Global Scenario of Self Medication: A Review of Literature

Mallika Srivastava, Shubhanshu Naik and Anupam Narula
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Mallika Srivastava: Assistant Professor, Symbiosis Institute of Business Management Bangalore (Constituent of Symbiosis International University), Pune, India.
Shubhanshu Naik: Full-time PhD Scholar, Symbiosis International University, Pune, India.
Anupam Narula: Associate Professor, Fore School of Management, Delhi, India.

Indian Journal of Commerce and Management Studies, 2018, vol. 09, issue 1, 108-114

Abstract: The short term strategies like low cost items and frequent sale put heavy burden on retailers’ operating costs resulting in shrinkage of their profits. Thus, Customer retention and Customer lifetime value has become an issue of prime concern in Indian retail market. The purpose of the study is to identify the underlying factors responsible for Customer retention, propose and test a quantitative model of the same for Indian retail market. In order to find variables of Customer retention, the study commenceswith review of extant literature and appreciative inquiry. It assumed a linear relationship between Customer retention and Customer satisfaction, Customer trust and switching barriers. The underlying factors were derived employing factor analysis. A theoretical framework was devised with pragmatic approach and tested using statistical techniques. The study findings confirmthat Customer satisfaction, Customer trust and switching barriers are positively related to the overall Customer retention in retail market. Wherein, Customer satisfaction has a positive effect on Customer trust but unlike traditional belief Customer trust has emerged as more prominent factor than Customer satisfaction. The study reveals prominent role of Customer trust this paradigm shift is helpful for Indian retail sector to devise improved strategies for Customer retention. Though the study findings are in-sync with the findings of prominent studies but the same needs to be further validated for another socio-demographic setup in India. The study ventures into new domain, it tests whether traditional approaches are relevant for Indian retail segment in today.

Keywords: Customer satisfaction; Customer trust; Switching barriers; Customer retention. (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:aii:ijcmss:v:09:y:2018:i:1:p:108-114

DOI: 10.18843/ijcms/v9i1/15

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