The view discussed in Part I of this document is one of the inconsistencies between theory and practice. In other words, many practitioners in a business environment feel that academicians are out of touch with the business community. There is also a knowledge transfer problem in that it is difficult, in some cases, for businesspeople to figure out the theories that researchers are attempting to explain through the available literature. In addition, not every manager has an MBA or DBA, and this factor also influences whether managers effectively put theory into practice. There are, however, instances that have been successful in implementing theory, at least to the degree necessary to create some level of benefit to the business community.
One instance in which the commitment-trust theory has actually been applied includes that of the online retail industry (Hashim & Tan, 2015). Online retailing has been plagued by a trust issue, especially in developing countries in which online retailing is likely to flourish to a high degree. Trust is especially important in this environment, as consumers provide sensitive information in the form of both financial and personal information over the internet. Online retailers have attempted to respond to these concerns by encrypting financial data and being willing to reimburse consumers for orders that are not filled satisfactorily.
Retailers have also used these features to create an emotional bond with the consumer that is enduring, even in instances where mistakes are made (Amani, 2015). Commitment is also important to online retailers. Online retailers have been able to show that they are committed to the consumer ...
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...ific to the family-run retail industry in applying the commitment-trust theory. In fact, family-run businesses are uniquely oriented toward an environment in which commitment and trust, which is developed over time, provides an effective strategy of conducting business.
The reason for this conclusion is that, in this environment, retailers likely feel vulnerable due to the size of their organizations and the fact that they pay for merchandise up front that they aren’t always certain will sell. In other words, retailers must trust suppliers to recommend a product mix that will sell in a given market, some of which may be new items that consumers in these markets have not yet tried. This is also due to the nature of these businesses and the types of buyers that operate them. For that reason, it is felt that the reasoning linking theory and application is sound.
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- Online retailing One instance in which the commitment-trust theory has actually been applied includes that of the online retail industry (Hashim & Tan, 2015). Online retailing has been plagued by a trust issue, especially in developing countries in which online retailing is likely to flourish to a high degree. Trust is especially important in this environment, as consumers provide sensitive information in the form of both financial and personal information over the internet. Online retailers have attempted to respond to these concerns by encrypting financial data and being willing to reimburse consumers for orders that are not filled satisfactorily.... [tags: Retailing, Online shopping, Shopping, Health care]
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