Professional Documents
Culture Documents
Final
Final
2016 – 18 Batch
Submitted by:
Name of the Student : GUNISHA VISHNANI
Roll No. : PGDM161810381
Program : PGDM
Batch : M4
[1]
Acknowledgement
[2]
Annexures:
Questionnaire to understand effect of branding on consumer
decision behavior-a study in relation to banking sector.
Name:
Address:
Phone Number:
Email id:
Q2. Does the brand affect your choice at the time of purchasing a product or a
service of a bank?
Yes always
Never
Sometimes
Q3. Do you consider Brand image is important in the banking sector? If yes,
then in what term
a) Building confidence
b) Creating trust and reliability
c) Name & popularity
d) Others
Q4. Which of the following, according to you, help build a good brand image?
a) Quality of product/service
b) Communication strategies
c) Good value added services
d) Free trails and offers
e) Others
If ‘Others’, please specify _________________________________________
[3]
Q5. What attributes you look for while investing in any bank?
Rating on the scale on 1 to 5 (1 being least important 5 most important)
[4]
Q8. How memorable would you rate the logo of the above stated brands?
If Yes-
Would you recommend it to others?
I would recommend it very strongly to others
I would rather let other clients decide for themselves
I myself is apprehensive regarding the services offered
I was not satisfied with the services offered
Q9. Will you like to switch your brand preference if you get some promotional
schemes with another brand?
a) Yes
b) No
1. Demographic Profiling:
Name
Sex:
Male Female
[5]
Data Collection
Age Distribution
Above 50;
17.00%
20-30; 33.00%
20-30
30-40
40-50
Above 50
40-50; 22.00%
30-40; 28.00%
Gender
FEMALE; 36.00%
MALE
FEMALE
MALE; 64.00%
[6]
INCOME
22.00%
3L-8L
8L-13L
48.00% Above 13L
30.00%
[7]
Are you a brand conscious person?
NO; 29.00%
YES
NO
YES; 71.00%
24; 26.67%
[8]
Does the brand affect your choice at the time of purchasing a product or a service of a bank?
27; 27.00%
Yes Always
Never
Sometimes
61; 61.00%
12; 12.00%
Do you consider brand image is important in the banking sector? If yes, then in what term
7; 7.00%
23; 23.00%
Building Confidence
Creating trust & reliability
31; 31.00%
Name & Popularity
Others
39; 39.00%
[9]
Which of the following, according to you, help build a good brand image?
18; 18.00%
29; 29.00%
34; 34.00%
17; 18.48%
21; 22.83%
Advertis ement
Bank empl oyee
Word of mouth
Any Other
21; 22.83%
33; 35.87%
[10]
Can you identify the banks from their Logo?
Andhra Bank
HDFC
Axis ba nk
100; 18.08% Bank of Ba roda
100; 18.08% SBI
Kotak Mahi ndra
100; 18.08%
100; 18.08%
[11]
Will you like to switch your brand preference if you get some promotional scheme with another brand?
NO; 18.00%
YES
NO
YES; 82.00%
[12]
Table of Contents
Page
Number
Sr. No. Particulars
1. INTRODUCTION 14
1.1 Introduction 15
1.2 Project Aims 16
1.3 Objectives of the Project 16
1.4 Understanding Branding 17
3. RESEARCH METHODOLGYY 48
3.1 Introduction 48
3.2 Research approach 48
3.2.1 Secondary data 48
3.2.2 Primary data 48
3.2.3 Data analysis technique 48
Data analysis tool
6. RECOMMENDATION 53
[13]
Chapter 1 : INTRODUCTION
1.1 Introduction
Branding is an effective marketing strategy tool that has been used with
frequent success in the past. Branding can be an effective and powerful
tool for all types of business organizations. If brand owners use their
product correctly, the payoffs can be substantial. However, if brands are
mismanaged, the results can be damaging.
The banking sector is the lifeline of any modern economy. It is one of the
important pillars of the financial system, which plays a vital role in the
success/failure of an economy. Banks are one of the oldest financial
intermediaries in the financial system. They play an important role in
mobilization of deposits and disbursement of credit to various sectors of
the economy.
[14]
1.2 Project Aims
Importance of understanding branding and its impact on modern day
markets is vital to the health and growth of most industries. The aim of
this project is to put into perspective the functional values of branding as
well as assess its role in the consumer purchase decision-making process.
• Present the key concepts behind branding, its values and its usage in
modern day marketing campaigns by reviewing current literature
pertaining to the subject matter;
[15]
1.4 Understanding Branding
BRAND
The word “Brand” owes its origin to the Norwegian word “brand” which
means to burn. Farmers used to put some identification mark on the body
of the livestock to distinguish their possession. Products are what
companies make, but customers buy brands. Therefore marketers resorted
to branding in order to distinguish their offerings from similar products
and services provided by their competitors. Additionally, it carries an
inherent assurance to the customers that the quality of a purchase will be
similar to earlier purchases of the same brand.
A brand is a name, term, sign, symbol or design or a combination of one
seller or a group of sellers and to differentiate them from those of
competitors.
BRANDING
Branding is a process, a tool, a strategy and an orientation.
Branding is the process by which a marketer tries to build long term
relationship with the customers by learning their needs and wants so
that the offering (brand) could satisfy their mutual aspirations.
Branding can be used as a differentiation strategy when the product
cannot be easily distinguished in terms of tangible features (which
invariably happens in case of many services, durables etc.) or in
products which are perceived as a commodity (e.g. cement,
fertilizers, salt, potato chips etc.).
Brand building is a conscious customer satisfaction orientation
process. The brand owner tries to retain customers to its fold over
their competitors by a mix of hardware software because when a
customer feels satisfied he / she develop a kind of loyalty for the same
[16]
Attributes A brand will communicate specific attributes, such as prestige
User The brand, in some cases, can emulate the end user
Many brands of that era, such as Uncle Ben's rice and Kellogg's breakfast
cereal furnish illustrations of the problem. The manufacturers wanted their
products to appear and feel as familiar as the local farmers' produce. From
there, with the help of advertising, manufacturers quickly learned to
associate other kinds of brand values, such as youthfulness, fun or luxury,
with their products. This kick started the practice we now know as
"branding".
[18]
Branding in Today’s Markets
A central function of branding is the facilitation of the consumer choice
process. Due to the complexity of having to select a product amongst
thousands of similar offerings, consumers will instinctively attempt to
simplify their choice process by selecting brands that have satisfied them
in the past. Thus, one can conclude that pleasant past experiences is highly
conducive to consumers associating benefits to a brand. One can conclude
that a central function of branding is its ability to negate the need for a
consumer to seek out information when a need or a want has been
recognized, but rather, lead him to a brand that has been satisfying in the
past.
[19]
2.2 Importance of Branding
Often you might see some new product carry the tag that says 'from the
makers of …brand', well this is another advantage of branding. When a
business who owns an already famous brand wants to launch a new brand
in the market, they can use the pre-earned goodwill and reputation for the
[20]
new launch. The advantage is that, people are bound to purchase the new
products out of curiosity. There are multiple competitive advantages
associated with strong brands. First, clients are more willing to pay a
premium price for strong brands. Second, a strong brand simplifies client
choices. Once a client has purchased a brand, he/she will not need to go
through the entire decision-making process again, but instead will rely on
past experience to guide them. Strong brands will thus help to reinforce
clients’ decision to choose a firm and to stay with them over time.
[21]
Brand strategy is a plan that encompasses specific, long-term goals that
can be achieved with the evolution of a successful brand -- the combined
components of your company's character that make it identifiable. A well-
defined and executed brand strategy affects all aspects of a business and is
directly connected to consumer needs, emotions, and competitive
environments.
First, let's clear up the biggest misconception about brand strategy: Brand
is not a product, a logo, a website, or a name. In fact, brand is much more
than that -- it's the stuff that feels intangible. But it's that hard-to-pin-down
feeling that separates powerhouse and mediocre brands from each other.
Seven essential components of a comprehensive brand strategy that will
help keep company around for ages.
1) Purpose
Every brand makes a promise. But in a marketplace in which consumer
confidence is low and budgetary vigilance is high, it’s not just making a
promise that separates one brand from another, but having a defining
purpose.
While understanding what your business promises necessary when
defining your brand is positioning, knowing why you wake up every day
and go to work carries more weight. In other words, your purpose is more
specific, in that it serves as a differentiator between you and your
competitors.
How can you define your business' purpose? According to Business
Strategy Insider, purpose can be viewed in two ways:
[22]
While making money is important to almost every business, we admire
brands that emphasize their willingness to achieve more than just
profitability, like IKEA:
Source: IKEA
IKEA's vision isn't just to sell furniture, but rather, to "create a better
everyday life." This approach is appealing to potential customers, as it
demonstrates their commitment to providing value beyond the point of
sale.
When defining your business' purpose, keep this example in mind. While
making money is a priority, operating under that notion alone does little
to set your brand apart from others in your industry.
2) Consistency
The key to consistency is to avoid talking about things that don’t relate to
or enhance your brand. Added a new photo to your business' Facebook
Page? What does it mean for your company? Does it align with your
message, or was it just something funny that would, quite frankly,
confuse your audience?
In an effort to give your brand a platform to stand on, you need to be sure
that all of your messaging is cohesive. Ultimately, consistency
contributes to brand recognition, which fuels customer loyalty.
[23]
To see a great example of consistency, let's look at Coca-Cola. As a result
of its commitment to consistency, every element of the brand's marketing
works harmoniously together. This has helped it become one of the
most recognizable brands in the world .
Even on the surface of its social media accounts, for example, the
seamlessness of its brand is very apparent:
[24]
3) Emotion
Customers aren't always rational.
How else do you explain the person who paid thousands of dollars more
for a Harley rather than buying another cheaper, equally well-made bike?
There was an emotional voice in there somewhere, whispering: “Buy a
Harley.”
But why?
Harley Davidson uses emotional branding by creating a community
around its brand. It began HOG -- Harley Owners Group -- to connect
their customers with their brand (and each other).
Source: HOG
By providing customers with an opportunity to feel like they're part of a
larger group that's more tight-knit than just a bunch of motorcycle riders,
Harley Davidson is able to position themselves as an obvious choice for
someone looking to purchase a bike.
4) Flexibility
In this fast-changing world, marketers must remain flexible to stay
relevant. On the plus side, this frees you to be creative with your
campaigns. While consistency aims to set the standard for your brand,
flexibility enables you to make adjustments that build interest and
distinguish your approach from that of your competition.
[25]
A great example of this type of strategic balance comes from Old Spice.
These days, Old Spice is one of the best examples of successful
marketing across the board. However, up until recently, wearing Old
Spice was pretty much an unspoken requirement for dads everywhere.
Today, it's one of the most popular brands for men of all ages.
5) Employee Involvement
As we mentioned before, achieving a sense of consistency is important if
you wish to build brand recognition. And while a style guide can help you
achieve a cohesive digital experience, it's equally important for your
employees to be well versed in the how they should be communicating
with customers and representing the brand.
[26]
6) Loyalty
If you already have people that love you, your company, and your brand,
don’t just sit there. Reward them for that love.
These customers have gone out their way to write about you, to tell their
friends about you, and to act as your brand ambassadors. Cultivating
loyalty from these people early on will yield more returning customers --
and more profit for your business.
Loyalty is a critical part of every brand strategy, especially if you're
looking to support your sales organization. At the end of the day,
highlighting a positive relationship between you and your existing
customers sets the tone for what potential customers can expect if they
choose to do business with you.
7) Competitive Awareness
Take the competition as a challenge to improve your own strategy and
create greater value in your overall brand. You are in the same business
and going after the same customers, so watch what they do. Tailor your
brand positioning based on their experience to better your company. And
while staying in tune with your competitor's strategies is important if you
want to enhance your brand, don't let them dictate each and every move
you make.
With the passage of time, successful companies grow and the number of
products handled by most companies also grows. These companies face
the question as to what kind of branding relationships these products will
have. The branding strategies that companies adopt reflect this
relationship. There is no best branding strategy and the choice is not easy.
Different companies adopt different strategies, and since there is no best
strategy for all types of products, a company may adopt different branding
strategies across its product mix. Companies enlarge their product mix by
either stretching existing product lines or adding new product lines, or
both. In these situations they either use existing brand names or use new
brand names, or some combination of company name and product brand
name.
[27]
The six branding strategies discussed here can be termed as generic
branding strategies, each having its own set of pros and cons.
[28]
Line Branding Strategies
The term ‘line branding’ is altogether different than what product line
refers to in the context of product mix. Companies often have several
product lines in the product mix. For example, Gillette India has three
product lines: personal care, oral care, and alkaline batteries. In line
branding, products share a common concept. Line brands start with a
single product conveying a concept and later the brand name extends to
other complementary products. The core concept remains unchanged. For
example, the core concept of Denim brand is, “The man who doesn’t have
to try too hard.” All products sporting the Denim brand name share the
same concept. All products in line branding draw their identity from the
main brand.
Line branding strategy aims to satisfy customer’s complementary needs
that surround the core need. The company focuses on promoting only the
main brand concept that builds and reinforces all related items without
incurring much additional expenditures. The company can also extend
brand without much investment in promotion. The negative side is that
success and ease sometimes tempts a company to over extend and weaken
the brand.
[29]
Umbrella Branding Strategies
In general, umbrella branding is favored among Eastern World companies
but is not exclusively confined only to this part of the world. Giants like
GE and Philips are examples of non-Eastern companies that use umbrella
branding. The approach is driven by economic considerations. The
company name itself is the brand name for all products across diverse
categories. Investment in building one brand proves far more economical
than investing in building several brands. The brand transfers the
advantages of brand awareness, its associations, and goodwill. Ever
increasing number of brands, and information overload makes it a very
difficult to get noticed. Consumers are more likely to take notice of
something familiar.
Apparently, umbrella branding appears to be flawless, but it has several
disadvantages. A major shortcoming with this approach is that it is not
customer or market focused. Cost advantage does not get translated into
better margins. It is a low-cost strategy but earnings are also low. Research
indicates that average profit of top Eastern companies adopting umbrella
branding is much lower as compared to top Western firms.
[30]
Endorsement Branding Strategies
This is a minor variation of double branding strategy. The product brand
name gains a dominant position, while the company name merits a lower
profile. The company name appears in smaller letters and takes a back
seat. The brand largely seeks to exist on its own. The company name is
mentioned to identify who owns it just by way of endorsement to the
product brand, such as Godrej Cinthol, or Nestlé Kit-Kat identify the
owners of these brands.
In case of double branding, the company name is an integral part with
equal status. Endorsement signifies assurance of quality by transferring
certain associations that increase consumers’ trust. The aim is not to pass
on the company’s expertise domain. Customers ask for Fair Glow, or
Chocos and not Godrej’s Fair Glow, or Kellogg’s Chocos. Company name
acts as a familiar signage to reassure consumers by communicating the
company’s associations and image.
[31]
was renamed as the Bank of Bengal. This was one of the three banks
funded by a presidency government, the other two were the Bank of
Bombay in 1840 and the Bank of Madras in 1843. The three banks were
merged in 1921 to form the Imperial Bank of India, which upon India's
independence, became the State Bank of India in 1955. For many years the
presidency banks had acted as quasi-central banks, as did their successors,
until the Reserve Bank of India was established in 1935, under the Reserve
Bank of India Act, 1934.
In 1960, the State Banks of India was given control of eight state-
associated banks under the State Bank of India (Subsidiary Banks) Act,
1959. These are now called its associate banks.[6] In 1969 the Indian
government nationalized 14 major private banks, one of the big bank
was Bank of India. In 1980, 6 more private banks were nationalized. These
nationalized banks are the majority of lenders in the Indian economy. They
dominate the banking sector because of their large size and widespread
networks.
The Indian banking sector is broadly classified into scheduled and non-
scheduled banks. The scheduled banks are those included under the 2nd
Schedule of the Reserve Bank of India Act, 1934. The scheduled banks are
further classified into: nationalized banks; State Bank of India and its
associates; Regional Rural Banks (RRBs); foreign banks; and other Indian
private sector banks. The term commercial banks refers to both scheduled
and non-scheduled commercial banks regulated under the Banking
Regulation Act, 1949.
[32]
Current period
The Indian banking sector is broadly classified into scheduled banks and
non-scheduled banks. All banks included in the Second Schedule to the
Reserve Bank of India Act, 1934 are Scheduled Banks. These banks
comprise Scheduled Commercial Banks and Scheduled Co-operative
Banks. Scheduled Co-operative Banks consist of Scheduled State Co-
operative Banks and Scheduled Urban Cooperative Banks. Scheduled
Commercial Banks in India are categorised into five different groups
according to their ownership and/or nature of operation:
Nationalized Banks
Foreign Banks
Payments Bank
Payments bank is a new model of banks conceptualised by the Reserve
Bank of India (RBI). These banks can accept a restricted deposit, which is
currently limited to ₹1 lakh per customer and may be increased further.
These banks cannot issue loans and credit cards. Both current account and
savings accounts can be operated by such banks. Payments banks can issue
services like ATM cards, debit cards, net-banking and mobile-banking. The
banks will be licensed as payments banks under Section 22 of the Banking
Regulation Act, 1949, and will be registered as public limited
company under the Companies Act, 2013.
Indigenous Banking
The exact date of existence of indigenous bank is not known. But, it is
certain that the old banking system has been functioning for centuries.
Some people trace the presence of indigenous banks to the Vedic times of
[33]
2000-1400 BC. It has admirably fulfilled the needs of the country in the
past.
However, with the coming of the British, its decline started. Despite the
fast growth of modern commercial banks, however, the indigenous banks
continue to hold a prominent position in the Indian money market even in
the present times. It includes Shroff’s, seths, Mahajan’s, chettis, etc. The
indigenous bankers lend money; act as money changers and finance
internal trade of India by means of hundis or internal bills of exchange.
(i) They are unorganised and do not have any contact with other sections
of the banking world.
(ii) They combine banking with trading and commission business and thus
have introduced trade risks into their banking business.
(iii) They do not distinguish between short term and long term finance and
also between the purpose of finance.
(iii) These banks should be linked with commercial banks on the basis of
certain understanding in the respect of interest charged from the
borrowers, the verification of the same by the commercial banks and the
passing of the concessions to the priority sectors etc.
[34]
Structure of Organised Indian Banking System:
The organised banking system in India can be classified as given
below:
Commercial Banks:
Commercial banks mobilise savings of general public and make them
available to large and small industrial and trading units mainly for working
capital requirements.
[35]
its 7 associate banks along with another 19 banks are the public sector
banks.
All commercial banks (Indian and foreign), regional rural banks, and state
cooperative banks are scheduled banks. Non- scheduled banks are those
which are not included in the second schedule of the RBI Act, 1934. At
present these are only three such banks in the country.
[36]
Requirements) of them at 3% and SLR (Statutory Liquidity Requirement)
at 25% of their total net liabilities, whereas for other commercial banks the
required minimum ratios have been varied over time.
Cooperative Banks:
Cooperative banks are so-called because they are organised under the
provisions of the Cooperative Credit Societies Act of the states. The major
beneficiary of the Cooperative Banking is the agricultural sector in
particular and the rural sector in general.
[37]
2.5 State Bank of India (SBI) (strategies)
State Bank of India, is India’s one of the biggest PUBLIC SECTOR
BANK in terms of market capitalization (in PSB Category), with its
Headquarters in Mumbai Maharashtra. Earlier it’s used to be known as
a “Imperial Bank of India”. Later on 1st July 1955, GOI renamed it as
a “STATE BANK OF INDIA”. In 1959, State Bank of India (Subsidiary
Banks) Act was passed by the government of India and Eight Subsidiary
banks which was earlier belong to Princely States merged with it. These
are now known as SBI Associates Bank.
The Employee base of SBI is largest among Public Sector Banks. It has a
international branches also in more than 36 countries.
The logo of SBI is a blue circle with a small key hole, which reflect a
small man or common man. It has devised various slogan as the time
changes these are “WITH YOU – ALL THE WAY”, “THE BANKER TO
EVERY INDIAN”, “THE NATION BANKS ON US” “PURE BANKING,
NOTHING ELSE”, “A BANK OF THE COMMON MAN”,
Business Objectives
[38]
Strategies Adopted
[39]
[40]
Various social & festival Events are used to promote SBI Brand.
[41]
6. SBI tech learning Centers (TLCs), where customers will come to know
what is the propriety of various digital platforms of a bank and how it is
beneficial in a day to day operation/working.
Learnings
Though SBI is one of the oldest bank with very large portfolio. Like other
financial institutions it’s not always sticks to old age practice
of advertisement. In fact it promotes disruptive innovation in the field of
advertisement with the help of their dedicated I.T. Team. Digital
Marketing is one of that. Digital platform is the cheapest way to
[42]
reach customer base. Real time services which was a dream of past is now
becomes reality with the help of it. Without jumping in the Digital
Platform it would have been difficult for any financial institution to cater
various type of client base 24 x 7.
[43]
lakh crore in the year ended June. Total income rose 2.2 per cent to Rs
1,942 crore.SBI’s net profit from global operations took a hit, owing to
huge provisions for depreciation in the value of securities. Net profit dived
to Rs 10 crore in the quarter ended June from Rs 564 crore in the year-ago
period
2.6 Bank Brand Image & Branding
Brand image is the current view of the customers about a brand. The
impressions consumers have of a company extend well beyond the product
or service the firm provides. For banks today, the strength and marketing
power of an institution’s brand is rapidly becoming one of the critical
levers for differentiation and success. Brands have become one of the most
discussed phenomena of market research in recent years. Branding,
therefore, has become a very significant concept in just about all
organizations. However, its emphasis is more in the private sector than
public due to the nature and levels of competition. Branding has been
around for centuries as a means to distinguish the goods of one producer
from those of another (Kotler, 2001). Branding has become one of the
most important aspects of business strategy yet it is also one of the most
misunderstood.
[45]
2.7 The importance of brand image in the perceptions
towards bank sector
Brand image is important for customers in the banking sector, similar to
any sector in terms of creating trust and confidence. In this sector people
will never invest their money in a bank of which they have never heard.
“A bank should become a brand because, under that brand image, trust and
love stands.”
“Banks should create a successful and reliable brand image in the mind of
their customers and, if they cannot sustain it with the service that they
provide, they will collapse.”
“In terms of confidence and trust, brand image is very important in the
bank sector.”
“Brand is important in every sector but, for banks since we are investing
our money, we need to be able to trust them.”
[46]
2.8 Brand management challenges in financial
services
While there are so many business benefits associated with brands, it is
interesting that so few financial services firms commit to actively and
consistently managing their brands. In general, brand management poses
several challenges in financial services:
• Brand management is a relatively new concept for the industry
• Brand relevance is difficult to maintain with so many client types
• The similarity of product offerings makes differentiation more difficult
• The client/advisor relationship, often the key to the industry, is hard to
control
• Industry trends have made brand positioning more complex.
3.1 Introduction
In order to understand the methodology that will be used to compile this
Project, this is included in order to clarify how an effective
methodological philosophy can contribute the successful production of a
un-bias and critically Project, as well as comprehend the process
underwent to reach the pertinent conclusion.
This chapter also serves the purpose of justifying and authenticating the
research procedures that will be employed in order meet the set
objectives and answers the main research question of this Project.
3.2.1Secondary Data
• Articles in Newspapers, Magazines and Internet
[48]
Chapter 4- DATA INTERPRETATION
Chart-1
From the data it can be concluded that most of the people who were
interviewed were in the age group of 20 to 40 years, this was done with the
intention of understanding how a young mind set works when it comes to
banking industry how it perceives the bank’s policies. We also included a
certain percentage of people who were in the age group of 50 years and
above to understand what their experience says when it comes to banking
as they must have dealt with the banks more than anyone else.
Chart 2
From the pie chart it is visible that most of the people who responded were
men, though we tried to keep this ratio as close as possible but the issue
came in the age group of 50 years and above where most of the people we
met were males and not females, However in the age group of 20-40 years
the ratio was almost 1:1
Chart-3
Since most of our respondents were young working professionals, hence
the major income group was 3 lakhs to 13 lakhs forming nearly 80% of the
total respondents. In that also almost 50 % of the total sample is earning
between 3-8 lakhs per annum.
Chart-04
From the pie chart it is evident that maximum people are brand conscious,
and this is mainly because of the increasing competition among different
brands. Also it takes few important factors to develop yourself as a good
brand. Good marketing, advertisement strategies service delivery and
discount offers are the factors that attracts customers and help organization
to build into a good brand. Hence it is important to earn a good brand
name as most of the people are conscious about it.
[49]
Chart-5
From the pie chart is clear that to most of the respondents brand name is
associated with the product and thus they believe that product helps them
to identify the brands which is in their mind. Apart from this, service
delivery of a particular product also helps to remember the brand name
and the product name.
Chart-6
The pie chart clearly shows that people are concerned about the brand and
the market image of their banks and thus banks need to make a good brand
of their own in order to capitalize on the customers. Brand conscious
people are very critical about the services and they can change their bank
if not properly taken care of.
Chart-7
The pie chart gives us a good insight of how brand image of the bank helps
the customers and most of the people were of the opinion that it helps
them create trust and rely on the bank while others were of the opinion that
it gives them confidence to invest in the bank and its funds.
Chart-8
The above pie chart is important more from the bank’s point of view as it
tells us the major factors required to make a good brand image according
to the customers. It clearly depicts that people give priority to quality and
how that is being given to them, i.e. they believe that marketing strategies
and quality of services provided by the bank are the two major factors
required to create a good brand image. Also offers, discounts and other
value added services are to but they do no compromise with the quality.
[50]
Chart-9
The pie chart clearly depicts that when asked from the customers what
motivates them to select a particular bank than the major came out was the
‘word of mouth’. It shows that better the services of the bank, better the
chances of increasing sales and attracting new clients because word of
mouth results are stronger than any other marketing strategy and hence
banks need to make sure about the quality they are delivering.
Chart-10
This pie chart is the most equally divided one amongst all the pie charts as
we asked the respondents to identify the banks with their logos, we got a
mixed response, few of the young respondents were able to identify the
banks however many female respondents and people from the age group of
50+ got confused and were of the opinion that they are able to connect
more with the banks with the help of the taglines
Chart-11
The pie chart tells us that people these days mostly the young generation is
ready to switch their banks if they get better services and offers, this
response also goes in line with the response where customers mostly
agreed that they are brand conscious. Also we have seen that our
respondents being young and open to investment are looking for the
quality products and services hence, it is no wonder that they are open to
switch to different brands and explore new options.
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Findings and Conclusion
The banking sector is the lifeline of any modern economy. It is one of the
important pillars of the financial system, which plays a vital role in the
success/failure of an economy. Banks are one of the oldest financial
intermediaries in the financial system. They play an important role in
mobilization of deposits and disbursement of credit to various sectors of
the economy. The banking sector is dominant in India as it accounts for
more than half the assets of the financial sector.
In the competitive market, branding is a valuable intangible asset of a
company. Branding plays an important role because positive brands will
enable customers to better visualize and understand products, reduce
customers’ perceived risks in buying services, and help companies achieve
sustained superior performance. In particular, brand image is a critical
issue in the field of brand management.
It can be thus concluded that people these days mostly the young
generation is ready to switch their banks if they get better services and
offers, this response also goes in line with the response where customers
mostly agreed that they are brand conscious. One of the major findings of
the study is that better the services of the bank, better the chances of
increasing sales and attracting new clients because word of mouth results
are stronger than any other marketing strategy and hence banks need to
make sure about the quality they are delivering.
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Recommendations
[53]
Bibliography
Books
1. Author 1
Marketing Essentials- Book by Philip Kotler
2. Author 2
The Brand Gap by Marty Neumeier
3. Author3
What Great Brands Do by Denise Lee Yohn
Websites
1. http://www.business-standard.com
2. http://benchmark.metricmarketing.com
3. https://en.wikipedia.org/wiki/Banking_in_India
4. http://www.sbi.co.in/
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