The use of artificial neural networks (ANN) in forecasting housing prices in Ankara, Turkey

Olgun Kitapci, Ömür Tosun, Murat Fatih Tuna, Tarik Turk

Abstract:

The purpose of this paper is to forecast housing prices in Ankara, Turkey using the artificial neural networks (ANN) approach. The data set was collected from one of the biggest real estate web pages during April 2013. A three-layer (input layer – one hidden layer – output layer) neural network is designed with 15 different inputs to forecast the future housing prices. The proposed model has a success rate of 78%. The results of this paper would help property investors and real estate agents in developing more effective property pricing management in Ankara. We believe that the artificial neural networks (ANN) proposed here will serve as a reference for countries that develop artificial neural networks (ANN) method-based housing price determination in future. Applying the artificial neural networks (ANN) approach for estimation of housing prices is relatively new in the field of housing economics. Moreover, this is the first study that uses the artificial neural networks (ANN) approach for analyzing the housing market in Ankara/Turkey.

Quality Attribute and Customer Satisfaction: Using Kano’s Model to Prioritize What Matters Most to Customers

Norlia Ahmad

Abstract:

Continuous innovations of smartphone attributes and increasing product usage call for better understanding of the attributes that matter most to customers. This study employs Kano’s model for classifying smartphone attributes into various categories and examines the influence of those attributes on the satisfaction of smartphone users. Based on consumer evaluation of the latest and general smartphone attributes, the analysis in this study indicates various levels of satisfaction and dissatisfaction with each attribute. Specifically, our findings reveal merely three categories of Kano’s classification, and ‘one-dimensional’ or performance attributes have higher influence on customer satisfaction as compared with ‘attractive’ ones. These findings provide implications for further product improvement efforts to consider not only technological capabilities but also to prioritize the attributes that are highly expected by customers. The majority of the respondents in this study include the younger consumer segment and heavy smartphone users, thus limiting generalization of the results to other contexts. Further research should consider respondents across segments and/or in a specific market, and extend the focus beyond product attributes so as to include user experiences and explicit product benefits

Impact of Social, Epistemic and Conditional Values on Customer Satisfaction and Loyalty in Automobile Industry: A Structural Equation Modelling

Zubair Hassan

Abstract:

The purpose of this study is identifying the social, epistemic and conditional values associated with automobiles and examining its impact on customer satisfaction and brand loyalty. A sample size of 198 respondents was chosen from various points in near Jeddah in Saudi Arabia using convenient sampling techniques. A multi-factor Customer perceived value questionnaire with a Likert-Scale from 1-5 was used to collect the data to determine the social, epistemic and conditional perceived value associated with automobiles and its impact on customer satisfaction and brand loyalty. AMOS was used to generate the result and to analyse the collected data. 5 items were reduced from the original construct to meet the standard loading during the confirmatory factor analysis. Then structural modelling was conducted on full model and satisfaction as a mediator model. The findings were that epistemic value and conditional value has a positive and significant impact on satisfaction. Also epistemic value and satisfaction has a positive and significant impact on loyalty. However social value has negative impact on satisfaction and loyalty in full model and mediator model as well. Therefore, epistemic value and conditional value are important dimensions or values associated with automobile brands in Saudi Arabia and it affects customer satisfactions and loyalty.

Influence of retail atmospherics as nonverbal communication on purchase behaviour in the Nigerian retail environment

Kizito Ogedi Alakwe, Ngozi Okpara

Abstract:

This paper focuses on unravelling the impact of atmospherics on shopper purchase behaviour in emerging markets like Nigeria and attempts to isolate the atmospheric cue that is the most significant predictor of shopper purchase decisions. The paper seeks to establish a correlation between the design, ambient and social cues in big shopping malls on buyer purchase behaviour. A quantitative and deductive approach is adopted. Data collection is through survey, and the principal research instrument is the questionnaire. Results reveal that retail atmospherics exert some significant influence on shopper purchase behaviour. Empirical analysis indicates that retail atmospherics account for 34% of shopper purchase behaviour and that design cues are the most significant predictor of shopper purchase decision followed by ambient cues. Social cues do not exert any influence on purchase decisions. A ‘moderation’ and ‘mediation’ analysis revealed that though design and ambient cues influence purchase decisions independently, the interaction effect on each other is not significant. Consequently, there is a need to understand why social factors do not play a role in purchase behaviour. More importantly, there is the need to identify and understand other factors that account for the balance of 66% in shoppers’ buying behaviour. Such study might focus on factors such as pricing, sales promotion, loyalty programs and other psycho-social factors which may work as key influencers in customers purchase decisions. For practical purposes, the focus should be on the design and ambient cues in the conceptualization, development, and management of large retail stores.

The Influence Of Adult Children From “Generation Y” On The Shopping Decisions Of Their Parents

Anita Matuszewska

Abstract:

Family is one of the most important socio-cultural factors, which reflects on a man’s behaviour.  Contemporarily, young people demonstrate much more market activity. Except for doing shopping, they also play roles of advisors, who influence choices of individual members of household. Most often, in spite of coming of age and leaving family home, they still have an impact on behaviour of family members. The aim of this paper is to examine the influence of children over 18 (generation “Y”) on parents’ consumer decisions (generation “X” and Baby-Boomers). As a research method quantitative survey analysis was applied, which showed, that children have a relevant influence on shopping decisions of adults. Moreover, there are differences in the assessment of this influence between children and parents. The degree of the young people’s impact on the shopping process of their parents is, among others, determined by age and sex of a child and a parent, the category of the product and its purpose. The limitation of the conducted analysis is the unrepresentative sample of respondents. The achieved results may be used by marketing specialist to deepen their knowledge of understanding consumer behaviour of adult children and their parents and to properly address  promotion messages.