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Presentations - Presentations Young Consumers Searching for...

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Unformatted text preview: Presentations Young Consumers Searching for a Bank Still Want the Personal Touch • Gen Y (18-34) o Banking similar to parents o 1 out of 3 use online banking Out of those that do not, 2/5 say they don’t trust internet transactions o Financial service companies increase safety/security messages but fears are still apparent • Credit Cards o 80-83% of those in Gen Y own debit cards o 3/5 of those consumers show interest in contactless credit cards o Current negative attitudes towards credit cards still exist • How can banks use this information? o Reliable SWOT analysis using data o Tailor new existing banking products o Create new marketing strategies • Could this research have been conducted over the internet o 75% of Americans have access to the internet o Online vs. Offline Results are identical o Other Methods: Survey, observation, focus groups, in-depth interviews, case study, experimentation • Basic vs. Applied o Basic: Aimed at expanding the frontiers of knowledge rather than solving a specific pragmatic problem o Applied: Aimed at solving a specific, pragmatic problem – better understanding of the marketplace, determination of why a strategy or tactic failed, or reduction of uncertainty in management decision making. • Applied Research at its best o Information helps banks to understand why current strategies are or are not working o Information reflects current baking trends among 18-34 year olds o This information could help shape management’s marketing decisions • Demographics, Psychographics, Motivations, Attitudes o How do young consumers manage their money? o How often do they visit a bank? o What kind of services do they require? o Do they make more large purchases or small purchases? o What makes them uneasy about banking? o What messages appeal to this segment? o How are competitors responding to this segments needs? o What does this segment value the most Buyer Behavior Case – Survey Analysis • Screeners • Type : qualifying question • Purpose: identify target respondents • Examples: • Who in your family does the majority of the grocery shopping? • <> You <> Your husband/wife • <> Other: Please specify __________ • How often do you buy 2 liter Cokes a month? • <>Less than 2 times <>2-3 times <>-over 4 times • Are you a value card or loyalty points member at your local supermarket? • <> Yes <> No • First few questions • Type: warm-up questions • Purpose: to show the respondent that survey is simple and easy • Examples: • Where do you buy bread? _____________Enter exact response • <>Supermarket <>Specialty store <>other • What grocery store do you visit most? Enter exact response: ________ • First third of questions...
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This note was uploaded on 09/07/2011 for the course BMGT 452 taught by Professor Staff during the Spring '08 term at Maryland.

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Presentations - Presentations Young Consumers Searching for...

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