase satisfaction, future comparisons between individual sales promotion techniques (SPTs) and specific consumer profiles are recommended.Practical implicationsFrom a retail perspective, it is important to understand individual differences and what influences and motivates the consumers' retail PE. Retail managers are advised to track customer purchases and satisfaction levels linked to SPs as this would allow for the identification of which customers are more likely to fit the Entitled or Benevolent psychological profiles and predict their likely responses to SP offers.Originality/valueTo date, there has been little research on individual psychological differences between consumers when offered SPs at retail stores. The current study contributes to the marketing literature by extending the price fairness equity model to the retail PE, thereby addressing a prominent gap in the literature.

Research equity: Incentivizing high-risk basic research with market mechanisms

Innovation in basic research is vital to scientific progress and technological development; however, such research finds insufficient support in the current research environment. To stimulate high-risk, high-reward basic research, this paper proposes a “research equity” funding model in which funders—such as government agencies and philanthropies—would pay researchers and institutions for completed research: The more valuable the research, the greater the reward. The valuation of completed research could be done with a novel “chess rating” method: A peer reviewer would be presented with a pair of research papers and would decide which of the two is of greater value, and a large number of comparisons would produce a numerical rating to inform payment. Payment based on research value would enable many of the qualities found in healthy markets. Initial capital for basic research would be provided by research institutions, which would be financially incentivized to invest in a diverse body of basic research that includes both low-risk, conservative research and high-risk, innovative research. Institutions would be motivated to demonstrate the value of completed research in their portfolios, which may accelerate recognition of important results. By motivating researchers and institutions to produce and promote valuable research, the research equity model could stimulate more rapid scientific discovery and progress. Notably, the research equity model could coexist with grant funding.

Generic Digital Equity Model in Education: Mobile-Assisted Personalized Learning (MAPL) through e-Modules

This study addresses the challenges most learners face in Third World and developing countries concerning education accessibility in an emergency. On the basis of the shortcomings found in a review of past studies, this scoping review introduces adapted model mobile-assisted personalized learning (MAPL), which focused on full distance learning using the personalized learning (PL) concept. This concept is rarely used in the classrooms of Third World and developing countries. MAPL is technology-integrated and customized PL but it does not depend on artificial intelligence. This model bridges the digital divide that hinders learners in accessing education by providing flexibility, regardless of weak internet reception or low bandwidth, among other hindrances, in Third World or developing countries. Learners in these countries inevitably opt for mobile devices as their preferred learning tool. MAPL is necessary and can aid underprivileged learners who are highly dependent on mobile devices. Rethinking and reforming current teaching practices are required. In this study, a pool of 60 articles from 2011 to 2021 was qualitatively synthesized. Among the articles, 29 focused on PL, 15 on mobile learning, and 16 on the potentials of MAPL. The findings indicate that MAPL could be a viable solution for achieving equity in education for every learner during full-fledged distance learning.

THE ADVANTAGES OF THE MICRO EQUITY MODEL FOR MSME BUSINESS RESILIENCE IN YOGYAKARTA DURING PANDEMIC

Many MSME business enterprises were severely hit during the Covid-19 pandemic. This study examined a micro equity financing model as an innovative answer to conventional loans in assisting MSME to survive during and after the pandemic. The micro equity financing model employed a profit-sharing system with flexible repayment and without collateral. A qualitative, descriptive data processing approach was employed. Interviews were conducted online with respondents of MSME that use the micro equity model in the Trust Network Finance (TNF) project in Yogyakarta. It was found more than 75% of MSMEs in Yogyakarta had experienced contractions on the marketing of their business. And more than 50% of MSME players in Yogyakarta had experienced problems in repaying loans due to the Covid-19 pandemic crisis. We suggested from the results that the micro equity model had shown to provide many benefits to MSME, especially in marketing and financial aspects, such as more accessible loan applications, flexible repayment schedules, and business assistance.

Equity crowdfunding platforms and social media: a Twitter analysis

PurposeThe purpose of this study is to explore the central users (hubs) in the dissemination of equity crowdfunding (EC) news on social media, with particular regard to Twitter. Specifically, the study explores some aspects related to the diffusion of news through social networks concerning EC.Design/methodology/approachThrough a social network analysis (SNA) technique the authors define an understanding of the users' network that is created on Twitter when it comes to crowdfunding. Using Twitter data, the authors identify the central actors on the social network that produce and/or disseminate information about crowdfunding tools.FindingsThe results indicate that a large number of users tweeted about EC in relation to the introduction of the most important Commissione Nazionale per le Società e la Borsa (Consob) Regulation n. 20264 of 17/01/2018 on an equity model at the beginning of 2018; the growth in the use of this instrument in the first quarter of 2019 and the publication of Commissione Nazionale per le Società e la Borsa (Consob) Regulation n. 21110 of 10/10/2019. Moreover, the authors find that in the case of tweets concerning EC, the operators of the sector, with particular regard to crowdfunding platforms, are central to the network, followed by traditional and specialised media.Originality/valueThe results shed new light on a still unexplored research field concerning the diffusion of news about EC from a platform's perspective. To the best of the authors' knowledge, this is the first explorative study that jointly investigates an EC model and social media in the Italian market, considering the impacts of two different and important regulations. In particular, this study contributes to the literature on EC by clarifying some new aspects related to the diffusion of news through Twitter.

Exploring Brand Personality in Higher Education

The increasing role of branding in the higher education sector is closely associated with the enhanced marketing orientation of a modern university. This, in turn, is determined by intensified competition between higher education institutions for students, staff, sponsors and research funding. A strong university’s brand related to excellent academic reputation can become a means for gaining competitive advantage in the global education marketplace. Brand is regarded as a complex concept comprising different constituents, brand image being an essential branding facet. Brand image is linked to customers’ perceptions of a brand that are echoed by a set of brand associations – usage situations, product attributes and brand personality. The aim of the paper is to explore brand personality in higher education based on the data collected in two tertiary education institutions – RTU (Riga Technical University) and TSI (Transport and Telecommunication Institute). The study makes use of the conceptual customer-based brand equity model (CBBE) created by K.L. Keller, which assumes that brand equity is closely related to strong positive and exclusive brand associations that can be expressed as brand benefits, attitudes and attributes, brand personality attributes being an essential aspect of brand equity. For exploring brand personality, the paper also applies the brand personality framework, including brand personality dimensions and associated attributes, developed by J.L. Aaker. The paper reports the results of a survey used to collect information about RTU and TSI students’ perceptions of different brand personality attributes. The results of the empirical study demonstrate that every university is recommended to be tolerant, open-minded and respected. The base of it lies on the same ground – the respect towards the personality. Moreover, every university is also recommended to become a “modern brand”, innovation, creativity and thinking “out of the box” being essential characteristics of the brand. The results of the study would contribute to overall understanding of brand personality in higher education, and how it may influence preference for a brand in educational settings.

Evaluation of equity-linked products in the presence of policyholder surrender option using risk-control strategies

Throughout the past couple of decades, the surge in the sale of equity-linked products has led to many discussions on the evaluation and risk management of surrender options embedded in these products. However, most studies treat such options as American/Bermudian style options. In this article, a different approach is presented where only a portion of the policyholders react optimally due to the belief that not all policyholders are rational. Through this method, a probability of surrender is obtained based on the option moneyness and the product is partially hedged using local risk-control strategies. This partial hedging approach is versatile since few assumptions are required for the financial framework. To compare the different surrender assumptions, the initial capital requirement for an equity-linked product is obtained under a regime-switching equity model. Numerical examples illustrate the dynamics and efficiency of this hedging approach.