The study highlighted the fact that prior to the consolidations inmajority of the banks paid little or no attention to marketing. However, with successful consolidation exercise incame the challenge of judiciously utilising the high capital base at the disposal of the emerged 25 banks.
These statements are even more important to reckon with in the last stage of the Buyer Decision Process: What is Post-Purchase Behavior? Simply defined, Post-Purchase Behavior is the stage of the Buyer Decision Process when a consumer will take additional action, based purely on their satisfaction or dissatisfaction.
This dissatisfaction leads to Cognitive Dissonance. Cognitive Dissonance is buyer discomfort caused by post-purchase conflict resulting from dissatisfaction. The reality is that all purchases, big and small, will result in some degree of Cognitive Dissonance.
This is always the case, because every purchase a consumer makes involves some sort of compromise, however small or minute. Since consumers form beliefs and attitudes early in the Buyer Decision Process, at some point they will be concerned about having a negative experience with the product they may chose, or potentially missing the perceived benefits of other competing brands.
The issue of Cognitive Dissonance raises an important question: Why is it so important to satisfy the consumer?
It all comes back to our basic definition of marketing: Managing profitable customer relationships. The goal is to attract new customers through superior value, and to keep growing customers by delivering customer satisfaction.
If we are doing these things, then we will be able to capture value from customers to create profits and build customer equity. So, if our customers are satisfied they will begin to develop brand loyalty.
This brand loyalty will help us develop profitable relationships. Our satisfied customers will buy from us again. They will become influencers in their cultural and social groups. They will pay less attention to competitors, and buy more of our products.
Dissatisfaction breeds the opposite. Consumers that perceive poor product performance will not create profits and will erode customer equity. They will not be loyal, and they will become negative influencers in their cultural and social groups, leading others away from our brands. What should we do with dissatisfied customers?
We should pursue them. Even if they do not want to buy our products, we can still target them with dedicated messaging. We can directly reach out to them, and we can figure out ways to repair the relationship.
These consumers can provide us with a wealth of primary data that can be used to improve our offerings and create focused marketing campaigns.
Dissatisfied consumers are just as valuable as satisfied ones. The conclusion is clear: Our job is not done once the consumer buys our product. Once a consumer buys a product they will enter some degree of post-purchase behavior. These behaviors, based on their satisfaction or dissatisfaction, will either build customer equity and brand loyalty, or lead to eroding sales and brand image issues.
This all is related to their relationship between their expectations and the perceivced performance of the products in their hands. As marketers, we must have messaging ready for this specific part of the Buyer Decision Process. It is our job to encourage happy consumers to share their experiences and dive deeper into brand offerings.Dialogue after Discharge: The Importance of Post-Treatment Follow-Up.
Long-distance relationships are tough. Between juggling the hectic day-to-day and maintaining connections with all the other people in your life, it can be challenging to devote time to someone who resides outside your .
the relevance of marketing in post-consolidation banking in nigeria: an illustrative approach by aminu, s. a., a lecturer in the department of marketing, lagos state polytechnic, isolo campus [email protected] The relevance of the ‘4Ps of marketing’ in today’s digital world is a topic that continues to cause much discussion.
Should marketers relinquish responsibility or retake control? The famous ‘4Ps of marketing’ are revered by some members of the profession, and scoffed at by others. Some see. In almost every business-to-business industry, companies are facing increasingly powerful intermediaries in their distribution channel.
Industry consolidation is replacing a multitude of small “mom and pop” distributors with a handful of national, professionally managed, publicly traded corporations.
consolidation of the banking sector, this study will give a marketing light and perspective to the subject in question. This study will expose the marketing dimensions of the consolidation exercise as it .
From email marketing to shopper marketing, from social media to content, they’ll take on extra responsibilities. Being a trade marketing is a breathless, often exhausting job. Trade marketing doesn’t have to have a strategic role, but it can and probably should do.