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Piotr Korneta

1 Introduction Strategies of many contemporary companies are almost entirely focused on consumers. These companies, with the use of, inter alia, surveys or focus groups, constantly put their consumers under a microscope, aiming to understand their behavior. This is, however, not a straightforward task. Typically, companies tend to look at satisfaction measures, market shares, or sales figures. According to research undertaken by Bain Company, there exists a certain body of consumers, who, despite providing scores indicating “satisfied” in surveys, soon move

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Nicoleta Valentina Florea, Dorina Antoneta Tănăsescu and Anişoara Duică

Abstract

We are in the fifth era of marketing development, that of relationship marketing, where the environment is influenced by globalization, informatization, market liberalization, and the overcapacity of production, and the focus will be not on increasing the volume of production, but on obtaining profit using relationship with profitable customers. Customer-centricity, customization, one-to-one relationship and measuring the value of each customer is an advantage in the fearless market. Organizations if they knew what customers wants would offering only those products or services they want, but to help them to know the customers’ needs better, they use models, new methods and calculation of performance indicators. One of the models which help organizations to determine the customer value and centricity is Net Promoter Score (NPS), its formula being developed by Reichheld F. in 2006. Our research is made on 10 organizations and on 150 respondents and is consisting in using NPS in order to observe customers’ perception of the analysed brands, to measure how well the brand is having satisfayed and loyal customers, and the desire for recommendation of the analysed brand. Our article is using simulation, modeling and IT programs to observe possible relationships and future trends.

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Veronika Hedija, Roman Fiala and Martina Kuncová

Abstract

The goal of the paper is to evaluate the economic efficiency of tour operators in the Czech Republic in the period 2007-2014 using data envelopment analysis (DEA) models and prove the link between economic efficiency and profitability and to find out if profitability is a good proxy for economic efficiency. Data was exported from the database Albertina CZ Gold Edition. We calculated the efficiency score using CCR (Charnes, Cooper and Rhodes) and BCC (Banker, Charnes and Cooper) models based on 3 inputs and 1 output. In the years 2007 to 2010, the efficiency score of almost all the companies was higher than 0.5; however, in years since 2011, we revealed significant differences in the efficiency of individual firms and only about 40 percent of tour operators achieved an efficiency score higher than 0.5. Using Pearson and Spearman correlation coefficients, our findings show that, in the case of the Czech tour operator market, profitability ratios do not correspond with firm efficiency. Profitability ratios are not a good proxy for economic efficiency and should not be used as the only firm criterion of performance.

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Roman Gavuliak

Abstract

Social exclusion is a widely debated issue. Its definitions and perceptions vary. Within the paper we identify the underlying factors of social exclusion within the EUfor years 2005-2009 through the use of factor analysis. These factors are as such immeasurable by common indicators. Through factor scores we compare the severity of these factors in each EU 27 and suggest five categories of types of social exclusion.

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Firano Zakaria and Filali A. Fatine

Abstract

The use of macro prudential instruments today gives rise to a major debate within the walls of central banks and other authorities in charge of financial stability. Contrary to micro prudential instruments, whose effects remain limited, macro prudential instruments are different in nature and can affect the stability of the financial system. By influencing the financial cycle and the financial structure of financial institutions, the use of such instruments should be conducted with great vigilance as well as macroeconomic and financial expertise. But the experiences of central banks in this area are sketchy, and only some emerging countries have experience using these types of instruments in different ways. This paper presents an analysis of instruments of macro prudential policy and attempts to empirically demonstrate that these instruments should be used only in specific economic and financial situations. Indeed, the results obtained, using modeling bivariate panel, confirm that these instruments are more effective when used to mitigate the euphoria of financial and economic cycles. In this sense, the output gap, describing the economic cycle, and the Z-score are the intermediate variables for the activation of capital instruments. Moreover, the liquidity ratio and changes in bank profitability are the two early warning indicators for activation of liquidity instruments.

Open access

Jakub Marszałek

References Altman E.I. (2005), An emerging market credit scoring system for corporate bonds, ‘Emerging Markets Review’, no. 6(4). Black F., Scholes M. (1973), The Pricing of Options and Corporate Liabilities, ‘Journal of Political Economy’, no. 81(3). Boutron E., Hubler J. (2010), Issuers' Features and Stock Market Reaction to Convertible Bonds Issuance: Evidence from the French Market, Europlace Institute of Finance, IAE Congrès. Brennan M., Kraus A. (1987), Efficient Financing under Asymmetric

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Andrea Csata

– Propensity Score Matching methodology applied to selected EU Member States. Volume 2: A regional approach. JRC Scientific and Policy Reports 2012: 1–79. Michalek, J.; Zarnekow, N. (2012). Application of Rural Development Index to analysis of rural regions in Poland and Slovakia. Social Indicators Research 105: 1–37. Pelucha, Martin; Kveton, Viktor; Safr, Karel. (2017). Theory and reality of the EU’s rural development policy application in the context of territorial cohesion perspective – The case of the Czech Republic in the long-term period of 2004

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Mariusz E. Sokołowicz and Ihor Lishchynskyy

References Appleyard R. (1992), International Migration and Development – An Unresolved Relationship , ‘International Migration’, Vol. 30, No. 3/4, pp. 251–266. Bartyzel D. (2017), Poland Can’t Get Enough of Ukrainian Migrants , Bloomberg.com, 6 March, available at: www.bloomberg.comtin-score-a-policy-jackpot-for-poland (accessed 9 March 2017). Central Statistical Office of Poland (2016), Higher education institutions and their finances in 2015 , Stat.gov.pl, available at: stat.gov,2,9.html (accessed 9 March 2017). Chmielewska I

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Zuzana Maliková, Matúš Kubák, Radovan Bačík and Miloš Fišar

). Vplyv priamych zahraničných investícií na inovačnú činnosť firiem. Politická ekonomie. 2012, Vol 60, No. 6, pp. 764779. DUBRAVSKÁ, M.; Širá, E. (2014). Analýza vybraných ukazovatel'ov rozvoja ino-vatívneho prostredia v SR a ČR. In XVII. mezinárodní kolokvium o regionálních vědách. Sborník příspěvků. Brno: Masarykova univerzita, (ISBN 978-80-210-6840-7, p. 194-200) DUGUET, E. (2004). Are subsidies a substitute or a complement to privately funded R&D? Evidence from France using propensity score methods for non-experimental data. Revue Economie Politique. 2004, Vol

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Rahim A. Ganiyu

, F.; Aydin, O. (2007). Expectations and perceptions in airline services: An analysis using weighted SERVQUAL scores. Air Transport Research Management 13: 229–237. Parasuraman, A.; Zeithaml, V. A.; Berry, L. L. (1988). SERVQUAL: A multiple-item scale for measuring consumer perception of service quality. Journal of Retailing 64(1): 12–37. Parasuraman, A.; Zeithaml, V. A.; Malhotra, A. (2005). E-S-QUAL: A multiple-item scale for assessing electronic service quality. Journal of Service Research 7(3): 213–233. Parasuraman, A.; Zeithaml, V