JAIIB Super Notes: Principles and Practices of Banking: Module-D: Consumer Behaviour and Product
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Transcript of JAIIB Super Notes: Principles and Practices of Banking: Module-D: Consumer Behaviour and Product
Consumer Behaviour and ProductModule D: Support Services
Marketing of Banking Services/Products
M S Ahluwalia
JAIIB Super-Notes
Sirf Business
Principles & Practices of Banking: Consumer Behaviour and Product
JAIIB SUPER NOTES
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JAIIB Super-Notes
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ContentsCoverage: 1. Consumer Behaviour
2. Understanding Product3. Product Strategies 4. Other aspects of Product Development
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1.
CONSUMER BEHAVIOUR
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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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Maslows Hierarchy of NeedsSelf 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
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Financial Situation versus Banking NeedsStage Young bachelor Financial situation Per capita income high, as no dependants. Few family burdens Home buying priority, low liquidity Banking needs Credit cards, auto loan, low cost banking services
Half nest (married with young children)
Mortgage loan, credit card, overdraft, durable loans
Full nest (older couple, grown up children) Empty nest (older couple)
Income stabilized, good financial position Significantly reduced income
Home improvement, equity investment Social security services, some loans
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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 ManagementObjectives: 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 AnalysisThe CRM tries to close the gap in the customer perception and the firms perception by finding and analyzing the GAP1. 2. The first gap is between the service expected by the customer and companys perception of consumer expectations. The next is between the customer driven service designs and standards vs. company perception of consumer expectations about the service designs and standards.
3.4. 5.
The third is about delivery of service perceived by the customer and the firmsperception about customer expectations. The gap between the service delivery to the customer and external communication to the customer by the firm. The ultimate gap between expected service and perceived service.JAIIB Super-Notes Sirf Business
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2.
UNDERSTANDING PRODUCT
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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 PersonalityThe Core Features The Associated Features The Brand Name and Logo The Package and Label
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Product LevelsPotential Product
Augmented ProductExpected Product Basic Product
Core Benefit
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Product CategoriesDurable Nature of Goods Non-Durable Goods Services Consumer Goods Target Buyer Industrial Goods M S Ahluwalia JAIIB Super-Notes Sirf Business
Product Categories
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
Idea screening
Concept testing
Product development
Test marketing
Commercial launch
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3.
PRODUCT STRATEGIES
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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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DiversificationConcentric Diversification: Technologically related but the target customers are entirely different Horizontal Diversification: Technologically unrelated but the target customers are same Conglomerate Diversification: No relationship with the existing product
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4.
OTHER ASPECTS OF PRODUCT DEVELOPMENT M S Ahluwalia JAIIB Super-Notes Sirf Business
BrandingBrand Development Strategies
Line Extension
Brand Extension
Multi brands
New Brands
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PackagingShipping Package
Secondary Package
Primary Package
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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 super.msahluwalia@yahoo.com
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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
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