42324452 JAIIB Super Notes Principles and Practices of Banking Module D Consumer Behaviour and...

7/30/2019 42324452 JAIIB Super Notes Principles and Practices of Banking Module D Consumer Behaviour and Product

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JAIIB Super-Notes M S Ahluwalia Sirf Business

Consumer Behaviour and Product

Module D: Support Services

Marketing of Banking Services/Products
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JAIIB

SUPER NOTES

Principles & Practices of Banking: Consumer Behaviour and Product
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Contents

Coverage:

1. Consumer Behaviour

2. Understanding Product

3. Product Strategies

4. Other aspects of Product

Development


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CONSUMER BEHAVIOUR

1.


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CONSUMER BEHAVIOUR

Planning of a marketing mix commences with formulating an

offering to meet the target customers needs or wants.


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Self Actualisation Needs:

Self-Fulfilment

Esteem Needs:

Self-Respect, Recognition, Status, Success

Social Needs:

Friendship, Affection, Sense of Belonging

Safety Needs:

Economic/Financial Security

Physiological Needs:

Food, Drink, Oxygen, Sleep

Maslows Hierarchy of Needs


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Stage Financial situation Banking needsYoung bachelor Per capita income high, as

no dependants. Few family

burdens

Credit cards, auto loan, low

cost banking services

Half nest (married with

young children) Home buying priority, lowliquidity Mortgage loan, credit card,overdraft, durable loans

Full nest (older couple,

grown up children) Income stabilized, good

financial position

Home improvement, equity

investment

Empty nest (older couple) Significantly reduced income Social security services,some loans

Financial Situation versus Banking Needs


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Learning and Habit Development

The marketeers break habit by giving free samples,

introductory trial offer and special discount on opening and

generate new clientele.

Once consumer makes the purchase, the habit reinforcement

is done to get them to remain habitual users.


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Influence on Decision Making

The decision making of an individual is influenced by the

reference groups. These may be:

Friends

Colleagues

Neighbours

Other reference groups.


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Customer Relationship Management

Objectives:

Long term customer retention

Relationship with external market which influences or

provides referrals

Integrating marketing activities, customer service and quality

standards


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Gap Analysis

The CRM tries to close the gap in the customer perception and the firms

perception by finding and analyzing the GAP

1. The first gap is between the service expected by the customer and companys

perception of consumer expectations.

2. The next is between the customer driven service designs and standards vs.

company perception of consumer expectations about the service designs and

standards.

3. The third is about delivery of service perceived by the customer and the firms

perception about customer expectations.

4. The gap between the service delivery to the customer and external

communication to the customer by the firm.

5. The ultimate gap between expected service and perceived service.


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UNDERSTANDING PRODUCT

2.


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Definition

A product is anything that can be offered to a market for

attention, acquisition, use or consumption that might satisfy a

want or need


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Product Personality

The Core Features

The Associated Features

The Brand Name and Logo

The Package and Label


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Product Levels

PotentialProduct

AugmentedProduct

ExpectedProduct

BasicProduct

CoreBenefit


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Product Categories

ProductCategories

Nature ofGoods

Durable

Non-DurableGoods

Services

Target Buyer

Consumer

Goods

IndustrialGoods


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Product Planning

The process of product planning consists of determining the

strategies in respect of various elements:

Product Line

Product Mix

Branding

Packaging

New product development.


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Product Life Cycle


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New Product Development

Ideascreening

Concepttesting

Productdevelopment

Testmarketing

Commerciallaunch


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PRODUCT STRATEGIES

3.


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Product Strategies

Product Strategies

Product Mix

Based

Product Life Cycle

Based


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Product Modification

Quality

Improvement

Feature

Improvement

Style

Improvement


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Identifying Growth Opportunities


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Diversification

Technologically related but the target customers areentirely different

Concentric Diversification:

Technologically unrelated but the target customers aresame

Horizontal Diversification:

No relationship with the existing product

Conglomerate Diversification:


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OTHER ASPECTS OF PRODUCTDEVELOPMENT

4.


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Branding

Line Extension Brand Extension

Multi brands New Brands

Brand Development Strategies


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Packaging

ShippingPackage

SecondaryPackage

PrimaryPackage


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Labelling

Identify the product or brand

Provide information about the product

Promote the product through 'attractive graphics'


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Thank You!

Do you have any questions or queries or some feedback

to give?

Just mark an email to [email protected]
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M S Ahluwalia, amongst other things, is a visual

artist, blogger, blog designer and of course an

MBA and Banker from New Delhi, India.

To know more about him you may visit his blog-site:Estudiante De La Vida

For more Super Notes visit: Sirf Business
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42324452 JAIIB Super Notes Principles and Practices of Banking Module D Consumer Behaviour and...

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