外文原文：Therelationshipsofcustomersatisfaction,customerloyalty,and

profitability:anempiricalstudyThispaper'spurposeistoillustratetherelationshipofprofitabilitytointermediate,customer-relatedoutcomesthatmanagerscaninfluencedirectly.Itispredominantlyageneralmanagementdiscussion,consistentwiththeNordicSchool'sviewthatservicesarehighlyinterdisciplinary,requiringa"servicemanagement"approach(seeGronroos,1984,1991).Itsfindingssupportthetheorythatcustomersatisfactionisrelatedtocustomerloyalty,whichinturnisrelatedtoprofitability(Heskettetal.,1994,anddiscussedinStorbackaetal.,1994).Whilethistheoryhasbeenadvocatedforservicefirmsasaclass,thispaperpresentsanempiricalanalysisofoneretailbank,limitingthefindings'generalizability.Theserviceprofitchain(Heskettetal.,1994)hypothesizesthat:Customersatisfaction-->customerloyalty-->profitability.Theresearchpresentedhere,whileunabletodemonstratecausalitybecauseofitsrelianceonOLSregressionofcross-sectionaldata,doesillustratethatcustomersatisfaction,customerloyalty,andprofitabilityarerelatedtooneanother.Thus:Customersatisfaction<-->customerloyalty<-->profitability.Tothisend,thisresearchexaminedtwohypotheses:H1:Customersatisfactionisrelatedtocustomerloyalty.H2:Customerloyaltyisrelatedtoprofitability.Thisresearchintentionallyfocusesatarelativelyhighlevelofabstractioninanefforttocontributetothegrowingbodyoftheoreticalandempiricalknowledgeontherelationshipsamongcustomersatisfaction,customerloyalty,andprofitability(seeHeskettetal.,1994;Nelsonetal.,1992;RustandZahorik,1991;Storbackaetal.,1994,amongothers).SuchresearchiscalledforinapaperauthoredbyStorbackaetal.(1994)publishedinthisjournal.RelevantliteratureTheliteraturepertainingtorelationshipsamongcustomersatisfaction,customerloyalty,andprofitabilitycanbedividedintotwogroups.Thefirst,servicemanagementliterature,proposesthatcustomersatisfactioninfluencescustomerloyalty,whichinturnaffectsprofitability.ProponentsofthistheoryincluderesearcherssuchasAndersonandFornell(1994);Gummesson(1993);Heskettetal.(1990);Heskettetal.(1994);ReicheldandSasser(1990);Rust,etal.(1995);SchneiderandBowen(1995);Storbackaetal.(1994);andZeithamletal.(1990).Theseresearchersdiscussthelinksbetweensatisfaction,loyalty,andprofitability.Statistically-drivenexaminationoftheselinkshasbeeninitiatedbyNelsonetal.(1992),whodemonstratedtherelationshipofcustomersatisfactiontoprofitabilityamonghospitals,andRustandZahorik(1991),whoexaminetherelationshipofcustomersatisfactiontocustomerretentioninretailbanking.TheBankAdministrationInstitutehasalsoexploredtheseideas,inparticularRothandvanderVelde(1990,1991)[1].Theservicemanagementliteraturearguesthatcustomersatisfactionistheresultofacustomer'sperceptionofthevaluereceivedinatransactionorrelationship-wherevalueequalsperceivedservicequalityrelativetopriceandcustomeracquisitioncosts(seeBlanchardandGalloway,1994;Heskettetal.,1990)-relativetothevalueexpectedfromtransactionsorrelationshipswithcompetingvendors(Zeithamletal.,1990).Loyaltybehaviours,includingrelationshipcontinuance,increasedscaleorscopeofrelationship,andrecommendation(wordofmouthadvertising)resultfromcustomers'beliefsthatthequantityofvaluereceivedfromonesupplierisgreaterthanthatavailablefromothersuppliers.Loyalty,inoneormoreoftheformsnotedabove,createsincreasedprofitthroughenhancedrevenues,reducedcoststoacquirecustomers,lowercustomer-pricesensitivity,anddecreasedcoststoservecustomersfamiliarwithafirm'sservicedeliverysystem(seeReicheldandSasser,1990).Thesecondrelevantliteratureisfoundinthemarketingdomain.Itdiscussestheimpactofcustomersatisfactiononcustomerloyalty.Yi's"Criticalreviewofcustomersatisfaction"(1990)concludes,"Manystudiesfoundthatcustomersatisfactioninfluencespurchaseintentionsaswellaspost-purchaseattitude"(p.104).Themarketingliteraturesuggeststhatcustomerloyaltycanbedefinedintwodistinctways(JacobyandKyner,1973).Thefirstdefinesloyaltyasanattitude.Differentfeelingscreateanindividual'soverallattachmenttoaproduct,service,ororganization(seeFornier,1994).Thesefeelingsdefinetheindividual's(purelycognitive)degreeofloyalty.Theseconddefinitionofloyaltyisbehavioural.Examplesofloyaltybehaviourincludecontinuingtopurchaseservicesfromthesamesupplier,increasingthescaleandorscopeofarelationship,ortheactofrecommendation(Yi,1990).Thebehaviouralviewofloyaltyissimilartoloyaltyasdefinedintheservicemanagementliterature.Thisstudyexaminesbehavioural,ratherthanattitudinal,loyalty(suchasintenttorepurchase).Thisapproachisintended,first,toincludebehaviouralloyaltyintheconceptualizationofcustomerloyaltythathasbeenlinkedtocustomersatisfaction,andsecond,tomakethedemonstratedsatisfaction/loyaltyrelationshipimmediatelyaccessibletomanagersinterestedincustomerbehaviourslinkedtofirmperformance.Boththeservicemanagementandthemarketingliteraturessuggestthatthereisastrongtheoreticalunderpinningforanempiricalexplorationofthelinkagesamongcustomersatisfaction,customerloyalty,andprofitability.Therelativelysmallquantityofempiricalresearchperformedontheserelationshipstodate(Storbackaetal.,1994)isprobablytheresultofthepaucityoforganizations'measuring"soft"issues,suchascustomersatisfactionandcustomerloyalty,inmeaningfulways.ThedatasetCustomersatisfactiondatawerecollectedfrom12,000retail-bankingcustomersat59divisions(geographicbusinessunitscomposedofmultiplebranches).Thesamplewasdrawnfromdivisionsrepresenting73percentofallhouseholdsservedbythebank[2].Alldivisionsexaminedhadbeenpartofthebankforatleastoneyear.Allsurveydatawereaggregatedatthedivisionlevel.Theuseofdivisionsasthelevelofanalysisisconsistentwiththesubjectbank'sphilosophyencouragingdivisionleaderstomanagetheiroperationsindependentlywhilesharingbestpractices.Thedivisionsmaintainindependentpricing,policiesandprocedures,toolstoaidinthedeliveryofcustomerservice,rewardandrecognitionsystems,andcultures.Withineachdivision,thesamevariablesarerelativelystandardized.Thusvariationinlevelsofcustomersatisfactioncanbeexpectedatthedivisionlevel.Theuseofdivisionsastheunitofanalysisisalsoconsistentwiththenatureofacustomer'sbankingrelationshipatthisbankandmanyotherlargeUSbankstoday.Whileinthepastacustomer'srelationshipwaspredominantlywiththelocalbranch,theintroductionofautomatictellermachinesandcentralizedtelephonecustomerservicecentreshasresultedinmanycustomerswhorarelytransactbusinessatabranch.Whenphysicalpresenceatabranchisnecessary,itneednotbeattheparticularbranchwhereanaccountwasopened.Servicerecovery,animportantaspectofacustomer/service-organizationrelationship(Heskettetal.,1990),isatleastaslikelytooccurthroughacentralizedtelephonecustomerservicecentreasthroughalocalbranch.Thusmanycustomers'serviceexperienceisprobablydrivenbycontactwithavarietyofpointsbeyondthelocalbranchandthuscapturedatthedivisionlevel.Thishypothesis,combinedwiththesubjectbank'sorganizationstructurestressingtheautonomyofitsdivisions,supportstheuseofthedivisionasunitofanalysisforthisresearch.Satisfactiondatawerecollectedthroughaconfidentialfourquestionnairedevelopedbythebankandamarketresearchfirm.Thesurveyposedquestionsabouteachcustomer'slevelofsatisfactionwithaspectsofserviceandprice,andsoliciteddemographicinformation(seeAppendix1).SurveysweremailedtorandomlyselectedcustomersinJanuary1994[3].Customer-satisfactionsurveyrespondentdemographicsdonotidenticallymatchthebank'spopulationasestimatedbymanagement.Respondentsmoreheavilyrepresentolder,less-affluentcustomers.Toensurethattheresultsofthisstudy'sanalyseswerenotinfluencedbythesediscrepancies,keyanalyseswereperformedfordemographicsubgroupscategorizedbyrespondentageandrespondenthouseholdincome.Relationshipssupportinghypothesesoneandtwocanbeinferredforalmosteverydemographicsubgroup,suggestingthatthefindingsbasedonthedatasetasawholearerepresentative.Customerloyaltydatawerecollectedbythedivisionsonbothretention(lengthofrelationship)andcrosssell(depthofrelationship).Profitabilitydataforeachdivisionwereprovidedbythebank'streasuryfunction.MethodOLSregressionisusedtoexaminethehypothesizedrelationships.Toincreasetheinternalvalidityoftheresults,multiplemeasuresofsatisfaction,loyalty,andprofitabilitywereexaminedwheneverpossible.TableIillustratesthesemultiplemeasures;descriptionsfollowinthetext.MeasuresofcustomersatisfactionCustomersatisfactionwasmeasuredintwoways.Thefirstmeasureconsistsofresponsestoasinglequestiononthecustomer-satisfactionquestionnaire:"Overall,howsatisfiedareyouwith[thebank]?"Responsesforallsatisfactionquestionsweremadeon1-7Likert-typescaleslabelled"verysatisfied"(1)and"verydissatisfied"(7)ateachextreme.Theproblemsassociatedwiththeuseofasingleresponsevariableweremitigatedby:thesimplicityofthequestion;andYi's(1990)suggestionthatasingleoverallsatisfactionmeasurescoredasthisonewasis"reasonablyvalid"(p.71).Thesecondindicatorofcustomersatisfaction,satisfactionwithserviceandsatisfactionwithprice(measuredindependentlyasthe"serviceindex"andthe"priceindex")wasdevelopedfromtheoriesfoundintheservicemanagementliterature(Heskettetal.,1994;SchneiderandBowen,1995).Simplified,thesetheoriesstatethatperceivedvalueisafunctionofperceivedqualityandprice,andthatdifferinglevelsofperceivedvalueresultindifferinglevelsofcustomersatisfaction.MeasuresofcustomerloyaltyMeasuresofcustomerloyaltywereselectedbecausetheyreflectedbothlength(retention)anddepth(crosssell)ofthebank-customerrelationship.Lengthofrelationshipisreportedbybothdivision-reportedcustomerretentionrates(percentageofcustomerswhoremainedcustomersduring1993)andmeancustomer-reportedrelationshiptenure.Relationshipdepthismeasuredbydivisioncross-sellrates,whichrecordthepercentageofcustomerhouseholdswithmultipleaccounts(accountcrosssell)ormultipleservices(servicecrosssell).MeasuresofprofitabilityProfitabilitymeasuresweredeterminedbasedontheirhypothesizedrelationshiptocustomersatisfactionandloyalty.Bothofthemeasuresused,ROAandNIE/Rev(non-interestexpenseasapercentageoftotalrevenue),reflectprofitattheindividualdivision.SeeRoth(1993)forananalysisofsimilarperformancemeasuresinservicefirms.Giventheintentofthisstudy,NIE/RevispreferredtoROAasamoreappropriatemeasureofprofitability.Retailbankprofitcanbeseparatedinto,first,theresultsofoperations(revenue-enhancingaswellascost-incurring)whichinfluenceexpensesandrevenuesthatarenotsensitivetointerestrates,andsecond,treasuryactivities,whichinfluenceinterest-sensitivecostsandrevenues.Thispaperaddressesprimarilynon-interest-sensitivecomponentsofprofitability,hypothesizedtorelatetocustomerloyalty.ROAcontainsbothinterest-sensitiveandnon-interest-sensitivecomponents,whileNIE/Revisgeneratedonlyfromnon-interest-sensitivecosts(therevenueportionofNIE/Revmaybesomewhatrelatedtocustomer-relevantinterestrates).Appendix1discussesROA,NIE/Revandtheothermeasuresusedinmoredetail.ControlvariablesControlvariableswereincludedincertainanalyses.Thesewereeitherdemographic(householdincome)orexperiential(thecustomerhavingcontactedthebankwithaquestionorprobleminthepastyear,orconsideringthebankthecustomer'sprimarybank).ControlvariablequestionsandresponseformatsareincludedinAppendix2.ResultsTheresultsencouragetheinferenceofrelationshipsbetweencustomersatisfactionandcustomerretention,andbetweencustomerretentionandprofitability.Theconsistencyofthefindingsamongthemultiplemeasuresreinforcesthisconclusion.TableIIpresentsthesatisfaction/loyaltyrelationshipresultsintheformofOLSregressionoutput,whileFigure1illustratesthesamerelationship(simplified)graphically.Table IIIpresentstheloyalty/profitability relationshipresultsinanOLSregressionformat, andFigure2graphicallyrepresents thesefindings(alsosimplified).Customersatisfaction/customerloyaltyrelationshipTheregressionresultssupporttheinferenceofacustomersatisfaction/customerloyaltyrelationship.Further,theyillustratethatcustomersatisfactionmayberesponsibleforasmuchas37percentofthedifferenceincustomerloyaltylevelsamongthedivisionsexamined,holdingconstant,first,recentcontactwiththebankaboutaquestionorproblem,and,second,householdincome(seeRsquareofregression1a).Varianceexplainedof 37percentisparticularlyhighgivenpotentialactivitiesofcompetitorsandnon-bank-relatedfactorswhichmayinfluencebothcustomersatisfactionandloyaltythatarenotincludedasvariablesintheregression.Thehypothesizedsatisfaction/loyaltyrelationshipisevidentforthefourmeasuresofcustomerloyaltyandforbothmeasuresofcustomersatisfaction.However,theresultsareambiguousregardingtheroleofpricesatisfactioninpredictingcustomer loyalty. Thepriceindexisnotstatisticallysignificantfor twoofthefourrelationshipsexamined(regressions1band2b).Further,thecoefficientestimateforpriceis positiveinthreeofthefourrelationships(regressions 2b,3b,and4b)whenanegativecoefficientwouldbeexpectedCustomer-reportedrelationshiptenureGiventhescoringmethods(seeAppendix2).Whileplausible,aconclusionofreverseprice-sensitivityisrejectedbecauseof,first,thelackofstatisticalsignificanceforoneofthethreenegativepricecoefficients,andsecond,theinstabilityoftheprice-indexcoefficient,whichreversesfromnegative(inregression1b)topositive(inregressions2b,3b,and4b).Thislackofstatisticalsignificanceandcoefficient-signstabilitymaybeduetoprice-insensitivityamongthebank'scustomers.Thebankhastargetedalessprice-sensitivecustomerbasebypositioningitselfasaservice-orientedinstitutionandpricingitsproductsandservicesatmarket-averageorhigherlevels.However,giventhebank'scustomers'reportedmeanhouseholdincome(between$25,001and$50,000),itisclearlynotattractinga"carriagetrade"clientele.Thusitmaybemorereasonabletosuggestthatcustomersareprice-insensitiveatcurrentpricinglevels.Ifthishypothesisiscorrect,priceremainsanimportantcomponentofvalueand(theoretically)adriverofsatisfactionandassociatedbehaviours.出處：RogerHallowell.HarvardBusinessSchool,Boston,MA,USA27.Therelationshipsofcustomersatisfaction,customerloyalty,andprofitability:anempiricalstudy.SubmittedJune1995.RevisedFebruary1996P1—17中文譯文客戶之間的關系滿意,顧客忠誠度,和盈利能力的辦法進行實證研究本文的目的是為了說明獲利的關系國際——調和，這一直接影響顧客及經紀人的關系的因素。它主要是一個普遍的管理討論,它符合北歐學校的觀點。服務高度被稱為交叉學科,它需要一種“服務管理”的方法(見格朗魯斯,1988年,1991)。其研究結果支持這一理論認為,客戶的滿意造就顧客忠誠度,從而得到利潤(赫斯科特于1994年論述于《1994年6月初版》)。雖然這理論主張對他們作為一個階級服務公司,實證分析的結果限制了零售銀行的推廣。在這一服務利潤鏈中假設：客戶滿意度--＞顧客的忠誠度--＞利潤。這里介紹的研究,無法證明因果關系,因為它依賴的橫截面數據,回歸OLS確實說明,顧客滿意,顧客忠誠度,和利潤彼此都有所關聯。同時，客戶滿意度＜--＞顧客的忠誠度＜--＞利潤。為此，這一研究就是針對了這兩假設Hl：客戶的滿意是與顧客的忠誠度。H2:顧客的忠誠度與利潤。本研究故意以一種相對較快的抽象層次的努力有助于越來越多的理論和實證知識之間的關系,客戶滿意,顧客忠誠度,和利潤(見赫斯科特納爾遜蘇達權等，1994年成立;蘇達權等，1992;防銹、Zahorik,1991年成立;儲藏背后蘇達權等，1994年,在其它之中)。這種研究論文唄稱為儲藏背后度學組。(1994)刊登在雜志上。相關文獻有關文獻中提到，客戶滿意，顧客忠誠度，和利潤可分為兩組。第一，服務管理文獻中，顧客滿意，提出了影響顧客忠誠度，從而影響利潤。這一理論的支持者包括研究人員如安德森和Fornell(1994);Gummesson(1993);Heskett孫俐。(1990);Heskett孫俐。(1994);Reicheld和Sasser(1990);鐵銹，羅卓荊。(1995)、施耐德和鮑文Storbacka(1995)、疾病學組。(1994),Zeithaml孫俐。(1990)。這些研究人員討論滿意，忠誠之間的聯系，和獲利能力。統計系統檢查到這些鏈接已經發起尼爾森孫俐。(1992)，證明顧客的滿意度的關系對盈利能力，防銹，醫院間》(1991)Zahorik察看人顧客滿意度的關系在零售銀行顧客保留。銀行管理學院驗證了這些觀點的人，特別是德國和范?羅斯的Velde（1990,1991）［l］。服務管理文獻認為,顧客滿意是由于顧客的感知價值收到交易或關系,使價值等于感知服務質量素質相對價格及獲取客戶的成本（見約翰?布朗奇德和蓋羅維,1994年,赫斯科特.蘇達權等,1990）——相對價值交易或者關系預期與競爭對手的供應商（Zeithaml蘇達權等，1990）。忠誠行為,包括關系延續，增加規模或范圍的關系,和推薦信（口碑廣告）結果的信念與客戶價值的數量收到一個供應商,比可以從其他供應商提供的費率。忠誠,在一個或多個形式上面提到的,創造利潤增加通過加強收入，降低成本獲取客戶，較低的customer-price靈敏度、減少成本服務客戶熟悉公司的服務操作系統（見Reicheld和震蕩波，1990）。第二次文獻發現于營銷領域。論述了顧客滿意度的影響在顧客的忠誠度。易建聯的”的評論顧客滿意”（1990）訂立后，“許多研究發現顧客滿意度影響購買意向以及售后態度”8。104）。營銷文學建議消費者忠誠度可被定義兩種完全不同的方式（Jacoby和Kyner,1973）。第一個定義了忠心為一種態度。不同的感受創造一個個人的整體附件產品、服務或組織（見Fornier,1994年）。這些情感定義人的（純粹的認知）程度的忠誠。第二個定義的忠誠是行為。行為的忠誠的例子包括繼續購買服務，從同一供應商，規模日益增大或范圍的行為的朋友關系，或推薦信（易建聯，1990）。忠誠是行為的觀點與所定義的忠誠服務管理文學。這種方法的本意，第一，包括行為忠誠顧客忠誠度的觀念化聯系了顧客滿意度，和第二，使展現滿意/忠誠關系經理，立馬就感興趣與公司業績客戶行為。兩個服務管理和營銷文獻顯示，有一種強烈的理論基礎實證的探索為機構之間架起溝通的客戶滿意，顧客忠誠度，和利潤。相對少量的實證研究在這些關系進行Storbacka日期（蘇達權等），2001年的結果可能是與外界隔絕。而組織的測量的“軟”的問題，比如客戶滿意度和顧客忠誠度，以有意義的方式。數據集客戶滿意度數據收集資料，共收回有效客戶從12000零售-金融59部門（地理業務單位有多個機構）。來自部門樣品代表了73%的家庭提供的銀行［2］。所檢查部門都已經參與了銀行一年以上。全部調查數據聚集在分區的水平。使用按著層次的分析的結果是一致的銀行的哲學主題來控制他們的領導人鼓勵分工獨立操作當分享最好的實踐經驗。各部門保持獨立定價、政策和程序、工具,以援助在交貨的客戶服務,獎勵和表揚系統和文化。在每個部門,同樣的變量相對規范。因此顧客滿意度水平的變化將會在分區的水平。使用單位部門一致的分析與自然關系的銀行客戶在這個銀行和許多其他大型美國銀行今天。而在過去主要客戶的關系與當地分支,引入自動取款機和集中電話客戶服務中心已經導致許多客戶交易的人經常在一個分支。體質出現在一個分支是必要的,就不需要在特定的函數在一個帳戶被打開了。服務補救、一個很重要的方面的顧客/服務-組織的關系（Heskett蘇達權等，1990年），至少是一樣可能集中發生,通過電話的客戶服務中心,通過當地的分公司。因此許多客戶服務經驗可能是被接觸各種各樣的分超越地方分會，從而捕獲分區的水平。這一假說，結合學科銀行的組織結構強調自主性的特色，支持使用級別對這項研究的分析單位。滿意方式收集資料，共收回有效問卷調查，通過保密的激烈而形成的銀行和市場研究公司。提出問題的調查每一個客戶的滿意程度方面的服務與價格的人口統計資料，并聽取（見附件1）。調查是寄給客戶隨機選取1994年1月［3］。人口調查Customer-satisfaction被不一致的人口與銀行估計管