1 M K F 2 1 2 1 M A R K E T R E S E A C R H M E T H O D S AS S I G N M E N T 2 M AT T H E W R I C H A R D S , J I N G Y I Z H O N ( F R A N C I S ) , C H E C H I A N G C H U A N G ( G A R Y )
Table of Contents: 1. E XECUTIVE S UMMARY 2. T HE R ESEARCH O BJECTIVES a) P URPOSE OF S TUDY b) R ESEARCH O BJECTIVES 3. M ETHODOLOGY & D ATA A NALYSIS a) R ESEARCH Q UESTIONS AND H YPOTHESIS b) D ATA A NALYSIS 4. F INDINGS AND I NTERPRETATION 5. M ANAGERIAL R ECOMMENDATIONS 6. A PPENDIX 1 - Executive Summary: Bank of America is the largest commercial bank in the United States, providing services to individuals and households customers, small and midsize businesses, as well as the large companies. The Bank of America as a leader occupy a high proportion (11.1%) of market share
comparing to other major bank in U.S. according to Federal Deposit Insurance Corporation (FDIC) in 2006. Our research objective is to determine what actions can they undertake in order to increase their market share and what steps they can take to increase their services and products in order to meet their customers’ needs. Our forms of data analysis from the given questionnaire are using the descriptive statistics of cross tabulations and frequencies whilst also using the T- test of independent samples and the Analysis of Variance (ANOVA) test. These tests have allowed us to determine that different genders impact upon the importance of primary provider’s services and aspects, different ages have different satisfaction levels. Also all ages have same decision making preferences and finally the more satisfied the customer is the more likely they are to recommend the provider. Lastly these findings have allowed us to create recommendation for Bank of America which include improving upon their online banking service to cater for younger generations, to increase research and development to improve upon different aspects of their business I.e quality of service & advice etc. However the most important recommendation is for Bank of America to target all ages of people in order to increase their customer base. 2- Research Objectives Purpose of study:
The purpose of the potential customers study conducted by the Bank of America is to know what kind of actions can take to expand its market share in the consumer market. Research objective: To expand the market share, it is necessary to do better service the large range of customers. In present day, people come to bank for diverse investment products and services rather than just make the deposit. Since the customers will have difference needs and wants, the research objective is to understand how to satisfy customers’ investment products and services need. Components: 1. How well do existing financial providers satisfy the customers’ needs?
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