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Assignment Of

Assignment Of

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Published by Satvir Singh

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Published by: Satvir Singh on Aug 04, 2012
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05/13/2014

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Assignment of Marketing ResearchOn
Perception of consumer behaviorabout private sector banks
Submitted to- Submitted by-
Introduction
Consumer behavior is very complex phenomenon, which is consideredprimarily in marketing decisions. It has been rightly said
"Understand, you donot understand, you will not understand, you cannot understand all your customers but still you have to do your best to understand them."
In consumer behavior this is very difficult to make a uniform theory that maysuggest that a particular individual or group will behave in a particular
 
manner. Consumer behavior is dynamic and to be studied regularly. Increasingawareness, living standards and urbanization has led to increase in thechanging preferences and the same has forced the marketers to change theirproduct features, packaging styles, distribution channels and so on. There is afamous saying the "Success has a simple formula-Do your best and peoplemust like it". Similarly, for marketers the advice is- offer the best andcustomers must like it'. Identical products always have their life cycle theproduct life cycle suggests that there is a level of maturity of the product andafter that no more consumers can be attracted for that. The case is very samewith preferences of consumers that they always like some innovative anddifferent products to use. The study of consumer behavior is compulsory toknow about likes and dislikes of consumers from time to time so that theproducts and services can be offered accordingly. Customers have their ownunique needs, demands and preferences in a particular segment. Marketershave to study customers in particular segment. Really interesting it is, thestudy of consumer behavior can make it possible that after observing andexamining the behavior of consumer a marketer can present his product insuch a way that the product can capture the market. However it was verydifficult to sell that product earlier. Consumer behavior indeed gives everypossible answer to the complex questions concerned with consumer's buyingreasons.
Introduction of Banking
 
Services have been the fastest growing segment of the world economy,particularly in developing countries, creating many opportunities for differentservice-related firms . Acritical service for the development of an economy is the provision of bankingservices. Many developing countries have well-established bankinginfrastructure and branch networks (Greenland, Coshall & Combe, 2006). Forbanks to thrive, both product and service delivery must be adequately alignedwith customer expectations: achieving customer satisfaction and loyalty isessential for long-term survival.Banks are defined as the
 
"Organizations, which accepts deposits from public and give loans from the general public."
In the present time theyare over and above this definition. Banks are providing innovative serviceswith innovates styles. ATMs, Credit cards and Internet banking have changedthe quality of delivery of services of banks. Banking services are growing withmany new additions such as money transfers, Bank assurance, NRI servicesand so on. Promotion of service has been a challenging task. Banking servicesbeing of a sophisticated nature should be promoted carefully, clearly andinnovatively.

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