Summary of PhD thesis: Customer equity and consumer well being - A case study of the retail supermarket industry in Vietnam

Discovering and measure the relationship between brand equity, value equity and relationship equity in the retail supermarket industry in Vietnam. Exploring the moderator role of customer personality traits on causal relationships between research concepts in the retail supermarket industry in Vietnam. Proposing management implications for marketing managers and business management in Vietnam''s retail industry in generally and Vietnam''s retail supermarket sector in particularly.

MINISTRY OF EDUCATION AND TRAINING

UNIVERSITY OF ECONOMICS HO CHI MINH CITY

LÊ QUANG BÌNH

CUSTOMER EQUITY AND CONSUMER WELL-BEING: A CASE STUDY OF THE RETAIL SUPERMARKET INDUSTRY IN VIETNAM

Major: BUSINESS ADMINISTRATION Code: 9340101

SUMMARY OF Ph.D THESIS

Ho Chi Minh City - 2019

The thesis was completed in University of Economics Ho Chi Minh City

Tutor: Asso Prof Ph.D Nguyễn Đình Thọ

Reviewer 1:

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The thesis will be presented to the school-level thesis evaluation board at:………

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Chapter 1: OVERVIEW OF RESEARCH THESIS 1.1 Research problem

Managers faced daily challenges of increasing the efficiency of their products and services with the millions of dollars invested in marketing programs, regardless of whether the investment is made a reasonable profit or not Managers may simply not know how or are not able to calculate profit from investing in marketing programs They lack models of linking marketing activities with customer spending activities and instead often use intuition to make decisions (Vogel at al, 2008) Customer equity model is one of the first methods to bridge this gaps Customer equity has become an important marketing objective for today's business organizations,

as it is capable of evaluating individual customers and customer segments from a value perspective (Rust at

al, 2000) The concept of customer equity must incorporate customer value management, brand management and customer relationship management (Lemon at al, 2001) It is seen as the basis for a new strategic model

from which to build more powerful and customer-centered marketing programs that can are financially accountable and measurable

The impact of marketing on consumer well-being (CWB) has been concerned by many authors (eg Sirgy, 2001; Sirgy & Lee, 2008, 2012; Sirgy at al, 2006, 2007, 2008b) Marketing greatly affects consumer quality

of life because it directly affects the satisfaction of elements in consumers' life and indirectly affects other aspects of life such as work life, family life, leisure life, financial life, etc (Day 1978, 1987; Leelakulthanit at

al, 1991; Lee & Sirgy, 1995; Sirgy, 2001; Samli at al, 1987) So far there have been many different concepts and measures of consumer well-being that have been introduced in the field of marketing, business and the academic research in the world While there have been many different efforts to measure consumer well-being

in the world, there is still little interest in studying, applying existing theoretical foundations to measure of consumer well-being in different industries in Vietnam There are many different concepts and measures of consumer well-being Therefore it is necessary to identify and apply the measurement model of consumer well-being in accordance with the research object, as well as the performance of marketing strategies towards consumer well-being as a new trend

Researching customer attitudes and behaviors for a particular company is based not only on customer interaction and experience with that company, but also based on customer standards, preferences and personality characteristics (Ferguson at al, 2010) The personality traits associated with customer reactions to

a service experience will create a specific attitude about a company that can lead to an intention in the next attitude and behavior (Bagozzi, 1992) Consumers may prefer a specific supplier and product that matches their personality traits or their own views (Yi Lin, 2010) In previous studies of customer characteristics in the field of marketing, the five-character personality model (BigFive) has been widely used by authors The model

of five personality traits including extraversion, conscientiousness, agreeableness, emotional stability (neuroticism) and openness to experience (Bove & Mitzifiris, 2007) In Vietnam, researching on personality traits in marketing is still less concerned by the authors, especially in the retail sector

Researching on customer equity in the retail sector in generally and retail supermarkets in particularly has been done in previous studies (eg Vogel at al, 2008; Dwivedi at al, 2012) However, the focus of this study is

to explore the relationship between customer equity drivers, including brand equity, perceived value and relationship equity with consumer well-being, as well as testing the role of customer personality traits in the retail supermarket industry in Vietnam Retail supermarket is a shopping place close to consumers It affects the daily lives of consumers in generally, as well as affecting other aspects of their lives such as family life, social life, work life, leisure life, etc Customer's perception of shopping experience is very important in retail supermarkets (Ailawadi & Keller, 2004) It not only affects the satisfaction or dissatisfaction of customers in shopping, but also the customers' feelings of satisfaction in their life, the satisfaction that contributes to improving their quality of life.Therefore, in the retail supermarket industry, it is necessary to enhance customer equity, constantly invest in improving brand equity, value equity and relationship equity It is identified as a background for improving consumer well-being in the retail supermarket industry

However, studying the relationship between customer equity and consumer well-being is still a new issue

in Vietnam There has not been a complete study of measuring the relationship between customer equity components and consumer well-being, as well as testing the role of customer personality on these relationships

at Vietnam market in generally and in retail supermarket industry in particularly

1.1 Objectives of the study

- Discovering and measure the relationship between brand equity, value equity and relationship equity in the retail supermarket industry in Vietnam;

- Discovering and measure the relationship between customer equity drivers (including brand equity, value equity and relationship equity) and consumer well-being in retail supermarket industry in Vietnam;

- Exploring the moderator role of customer personality traits on causal relationships between research concepts in the retail supermarket industry in Vietnam

- Proposing management implications for marketing managers and business management in Vietnam's retail industry in generally and Vietnam's retail supermarket sector in particularly

1.2 Scope and research methodology

The research topic of the thesis only focuses on the retail market in Vietnam but in particular the retail supermarket sector and general retail supermarket selected for research Research objects are customers of general retail supermarkets in Vietnam Survey samples were taken in Ho Chi Minh City, Da Nang and Hanoi Subjects of the survey are customers who are shopping at retail supermarkets in three cities aged 18 and over Preliminary research is conducted by qualitative research and preliminary quantitative research methods, conducted in Ho Chi Minh City in early 2017 Qualitative research is done through focus group discussion techniques Preliminary quantitative research is conducted by direct interview with retail supermarket customers through questionnaires Information obtained from the interview results is used to screen the observed variables that measure research concepts.This study uses SPSS software to test the Cronbach alpha reliability and exploring factor analysis (EFA) Formal research is conducted by quantitative research methods, implementing information collection techniques by directly interviewing customers through a complete questionnaire from preliminary quantitative research This research step is carried out in Ho Chi Minh City, Hanoi and Da Nang in mid-2017.This study uses AMOS software, performs the confirmatory factor analysis (CFA) and the structural equation modeling (SEM) to test research models and research hypotheses

1.3 New contributions in theory and practice of the thesis

Theoretical contributions: Firstly, the thesis synthesizes a relatively complete and systematic set of

customer equity theories, drivers of customer equity (including brand equity, value equity and relationship equity), consumer well-being and customer personality traits The theories presented in this thesis have good

reference value for research topics related to this field of research Secondly, researcher has provided a

theoretical framework for customer equity, consumer well-being and customer personality traits In addition, the study proposes a model that explores the relationship between customer equity drivers and consumer well-being, the moderator role of customer personality traits on relationships of research model in the retail

supermarket industry in Vietnam Thirdly, This research has inherited the scales of previous studies, and has

adjusted and supplemented to suit the context of this research and retail supermarkets The results have built

the scales of this research concepts for retail supermarkets in Vietnam Fourthly, this research results show

that value equity and relationship equity have a positive effect on the consumer well-being In the five personality traits, agreeableness is a significant moderating effect on the causal relationship between value equity and consumer well-being, conscientiousness is a significant moderating effect on the causal relationship between relationship equity and consumer well-being, agreeableness is a significant moderating effect on the causal relationship between relationship equity and consumer well-being, extraversion and emotional stability (neuroticism) have a significant moderating effect on the causal relationship between value equity and relationship equity.This research results is completely new, not yet published in previous studies Fifthly, this

research results show that investing to improve brand equity, perceived value (value equity) and relationship

equity not only contributes to customer equity but also contributes to consumer well-being

Practical contributions: Firstly, this study provides the general managers and the retail supermarket

manager to understand more about customer equity, customer equity drivers, consumer well-being and customer personality traits Research has shown managers what is important to customer equity, thereby marketing investment selectively and effectively to improve customer equity drivers, contributing to enhance

the perceived quality of life of consumers This can increase sales and profits for businesses Secondly, this

study helps researchers and business managers, especially in the retail context, see the important role of consumer well-being in enterprise marketing strategy In the retail supermarket industry, the goal of the customer is not only toward their shopping satisfaction but also towards their life satisfaction in the general and specific life domains (for example: social life, family life, leisure life, work life, health and safety,

physical/sensual life, etc.) Thirdly, this study also helps enterprise directors and marketing managers find the

role of customer personality to make the right solutions in business Enterprises can implement solutions such

as training their service staffs who can serve customers enthusiastically and thoughtfully, understand customers more in the process of performing their services; Investing in various supermarket utility suitable for the majority of customers; diversification of product types, product quality, prices suitable for each customer, etc

to serve customers better Fourthly, this study also helps market research companies and marketing managers

to apply this research to measure customer equity drivers, consumer well-being, and customer personality in other industries, since offering appropriate marketing activities to improve customer equity drivers, enhance customer equity for the enterprises and increase consumer well-being

1.4 Structure of the thesis

This thesis is carried out in six chapters: Chapter 1: Overview of the research topic, Chapter 2: Theoretical basis, Chapter 3: Research model, Chapter 4: Research methodology, Chapter 5: Results of research, Chapter 6: Conclusion and direction for further research

Chapter 2: THEORETICAL BASIS 2.1 Theory of customer equity

2.1.1 Customer lifetime value (CLV)

CLV is defined as measuring future profit streams from customers to companies, adjusted to customers' future purchases from the company and being discounted for the present (Rust, Lemon , & Narayandas, 2004,

p 23)

CLV is an important part of designing, budgeting and implementing marketing decisions (Dwyer, 1989)

It may not be beneficial for the company to maintain a relationship with the customer if the customer has a short lifetime with the business or their changing behavior is high

According to Berger and Nasr (1998), there is a potential threat when the company is too focused on CLV and efforts to ensure the absolute maximum revenue from the most active and most profitable customers Companies should not neglect opportunities other customer pools may offer for generating revenue The result can continue to increase in CLV from the most frequent customers and gradually reduce the majority of customers causing the overall profit reduction of the company

CLV is a key concept of customer equity CLV is a lifetime contribution of the customer to the company and it is used as a measure of corporate success (Gupta et al., 2006) Lifetime contribution of customers to the company is considered in the following four stages: (1) customer asquisition, (2) customer retention, (3) relationship development and, (4) customer withdrawal (Rust, Lemon & Zeithaml, 2004; Berger et al., 2006) These four stages are described by Gupta et al (2006) in Figure 2.1

2.1.2 Customer equity

Blattberg and Deighton (1996) defined customer equity as the total net present value of the customer lifetime aggregated across all of the company's customers Customer lifetime value is one of the most important measures of assessing the performance of business companies (Sargeant, 2001) Blattberg et al (2001) stated that "customers are financial assets that companies and organizations should measure, manage and maximize

as other assets" Bitan and Mondschein (1997) defined a lifetime value as "all net contributions that customers have created in customer lifetime on customer databases"

Source: Gupta et al (2006)

Figure 2.1: Modeling customer lifetime value

Rust et al (2004) defined customer equity as “the total of the discounted lifetime values summed over all

of the firm’s current and potential customers” (p 110) From this point of view, customer equity is considered

an important asset of an organization, because revenue is generated by customers and the investment to generate this revenue is the company's cash flow facility (Hansotia, 2004)

As a theoretical framework, customer equity is widely applied in many different market contexts and many industries because it directs enterprises to follow customer orientation (Rust et al, 2004) Customer equity provides a strategic perspective for management decisions by providing facility managers with a basis for identifying those customers or customer types they wish toseek out, retain, avoid, or even given up (Dorsch

et al, 2001) An important component of all customer equity-marketing initiatives is identifying specific antecedents, or drivers of customer equity.Rust et al (2004) argued that it is necessary for an organization to distinguish between strategies that improve the components of customer equity that are useful and not useful

It is only recently that researchers sought to identify specific components of customer equity The summary of studies in this direction is listed in Table 2.1

Table 2.1: Antecedent theories of customer equity

Rust, Zeithaml and Lemon (2000);

Lemon, Rust and Zeithaml (2001);

Rust, Zeithaml and Lemon (2004);

Rust, Zeithaml and Narayandas

(2004)

Presenting a strategic model to explore key drivers that increase the firms’ customer equity The authors have proposed three main drivers of corporate customer equity: value equity, brand equity and relationship equity

Bayon, Gutsche and Bauer (2002) An overview of customer equity as a marketing process Discussing

the management process, model and segmentation

Dias, Pilhens and Ricci (2002) Testing the impact of marketing activities on customer benefits and

shareholder value

Bolton, Lemon and Verhoef (2004)

Proposing a unified model, called CUSAMS (customer asset management of services) to understand and influence the value of customer assets

Chang and Tseng (2005)

Discovering the mediating roles of the drivers of customer equity in the effectiveness of relationship marketing activities on the average revenue of each customer

Voorhees (2006) Testing the effectiveness of customer equity components in

predicting customer behavior

Firms’ Financial Performance

Customer Lifetime Value

(CLV)

Customer Withdrawal

Relationship Development

Customer Retention Customer

Asquisition

Vogel, Evanschitzky and

Ramaseshan (2008)

Researching the relationship between the drivers of customer equity and customer loyalty and sales in the future of self-service retail stores in Europe The authors used three drivers of customer equity proposed by Rust et al (2000) to explore in the retail sector

Hyun (2009)

Establishing a model of customer equity in the restaurant industry including brand equity, value equity and relationship equity The author has proposed sub-drivers of customer equity in the restaurant industry Researching the relationship between the three main components of customer equity The research sample is done for customers in restaurant chains in Korea

Ramaseshan, Rabbanee and Hui

(2013)

Researching the relationship between the three customer equity components (brand equity, perceived value and relationship equity) and customer loyalty of the telecommunications industry in the B2B market in Australia through the mediating roles of customer trust

Razzaq at al (2016)

The study has investigated the level of meaningful contribution of customer emotions to customer equity components and customer loyalty intention The impact of three customer equity components including brand equity, value equity and relationship equity on loyalty intention that has been investigated by exploring more regulatory effects of positive emotions and negative of customers The research sample is carried out in the supermarket and banking industry in Pakistan

Cho and Jang (2017)

Studying the impact of the drivers of customer equity (including brand equity, value equity and relationship equity) on customer loyalty and testing cultural differences between Korean and American customers Research data is collected from customers who have shopping experience at discount stores in Korea and the United States

Source: The author synthesized from theoretical research

2.2 The drivers of customer equity

Rust et al (2000, 2004), Lemon et al (2001) identified the model of customer equity consisting of three drivers that are value equity, brand equity and relationship equity These three drivers are also used by some other authors in their research (eg Severt, 2007; Sweeney, 2008; Vogel et al., 2008; Hyun, 2009; Dwivedi et al., 2012; Ramaseshan et al., 2013; Martin, 2015; Razzaq et al., 2016; Choo & Jang, 2017)

2.2.1 Value equity

Value equity is defined as an objective assessment of customers about the benefits of a brand based on how customers perceive what they spent compared to what they received (Rust et al., 2000).It is the perceived rate between what is received (such as products and its benefits) and what has been spent (such as the price paid for the product) and so the benefit is higher than the cost, it will bring higher customer value Zeithaml (1988) recommended four customer perceived factors in value, including (1) low prices, (2) whatever I want

in a product, (3) the quality I get for the price I pay, and (4) what I get for what I give up, including time and effort Holbrook (1999) proposed customers’ perceived value including input/output, quality, convenience and aesthetics Richards and Jones (2008) presented three factors to enhance customers’ perceived value including customer perceptions of quality, price, and convenience Rust et al (2000, 2004) provided three elements of perceived value, including quality, price, and convenience Hyun (2009) provided five elements of perceived value, including food quality, service quality, price, convenience and environment of the restaurant

In the retail market, Vogel et al (2008) studied the customer equity of consumer goods retail stores (computer hardware) in Europe, based on Rust et al’ research (2000), the authors gave five elements of perceived value, namely (1) price, (2) product quality, (3) service quality, (4) convenience and (5) ) tangible environment of retail stores.Factors of perceived value of Vogel et al (2008) were also studied by Ramaseshan

et al (2013) in the telecommunications service industry of the B2B market

2.2.2 Brand equity

According to Aaker (1991) defied brand equity as “a set of assets and liabilities linked to a brand, its name and symbol, that add to or subtract from the value provided by a product or service to a firm and/or that firm’s customers” And Keller (1993) defined brand equity as the different effect of brand knowledge on customer response to brand marketing Basically, a company will have a higher brand equity when customers response to their marketing efforts is more positive.Ambler et al (2002) defined brand equity as all that exists

in the minds of customers, including thoughts, feelings, experiences, images, perceptions, beliefs and attitudes

A basic principle for brand equity is that a brand’s foundations including “peoples’ intangible mental associations about it…(and) the value placed on the brand is really the value of the strength and resilience of those associations” (Dyson, Farr, & Hollis, 1996, p 9)

Explaining the nature of the relationship between brand equity and customer equity, Rust et al (2000) determined brand equity as part of customer equity and it builds on customer awareness about the brand Moreover, the brand equity represents the subjective and invisible assessment of customers and it is objective perceived value of customers Thus, the brand equity that includes many major components needs to be considered First, brand equity is considered a part of customer equity, which indicates that it is only partly responsible for determining the overall customer equity of the firms Second, brand equity is subjective assessment of brand, but it is not an objective assessment Therefore, the role of brand equity in the model of customer equity is more focused than the concepts of brand equity given before

Brand equity is a multidimensional concept whose elements have been tested in theories Two of the often cited models are of Aaker (1991) and Keller (1993) Aaker (1991) proposed brand equity consisting of four elements (1) brand awareness, (2) perceived quality, (3) brand loyalty, and (4) brand association.Keller (1993) argued that brand equity is the customer's knowledge of the brand, including two factors (1) brand awareness and (2) brand image Keller (2003) evaluated brand equity from a customer perspective as a two-element structure that is brand awareness and brand image.In the study of consumer goods market in Vietnam, Nguyen Dinh Tho and Nguyen Thi Mai Trang (2002) determined the association of brands is the attributes that accompany the brand, the two authors also proposed three components of brand equity including (1) brand awareness, (2) perceived quality and (3) brand passion

In the retail industry, there are many published studies related to retail brand equity Theories have shown

a concern over the past decade about analyzing the concept of brand equity in the retail sector, with certain contributions to determine the content of this concept (For example: Hartman & Spiro, 2005; Pappu & Quester, 2006a; Jinfeng & Zhilong, 2009; Swoboda et al., 2009; Gil-Saura et al., 2016) According to Pappu and Quester (2006a), brand equity is formed from awareness, association attributes, perceived quality and loyalty Arnett and ctg (2003), brand equity includes loyalty, awareness, service quality and association attributes Jara and Cliquet (2012) proposed the model of retail brand quity based on the model of Keller (1993), with the retail brand equity described as a multidimensional concept consisting of two main components that are brand awareness and positive brand image Vogel et al (2008) defined retail store brand equity as two factors: (1) brand awareness and (2) brand image, which are proposed based on Keller’s model of brand equity (2003) Thus, through the study of the theory of brand equity shows that the factors that make up the brand equity are still inconsistent However, recent research on customer equity in the service and retail industry, the authors all agreed that the component of brand equity in customer equity includes two factors: brand awareness and brand image (Vogel et al., 2008; Hyun, 2009; Dwivedi et al., 2012; Resmaseshan et al., 2013)

2.2.3 Relationship equity

Relationship equity is defined as the tendency of customers to return to the brand and beyond the objective and subjective assessment of the brand (Lemon et al., 2001) The concept of relationship involves the belief that how is it important of brand equity and perceived value is still not enough to retain customers In other words, even if the customer evaluates the product objectively and subjectively, they may not buy the product

in the future for many reasons, including changes in personal situations and the impact of other companies' marketing efforts (Oliver, 1999).Relationship equity represents the strength of the relationship between firms and customers This concept comes from the theory of relationship marketing Morgan and Hunt (1994) defined relationship marketing as referring to all marketing activities and strategies aimed at creating, expanding, and maintaining the exchange of successful relationships.According to Bejou and Iyer (2006), the relationship with customers is a source of intangible assets The intangible asset mentioned by the author is an indirect component of the customer equity defined above Therefore, relationship marketing activities can be viewed as a meaningful role in enhancing value based on the relationship of the organization, as well as the financial results and customer equity of the firm

Lemon et al (2001) believed that there should be a "glue" between customers and the company, one of which is to increase the level of cohesion of the relationship In this context, relationship equity is the glue.Many researchers have proposed different measuring factors to measure relationship equity Hennig-Thurau and Klee (1997) proposed three factors of relationship equity including trust, commitment, and overall quality

De Wulf et al (2001) provide three factors that measure relationship quality including satisfaction, trust and commitment Hyun (2009) studies relationship equity in the restaurant industry, giving four elements of relationship equity including trust, emotional commitment, satisfaction and conflict In summary, through research, we see three factors that authors often use to measure relationship equity are trust, satisfaction and commitment (see De Wulf et al., 2001; Hennig-Thurau et al., 2002; Vogel et al., 2008; Hyun, 2009; Dwivedi

et al., 2012)

2.3 Consumer well-being (CWB)

2.3.1 Concept of consumer well-being

Many authors have conceived the concept of consumer well-being as a result of consumers' positive emotional response when consuming a product or service Sirgy et al (2008b) believed that consumer well-being is a positive emotional response of consumers to high quality goods and services Lee et al (2002), Sirgy and Lee (2003) described consumer well-being as consumer satisfaction from using a high quality goods and services Suranyi-Unger (1981) argued that CWB is the satisfaction of consumers' needs in various life domain (eg physical, social, emotional, physical substances) that are not only economically pure.Nakano et al (1995) also described CWB as the level of consumer satisfaction with goods and services, the level of satisfaction with a variety of life domains increases, the level of consumers’ quality of life (QOL) also increased

Sirgy et al (2007) defined CWB as a desirable state of objective and subjective quality based on different stages of the consumer life or product cycle that relations with consumer goods Merunka and Sirgy (2011) defined CWB as "a consumer assessment related to the extent to which brands or companies contribute significantly to their quality of life "

2.3.2 Well-being marketing

Marketing is capable of significantly enhancing consumer well-being by providing consumers with goods and services, not only to improve their overall quality of life but also to make it safe for consumers, communities and the environment (Lee & Sirgy, 2012) The concept of well-being marketing is based on Kotler's social marketing concept (1979, 1986, 1987)

Lee and Sirgy (2004) defined the well-being marketing as: " a way of doing business like planning, determining selling prices, promoting products and distributing goods to customers - designed to improve consumers' quality of life while retaining the interests of the company's stakeholders (eg shareholders, distributors, suppliers, workers, local communities and the environment)

The impact of marketing on consumer well-being has been concerned by many authors (eg Sirgy, 2001; Sirgy & Lee, 2008; Sirgy et al., 2008b) Marketing greatly affects consumer well-being because it directly

affects the satisfaction of elements in consumers' life and indirectly impacts other aspects of life such as work life, family life, leisure life, financial life, etc (Day 1978, 1987; Leelakulthanit et al., 1991; Lee & Sirgy, 1995; Sirgy, 2001; Samli et al., 1987)

So far, there have been many different concepts and measures of consumer well-being in the field of marketing, business andpublished in jounals of well-being research by academics (eg Meadow & Sirgy, 2008; Nakano & ctg, 1995; Day, 1987; Leelakulthanit et al., 1991; Lee et al., 2002)

2.3.3 The distinction between consumer well-being and consumer satisfaction

The term "well-being" can be considered similar to "satisfaction" However, the current theoretical background shows the difference between consumer satisfaction and consumer well-being Based on Oliver's theory of expectations (1980,1997, 2009), customer satisfaction is largely determined by customer expectations, which becomes a strong driving force for repeat purchase, positive word of mouth and customer loyalty (Fornell, 1992; Fornell et al., 1996; Szymanski & Henard, 2001) Of course, the goal of improving customer satisfaction is to ensure a high level of repeat patronage, ergo sales, market share, and profit (Lee & Sirgy, 2012)

In contrast, the concept of CWB has been shown to be a meta-level concept with many different aspects

of life, namely the link between CWB and quality of life In other words, all the concepts and measures of CWB presented in this thesis are based on the assumption that high level of CWB lead to higher levels of consumer’s quality of life - higher levels of life satisfaction, overall happiness with life, reduction of disease, increased social welfare, etc

CWB also play a role as a bridge between satisfaction and consumer quality of life, but satisfaction does not always lead to consumer quality of life which is determined by consumer perception of the consumption

of a product or service that enhanced quality of life in their various life domains, eg social life, work life, leisure life, etc (Sirgy et al., 2007)

2.3.4 Tổng quan các khái niệm và nghiên cứu thực nghiệm chất lượng sống người tiêu dùng

In this section, the author will review the different experimental concepts and results of consumer being models published in previous studies These contributions are summarized and presented in Table 2.3 The models of consumer well-being are summarized in Table 2.3 in previous studies in marketing related academic fields In addition, there are other models of consumer quality of life from the public sector that the author does not synthesize in this study because these models are only useful for public management of CWB, not much meaning to CWB research in the field of marketing

well-Table 2.2: Previous research on CWB Contributions from the marketing sector

 The Shopping Satisfaction Model (Meadow & Sirgy, 2008)

 The Possession Satisfaction Model (Nakano et al., 1995; Sirgy et al., 1998a,b)

 The Acquisition/Possession Satisfaction Model (Leelakulthanit et al., 1991)

 The Consumer Life Cycle Model (Lee et al., 2002)

 The Need Satisfaction Model (Sirgy et al., 2006b)

 The Bottom-Up Spillover Model (Diener, 1984; Sirgy, 2002; Sirgy et al., 2010a,b)

 The Marketers’ Orientation Model (Lee & Sirgy, 1999)

 The Perceived Value Model (Sirgy et al., 2006, 2007; Grzeskowiak & Sirgy, 2008))

Source: The author synthesized from theoretical research

2.4 Consumer personality traits

Customer's personality is a stable set of characteristics and trends that lead to differences in the thoughts, feelings and actions of each individual (Maddi, 1989) McCrae et al (1990) were the first authors to classify personality theory into five elements These five elements are often called BigFive model, which are widely used today (Yi Lin, 2010) According to Bove and Mitzifiris (2007), BigFive model provides the most concise and complete to describe characteristics of personality Personality traits in the Big Five model include: Extraversion (representing sociality), Agreeableness (representing good character), Neuroticism (representing

emotional change), Conscientiousness (representing trust), Openness to Experience (representing the nature of curiosity)

In measuring personality traits, most authors applied the BigFive model in most of their research models Bove and Mitzifiris (2007) applied the BigFive model but the authors only investigated four of the five characteristics, namely: (1) Agreeableness, (2) Conscientiousness, (3) Extraversion, (4) Openness to Experience.Gosling, Rentfrown and Swann (2003) provided five characteristics of personality, including: (1) Extraversion, (2) Agreeableness, (3) Conscientiousness, (4) Neuroticism and (5) Openness to Experience with ten observed variables.Migliore (2011) and Al-Hawari (2015) based on the personality characteristics model

of customers of Bove and Mitzifiris (2007) to build measurement variables for their research.Al-hawari (2015) developed a scale of five customer personality traits with 28 variables of question type In particular, extraversion with 4 observed variables, conscientiousness with 6 observed variables, agreeableness with 6 observed variables, emotional stability with 7 observed and openness to experience with 5 observed variables

Chapter 3: RESEARCH MODEL 3.1 Research theoretical framework

Three main drivers of customer equity, including: (1) value equity, (2) brand equity and (3) relationship equity (Lemon et al., 2001; Leone et al., 2006; Rust et al., 2000, 2004) (see Figure 3.1)

Figure 3.1: Three drivers of customer equity

Three drivers of customer equity are brand equity, value equity and relationship equity that both operate independently and both interact with each other By improving these three drivers, companies can enhance the overall customer equity (Rust, Lemon & Zeithaml, 2004; Hyun, 2009; Vogel et al., 2008; Ramaseshan et al., 2013) According to Vogel et al (2008), Hyun (2009), Ramaseshan et al (2013), value equity is an intermediary between brand equity and relationship equity in the concept of customer equity and impact on relationship equity Brand equity impacts on value equity and relationship equity (see Figure 3.2)

Figure 3.2: Relationship between customer equity drivers

Chapter 2 has presented and evaluated the theoretical foundations of CWB We see that there are many different models of CWB, which model is not easy to use However, according to Grzeskowiak and Sirgy (2008), the model of the impact of perceived quality of life (Sirgy et al., 2006) recognized that the CWB that relates to a specific product is a direct function of consumer perception about the impact of products on their overall life The perception of the impact of that quality of life is influenced by the perception of how the product creates satisfaction in various life domains (eg work life, leisure life, social life, family life )

customer equity

brand equity

relationship equity value equity

Brand equity

Relationship equity Value

equity

On that basis, the author argues that there are two important factors that the author believes it will significantly contribute to CWB, which is value equity and relationship equity, two of the three important drivers of customer equity The author also hypothesizes that the causal relationship of the concepts in the research model is moderated by customer personality traits The theoretical framework for this research is shown in Figure 3.3

Figure 3.3: Research theoretical framework

3.2.1.3 Hypothesis of the relationship between brand equity and relationship equity in the retail supermarket industry in Vietnam

Hypothesis H3: The brand equity of retail supermarket positively affects the relationship equity of retail

3.2.3 Moderator effect of customer personality traits on the causal relationship of research concepts

in the retail supermarket industry

Brand

equity

Value equity

Customer well-being

Relationship equity Customer personality traits

Hypothesis H6a: The level of influence of the value equity of retail supermarket on the CWB of retail

supermarket is moderated by the extraversion of retail supermarket customers

Hypothesis H7a: The level of influence of the relationship equity of retail supermarket on the CWB of

retail supermarket is moderated by the extraversion of retail supermarket customers

Hypothesis H8a: The level of influence of the brand equity of retail supermarket on the value equity of

retail supermarket is moderated by the extraversion of retail supermarket customers

Hypothesis H9a: The level of influence of the value equity of retail supermarket on the relationship equity

of retail supermarkets is moderated by the extraversion of retail supermarket customers

Hypothesis H10a: The level of influence of the brand equity of retail supermarket on the relationship

equity of retail supermarket is moderated by the extraversion of retail supermarket customers

Hypothesis H6b: The level of influence of the value equity of retail supermarket on the CWB of retail

supermarket is moderated by the conscientiousness of retail supermarket customers

Hypothesis H7b: The level of influence of the relationship equity of retail supermarket on the CWB of

retail supermarket is moderated by the conscientiousness of retail supermarket customers

Hypothesis H8b: The level of influence of the brand equity of retail supermarket on the value equity of

retail supermarket is moderated by the conscientiousness of retail supermarket customers

Hypothesis H9b: The level of influence of the value equity of retail supermarket on the relationship

equity of retail supermarkets is moderated by the conscientiousness of retail supermarket customers

Hypothesis H10b: The level of influence of the brand equity of retail supermarket on the relationship

equity of retail supermarket is moderated by the conscientiousness of retail supermarket customers

Hypothesis H6c: The level of influence of the value equity of retail supermarket on the CWB of retail

supermarket is moderated by the agreeableness of retail supermarket customers

Hypothesis H7c: The level of influence of the relationship equity of retail supermarket on the CWB of

retail supermarket is moderated by the agreeableness of retail supermarket customers

Hypothesis H8c: The level of influence of the brand equity of retail supermarket on the value equity of

retail supermarket is moderated by the agreeableness of retail supermarket customers

Hypothesis H9c: The level of influence of the value equity of retail supermarket on the relationship equity

of retail supermarkets is moderated by the agreeableness of retail supermarket customers

Hypothesis H10c: The level of influence of the brand equity of retail supermarket on the relationship

equity of retail supermarket is moderated by the agreeableness of retail supermarket customers

Hypothesis H6d: The level of influence of the value equity of retail supermarket on the CWB of retail

supermarket is moderated by the emotional stability of retail supermarket customers

Hypothesis H7d: The level of influence of the relationship equity of retail supermarket on the CWB of

retail supermarket is moderated by the emotional stability of retail supermarket customers

Hypothesis H8d: The level of influence of the brand equity of retail supermarket on the value equity of

retail supermarket is moderated by the emotional stability of retail supermarket customers

Hypothesis H9d: The level of influence of the value equity of retail supermarket on the relationship

equity of retail supermarkets is moderated by the emotional stability of retail supermarket customers

Hypothesis H10d: The level of influence of the brand equity of retail supermarket on the relationship

equity of retail supermarket is moderated by the emotional stability of retail supermarket customers

Hypothesis H6e: The level of influence of the value equity of retail supermarket on the CWB of retail

supermarket is moderated by the openness to experience of retail supermarket customers

Hypothesis H7e: The level of influence of the relationship equity of retail supermarket on the CWB of

retail supermarket is moderated by the openness to experience of retail supermarket customers

Hypothesis H8e: The level of influence of the brand equity of retail supermarket on the value equity of

retail supermarket is moderated by the openness to experience of retail supermarket customers

Hypothesis H9e: The level of influence of the value equity of retail supermarket on the relationship equity

of retail supermarkets is moderated by the openness to experience of retail supermarket customers