Trend Modelling as a Support of Managerial Decision-Making Process in Relation to Customers

David Schüller; Karel Doubravský; Iveta Šimberová

doi:10.5755/j01.ee.34.4.30696

Authors

David Schüller Brno University of Technology, Czech Republic
Karel Doubravský Brno University of Technology, Czech Republic
Iveta Šimberová Brno University of Technology, Czech Republic

DOI:

https://doi.org/10.5755/j01.ee.34.4.30696

Keywords:

Trend modelling, Decision-making process, Brand trust, Brand love, Word of mouth, Price perception, Consumer Experience

Abstract

The issue of managerial decision-making in relation to customers plays a significant role in any enterprise. Managerial decisions are often based on input information that is difficult to quantify. Therefore, common statistical methods cannot be easily used. A trend is the least informative quantifier. The goal of the paper is to present a new formal tool of the managerial decision-making process based on the trend model. This tool is demonstrated using the following variables: word of mouth, electronic word of mouth, brand trust, consumer experience and consumer price perception. These variables were chosen from scientific papers that confirmed a relationship among them. A trend analysis of the model involves assessing the relevant group of particular situations. The model’s predictions can be described as a sequence of these scenarios. The findings show that the trend model is a powerful and suitable tool in the managerial decision-making process.

Author Biographies

David Schüller, Brno University of Technology, Czech Republic

David Schüller works as an assistant professor at Brno University of Technology, Faculty of Business and Management, Department of Management. He focuses on digital marketing and marketing engineering in his professional life. His research and publication activities are aimed at marketing issues in combination with statistics. He published 2 papers in academic journals with IF and 6 original papers in peer-reviewed scientific journals indexed by SCOPUS or Web of Science in the last five years.

Karel Doubravský, Brno University of Technology, Czech Republic

Karel Doubravský is an assistant professor at the Department of Informatics, engaged by the Faculty of Business and Management of the Brno University of Technology. He uses his experience of applied mathematics in the field of economics and scientific work. His research and publication activities are focused on problems of data mining, statistics, decision analysis and trend modelling. . He published 9 papers in academic journals with IF and 10 original papers in peer-reviewed scientific journals indexed by SCOPUS or Web of Science in the last five years.

Iveta Šimberová, Brno University of Technology, Czech Republic

Iveta Simberova is an associate professor in field of Economic and Management, and since 2012, she has combined this role with position of the vice-dean for International Relationship at Faculty of Business and Management, Brno University of Technology. Her research interests lie in digital transformation, business models, corporate governance indicators, modern marketing concepts including stakeholder marketing management, and the internationalisation of small and medium enterprises. During her work she was active in several International Boards of Scientific Journals and Scientific International Conferences and she is one of co-founder and scientific editor of the faculties scientific Journal “Trends Economics and Management”. She has published more than 90 publications (book chapters, scientific articles and research results), she has more than 500 citations of published papers (59 citations in WoS and 120 citations in Scopus), H-index: 5 (WoS), H-index: 6 (SCOPUS).