Review of literature for customer preference towards financial services

End to Population Growth: We are far from a world in which all births result from intended pregnancies. It is estimated that million women in developing countries are sexually active, but don't want to become pregnant; in other words, they have an unmet need for family planning. For various reasons they are not using contraception.

Review of literature for customer preference towards financial services

Purchase decision[ edit ] This is the fourth stage, where the purchase takes place. According to Kotler, Keller, Koshy and Jha[6] the final purchase decision can be disrupted by two factors: However, because his good friend, who is also a photographer, gives him negative feedback, he will then be bound to change his preference.

Secondly, the decision may be disrupted due to unanticipated situations such as a sudden job loss or the closing of a retail store. Post-purchase behavior[ edit ] These stages are critical to retain customers. In short, customers compare products with their expectations and are either satisfied or dissatisfied.

This can then greatly affect the decision process for a similar purchase from the same company in the future, [8] mainly at the information search stage and evaluation of alternatives stage. If customers are satisfied, this results in brand loyaltyand the information search and evaluation of alternative stages are often fast-tracked or skipped completely.

Review of literature for customer preference towards financial services

As a result, brand loyalty is the ultimate aim of many companies. On the basis of either being satisfied or dissatisfied, a customer will spread either positive or negative feedback about the product.

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At this stage, companies should carefully create positive post-purchase communication to engage the customers. Models of buyer decision-making[ edit ] Making a few last minute decisions before purchasing a gold necklace from a Navy Exchange vendor There are generally three ways of analysing consumer buying decisions: Economic models - largely quantitative and are based on the assumptions of rationality and near perfect knowledge.

The consumer is seen to maximize their utility. Game theory can also be used in some circumstances. Psychological models - psychological and cognitive processes such as motivation and need recognition.

They are qualitative rather than quantitative and build on sociological factors like cultural influences and family influences. Consumer behaviour models - practical models used by marketers.

They typically blend both economic and psychological models. In an early study of the buyer decision process literature, Frank Nicosia Nicosia, F.

They are the univariate model He called it the "simple scheme". He concluded that only this third type of model is capable of expressing the complexity of buyer decision processes.

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In chapter 7, Nicosia builds a comprehensive model involving five modules. The encoding module includes determinants like "attributes of the brand", "environmental factors", "consumer's attributes", "attributes of the organization", and "attributes of the message".

Other modules in the system include, consumer decoding, search and evaluation, decision, and consumption. Some neuromarketing research papers examined how approach motivation as indexed by electroencephalographic EEG asymmetry over the prefrontal cortex predicts purchase decision when brand and price are varied.

In a within-subjects design, the participants were presented purchase decision trials with 14 different grocery products seven private label and seven national brand products whose prices were increased and decreased while their EEG activity was recorded.

The results showed that relatively greater left frontal activation i. The relationship of frontal EEG asymmetry with purchase decision was stronger for national brand products compared with private label products and when the price of a product was below a normal price i.

Higher perceived need for a product and higher perceived product quality were associated with greater relative left frontal activation. They also utilize an active information search process. The risk associated with such decision is very high. List of cognitive biases It is generally agreed that biases can creep into our decision-making processes, calling into question the correctness of a decision.

Below is a list of some of the more common cognitive biases. Selective search for evidence - We tend to be willing to gather facts that support certain conclusions but disregard other facts that support different conclusions.REVIEW OF LITERATURE INTRODUCTION Marketing by service industries are yet to gain momentum, especially when it Marketing of financial services by banks is under active and extensive towards the cu~tomers.~ Customer Needs Geiger's (1 ) study was to .

The purpose of the study is to understand the customer attitude towards the ATM services by analyzing the influencing factors of REVIEW OF LITERATURE Joseph and Stone (), (), “CUSTOMER PREFERENCE TOWARDS USE OF ATM SERVICES IN PUNE CITY” International Journal of Marketing, Financial Services & Management Research.

Welcome to the National Treasury Website The National Treasury is responsible for managing South Africa's national government finances. The Impact of Brand Image on Consumer Behavior: A Literature Review Yi Zhang Department of Marketing, Management School, Jinan University, Guangzhou, China and customers’ self-image would enhance customer satisfaction and customers’ preference for the brand [28].

Customer loyalty could be recognized as the extension of customer. -- Review of Literature services of marketing cons~iltants and marketing research firms; and less likely to the trend towards financial conglomeration; (2) globalization (3) competitive strategy for increasing customer traffic flow.

Preference for banks. Review of literature describes, compares, contrasts and evaluates the major theories, arguments, themes, methodologies, and approaches in the scholarly literature on a research subject.

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