BUS 339 FINAL PAPER (1) well resourced

A MARKET RESEARCH 2 A MARKETING RESEACH ON CUSTOMER SATISFACTION WITH BANKING SERVICES AND PRODUCTS In this marketing research paper we will be focused on customer satisfaction with bank services. That is the bank wi ...

A MARKET RESEARCH 2 A MARKETING RESEACH ON CUSTOMER SATISFACTION WITH BANKING SERVICES AND PRODUCTS In this marketing research paper we will be focused on customer satisfaction with bank services. That is the bank will focus on their product’s quality based on the findings about customers’ needs and preferences. The bank will be able to set prices that are reasonable and affordable by customers and able to compete in the market considering competitors prices. The researcher will also be able to work on placement of their products so that they best reach their customers. The researcher will also be able to know how best to do their promotions. For example how to give higher interests in saving accounts, how to open free charge accounts for children and students. Through promotion, more customers will be attracted to the new terms. Need for marketing research The main aim of marketing research is to obtain information from consumers. This information is used to solve problems arising, learn more about competitors and also evaluate the customer’s needs. Marketing research is also very critical since it will help the bank make informed decisions about innovations and growth of company. It will also inform the researcher about the four P’s. That is the researcher will focus on their product’s quality based on the findings about customers’ needs and preferences. The researcher will be able to set prices that are reasonable and affordable by customers and able to compete in the market considering competitors prices. A MARKET RESEARCH 3 The researcher will also be able to work on placement of their products so that they best reach their customers. The researcher will also be able to know how best to do their promotions. For example how to give higher interests in saving accounts, how to open free charge accounts for children and students. Through promotion, more customers will be attracted to the new terms. The researcher will also be in a position to identify new opportunities that will help it in growth and increased profits. Marketing research problem The market research problem is to determine customer satisfaction with banking services. The researcher comes about this problem after realizing that most of customers are withdrawing from the researcher. They therefore want to find out what they have not been doing and ought to do. Through the market research, the researcher will be in a position to identify why the customers are withdrawing from the researcher. Also they will be able to provide adequate and relevant services to their customers. The researcher will also want to know whether their staffs give the best customer care and if not they will be able to change the management of staffs. After the research the researcher should be in a position to provide alternatives to these problems. This way, the researcher will whore its customers back and even attract more new customers. Research objectives A MARKET RESEARCH 4 Research objectives should be SMART. That is specific, measurable, attainable, realistic and time bound. The research objectives should be specific implying that they should be clear and easily understood. They should also be measurable in that they should be able to be defined statistically in terms of data collection and analysis. They should also be attainable by considering the resources available. They should also be realistic in terms of being able to be applied in real life situations. Lastly they should be time bound implying that they should be attained within the timeline given. The research objectives for this bank include:  To obtain information from the market that will help in proper planning of the researcher  To reduce the costs incurred for marketing like selling, advertisement and distribution costs of banking services and products.  To explore new markets for the products and services offered by the researcher by upgrading the existing ones.  To come up with a better bank pricing policy with regard to the services offered.  To examine in detail the likes and dislikes of the customers for better services.  To understand and respond to market competition through analyzing other banks strategies for better planning.  To understand external forces like government intervention, foreign markets and other policies and regulations and identify their impact in their bank. Research Design There are three types of research designs. They include exploratory research design, descriptive research design and causal research design. Exploratory research design focuses on why type of questions. It focuses on discovery of ideas rather than collecting statistically correct data. Open ended questions are normally used under exploratory surveys. Descriptive research focuses on ‘what’ questions. It is usually pre planned and structured in a way that information A MARKET RESEARCH 5 collected can be statistically analyzed with reference to the population. It defines an opinion, behavior or attitude held by a group of people. It uses closed questionnaires. Casual research design is quantitative and also pre planned just like the descriptive statistics. It explains the cause and effect relationship between variables. In this case the researcher used exploratory research design to find out why customers are withdrawing from the researcher. The researcher came up with an open ended questionnaire that was to be given out to the sampled group. While implementing the research design, the researcher had so many factors to consider which included; how many customers would be interviewed and which geographical areas they would be drawn from, cultural concerns, travel time and distance and length of time the researchers were to spend on the field administering the questionnaires. Types of data and data sources. There are two types of data; Qualitative and quantitative data. Quantitative data is numerical while qualitative data is just a string. In this research the researcher used both data but more of qualitative. There are two types of data sources; the primary data source and the secondary data source. Under the primary data source, the researcher gets first-hand information through interviews, questionnaires and observation techniques. Under secondary data sources information is obtained from written documents. A MARKET RESEARCH 6 In this research the researcher used primary sources of data where all information was collected through telephone interviews and questionnaires. Methods of assessing data There are two methods of assessing data; the qualitative method and the quantitative method. The quantitative method use numbers in interpreting the information. This data is assessed by testing the hypotheses stated to see if they are statistically significant. The qualitative technique of assessing data entails detailed description of situations, events, people, interactions and even observed behaviors. Qualitative technique is inductive and leads to development of new theories. In this case, the researcher used qualitative techniques in assessing the data. This data was obtained through field work. Design data collection forms.