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Bank Marketing. Q & A
Bank Marketing. Q & A
04.Briefly describe the main stages of the consumer buying decision process.
Answers.
1. In simple words, bank marketing is the design structure, layout and delivery of customer-needed
services worked out by checking out the corporate objectives of the bank and environmental
constraints.
Bank marketing is the aggregate of functions directed at providing services to satisfy customers
financial needs and wants more effectively and efficiently than the competitors keeping in view the
organizational objectives of the bank.
Bank marketing is known for its nature of developing a unique brand image, which is treated as the
capital reputation of the financial academy. It is very important for a bank to develop good
relationship with valued customers accompanied by innovative ideas which can be used as
measures to meet their requirements.
Customers expect quality services and returns. There are good chances that the quality factor will be
the sole determinant of successful banking corporations. Therefore, Indian banks need to
acknowledge the imperative of proactive Bank Marketing and Customer Relationship Management
and also take systematic steps in this direction.
02.
The existence of the bank has no value without the existence of the customer. - to gain
customers to bank, thy should be use bank marketing to attract, retain and build loyalty for
customers.
Identify the most profitable markets now and future. – through bank marketing, thy can
identify market needs and wants so they can identify profitable markets now and future.
Assessing the present and future needs of customers.
Setting business development goals and making plans to meet them.
Managing the various services and promoting them.
Adapting to a changing environment in market.
iv. Support Function. - supported include advertisement, propaganda and client conferences.
04. The 5 stages which a consumer often goes through when they are considering a purchase: problem
or need recognition, information search, evaluation of alternatives, purchase, and post-purchase
behavior.
Need Recognition
The Consumer Decision Processes (also known as Buyer Decision Processes) refer to the decision-making
stages that a consumer undergoes before, during, and after they purchase a product or service.
Information Search
Information Search is a stage in the Consumer Decision Process during which a consumer searches for
internal or external information. Information search is considered the second of five stages that
comprise the Consumer Decision Process. During this stage, a consumer who recognizes a specific
problem or need will then likely be persuaded to search for information, whether it be internally or
externally. This is also when the customer aims to seek the value in a prospective product or service.
During this time, the options available to the consumer are identified or further clarified.
Evaluating Alternatives
During the evaluation of alternatives stage, the consumer evaluates all the products available on a scale
of particular attributes. During this stage, consumers evaluate all of their product and brand options on
a scale of attributes which have the ability to deliver the benefit that the customer is seeking. The
brands and products that consumers compare – their evoked set – represent the alternatives being
considered by consumers during the problem-solving process.
Purchase
During the purchase decision stage, the consumer may form an intention to buy the most preferred
brand or product. The purchase decision is the fourth stage in the consumer decision process and when
the purchase actually takes place. During this time, the consumer may form an intention to buy the most
preferred brand because he has evaluated all the alternatives and identified the value that it will bring
him.
Post-Purchase Behavior
Post-purchase behavior is when the customer assesses whether he is satisfied or dissatisfied with a
purchase. Post-purchase behavior is the final stage in the consumer decision process when the customer
assesses whether he is satisfied or dissatisfied with a purchase. How the customer feels about a
purchase will significantly influence whether he will purchase the product again or consider other
products within the brand repertoire. A customer will also be able to influence the purchase decision of
others because he will likely feel compelled to share his feelings about the purchase.