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Various Factors that Affects Buyer's Behaviour

3417Downloads1 I Published: 24 Dec ,2019

Introduction

For making marketing strategies there is need to understand and acknowledge about the consumer behaviour. For any organization to increase their profit and market values, they need to convince more and more customers. Consumer behaviour can be defined as analysing and identifying the nature of the customers for purchasing the goods and services in the market. Globalization and urbanization has made changes in the preference of the consumers. They preferences depends on the different features of the products. The report focuses on the buying behaviour and need of influencing the customers. Through this report different types reader can easily understand different factors affecting buyers behaviour. In UK costumer don't have faith in banks established their as compared to other countries. They have negative trust on the banks . New strategies need to adopted and banks should focus on the getting back the trust factor of the consumers. This will establish new relationship and increased in source of profit making. This report focus on the UK based bank i.e. Lloyd's bank and how they influence more consumers.

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1.1 Current market trend analysis of banking sector

Millions of customers are their in Lloyd's Banking group established in UK in year 1995. The form mostly focuses on the retail and financial factors. They mainly focuses on the desire of consumers, business and communities. Trends can be defined as comparison between the market current values and previous values or base position. Banking sector are needed to get loans and invest money in the business sector to generate more revenue. In recent trends, due to improved technology and innovations the payment methods have improved. This makes the banking sector more convenient and easier to use. This creates the cashless payment or online payment options. This leaded to great costumer satisfaction and more benefits. Through increased in the online payment method, also allowed the payment of the suppliers thorough the cheques. According to all this it is increasing the market values of the marketing sector. Lloyd's bank give loans to the small and big business firms and earn more through them. Through this banks contribute more in the economy of the country. On the basis of the market analysis there is increment in the non card payments. The main role of banking sector in terms of consumer is to serve, satisfy, please, delight and retain the costumers.

Their are different methods through which customer's can interact with the banking sector. This newly established trend help the costumer to access all the details at their mobiles or at home. Through this more consumer can access the services. In UK banking sector needs to stand on the customer's satisfaction,this can be done through detail analysing their issues and problems. Lloyd's Bank need to focus on more mobilization and growth rate of deposit in the banking sector. This sector needs to focus more consumers and requires huge deposit for earning and making the profit. Through the current trends like new technology, ATMs, Cards and online banking have changed the quality and services of the banking sectors. Also new services like transfer of money, bankassurance other promotion activities can lead to more bank deposit s If banking sector is promoted in an effective way more consumers will get attracted towards this sectors.

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1.2 Current market position of Lloyd banks

Lloyd's Banking Group plc is one of the largest retail bank. The company accounts a total of £ 1.1 trillion. Lloyd has been financed by the UK government amount of £260 bn to repay the debt. The total amount expands to 43.5% , which means that UK government nearly deposited half of banks values. The net income of the organization is 2.09bn and has more than 78.05k employees. The revenue generated by the organization is around 16.62bn . The organization has different sectors. This comprise of the retail sector, commercial banking, insurance, consumer finance and many different sectors. Their is large range of banking sectors of this organisation, it offers different products and services to the consumers. Services like giving loans, transaction, banking, capital market and management services and risk management. The insurance provide wide range of benefits and other insurance protection products. Many different brands are included with the Lloyd such as Bank of Scotland, AMC, Scottish Widows, Autolease, Colleys and the Lloyd bank. The bank holds the fifth position in UK. The company has the 19.9 % of shares with the top holders. In 2016, organization had a fell in cash reserves by 9.57 bn and earned about 2.07bn. The company deposited over 686m in the market.

The market rates of he organization is needed to be upgraded and improved. There is subsequently decrease in the market values of banking sectors. As per above details the organisation needs to focus on the consumers behaviours so that more and more customer can invest into the firm. Higher market growth and profitability can be achieved through influencing more and more customers to make deposit in the banks. According to the market values new strategic formula needed to be used in order to achieve the goals . Also there is need to adopt new polices to carry out this gaols. For banking sectors to attract the consumers is little difficult. Consumers keep records about the market values in order to invest on the banks. So customer satisfaction is needed to apply all the market strategies. To overcome the losses there is need of huge deposit required. Also to attract the customer's new polices and offers need to served. Providing new services and improving the existing ones can improve the quality of the Lloyd's banking sector. Some of advantages Lloyd's is taking from the online banking services. Through this they are competing the competitors and are increasing market performance. Some of the behavioural aspects and approach of the banking sector of Lloyd's are being discussed below:

  • Through digitalization more and more consumers are attracted to invest in the organization. This is making the company financial supportive and making the deposit of having profitability 4 times higher .
  • Through online transaction consumer can easily track their transaction.
  • Also many offers are given by the organization those who make online payments. This is making to annual saving for the consumers which accounts for £744. This amount is the digitally saved discount of the consumers.
  • This also reduces time spend on purchasing and other threats.

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1.3 Impact of Sector’s characteristics on consumer behaviour

Their is great role of sector characteristics on the consumer behaviour. Their are many decision taken by the customers for investing on the banks. This values may comprise of the interest rate, convinces, internet banking facility, loan, cheque, online banking, easily understandable and ATM deposit facility and many more. All this qualities are required by consumer to invest their money. All this deposit is based on the socio-economic level, personal and certain physical factors of the consumers. For the banking sectors their there are two main services played this are to influence the individual and bank characteristics. If banks provides more service quality then their would be more deposit made by the consumers. In such sectors there is great needs of identifying the demands of the consumers. For the consumers their choices for deposit will be based on the banking services, reliability, speed, branches, facilities, no. of employee, quality of services and problem solving ability and ownership. Business like banks can promote more consumers by promoting about their banks.

They can influence the consumer by offering loans to consumers in lower then the other banks, giving high interest rates. For targeting more customers Lloyd's started new offering new discounts to the new comers. It has not only started services but upgrading the exiting products. Consumer have many trust issues after the recession period . More than 45% of customers have negative impact on the banking services provided. People of UK now have less trust on the banking sector and think investing or saving money in banks can decrease their values. The locality factor towards the banks is decreased due to recession. They deposited their money in different banking companies to reduce the losses. The pricing rates, services and products offered to the customers by the other banks attract them towards their services. Measuring and assuring satisfaction level can make banks to improve their performance level. Improved services and qualities and regular offers leads to more influence the costumer chooses in choosing the banks. Many customers needs personal guidance from the other family and community members to deposit in the banks. If their review is satisfactory then only the investment would be made by the organization. IN UK people consider this sector to be very dis-satisfied for depositing money.

2.1 Anticipating and influencing consumer behaviour in the banking sector

Their are some key opportunities made by the the policy makers so that more consumers can invest in this organization. For influencing consumers,the organisation need to make the strategic planning which is based on the customer preferences . Some of those preferences are discussed below :

  • Banking sectors needs to aware consumers to invest in the digital dividend. This deposit made will make significant saving. Consumers financial situation and wealth will increase. Promotion for these types can be made online thorough the stakeholders and digital marketing. The deposit can be done with the other family member, colleagues and communities.
  • Banks should increase the promotional activities like welfare programmes and banking services. This service will make inverters from other countries to invest in the bank. This will increase the services sector, digital factors , financial factors and deposit of the stakeholder.
  • Some new and innovative schemes needed for the consumers, so they can support to make the deposit .
  • Trust level of the organization should be gained back. Their should be more transparency and clarity among the banking sector and the consumers.
  • Taking feedback and analysing the issues can help the sector to understand the demands and needs of consumers more clearly.
  • Also for the existing costumers banks can provide offers related to family terms or others this can help banks in gaining trusts .
  • Bank should focus on the communication skills of the employees so that trust factor of employees increases.
  • The banking experience of the customers and the chances of improvement should be focused on this values.
  • Training to the members and development programs can help the bank members to evaluate the understand the customer more clearly. Hospitality management services can be used to enhance such survives.

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Banks also need to focus on the market values so that they don't get under more debt. Through there is need for deposit form other consumers but polices should also be made for the existing consumers. Studying about the market strategies and consumer behaviour can uplift the organization. This methods will also reduce the approach of the competitors. Also they should focus on gaining the trust factors so that investment of other customers can be their.

Conclusion

The study of consumer behaviour in this segments plays key role. People do not make deposit in the banks unless they know about the organisation. The organisation should fulfil all the aspect and criteria of the consumers. All this factors should be kept in the mind of the organization and strategic planning should be made according to it. Segment should target the issues of the consumer so that people can make more investment. Deep study and research should be made by the organisation to influence the customers and made them invest into the banks. Various methodology and techniques should be used to attract more costumers. At last for depositing money in this sector trust plays key role of consumers.

References

Books and Generals

  • Solomon, M., Russell-Bennett, R. and Previte, J., 2012. Consumer behaviour. Pearson Higher Education AU.
  • Horner, S. and Swarbrooke, J., 2016. Consumer behaviour in tourism. Routledge.
  • Young, W. and et.al., 2010. Sustainable consumption: green consumer behaviour when purchasing products. Sustainable development, 18(1). pp. 20-31.
  • Solomon, M.R., 2014. Consumer behavior: Buying, having, and being (Vol. 10). Engelwood Cliffs, NJ: Prentice Hall.
  • Schütte, H. and Ciarlante, D., 2016. Consumer behaviour in Asia. Springer.
  • Zarantonello, L. and Schmitt, B.H., 2010. Using the brand experience scale to profile consumers and predict consumer behaviour. Journal of Brand Management, 17(7). pp. 532-540.
  • Schiffman, L. and et.al., 2013. Consumer behaviour. Pearson Higher Education AU.
  • Gössling, S. and et.al., 2012. Consumer behaviour and demand response of tourists to climate change. Annals of Tourism Research, 39(1). pp. 36-58.
  • Akehurst, G., Afonso, C. and Martins Gonçalves, H., 2012. Re-examining green purchase behaviour and the green consumer profile: new evidences. Management Decision, 50(5). pp. 972-988.
  • Gössling, S. and et.al., 2012. Consumer behaviour and demand response of tourists to climate change. Annals of Tourism Research, 39(1). pp. 36-58.
  • Gunter, B. and Furnham, A., 2014. Consumer Profiles (RLE Consumer Behaviour): An Introduction to Psychographics (Vol. 5). Routledge.
  • Solomon, M.R., Russell-Bennett, R. and Previte, J., 2013. Consumer behaviour: Buying, having, being. Pearson Australia.
  • Jansson-Boyd, C.V., 2010. Consumer psychology. New York, NY: Open University Press.
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