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Macroeconomic Analysi, Bank of America
Macroeconomic Analysis: Bank of America
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Executive summary
This paper gives a chronological history of the Bank of America particularly related to its formation and current position as far as the financial market is concerned. It also looks at the parameters that the bank uses to determine its success. These parameters are earnings per share and bottom-line objective (profitability).The paper also describes the business model adopted by Bank of America to ensure efficiency and effectiveness in its operations in both the domestic market and global market.
The paper also gives a description of the country of importance to Bank of America, in this case, Pakistan and its economic trend of the past five years. It gives an overview of the state of the market and economic conditions in the aforementioned country and how it provides opportunity to the company in the financial sector.
The forecasted economic conditions are also detailed in this report to enable the company adopt correct strategies and actions that can enable it succeed in the ever dynamic financial market. The specific conditions have been highlighted in this paper and an insight of their impact on the company’s operations.
The paper finalises by giving the most probable actions by the Bank of America to counter the risks identified. These actions touch on the social, environmental and ethics areas, which are perceived to be effective.
Macroeconomic Analysis
Company profile
The history of Bank of America dates back to nearly 200 years ago when the Paris Treaty formally recognised the independence of the Americans, consequently abolishing the British prohibition against America-owned Banks. Moses Michael Hayes, together with other Boston leaders took advantage of this freedom and formed Massachusetts Bank, a predecessor of Bank of America. The bank started its operations in the year 1784 with a branch in Maryland that later embarked on providing financial services to farmers including deposit taking at an interest. The bank is headquartered in Charlotte, North Carolina. The bank introduced BankAmericard in the year 1958.This was the first licensed generally accepted user card across all other banks in the United States.In 1998,
NationsBank acquired the Bank of America; however, the company never changed its name. This enabled the creation of a coast –to- coast retail banking franchise. In 2004, with its objective of extending its market share throughout the northeast and beyond, the bank purchased FleetBoston Financial. The Bank of America did again extended its market share and operations in the subsequent years by buying MBNA in 2006, Countrywide in 2008 and Merrill Lynch in 2009.
Below is a chronological table of key events in the history of Bank of America
Date Event
September 1783 Moses Michael Hayes, together with other Boston leaders, founded the Massachusetts Bank, a predecessor of Bank of America.
1784 The bank opened its doors for its customers.
1804 The bank opens a branch in Maryland to serve the farmers by accepting deposits from them and paying interest on deposits to customers.
1958 The bank introduced BankAmericard that was licensed and generally accepted credit card across all the banks in America.
1998 Bank of America is acquired by Nationsbank, but still retains it original name
2004 Bank of Africa acquires FleetBoston Financial to extend its presence in the northeast.
2006 Bank of America acquires MNBA
2008 The bank enters into an agreement rescue deal to buy Countrywide.
2009 Merrill Lynch is acquired by Bank of America at a cost of $ 50 bn
Bank of America’s business model
The bank has a simple business model that incorporates mergers and acquisitions, together with a combination of related consumer products and services that it offers.
These series of acquisitions and mergers, which is one of its business models, has made the Bank to grow outside of its home state and also enabled it expand the breadth of its products and services to the customers across the world. The bank has combined consumer products, consumer banking and small business into one business line, and also incorporating Premier Banking into the Wealth and investment Management organisation so as to simplify its business model to achieve efficiency in operations.
Bank of America’s measure of success
The bank measures its success through returns to its shareholders (Earnings per share) and the amount of profit it makes compared to the other largest 25 Public US Banks such as JPMorgan Chase, Citigroup Inc., and Wells Fargo &Co. According to SNL Financial (2014) the comparison of the fourth quarter of 2013 in terms of EPS performance of the 25 largest public US banks, Bank of America managed to move to the second position behind JPMorgan Chase.
The Bank’s country of importance
The Bank of America intends to expand its presence in the Asian market particularly in Pakistan. After divesting in China, the company hopes to return to the Asian continent to still fulfil its vision of being a global financial product and service provider. Banking sector plays a pivotal role in the economic development and financial growth of a country, as a result, rapid changes has been observed in the banking sector of Pakistan for over 62 years. Initially, Pakistan had inadequate capital and indecision due to some underlying calamities both in the political and socioeconomic arena.
The favourable amendments which were made to the State of Bank of Pakistan Act 1956, has led to tremendous improvement of this industry as it encouraged the private sector to set up financial institutions and banks. The monetary policy of Pakistan is in the hands of an independent central bank that keeps the objectives of financial stability, price stability and growth at the forefront. It is committed to adopt a monetary policy that keeps inflation under check. Interest and exchange rates are market determined and credit allocation decisions are left to individual banks based on objective measures but guided by prudential regulations. With the success of Bank of America being pegged on profitability, a closer look at the relationship between profitability and economic growth of Pakistan, shows a positive trend. This favourable macroeconomic variable (economic growth) is evidenced by the massive investment by banks in this country so as to meet the financial needs of their customers. Pakistan’s investment growth rate rose to 23% in the 2007 fiscal year, despite having lagged at approximately 18.6% in the preceding three years. This show a 4.4% growth in investment/GDP ratio. Similarly, there has been a significant growth in the foreign capital inflows, cumulatively estimated to be approximately $13.5bn over this period, with the banking sector contributing $2.7 billion.
The investment significantly empowers the bank to build a strong position in the market. The upgrading that has taken place in Pakistan’s credit worthiness by S&P and Moody’s between 2000 and 2007, incorporation of Pakistan in the emerging markets by the Economist in London and other emerging market indices are an indication of the growing importance of Pakistan’s economy.
Changes in key macroeconomic indicators 2003/04-2008/09
Macroeconomic indicator June 2004 June 2009 Change in
the
Indicator
GDP Growth Rate 3.1% 7.0% Positive
Inflation 3.5% 7.8% Negative
Fiscal Deficit /GDP -4.3% -4.3% None
Current Account /GDP 3.8% -4.9% Negative
Public Debt / GDP 82.91% 55.7% Positive
External Debt/GDP 46.6% 27.8% Positive
Rupees-Dollar Parity Depreciating Stable Positive
Foreign Exchange Reserves US $6.4bn US$16.5bn positive
Poverty Incidence 34% 24% positive
Another crucial macroeconomic variable is the interest rates. State Bank of Pakistan has, in the past two years, applied an expansionary strategy for reduce interest rates. The policy rates have drastically been reduced to 9.5 percent in 2013 from 13.5 percent in 2011 through reduction of 400 basis point cumulatively. These changes positively affect the bank’s operations as more people will be willing to apply for credit and loans hence increasing the bank’s revenue from interest income. An increased access to loans due to reduced interest rates translates to high interest income that consequently improves the profitability of the Bank, a key measure of its success.
The significance of profitability of a bank such as Bank of America is usually valued at both the micro and macro stages of economy. On the micro level, profit is indispensable condition of cutthroat banking institution and the resource of funds, especially during a period of fierce competition in the financial market. While on the macro level, a viable, profitable and promising banking sector is better capable to overcome negative conditions and distress and consequently, leads a strong economic system. The table below shows some of the macroeconomic conditions and risks and opportunities associated with each of them.
Growth in GDP Indicates increased/potential market for the company. The increased market might to stiff competition as a result of attraction of new entrants.
Static global inflation rate Stability in the market growth Unimproved company performance or success.
Shift in customer trend May lead to increased business operation. Might result into decline in business operations.
Set of economic conditions in 2014
The following are the sets of economic conditions expected to prevail in 2014:
An outlook of the market in 2014 by BofA Merrill Lynch Global Research shows that a rising value of the U.S. dollar, rising rates, as well as rising rate volatility will impact negatively on the world financial institutions and markets as the credit cycle also diverges.
The United States of America and global economic GDP growth is expected to improve in 2014.It is approximated that the U.S GDP will accelerate to 2.6 percent. This is due to the fiscal austerity measures taken by the government and pent-up demand for capital goods.
The global inflation rate is also anticipated to stabilise at 3 percent. However, this is not the case to emerging markets as this rate is expected to rise from 4.7 percent in 2013 to 5.3 percent in 2014.Similarly, the ongoing improvement of the U.S economy is expected to increase the real estate value by 5 percent.
A shift in the market is also expected in 2014, with each market outperforming the other: stocks over bonds, developed market over emerging markets, real estate over commodities, cyclical over defensives and high yield over investment grade. Similarly, an institutional reverse is expected in 2014, whereby institutional investors such as insurers, central banks, insurers, sovereign wealth funds and also U.S. pension funds would to selling stocks and buying bonds.
All these macroeconomic conditions pose both risk and opportunities to the financial institutions, including Bank of America.
Implications of the economic conditions to the Bank of America’s performance
As aforementioned, the rising interest rates and increasing value of the U.S. dollar in the foreign markets will impact negatively on the Bank of America and other financial institutions. This is because fewer customers will be willing and/or able to access the financial products, especially the loans and therefore leading to a reduction in the company’s revenue. This will affect the company’s performance in terms of profits earned in the coming first quarter of 2014.
The expected rise in global economic GDP gives some reprieve to financial institutions. The growth in GDP reveals increased economic activities in the various countries of the world including Pakistan. This in turn shows that most customers including institutional investors will be willing and actually able to source for funds from financial institutions and at the same time deposit with these banks as they keep their businesses in operation. It is believed that growth in economy entails expansion of economic activities such as businesses, manufacturing industries and other forms of commercial activities. All these needs some source of finance as well as a custodian of their cash, not forgetting some technical advisory services that form the core businesses of financial institutions.
Actions to be taken to counter risks posed by the economic conditions
The expected increase in the global inflation rate poses a risk to the financial markets. This risk will be countered by the financial institution through social forums in which they are expected to educate the customers and potential customers on the correct and valuable investment ventures and the risk associated with each investment venture as well as how to curb these risks.
Similarly, the company has set aside $50 million to be used in the coming ten years to fast track a low-carbon economy through investing, lending capital market activity and addressing its own environmental impact. This will ensure that cost push inflation to most of investor companies as a result of levies by government to counter environmental damage is reduced.
In addition to the above measures, the company intends to ensure that they sensitize their customers on ethical ways of doing business and the benefits associated with it in order reduce penalties as a result of not acting ethically.
References
www.bankofamerica.com
MACRO AND MICRO ECONOMICS
MACRO AND MICRO ECONOMICS
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Macro and Micro Economics
Money can be defined as an asset used as a means of exchange. Money has a narrow and broad definition. Narrow definition includes checking deposits, currency in circulation, and debit card accounts while broad definition of money includes deposits of currency. Money is also a liquid asset used to pay for goods and services or used to settle down debts. According to Murphy, (2009, 102-3), assets can be grouped into liquid assets and illiquid assets. Assets such as checking deposits, currency in circulation, savings deposits, debit card accounts, and time deposits are more liquid than assets such as loans, bonds, real estate, stocks, and other assets. The circulation of money in the economy is controlled by the central bank. In the United States, the central bank is a Federal Reserve System charged with the responsibility of regulating the circulation of money in the economy. The central bank influences the amount of debit card accounts, checking deposits, and other monetary assets.
Monetary demand refers to the amount of monetary deposits that individuals are willing to hold instead of non-liquid assets (Murphy, 2009, 78-9). Demand for money is the desire to hold financial assets in monetary forms; in the form of cash or monetary deposits. Money is required for purposes of carrying out transactions (provides liquidity). This brings about a trade-off between the advantage of holding money (liquidity advantage) and the advantage of holding other assets (interest advantage). The demand for money comes about because of such kind of trade-off with regards to where an individual chooses to place his wealth. An individual’s motivation to hold his wealth in monetary form can be divided into asset motive and transaction motive.
There are several factors that influence people’s demand for money. This aspect can be considered in terms of aggregate demand for money and individual demand for money. The first factor that influences individual demand for money is interest rates or the expected rate of return on money. The next factor is the risk involved in holding money arising from unexpected inflation; thereby reducing the purchasing power of money (Cesaran, 2007, 89). The last factor that influences individual demand for money is the aspect of liquidity, which occurs when transaction prices increases. On the other hand, the factors that influence the aggregate money demand include interest rates or rates of return associated with holding monetary assets. The next factor in this aspect is the price, which involves the cost involved in purchasing of goods and services. Such prices will dictate people’s willingness to hold or not hold money. Higher prices would mean a greater need to hold more money for transaction purposes. The last factor in this aspect is income. High income means that more goods and services can be purchased; thereby implying that more money is required for transaction purposes. Higher real national income implies that there is more production of goods and services, thereby increasing the demand for money for transaction purposes. The other factor influencing the demand for money is the aspect of consumer spending. It is often observed that when consumer spending is high; such as during Christmas, individuals prefer to cash in other forms of their wealth like bonds and stocks in exchange for cash. They need money to buy goods and services. This implies that if consumer spending increases, there would be a likely increase in the money demand. The other factor is the transaction costs for bonds and stocks. If it becomes expensive or difficult to buy and quickly sell bonds and stock, they become undesirable thus making people to desire to hold more of the wealth in form of money (Cesarano, 2007, 78-9). This leads to increase in the demand for money.
The equations representing aggregate demand for money can be represented as:
Md= P x L (R, Y)
Where:
P-Price level
Y-Real national income
R-Interest rates for non-monetary assets
L (R, Y) – Aggregate demand for monetary assets
Alternatively:
Md/P=L(R, Y)
Aggregate demand for money is a function of interest rates and national income
Graph showing the relationship between interest rate and the aggregate demand for money
From the diagram above, it is observed that there is an inverse relationship between the aggregate real money demand and the interest rates. At lower interest rates, there is high demand for monetary assets since individuals would demand more money for transaction purposes. On the other hand, at high interest rates, few individuals would be willing to hold money for transaction purposes thereby lowering the aggregate real demand for money.
Graph showing the effect on the aggregate demand schedule of an increase in real income
From the graph above, it can be observed that increase in income levels would result into a shift in the aggregate demand for money from point L (R, Y1) to point L (R, Y2). This is because increase in the levels of income for individuals will increase their purchasing power, thereby leading to increase in the aggregate real demand. On the other hand, increase in income levels would also lead to increased interest rates (Kaushik, 1987, 78-9). This results in the positive shift of the graph as shown in the diagram.
References
Cesarano, F., 2007. Monetary theory and Bretton Woods: The construction of an international monetary order. New York: Cambridge University Press.
Kaushik, S. K., 1987. International banking and world economic growth: The outlook for the late 1980s. New York [u.a.: Praeger.
Murphy, A. E., 2009. The genesis of macroeconomics: New ideas from Sir William Petty to Henry Thornton. Oxford: Oxford University Press.
MA Case Report A Bite in the Night
MA Case Report: A Bite in the Night
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HRTM 740
5/5/2021
Introduction
Service operations in the hospitality, travel, and tourism industry are a sensitive area that requires professionalism and meticulous efforts in execution of duties and responsibilities. In Allman and Schrier’s (2016) Bite in the Night case study, a scenario of service failure leads to notable recovery efforts at Mountain Peak Inn. The present report presents an analysis of the staff’s service recovery efforts, looks at what was done correct and what needs improvement, offers a predictive assessment of the customer’s next steps, suggestions to reduce customer dissatisfaction, and recommendations on future service recovery effort improvements. Ultimately, service failure may lead to loss of business and a poor reputation, especially in the current age of electronic word of mouth through social media and digital platforms.
Analysis of Mountain Peak Inn Employees’ Service Recovery Efforts
In the course of providing services, dissatisfaction is likely to occur due to intentional or unintentional actions. Service recovery efforts, defined by Ruiz-Molina Fayos-Gardo, and Moliiner-Velazquez (2020) as a correctional process to try appease dissatisfied customers, attempt to identify and fix the issue or make amends to the best of management’s abilities and for the benefit of the customer. The hotel staff, led by Craig and Hannah, attempted a service recovery plan relating to the bedbug issue encountered by Charlie during his overnight stay. Upon reporting the issue, Hannah’s response was interpreted by the customer as passive and lacking compassion. Her decision to contact the manager, keep Charlie waiting (albeit for five minutes), and to continue serving other guests further escalated the issue. Hannah’s actions further aggravated the situation leading to more dissatisfaction from Charlie’s point of view. Craig’s quick thinking and the decision to remove all charges from Charlie’s hotel folio and to pay for dry cleaning services eased the situation, but the customer was not satisfied. The service recovery efforts were not as effective from the customer’s standpoint.
Craig’s decision and show of compassion were done correctly because they assured Charlie that the issue was being taken seriously. Additionally, Hannah’s decision to involve top management was also done correctly because it served to show the customer that the issue needed more attention. However, the above actions were the only actions that were done correctly. According to Xu, Liu, & Gursoy (2019), effective service recovery actions are aimed at turning furious, disgruntled, and frustrated customers into loyal and happy ones, assuring them of the issue as an isolated case and a regrettable mistake, and taking actions that are reflective of their valued contribution to the organization. Hanna’s passive attitude was not proper in the situation because it increased the customer’s dissatisfaction. By attending to other customers while Charlie waited, Hannah showed no compassion and somewhat diminished the concerns of the customer. She failed to anticipate Charlie’s needs, acknowledge the current feelings, apologize and own up to the issue, offer a conversation to reassure the customer, and attempt to explain that the manager was going to look into the issue and make amends. In addition, Craig’s efforts need improvement because the Charlie was left dissatisfied with the actions taken. A better approach would have been to offer Charlie the three options that Craig was considering; assistance with his medical treatment, removing the room charges and providing a gift voucher for a future fully paid stay and a fully paid meal, and removing the fines and a catering for dry cleaning services. By allowing Charlie to choose the best option for himself, he would have felt more involved in the process and taken what was best for him. Therefore, these areas need improvement.
Predictive Assessment of the Customer’s Next Steps
Dissatisfied customers feel that the services received were not up to expected standards. For recovery efforts, continued dissatisfaction indicates poor quality and may lead to strong customer responses in retaliation (Mody, Lu, & Hanks, 2020). Assuming the customer remains dissatisfied with Mountain Peak Inn’s service recovery effort, there are a number of steps. The most likely step is that Charlie would take the deal and quietly decide never to use Mountain Peak Inn again. The decision would mean that he takes no further action. Often, this step is indicative of minimal dissatisfaction without a desire to follow up. The only consequence would be a decision to discontinue using the services provided. However, Charlie may decide to not only never use Mountain Peak services again, but also give a poor review followed by a strong narration of what happened online. This decision would involve engagement with negative word of mount communication to other customers. The customer may decide to use popular digital platforms such as TripAdvisr, Facebook, and Google’s Explore. It is also likely that Charlie would use all of the three digital platforms and also leave a negative review on Mountain Peak’s website for other customers to see. In an industry that relies on recommendations to gain more customers, negative reviews on digital platforms would negatively impact Mountain Peak’s ability to attract first-time patrons. Charlie may also choose to complain to the consumer court and report the issue as a health hazard to the relevant authorities and bodies setup for such issues. A decision to involve other regulatory bodies would often lead to legal proceedings, including suing the organization in regard to the issue. Lastly, Charlie may decide to use all of the above strategies to include a decision to avoid the establishment in the future, negative communication on social media and other digital platforms, and reporting the matter to the authorities for relevant actions. Charlie has a lot of options available to air his dissatisfaction and may decide to use either of the above to make sure that Mountain Peak Inn understand the extent of his dissatisfaction.
Reducing the Likelihood of Elevating Dissatisfaction
From the foregoing section, it is very likely that Charlie’s next steps will include elevating his dissatisfaction and taking actions that may hurt the organization. To reduce this likelihood, Craig must track the complaint by following up on the customer. By making a follow up call to Charlie, Craig would convey a message of genuine concern. The phone call should indicate the steps taken after Charlie’s departure, including a truthful confession of the reasons leading up to the event, a breakdown of the measures taken to eliminate the problem, and a suggestion for the customer to go through a list of possible compensatory alternatives. Kim and Oh (2012) assert that customers want to see an assurance of real effort to meet their demands, and in case of a complaint, they need to see real efforts to bring about satisfaction. Therefore, Craig task is to ensure that Charlie not only receives what was promised, but also gets an explanation on how the issue was resolved to avoid future issues. Craig can invite Charlie for a free stay as a way to assure him of the confidence that the management of Mountain Peak Inn has on the mitigation of the issue. Additionally, a package that includes a free medical checkup, a free meal, and a combination of these would develop a relationship with the customer. It would also help if Craig is involved in the entre process to show the seriousness and value of customer satisfaction to the establishment.
Mountain Peak Inn has the opportunity to resolve the matter before it escalates and stand a chance to establish a relationship with Charlie. Customers who have had satisfactory resolution to an issue are likely to be loyal to a business in comparison to those that have had no problems (Morgeson, Hult, Mithas, Keiningham, & Fornell, 2020). Charlie’s problem, once effectively resolved, would not only eliminate the chance for escalation but also bring deep satisfaction to the customer. With this perspective in mind, Mountain Peak Inn should follow up on the problem, by engaging the customer and providing the recommendations made earlier to ensure that they are fully satisfied. I tis important that the packages chosen do not appear as a bribe for Charlie to quiet down. Instead, they should complement a genuine effort to resolve the matter, not just for Charlie but also for other customers using Mountain Peak Inn’s services. In the follow up communication, Craig must ensure that this position is properly conveyed, allowing Charlie to see that the hotel was unaware of the problem and that it has done everything possible to ensure that it does not reoccur. The emphasis must be on creating a relationship with Charlie to guarantee that he becomes a repeat customer, and that he gives positive feedback to other customers. Therefore, Craig has a series of decisions to make in an effort to create a relationship with Charlie, including providing an explanation on what occurred, a description of the measures taken to resolve it, a follow up on Charlie’s satisfaction, and the package deals to complement the efforts.
Recommendations on Future Service Recovery Effort Improvements
No matter the processes and efforts put in place by an organization to provide service recovery, the actions are implemented by employees, whether in the management or subordinate levels. Service recovery efforts are executed by employees and, therefore, there is a need to ensure that improvement efforts begin in the hiring process (Boukis, Gounaris, & Lings, 2017). Mountain Peak’s hiring process requires an overhaul to ensure that their staff are well-informed and trained on how to handle customer complaints and effectively perform service recovery with effectiveness. The advantage of equipping the employees to handle service recovery is that they would understand the benefits of recovered clients, improved service recovery efforts, and other internal gains. Improvement of the hiring process goes hand in hand with internal marketing, a process that promotes the objectives of a project to the employees. Internal marketing for Mountain Peak Inn should involve promoting the service recovery objectives to all employees, with a goal to ensure that future service recovery efforts are improved to effective levels. Scholars recommend best practices for hospitality payers to improve internal marketing such as performing training and education for employees in regard to handling of situations, simulating incidences, and crafting strategies related future service recovery efforts (Morgeson et al., 2020; Boukis et al., 2017). Emphasizing on the values and goals of service recovery efforts, boosting employee input on customer satisfaction, and allowing innovative strategies would help the future of service recovery efforts for Mountain Peak Inn.
Conclusion
In summary, service failure leads to loss of business and a poor business reputation for businesses in the hospitality, travel, and tourism industry. The customer has a number of tools at their disposal to bring about negative consequences. For example, electronic word of mouth through social media and digital platforms, can be used to spread the word on poor customer services. Mountain Peak Inn has a responsibility to make selective hiring, train all employees, and utilize internal marketing to ensure that service recovery efforts are improved to create loyalty and satisfaction.
References
Allman, H., & Schrier, T. (2016). A Bite in the Night: The Case of Bed Bugs at the Mountain Peak Inn.
International CHRIE. https://doi.org/10.4135/9781529715569Boukis, A., Gounaris, S., & Lings, I. (2017). Internal market orientation determinants of employee brand
enactment. The Journal of Services Marketing, 31(7), 690–703. https://doi.org/10.1108/JSM-07-2016-0272
Kim, S., & Oh, J. (2012). Employee emotional response toward healthcare organization’s service
recovery efforts and its influences on service recovery performance. Service Business, 6(3), 297–321. https://doi.org/10.1007/s11628-012-0137-yMody, M., Lu, L., & Hanks, L. (2020). “It’s not worth the effort”! Examining service recovery in Airbnb
and other homesharing platforms. International Journal of Contemporary Hospitality Management, 32(9), 2991–3014. https://doi.org/10.1108/IJCHM-03-2020-0184Morgeson, F., Hult, G., Mithas, S., Keiningham, T., & Fornell, C. (2020). Turning Complaining
Customers into Loyal Customers: Moderators of the Complaint Handling–Customer Loyalty Relationship. Journal of Marketing, 84(5), 79–99. https://doi.org/10.1177/0022242920929029
Ruiz-Molina, M., Fayos-Gardo, T., & Moliner-Velazquez, B. (2020). Can the Retailer’s ICT Enhance
the Impact of Service Recovery Efforts on Customer Satisfaction? Journal of Relationship Marketing (Binghamton, N.Y.), 19(4), 329–354. https://doi.org/10.1080/15332667.2019.1705744Xu, X., Liu, W., & Gursoy, D. (2019). The Impacts of Service Failure and Recovery Efforts on Airline
Customers’ Emotions and Satisfaction. Journal of Travel Research, 58(6), 1034–1051. https://doi.org/10.1177/0047287518789285