Model And Factor Analysis In Assessing Finance Essay - Free Essay Example

Sample details Pages: 6 Words: 1754 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? Customers are more and more mindful of the service quality being provided by an organization and they expect that their wishes are fulfilled. In an increasingly competitive environment, service quality as a critical measure of organisational performance attracts banking institutions and remains at the forefront of services marketing literature and practice (Lasser et al., 2000; Yavas and Yasin, 2001; Dhandabani, 2010). This study assesses what customers are expecting in terms of service quality from the commercial banks operating in Mauritius and what they are in fact receiving. This chapter consists of the idea behind the motivation of the study, problem statement, aim and objectives of the research, research questions and scope of studies. Banking industry is also scrutinized. The chapter finally outlines the structure of the dissertation. Don’t waste time! Our writers will create an original "Model And Factor Analysis In Assessing Finance Essay" essay for you Create order Motivation Parasuraman et al., (1985) noted that the key strategy for the success and survival of any business institution is the deliverance of quality services to customers. Mauritius which is among the leading economies in Africa, aims to be ranked among the top ten most investment- and business-friendly locations in the world. To be able to achieve this aim, the banking sector plays a major role and the service quality being offered by the banking sector is of utmost importance to attract individuals, businesses, governments. Huseyin et al., (2005) believes that good knowledge of the characteristics and advantages of service quality on the part of banks do contribute for their success and their persistence in the international banking competitive environment (Ragavan and Mageh, 2013). Saravanan and Rao (2007) pointed out that service quality remains critical in the service industries, as businesses strive to maintain a competitive advantage in the market place and achieving customer satisfaction. Bheenick (2012), Governor of Central Bank of Mauritius (BOM), drew the attention that there is still scope for more competition and there is room for the banking sector to grow in size and sophistication to diversify consumer choice (Appendix 1). Financial services, particularly banks, compete in marketplace with generally undifferentiated services and products, thereby service quality becomes a key competitive weapon (Stafford, 1996). This should alarm the existing commercial banks and make them realised how ser vice quality is vital to compete for market shares and to avoid the tendency of existing customers switching to another bank. Customers are increasingly aware of the options on offer in relation to the rising standards of service (krishnaveni et al., 2004; Mishra et al., 2010). Customers therefore compare services being provided by different banks and then select the one offering superior quality. The Mauritian banking sector contributes a great deal to the economy and the financial intermediation sector which is driven mainly by the banks posted a higher growth of 5.5 per cent. At 30 September 2011, the banks realised profit after tax of Rs15.9 billion while the GDP in 2011 was at 3.9 per cent. Hence, the above information shows the importance of the banking sector for the Mauritian economy and how service quality may be a vital tool to gain competitive edge. 1.2 Banking industry in Mauritius Commercial banks are important addition to banking sector, and its contribution to economic increase and financial services to this sector is immense, as such, it is considered as major part and parcel of this sector as are conventional banks (Idiab et al., 2011). Today, the Mauritian banking sector has 21 commercial banks with 216 branches, 8 non-bank deposit taking institutions, 10 money-changers and 6 foreign exchange dealers. For the purpose of the study, service quality only in the banking industry more specifically that of commercial banks will be considered. The offshore and Islamic banking will be excluded. The Table 1.1 illustrates the 216 branches that the 21 commercial banks operate; the number of ATMs which were approximately 436 in September 2012 and the approximate number of employees employed by each bank. Compared to the other commercial banks operating in Mauritius, the Century Banking Corporation Ltd is an Islamic bank and its operations are based on the Sharia. Banyan Tree Bank Limited has been licensed in September 2012 and its operations are not yet fully established. Investec Bank (Mauritius) Limited, P.T Bank Internasional Indonesia, Standard Chartered Bank (Mauritius) Limited, Deutsche Bank (Mauritius) Limited are completely offshore oriented. Table 1.1: Commercial banks in Mauritius Banks No. of branches No. of ATMs No. of employees 1.ABC Banking Corporation Ltd 1 1 90 2. AfrAsia Bank Limited 1 0 102 3. Bank of Baroda 6 6 77 4. Bank One Limited 14 14 275 5. Banque des Mascareignes Lteacute;e 12 11 158 6.BanyanTree Bank Limited 1 7.Barclays Bank PLC 24 24 1497 8.Bramer Banking Corporation Ltd 19 22 357 9.Century Banking Corporation Ltd 1 0 25 10.Deutsche Bank (Mauritius) Limited 1 0 250 11.Habib Bank Ltd 3 3 56 12.HSBC Bank (Mauritius) Limited 11 16 409 13.Investec Bank (Mauritius) Limited 1 0 80 14.Mauritius Post and Cooperative Bank Ltd 15 19 328 15.P.T Bank Internasional Indonesia 1 0 15 16.SBI (Mauritius) Ltd 13 14 226 17.Standard Bank (Mauritius) Limited 1 0 100 18.Standard Chartered Bank (Mauritius) Limited 1 0 51 19.State Bank of Mauritius Ltd (SBM) 39 104 1200 20.The Hongkong and Shanghai Banking Corporation Limited 11 15 409 21.The Mauritius Commercial Bank Ltd (MCB) 40 160 2700 Source: fieldwork The banks in Mauritius provide a wide range of different banking and financial services to corporate, institutional and private clients. They offer personal banking: a range of current and savings accounts; loans; credit cards; ATM network; telephone banking; card-based payment services; standing order facilities; internet banking. Friendly measures like 24-hours banking; 7-days and anywhere banking; extended business hours; a dedicated customer Contact Centre and an online platform are operated. Business services including lending products, trade and export finance, SMEs, Wealth Management; Corporate Banking, International Banking and Global Business; Treasury services and eBusiness and offshore banking are offered. Specialised services such as fund administration, custodial services, trusteeship, structured lending, structured trade finance; investment banking,international portfolio management, treasury and specialised finance;and private client activities are provided by banks. Added to the existing products and services, most banks aim to provide products to its customers specifications. The banks also put highly qualified and experienced professionals to the customers disposition to give them advice and to guide them. 1.3 Problem Statement Reputation of an organisation is very fragile and any service quality problems will not be favorable for its name. Ha and Jang (2009) argues that service failure occurs when customer perceptions do not meet customer expectations. The problem with service failure is that it may lead to a destroyed relationship between the customer and the organisation. Commercial banks operating in Mauritius are awarded and gaining international recognition. This can be epitomised by the MCB which has been awarded the Corporate reporting awards SEMÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ 7, Corporate Governance Disclosures and Online Reporting by PricewaterhouseCoopers for 2011, 2012 and 2013 and the Best local Bank at EMEA Finance Award for 2011 and 2010. Similarly, AfrAsia Bank has been awarded as the Best Local Private Bank in Mauritius and also as the Best Private Bank for the super affluent in Mauritius by Euromoney Private Banking Survey. Many customers depend on the commercial banks to provide them with high quality services daily. The question does arise how banks that though awarded, have shortcomings in their service quality. At the MCB which is ranked 18th in Africa and 662nd among the top 1000 banks and the State Bank, for instance, clients have been victims of phishing (Lexpress, 2nd March 2012) ( Appendix 2). Following these cases, the Mauritius Bankers Association (MBA), on behalf of its members, in a press release, alerted bank customers to various fraudulent e-mails (Appendix 3). Moreover, according to Bheenick (2012), fee income is now a non-negligible component of banks total income and there have been complaints from various quarters that bank charges are on the high side. A Working Group on fees, charges and commissions to study the reasonableness of bank charges relative to the services offered, has been set up. But then, till now no action has been undertaken to rectify the problem. The problems mentioned above and other problems that will be identified in the study call for the assessment of service quality. 1.4 Aim The aim of the study is to assess customers service quality expectations and perceptions of commercial banks. 1.5 Objectives The main goal of the study is to identify the customers expectations and perceptions on service quality factors as per Servqual model among banks customers using a modified version of Servqual questionnaire. An insight on the different aspects of service quality by banks is provided. The order of importance of the dimensions of Servqual model quality will be ranked. Similarly, the goal is to reduce the number of variables into a few meaningful objectives; to determine the new dimensions of service quality and to identify the most important factor using Factor Analysis (FA). Finally, recommendations following the findings of the study will be made based on statistical techniques used. 1.6 Research Questions The study seeks to answer the following questions: Are the services being offered by the commercial banks in Mauritius meeting customers expectations? What are the perceptions of the customers about the services that they are receiving? Is there a gap between the expectations and the perceptions of the customers? 1.7 Hypothesis The following hypothesis may be formulated for this study: H1. There is no difference between customers expectations and perceptions. 1.8 Format of the study The following is an outline of the dissertation: Chapter 1: Introduction In this chapter a general outline of the study is given. It introduces the motivation behind the study and the problem statement. Aims, hypothesis, objectives have been formulated and the banking industry is evaluated. Chapter 2: Literature Review In chapter two, the theoretical framework will be presented. Different concepts such as service quality, customer expectations and perceptions, and perceived service quality are described. Finally, the SERVQUAL model is outlined and empirical studies are reviewed. Chapter 3: Methodology This chapter will describe the methods that will be used for making the survey and for analysis. The questionnaire structure as well as the method for choosing the sample of population is also described. Lastly, the data analysis techniques are studied. Chapter 4: Analysis of Findings In chapter four, the data, the findings and the analysis of the result will be dealt with. Gaps between expectations and perceptions are analysed using mean scores and independent t-tests. Factor Analysis is used to reduce the number variables of the SERVQUAL model. Data collected from the respondents will be analysed using Statistical Package for Social Scientists (SPSS) software and Excel 2007. Chapter 5: Chapter 5: Recommendations and Conclusion In chapter five, the recommendations within the context of the study and conclusions of the dissertation will be highlighted. Moreover, proposal for further research will be made. 1.9 Conclusion Chapter one gives a brief and general description of the research and presents the statement of the problem, objectives of the study, research questions, motivation of the study, an overview of banking industry and finally the structure of the research. Chapter two will present service quality concept adopted in this study and reviews the literature and explain in details the constructs of the study.

Studies in Organizational Culture- Groupon Inc. - 6750 Words

Studies in Organizational Culture- Groupon Inc. â€Å"Groupon! Get your Groupon! Hot off the presses!† It wasn’t too long ago Groupon Inc. was the darling of Wall Street. Institutional and individual investors alike were anxiously anticipating an opportunity to buy shares of the company dubbed by Fast Company as â€Å"the most exciting thing to happen to retail since eBay.† That excitement was mirrored on November 4, 2011, Groupon’s first day of trading on the New York Stock Exchange, as the price sky-rocketed to a high of $31.14 compared to its initial $20.00 IPO valuation. However, that unbridled enthusiasm has dwindled since as the stock has plummeted to an all-time low of $3.83 as of Friday November 2, 2012 (Yahoo! Finance 2012). Let’s take a†¦show more content†¦The difference now is that they are more conscious of the cost of these luxuries. Gone are the days when clipping coupons was simply a Sunday morning pastime for senior citizen s endlessly searching their Chicago Tribune for that next great deal. This is where Groupon steps in. What we all now recognize as Groupon.com was launched in November 2008 as Getyourgroupon.com (Yahoo! Finance). The site offers its subscriber’s daily discounts on goods and services such as the ones aforementioned, but only if certain number people agree to purchase them. For example, if I buy a $100 coupon for a $200 dollar sports package to a Blackhawks game that includes transportation to and from the game, a ticket to the game, as well as dinner and beverages but only if 250 coupons are purchased. If after purchasing I see only 249 have been bought and the deal is only live for 10 more minutes. In order for me to redeem the discounted value 1 more person has to buy the coupon. If I really want to go this game, I try to convince family, friends, neighbors, and even strangers on the train, what a great deal this is- not necessarily for their benefit but for my own. If the m inimum quota is not achieved the deal is off and I miss out on the spine-chilling experience of the National Anthem at the United Center during a Blackhawks game.Show MoreRelatedStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 PagesOrganizational Behavior This page intentionally left blank Organizational Behavior EDITION 15 Stephen P. Robbins —San Diego State University Timothy A. Judge —University of Notre Dame i3iEi35Bj! 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Theme Analysis of Marriage Jude the Obscure Free Essays

Thomas Hardy, the author of Jude the Obscure, focuses on multiple themes throughout his book including social order and higher learning which is mainly seen in the first part of the book. Jude, a working class boy aiming to educate himself, dreams of a high level education at a university, but is pushed away by the cruel and rigid social order. In the second part of the book, Jude abandons his idea of entering Christminster and the focus shifts to Sue. We will write a custom essay sample on Theme Analysis of Marriage: Jude the Obscure or any similar topic only for you Order Now The themes of love, marriage, freedom replace the earlier theme of education and idealism. Hardy pushes each of these themes to his audience and challenges everyday ideology by his audacious story about Jude Hawley. Hardy begins an argument against the institution of marriage, but he does not necessarily suggest that marriage is automatically bad; he just makes it clear that he believes people should be able to step away from a marriage if things do get dire. He also makes it clear that marriage is not necessarily linked to love in any way, so it’s obvious that a decent, understanding society would accept Jude and Sue’s relationship because they truly love each other, regardless of whether they are married or not. Hardy tends to view marriage with cynicism, and there are many disapproving comments about the nature of marriage being based on contracts. Hardy was conscious that women were not treated equally in society, and that the laws of nature were often heavily weighed against women. He treats the subject with sympathy and understanding. He also illustrates that marriage could victimize both men and women. There are no happy marriages or content couples seen in the book. Jude, when married to Arabella, feels trapped in a hopeless situation. Marriage is compared to being â€Å"caught in a gin, which would cripple him if not her also for the rest of a lifetime,† (43). However, Jude is partly aware even before the marriage that Arabella is the wrong type of woman for him. He recognizes that there is something in her â€Å"quite antipathetic to that side of him which had been occupied with literary study and the magnificent Christminster dream. It had been no vestal who chose that missile for opening her attack on him,† (27). A few chapters later, the reader is told, â€Å"he knew too well in the secret center of his brain that Arabella was not worth a great deal as a specimen of womankind,† (39). Naive and trusting, he does the honorable thing and marries her. But he has married the wrong woman, and the marriage is bound to be a disaster. Sue’s marriage to Phillotson is another example of a disastrous marriage of rashness and thoughtlessness. Jude suspects that Sue has married Phillotson as a reaction to his own marriage, a kind of retaliation, a way of â€Å"asserting her own independence from him,† (129). She does not realize the enormity of the step she has taken, and after the ceremony, there is a â€Å"frightened look in her eyes,† as if she has only just become aware of the rashness of her decision. Barely a month later she admits, â€Å"perhaps I ought not to have married† (142). Sue is the loudest critic of matrimony in the novel. She makes sarcastic comments on the custom of giving away the bride, â€Å"like a she-ass or she-goat or any other domestic animal† (126). When her marriage is in trouble, she criticizes the institution, explaining the difficulty she experiences fitting into the conventional mold which society demands. The nineteenth century tradition of the subjection of women to fathers and husbands is reflected in Gillingham’s advice to Phillotson to be firm with Sue until she has knuckled under. Hardy makes it clear, however, that it is the man here who is victimized in this marriage; Phillotson is far from being a cruel, tyrannical husband. Instead, he is an extremely patient and liberal husband. Sue’s views on marriage should not necessarily be connected with Hardy’s. Hardy himself points out her emotional inconsistency, and there are several signs that she is not really cut out for marriage. In Part V, both Jude’s and Sue’s divorces come through, but Sue avoids their possible marriage. She calls marriage a â€Å"sordid contract† and a â€Å"hopelessly vulgar† institution, and she fears that an â€Å"iron contract should extinguish† all tenderness between them, reinforcing Hardy’s negative view of the nature of marriage. Most of Sue’s views on marriage are given in parts V and VI. She feels that the contractual nature of it will kill all impulse and romance; â€Å"it is foreign to a man’s nature to go on loving a person when he is told that he must and shall be a person’s lover,† (193). The visit to the unclean registry office in part V, chapter 4 is horrifying for her, and she shows abhorrence to the ordinary church wedding. She sees it in terms of a sacrifice of the bride: â€Å"the flowers in the bride’s hand are sadly like the garland which decked the heifers of sacrifice in olden times,† (215). Sue’s views on marriage are rather extreme, and they represent a push away from the norms of marriage. Hardy also raises some valid arguments of the overly rigid attitude of society towards the unmarried and the unconventional. Phillotson’s humanity and charity in letting Sue go scandalizes the school authorities, and his career is ruined. A kind, decent man who was only trying to be fair is scorned by society’s intolerance. Sue and Jude also became the subject of cruel gossip at Aldbrickham: the neighbors ignore them, Little Father Time is taunted at school, Jude loses his job, and the family is forced into a nomadic existence. Hardy is pushing the fact that society is vindictive and intolerant of those who deviate from its normal codes of living and marriage. Hardy repeatedly emphasizes that marriage involves making a commitment that many people are emotionally unfit to fulfill, and this thought comes from the narrator, but it is also expressed by Sue, Jude, Phillotson, and Widow Edlin through the whole novel. Although the custom of marriage is such a central theme pressed by Hardy, he conflicts against other conventions in his society like education and social class which ultimately show a huge theme of fighting against the norm. How to cite Theme Analysis of Marriage: Jude the Obscure, Papers