Consumer behaviour within financial services - Essay Example

Only on StudentShare

Extract of sample
Consumer behaviour within financial services

The paper is based primarily on the views of the literature regarding the consumer behaviour on several industrial sectors and specifically the financial services industry. The development of consumer behaviour in modern financial markets can be influenced by a series of parameters including the structure of the particular market, the needs of consumers and the local cultural and social trends. UK can be considered as an indicative example of the interaction between consumer behaviour and the strategies followed by firms in the financial services industry. More specifically, the study of Nairn revealed that ‘the Sandler report of 2002 found a £27bn shortfall in the UK nation's savings; the report highlights the industry changes necessary for citizens to increase investment for their future and thus reduce this deficit’. The above report is mentioned by Nairn because of its importance for the development of a specific mode of consumer behaviour in the financial services industry. Moreover, the examination of all issues related with commercial activity in financial services industry showed that ‘the marketing departments in financial services organisations can go beyond this and harness 'risk tolerance' as a segmentation variable to alter behaviour on a more targeted, micro level; it is suggested that this practice could have an even more profound effect than that envisaged by Sandler’. ...
Download paper

Summary

Current paper focuses on the examination of consumer behaviour within a particular industrial sector, this of financial services. The choice can be justified because of the importance of the specific sector for the promotion of the economy globally. …
Author : rex49

Related Essays

Consumer Buying Behaviour
Therefore, this assumption challenges the thought of an international consumer culture with homogenised consumer sectors as well as customs, by declaring that those expenditure practices are shaped by the local outlines within which they take place (Bond et al, 2004, p. 33). Youth forms one of the biggest markets around the globe for cell phones, with more than 201 million subscribers between 18 to 25 years of age. Cell phones have appeared as signs of customer revolution, turning into a necessary product and having ‘ubiquitous’ part in the expanding retail landscape. The term customer...
12 pages (3012 words) Literature review
CONSUMER BEHAVIOUR
A broad yet thorough understanding of consumers and their consumption patterns are crucial for an organization to thrive in the environment. Consumer behavior is an interaction of various factors that affect the process of consumption, within the buyer’s themselves and in the world that they hail from. Schiffman and Kanuk, 2007 establish consumer behavior as that behavior that consumers present when searching for, purchasing, evaluating and disposing of products which they think will satisfy their needs (p3). Consumer behavior may differ from one consumer to another, from one moment to...
9 pages (2259 words) Essay
Consumer Behaviour and research
e promoting people of businesses need to identify on how various clients evaluate services or products although the procedure is not simple to fathom. Here the customers might have the following elements of evaluation measures in mind prices, brand and quality (Malhotra 2012).
...
2 pages (502 words) Essay
Consumer Behaviour
This paper will be focused on the marketing practices of the Lloyd’s TSB bank in its endeavours to retain its customers. Lloyd’s TSB is a retail bank that is based in the United Kingdom. It was established in 1995 by the merger of Lloyd’s bank and the TSB group. Lloyd’s bank was originally founded in Birmingham in 1765 while the TSB group, a rival bank, was formed in 1810. The marketing mix of Lloyd’s TSB has seen it realise admirable profits through the years. The marketing mix elements, also known as the 4p’s, are price, place, product and promotion.
...
11 pages (2761 words) Assignment
Critically analyse the impact of culture on consumer buying behaviour. (BUYING BEHAVIOUR)
Marketers, in response, must develop tools for marketing communication which seeks to address reference group and cultural factors from a domestic as well as global perspective. Market segmentation must be used by marketers to develop marketing messages for customers with the purpose of educating them about the service or product being offered so that they are stimulated to buy the service or product of the marketer being advertised. Culture is defined as a sum total of values, customs, and learned beliefs that guides the behaviour of consumers living in a particular society. Consumer...
9 pages (2259 words) Essay
consumer behaviour
efines what constitutes marketing, explores the dynamics of consumer motivation, and then links these conceptions with consumer behaviour, using relevant examples, to understand how marketers respond to consumer behaviours and serve to influence them. Personal self-reflections by the researcher involving two consumption scenarios, with focus on the Tu clothing line by Sainsbury’s and the smartphone company, Blackberry, are explored in order to justify or refute theories of motivation, consumer behaviour and marketing that are investigated in the report’s review of literature. The...
20 pages (5020 words) Essay
Consumer Behavior [Motivation within marketing process]
This report is divided into three sections, including literature review, reflection, and discussion/analysis. In the first section (literature review), a total of four consumer behaviour theories such as marginal utility theory, consumer choice theory, perceived risk theory, and diffusion of innovations theory are discussed to gain a deep theoretical understanding of various factors that would influence a consumer’s degree of motivation and thereby purchasing behaviour. In the second section (reflection), one of my recent personal consumption activities will be described in order to analyse...
17 pages (4267 words) Essay
Got a tricky question? Receive an answer from students like you! Try us!