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Market Research Proposal, With questionnaire (NO PRIMARY DATA COLLECTION REQUIRED)
Pages 9 (2259 words)
Understanding what consumers want from high street banks in the in the next 20 years. Client: Consortium of banks – Group 4 (HSBC, Lloyds, NatWest and Barclays) Table of Contents Table of Contents 2 Background 3 Objectives 4 Research Design 5 Data Collection 6 Sampling Plan 8 Data Analysis 9 Reference 11 APPENDIX 13 I Questionnaire for Street interview 13 II Questions for the focus group interview 14 Background The financial crisis, bailing out of banks, the mis-selling of Payment Protection Insurance (PPI), increase in the lending rates, poor quality of service, lack of transparent fees and interest, poor handling of complaints and the list goes on.
A survey by Ernst and Young conducted amongst 23 matured and emerging market that were negatively affected by the credit crunch suggested that the customers of UK are seen to have low level of confidence on the banking system. About 63% has reported that their trust on the UK banks has completely fallen, whereas about 36% were completely dissatisfied (Flower, 2012). As all the banks generally deal with similar, undifferentiated category of products, so quality of the service becomes a primary weapon for winning the competition. The banks that display an excellent service quality are supposed to have a distinct marketing edge in terms of improved cross-selling rates, elevated revenues, better customer retention capabilities (Bennett and Higgins, 1988) and prolonged market share (Brown and Hedges, 1993). As defined by Ghobadian, Speller and Jones (1994) quality signifies how well the organizations cater to the requirement of the customers. The definition given by Deming (1986), Ishikawa (1985), Feigenbaum (1986), and Juran et al. ...
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