Consumer Preferences In The Indian Banking Industry Marketing Essay

Consumer Preferences In The Indian Banking Industry Marketing Essay The Indian banking industry has witnessed a robust growth during the last decade. There are various public, private and multi-national players operating in the industry. Though the importance of better customer service quality is understood in the sector, there exist various other factors that customers consider while evaluating banks. In this paper, the customer preferences in the Indian banking industry are studied using conjoint analysis as a statistical tool. The three product attributes that are analyzed are bank timings, ATM network and customer service reputation. The results show that customers pay a lot of attention to the customer service reputation of the bank. The facilities of the bank regarding branch timings are also looked up by the customers. Adequate recommendations towards gaining competitive advantage are presented at the end of the paper. Key words: Conjoint Analysis, Indian Banks, Consumer Service Introduction Product selection is a complex decision making process involving resolving various trade-offs. For example, a basic trade-off might involve striking balance between better product features and right price. Since an ideal product consisting of the best possible product features is not always feasible, it is important to learn the customer preference for various product attributes. This information can be used by organizations in an industry during product design and improvements in the current product offering. Conjoint analysis is an advanced marketing research tool that finds applications in developing an effective product design. It helps the researcher narrow down the product attributes that matter to the customer and quantify the importance attached to various product attributes. Hence, we can answer which attributes are the most important and which are the least important, as discussed in IBM SPSS (2012). The analysis requires the development of an appropriate questionnaire where in a respondent is required to highlight their preference towards various product attributes combinations. Recently, the technique found applications in various industries to assist product developers and established players towards effective product design. For illustration, Conjoint Analysis is used in Measuring Consumer Preferences for Sales Promotion Schemes in FMCG Sector in Vyas (2005). Hence, any study that contributes in understanding customer preference in an industry is critical towards the development of detailed customer profiles and effective product design. In this paper, we explore the application of Conjoint Analysis in understanding the customer preferences in Indian banking industry. The application of Conjoint Analysis in the banking industry can help us better understand the industry in the following ways: Understanding product attributes relevant to customer- the study helps us understand the attributes that are at top of the priority list of the customers. By analyzing the weights attached to various product attributes, organizations can design their finance products in a better way. Actionable recommendations- The recommendations of the analysis are actionable. For example, issues like interest rate and basic loan terms that are not under the control of bank are not included as a part of actionable and feasible recommendations. However, banks can work towards improving customer service location, attractive location of ATM and comfortable timings of the branches. Applications- The applications of the study could be used in benchmarking Indian customers against their global counterparts in understanding and predicting the next evolution in the Indian banking industry. The results could be used together with Multidimensional Scaling for organizations seeking entrance in the industry or for existing players in understanding brand positioning. Hence, the aim of this analysis is to study the Indian banking customers and find out the utilities of all the product attribute levels and their relative importance. This is done by applying Conjoint Analysis. Due to paucity of time, the study is limited to the bank customers based out of Delhi region. The respondent set is the FMS MBA students. The study aims to find the customer preferences that are important to the customers while evaluating banks. This study is an exploratory research that can be used for future larger studies. Section 1 of the study provides a short introduction of the subject matter along with a brief background. Section 2 delves into the existing literature in the area, which has focused on the same subject matter. Section 3 describes the methodology adopted for the study, including the data collection and analysis. Section 4 discusses the results and findings of the analysis. Literature Review There have been various studies in the past that explore customer preference attributes in various sectors, in India and abroad. We discuss those studies where Conjoint Analysis has been used. ÃÆ'Ã…â€Å"lengi (1998) explored the customer preference in the Turkish Banking industry. They concluded that among other factors, facilities like extended loyalty programs, off-site ATMs, maximum 5-minutes waiting time in the branches are most preferred by the customers. With respect to higher order decision constructs, they also concluded that delivery channels and customer relations have the strongest influence on the respondentà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢s preferences. Another study in this domain by Trchrome (2008) also explored the customer preferences in the banking industry. They concluded that customers give importance to type of bank, minimum balance requirements, online banking facilities, customer service quality, and ATM network while evaluating bank options. Of these options, customers give highest importance to balance/fees requirement at the bank (34 %), online banking facilities (24 %) and the type of bank (11 %). In line with this publication, Auruskeviciene, Salciuviene and Virvilaite (2005) explored the banking industry to quantify the marketing image of financial services. There results were as following: service quality (41%), prices of services (26%), convenience and availability (17%), variety of services (13%) as well as bank exterior and interior (3%). As we observe from these studies, customers see a lot of factors while evaluating banks. Of these, branch timings, customer service quality and ATM positioning were explored in the present study. There have been other studies in the sub-segments of the banking industry. Cai and June (2001) analyzed the Internet banking industry to study the change in customer preferences in this sub-segment of the industry. They found out that customer service reputation, banking service products and online systems quality matter the most to the customers in online banking. Kubica (2011) used conjoint analysis to segment young clients in the banking industry. They concluded that profiling young customers is a complex process. Png (2003) explored the specific problem of the amount that could be charged to customers for waiting time. While it can be seen that conjoint analysis has been applied in the global banking industry, its applications in the Indian context is limited. Conjoint analysis application in Indian sectors such as tourism, private label brands (apparel), air freshener and automobile sectors is present. There have been a few studies that explore the consumer preferences in the Indian banking sector. Ananth, Ramesh and Prabaharan (2011) analyze the service quality gap analysis (structured questionnaire) for Indian private banks. They conclude that there are some dimensions in the service quality that are lacking (empathy and accessibility). Komal and Rani (2012) also explore the customer preferences in the domain. The key results are that ATM service quality, internet banking services, credit cards portfolio are important factors considered while evaluating banks. Ananth and Arulraj (2011) measure the banking service quality in Tamil Nadu. They concluded that credit facility (interest rate), Corporate Social Responsibility initiatives and deposit schemes are the most appealing to the Indian consumer. As we see, there is no significant study in the application of conjoint analysis in the Indian banking sector. Hence, the motivation behind this study to explore the consumer preferences in the Indian banking industry through Conjoint Analysis. We intend to understand the product attributes that a prospective bank customer considers while evaluating an Indian bank. Methodology This is an exploratory study. Hence, no hypothesis is formulated. After the results of the analysis are obtained, hypothesis can be developed. Convenience sampling is used for the study. The sample size for the study is 51 respondents. The respondents are from the Full Time and Part Time course of the MBA program at FMS Delhi. The respondents were provided with the questionnaire that requires them to rate the various product-attribute combinations on a scale of 0 to 10. The average age of the respondent set is 29.9 years (standard deviation: 6.98 years) and the average work experience of the respondents is 6.53 years. After carefully reviewing the contemporary literature, the following factors were found relevant to our study: Branch Hours: The time duration for which the branch is open ATM Network: The location of the ATM network with respect to positioning near the branch or at other places Customer Service Reputation: The customer perception of the quality of services offered to customers. The level of these product attributes are as following: Factor Description Levels 1 Branch Hours Weekdays 9-4 The branch timings are from 9 AM to 4 PM Weekdays 9-7 The branch timings are from 9 AM to 7 PM Weekends also The branch is open on weekdays as well as weekends 2 ATM Network At branches The ATM is available only at branches At branches others The ATM is available at branches as well as at other locations 3 Consumer Service Reputation Good The consumer perception of the consumer services is good Average The consumer perception of the consumer services is average Poor The consumer perception of the consumer services is poor Table 1: Product Attributes and Levels As we observe, there are 18 possible combinations out of these product attributes and levels. The 18 combinations or profiles are presented to the respondents in a survey. Beside the responses, other information like respondentà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢s age, work experience, sex and absence/presence of a bank account is also collected. Based on the collected responses, conjoint analysis is applied to find out the part worth estimates of the various product attributes. Since the number of attributes is 3, traditional full-profile methodology of conjoint analysis is used. Based on the responses, dummy variable regression is used to find the respective part-worth functions for each respondent. These results are then aggregated to find an overall result. Findings The data from the 51 respondents is analyzed to find out individual, unique part worth functions. The utilities of the various product attributes are as follows: Attribute Level Aggregate Utility Standard Deviation Branch Hours Weekdays 9-4 -1.01 1.18 Weekdays 9-7 0.96 1.02 Weekends also 0.05 0.53 ATM Network At branches -0.38 0.44 At branches others 0.75 0.88 Consumer Service Reputation Good 1.59 0.86 Average -1.62 1.10 Poor 0.03 0.65 Table 2: Aggregate Utilities of Product Attributes and Levels As we observe, the utilities have comparable standard deviations to the aggregate value. The importance of the various product attributes are as follows: Product Attribute Part Worth (%) Branch Hours 34.2 ATM Network 17.1 Customer Service Reputation 48.7 Table 3: Part Worth of Product Attributes As we observe, the customer service reputation (48.7 %) is the most important product attribute among the three product attributes. This reinforces the pre-existing perception that customer service reputation is a key factor that is evaluated by the prospective customers. Second, branch hours (34.2 %) as a product attribute is another important attribute that is evaluated by the customers. Positioning of ATMs is the third parameter that is used during customer evaluation (17.1 %). These results highlight the importance of customer service reputation in the Indian banking industry. Indian banks must attempt to improve the customer perception to gain a competitive advantage. An improved service reputation assists the bank in improving the competitive position of the brand. For a new player that is seeking entry in the industry, investments must be directed to improving the customer experience and customer perception about the same. Next important parameter is the timings of the branches. As seen, usual timings from 9-4 PM are the least preferred. Customers look forward to some sort of facility in this regard. It can either be related to longer branch timings like 9-7 PM or branches being open on weekends. Since the respondent set had people with and without work experience, option of branch hours extending after the usual 4 PM is useful to the working professional. Finally, the positioning of ATM is another important parameter evaluated by the customers. ATM location at the branches and at other places is an attractive preposition. Since it is an exploratory study, there is a further need for a study with a bigger respondent set and product attributes that would throw deeper insights into the importance of other product attributes to the Indian consumers.

Educating Rita Notes

Into the World examines how various texts represent stages of growing up and maturation. transitional phase, marked by new challenges, opportunities and relationships described as a ‘rite of passage’, a time of change and adaption from one world of experience into another. offers knowledge, understanding and insight as well as more arduous and difficult consequences. Worlds encountered are varied as well as the unique and individual ways that people cope with the pressures of moving out ‘into the world’.When responding to texts, students are to demonstrate the different pathways (worlds and ways of coping) that are available. Educating Rita – Willy Russell explores notions of personal growth and self awareness through the transformation and process of change that occurs in Frank and Rita. the playwright describes the play as â€Å"a love story†, although the relationship that unfolds between Rita and Frank is also a story about â€Å"literatur e, language and education†. n educative relationship between teaching and learning is examined through the transition from ignorance to knowledge and enlightenment. an educational context is used to explore the development of skills, attitudes, values and outlook that takes place in Frank and Rita. Frank and Rita’s interaction as teacher and student triggers a re-evaluation of self and their relationship with their world. The bond they form generates the emotional impetus (force) needed to undergo fundamental (so basic as to be hard to alter, resolve, or overcome) change. his is represented through Rita and Frank’s juxtaposition of class, background, social expectations and values. in the introduction of the play, Russell explains that he aimed to achieve this in a way that â€Å"engaged† an audience and â€Å"was relevant to those who considered themselves uneducated, those whose daily language is not the language of the university or the theatre. † the play explores fundamental notions of education including the motivations and dreams that inspire teacher and student alike.Educating Rita has proved to be highly successful because Bildungsroman elements of self-realisation, allow it to â€Å"transcend barriers of language, class and race† and strike an empathetic chord with audiences. the genre of Bildungsroman has an educative focus that looks at the inter-relationship of man and society. the focus is the extended journey of personal development that the protagonist undergoes. the tone is typically personal, reflective and highly subjective. erceptions of self and social identity are examined and as such the characterisation is psychologically complex and morally ambiguous (unclear or inexact because a choice between alternatives has not been made). changes that occur are often motivated by a desire for self-improvement or self-fulfillment and can result in a greater self-knowledge. these features are clearly seen by the altered outlooks both Rita and frank exhibit by the end of their time together. STRUCTURE: fifteen scene, ‘two-hander’ script with only two characters. each scene depicts one of rita’s visits, charting the growing relationship between teacher and pupil. Educating Rita Notes Into the World examines how various texts represent stages of growing up and maturation. transitional phase, marked by new challenges, opportunities and relationships described as a ‘rite of passage’, a time of change and adaption from one world of experience into another. offers knowledge, understanding and insight as well as more arduous and difficult consequences. Worlds encountered are varied as well as the unique and individual ways that people cope with the pressures of moving out ‘into the world’.When responding to texts, students are to demonstrate the different pathways (worlds and ways of coping) that are available. Educating Rita – Willy Russell explores notions of personal growth and self awareness through the transformation and process of change that occurs in Frank and Rita. the playwright describes the play as â€Å"a love story†, although the relationship that unfolds between Rita and Frank is also a story about â€Å"literatur e, language and education†. n educative relationship between teaching and learning is examined through the transition from ignorance to knowledge and enlightenment. an educational context is used to explore the development of skills, attitudes, values and outlook that takes place in Frank and Rita. Frank and Rita’s interaction as teacher and student triggers a re-evaluation of self and their relationship with their world. The bond they form generates the emotional impetus (force) needed to undergo fundamental (so basic as to be hard to alter, resolve, or overcome) change. his is represented through Rita and Frank’s juxtaposition of class, background, social expectations and values. in the introduction of the play, Russell explains that he aimed to achieve this in a way that â€Å"engaged† an audience and â€Å"was relevant to those who considered themselves uneducated, those whose daily language is not the language of the university or the theatre. † the play explores fundamental notions of education including the motivations and dreams that inspire teacher and student alike.Educating Rita has proved to be highly successful because Bildungsroman elements of self-realisation, allow it to â€Å"transcend barriers of language, class and race† and strike an empathetic chord with audiences. the genre of Bildungsroman has an educative focus that looks at the inter-relationship of man and society. the focus is the extended journey of personal development that the protagonist undergoes. the tone is typically personal, reflective and highly subjective. erceptions of self and social identity are examined and as such the characterisation is psychologically complex and morally ambiguous (unclear or inexact because a choice between alternatives has not been made). changes that occur are often motivated by a desire for self-improvement or self-fulfillment and can result in a greater self-knowledge. these features are clearly seen by the altered outlooks both Rita and frank exhibit by the end of their time together. STRUCTURE: fifteen scene, ‘two-hander’ script with only two characters. each scene depicts one of rita’s visits, charting the growing relationship between teacher and pupil.

What the Pros Are Not Saying About Good Academic Essay Topics and How This Affects You

What the Pros Are Not Saying About Good Academic Essay Topics and How This Affects You You will also receive ideas on how best to limit your choice and allow it to be manageable. The option of compare and contrast essay topics isn't a simple task because you have to demonstrate your analytical skills. Selecting a topic is a critical issue that partly estimates final success of the job. The Tried and True Method for Good Academic Essay Topics in Step by Step Detail You see, the conventions of English essays are somewhat more formulaic than you may think and, in a variety of ways, it can be as easy as counting to five. If it's necessary to compose your whole essay in 1 day, do your very best to give yourself breaks so you don't burn out. Consider your essay is limited concerning word count. It is often as large or as small as it is possible to think about! You could also take a look at persuasive essay examples. You could also see what are the pieces of an essay. 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The Functions Of Human Resources Management - 3354 Words

Executive summary CJ Hotels need to assesses their HR department and fully understand the functions and requirements of HR within the current economic climate as well as the importance in relation to the labour market. Introduction Within this report it will examine the functions of Human Resources Management (HRM) within CJ Hotels and its importance during the current economic climate. In addition need to first look at what HRM actually is and what it means, according to Torrington et al, (2009) HRM means â€Å"Human resource management is a strategic, integrated and coherent approach to the employment, development and well-being of the people working in organisations.† However according to Heery and Noon (2001 cited in Nickson 2007) â€Å"a set†¦show more content†¦However as well as these types of planning there is also strategic planning this is â€Å"a process that articulates institutional mission, weighs external opportunities and threats, gauges internal strengths and weaknesses and determines appropriate action (Robert. C 1988). In Addition to this one of the most common models for strategic planning is the Mintzberg theory which states that need to be able to link the strategic think ing to strategic planning in order for it to work within an organisation (see appendices 1 for model). Currently within CJ Hotels the HR department take the soft planning approach as this will suit the company better due to the nature of the organisation as using the hard planning approach would not be suitable due to the types of roles within the hotel as in order to the management to be able to manage a hotel efficiently and to be able to grow they require first hand opinions of the employees as they know what will need to be changed in order to make the hotel better place not only to stay but to work. Recruitment and Selection HR within an organisation is responsible for recruitment and selection process, this is a process which is split in to two sections as seen in the Wagen model (see appendices 2), in addition to this according to Heery and Noon (2001) cited in Nickson (2007)†the process of generating a pool of candidates from which to select the appropriate person to fill a job vacancy† in reference to theShow MoreRelatedFunctions Of Human Resource Management1632 Words   |  7 Pages Primary function human resource management can divide into primary and secondary function primary function is directly involved with obtaining, maintaining and developing employee. Primary function included human resource planning, equal employment opportunity, staffing, recruitment, and selection. Compensation and benefit, employee, labor relation health, safety and security and human resource development. 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HRM is fundamentally concerned with the development and management of the employee within corporation. HR missions are fulfilled by trained profes sionals and HRM is usually referred as â€Å"involving people practices† (Noe et al., 2015) since an entire functionalRead MoreKey Functions Of Human Resource Management Essay2433 Words   |  10 PagesINTRODUCTION Human Resource Management is an essential function of any organization which is designed to meet a firm s objectives and strategies towards achieving it s goals. Human Resource Management is concerned with people management and lays down a framework of policies and guidelines within which the management of people is administered. To understand this business function more closely, we have been assigned with a group task to research and understand the functions and application of human resource