Background: The COVID-19 pandemic has affected all sectors of the economy and society. To understand the impact of the pandemic on rms in China and suggest responding public policies, we investigated rms in Guangdong Province (a Province with the highest Gross Domestic Product in China). Methods: The survey sample included 524 rms in 15 cities in Guangdong Province. We chose these rms from list published by the government, considering the industrial characteristics of Guangdong province and rm size. The questionnaire comprised of four categories and included 17 questions was developed based on previous studies carried out by OECD. The executives of rms were contacted by phone or WeChat, and were invited to answer self-administered questionnaires through an on-line survey platform. The data was analyzed by SPSS. Results: The following ndings are worth to be noticed: (1) 48.7% of rms maintained stability, and 35.1% of the rms experienced a halt in operation or faced closure; (2) Nearly 70%-90% of the rms are or are willing to transform to online marketing, remote o ce work, and digital operations. (3) 46% of rms believe that there will be a certain loss this year, and 83.5% expected a decreasing trend of the city's GDP growth. Conclusions: rms in Guangdong Province have faced great challenges in the epidemic. The rms' production and operation activities are limited, and risks are faced. It is necessary to effectively implement supporting policies to profoundly lower production costs for rms, and help rms survive the di cult period, and even gradually transit to normal business operation status. Background The current COVID-19 is a rapidly evolving global challenge and like any pandemic, it weakens health systems, costs lives, and also poses great risks to the global economy and security [1, 2, 3, 4]. According to the data from WHO (World Health Organization) and Johns Hopkins University, till the middle of June 2020, the global COVID-19 pandemic has con rmed more than 7.5 million cases, causing nearly 420 thousand deaths in around 215 countries (https://www.arcgis.com/apps/opsdashboard/index.html). COVID-19 pandemic is a public health emergency. It's a sudden outbreak that causes or is likely to cause serious public health damages including major infectious diseases, mass unexplained diseases, major food and occupational poisonings or other serious public health issues [5]. Global economic growth is expected to decrease continually on account of the epidemic impact throughout the world [6, 7]. According to the Organization for Economic Cooperation and Development (OECD)'s forecast, the global GDP (Gross Domestic Product) growth rate will drop to 2.4% in 2020 [3]. The current continuous worldwide spread of COVID-19 has greatly increased the risk of uncertainty and global recession [8, 9][1]. Supply chain disruption, shrinking demand for consumption and investment, signi cant weakening of economic activities, and damaged market con dence have put more severe tests on the resilience of relevant economies, the level of...
We show that some of the most common beliefs about customer-perceived quality are wrong. For example, 1) it is not necessary to exceed customer expectations to increase preference, 2) receiving an expected level of bad service does not reduce preference, 3) rational customers may rationally choose an option with lower expected quality, even if all nonquality attributes are equal, and 4) paying more attention to loyal, experienced customers can sometimes be counter
In this paper we show that performance information about “forgone” alternatives (i.e., alternative that were considered but not chosen) can have a significant impact on post-choice valuation. Our approach introduces a new and parsimonious way of looking at satisfaction that combines the literature on post-choice valuation with research regarding generalized expected utility theory. While the post-valuation literature focuses on the selected brand as the valuation's basis (e.g., Anderson and Sullivan [Anderson, E. W., M. W. Sullivan. 1993. The antecedents and consequences of customer satisfaction for firms. (Spring) 125–143.], Bolton and Drew [Bolton, R., J. Drew. 1991. A multistage model of customers' assessments of service quality and value. 375–384.]), we draw on a stream of research in generalized expected utility theory that considers both chosen and forgone alternatives as the basis for valuation (e.g., Bell [Bell, D. 1983. Risk premiums for decision regret. 1156–1166 and Bell, D. 1985. Disappointment in decision making under uncertainty. 1–27.]; Loomes and Sugden [Loomes, G., R. Sugden. 1982. Regret theory: An alternative theory of rational choice under uncertainty. 805–824 and Loomes, G., R. Sugden. 1986. Disappointment and dynamic consistency in choice under uncertainty. 271–282.]). The result is a combined model of post-choice valuation that explicitly incorporates both concepts. Specifically, we extend the existing paradigm of post-choice valuation to include buyers' regret concerning forgone alternatives, proposing a generalized utility theory-based treatment of post-choice product assessment that uses the intuitively appealing concepts of disappointment and regret as the basis. We propose a model for conceptualizing post-choice valuation that is consistent with the existing literature, discuss how this model extends the construct to consider the influence of forgone alternatives, and report results of an empirical test that contrasts our model to important recent work in the area (e.g., Boulding et al. [Boulding, W., A. Kalra, R. Staelin, V. A. Zeithaml. 1993. A dynamic process model of service quality: From expectations to behavioral intentions. (February) 7–27.]). Our generalized model of post-choice valuation is based on the sum of three components that represent factors that may contribute to consumers' assessment of a chosen product or service. The first component is expected performance. The second component is disappointment, which captures the discrepancy between actual and expected performance (much as the disconfirmation construct in traditional satisfaction research). The third component is regret, which captures the difference between the performance of the chosen product/service and the performance of a forgone product/service. This perspective is useful in that risk is captured by the disappointment and regret terms, providing an intuitively appealing decomposition of post-choice valuation and offering several advances over previous representations of disappointment and regret. We test o...
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