Customer-Centric Approach For Financial And Economic Surveys Of Private Security Companies

Rousalin Rousalinov
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Rousalin Rousalinov: D. A. Tsenov Academy of Economics

Economic Archive, 2023, issue 1 Year 2023, 75-92

Abstract: The subjects of the study are private security companies. Its object is the leading role of the customer-centric approach for financial and economic justification of the successful functioning and development of private security companies. The research hypothesis is that an objective assessment of the financial and economic aspects and the motivation of individuals and legal entities to purchase protection and security services under the conditions of post-epidemic recovery of the economy can be carried out by means of customer satisfaction and service pricing justification surveys. The aim of this article is to present the results of a customer satisfaction survey and the assessment of the financial and economic aspects as well as the motivation of individuals and legal entities to purchase protection and security services under the conditions of post-epidemic recovery of the economy. Structurally, the article includes three main sections: the first section focuses on the circulation of cash flows of private security companies; the second section presents selected elements of the conducted survey; and the third present an analysis of the survey among private security companies where the protection and security services compete and at the same time complement property insurance services. The survey results (based on a multi-crtieria Likert scale) confirm the validity of the "value for money" concept as an important factor for the pricing of private protection and security services. The survey questionnaire successfully compares the services of non-life insurance companies and the services of protection and security companies. The prevailing opinion is in favour of using the services of spe-cialized companies over taking out insurance policies, with 61% of respondents expressing the opinion that hiring a specialized protection and security company is a more effective way to ensure property protection to taking out equivalent insurance with a general insurance company.

Keywords: private security services; customer-centric approach; Likert scale (search for similar items in EconPapers)
JEL-codes: F52 G22 L84 (search for similar items in EconPapers)
Date: 2023
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