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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
JAIIB – Super-Notes © M S Ahluwalia Sirf Business
JAIIB – SUPER NOTES
Principles & Practices of Banking: Consumer Behaviour and Product
JAIIB – Super-Notes © M S Ahluwalia Sirf Business
Contents
Coverage:
1. Consumer Behaviour
2. Understanding “Product”
3. Product Strategies
4. Other aspects of Product
Development
JAIIB – Super-Notes © M S Ahluwalia Sirf Business
CONSUMER BEHAVIOUR
1.
JAIIB – Super-Notes © M S Ahluwalia Sirf Business
CONSUMER BEHAVIOUR
• Planning of a marketing mix commences with formulating an
offering to meet the target customer’s needs or wants.
JAIIB – Super-Notes © M S Ahluwalia Sirf Business
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
Maslow’s Hierarchy of Needs
JAIIB – Super-Notes © M S Ahluwalia Sirf Business
Stage Financial situation Banking needs
Young 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, low liquidity
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
JAIIB – Super-Notes © M S Ahluwalia Sirf Business
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.
JAIIB – Super-Notes © M S Ahluwalia Sirf Business
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.
JAIIB – Super-Notes © M S Ahluwalia Sirf Business
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
JAIIB – Super-Notes © M S Ahluwalia Sirf Business
Gap Analysis
The CRM tries to close the gap in the customer perception and the firm’s
perception by finding and analyzing the “GAP”
1. The first gap is between the service expected by the customer and company’s
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 firm’s
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.
JAIIB – Super-Notes © M S Ahluwalia Sirf Business
UNDERSTANDING “PRODUCT”
2.
JAIIB – Super-Notes © M S Ahluwalia Sirf Business
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
JAIIB – Super-Notes © M S Ahluwalia Sirf Business
Product Personality
The Core Features
The Associated Features
The Brand Name and Logo
The Package and Label
JAIIB – Super-Notes © M S Ahluwalia Sirf Business
Product Levels
Potential Product
Augmented Product
Expected Product
Basic Product
Core Benefit
JAIIB – Super-Notes © M S Ahluwalia Sirf Business
Product Categories
Product Categories
Nature of Goods
Durable
Non-Durable Goods
Services
Target Buyer
Consumer Goods
Industrial Goods
JAIIB – Super-Notes © M S Ahluwalia Sirf Business
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.
JAIIB – Super-Notes © M S Ahluwalia Sirf Business
Product Life Cycle
JAIIB – Super-Notes © M S Ahluwalia Sirf Business
New Product Development
Idea screening
Concept testing
Product development
Test marketing
Commercial launch
JAIIB – Super-Notes © M S Ahluwalia Sirf Business
PRODUCT STRATEGIES
3.
JAIIB – Super-Notes © M S Ahluwalia Sirf Business
Product Strategies
Product Strategies
Product Mix Based
Product Life Cycle Based
JAIIB – Super-Notes © M S Ahluwalia Sirf Business
Product Modification
Quality Improvement
Feature Improvement
Style Improvement
JAIIB – Super-Notes © M S Ahluwalia Sirf Business
Identifying Growth Opportunities
JAIIB – Super-Notes © M S Ahluwalia Sirf Business
Diversification
• Technologically related but the target customers are entirely different
Concentric Diversification:
• Technologically unrelated but the target customers are same
Horizontal Diversification:
• No relationship with the existing product
Conglomerate Diversification:
JAIIB – Super-Notes © M S Ahluwalia Sirf Business
OTHER ASPECTS OF PRODUCT DEVELOPMENT
4.
JAIIB – Super-Notes © M S Ahluwalia Sirf Business
Branding
Line Extension Brand Extension
Multi brands New Brands
Brand Development Strategies
JAIIB – Super-Notes © M S Ahluwalia Sirf Business
Packaging
Shipping Package
Secondary Package
Primary Package
JAIIB – Super-Notes © M S Ahluwalia Sirf Business
Labelling
• Identify the product or brand
• Provide information about the product
• Promote the product through 'attractive graphics'
JAIIB – Super-Notes © M S Ahluwalia Sirf Business
Thank You!
Do you have any questions or queries or some feedback
to give?
Just mark an email to super.msahluwalia@yahoo.com
JAIIB – Super-Notes © M S Ahluwalia Sirf Business
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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