Customer's perceived value of waiting time for service events

Abstract

The authors address the effects of money gain and loss on individually perceived value as predicted by prospect theory in a time gain‐and‐loss context. Three experiments were conducted. Experiment 1 results support the prospect theory concept of value function. According to Experiment 2 results, the amount of money involved exerted different impacts on individual perceptions—specifically, study participants preferred gaining $1 on one occasion to gaining 50 cents over two occasions and preferred losing $1 one time to losing 50 cents twice. Further, the combined results indicate that the study participants held different perceptions of the value of “short time” versus “little money”—that is, they preferred saving an extra 2 minutes on one occasion to saving 1 minute on two occasions and preferred waiting an extra 1 minute two times to waiting an extra 2 minutes one time. Copyright © 2014 John Wiley & Sons, Ltd.

Assessing the effect of Waiting Time Management Strategies on Waiting Time Satisfaction among Bank Customers in Ghana

“…Previous research has found that customers tend to be relatively dissatisfied with long waiting time compared with short waiting time generally (Taylor, 1994;Lee et al, 2012;Lin et al, 2015). Customers also tend to be dissatisfied with waiting duration for service delivery where they are uncertain about waiting time, when they do nothing during waiting, when they are with a group, when there are no explanations, apology or compensations for perceived unacceptable waiting durations (Bae and Kim, 2014;Antonides et al, 2002;Kumar et al, 1997).…”

“…The importance of customer waiting time management lies in the fact that customers' perception of waiting time of service providers could affect their current and future relationship with service providers (Lerclec et al, 1995;Lin et al, 2015;Palawatta, 2015). This prception means that when customers are satisfied with the amount of time they wait for services, it can induce loyalty behaviours in customers and influence them to desire more future business with service providers.…”

“…A review of the extant literature reveals that much of the research in waiting time phenomenon that affect banking institutions has been done in developed economies (e.g., Antonides et al, 2002;Bae and Kim, 2014;Bougoure et al, 2015;Gohary et al, 2016;Lee et al, 2012;Lerclec et al, 1995;Lin et al, 2015;Maher and Sobh, 2014;McQyuilken, 2017;Nadiri, 2016;Palawatta, 2015). There is very limited empirical research in the area of customer PWT in developing country banking context (e.g., Abbasi et al, 2013).…”

“…Waiting time basically refers to the average time customers wait for the completion of services they require from a service provider for a given period (Kotler and Keller, 2016;Lin et al, 2015;Taylor, 1994). According to the psychology and marketing literature, the concept of customer waiting time has different dimensions and typologies.…”

“…In managing relationship with bank customers, one important area of concern to both bank managers and bank customers is customer waiting time. Waiting time refers to the amount of time customers spend waiting to be served completely by a bank (Lerclec, Schmidt, and Dubé , 1995;Lin, Xia, and Bei, 2015;Maister, 1985;Taylor, 1994). As Katz et al (1991, p. 44) …”