CONSUMER BEHAVIOR PERCEPTION PRIVATE BANK VS PUBLIC BANK

Consumer Perception
The process by which an individual selects, organizes, and interprets stimuli into a meaningful and coherent picture of the world. Elements of Perception
Sensation

Absolute

threshold Differential threshold Subliminal perception

Aspects of Perception

Selection: It is the process by which you select or choose what you want to attend to and what you want to disregard. Organization: It is the process of grouping and organizing perceptions in a manner that leads to forming a complete picture of a scenario. Interpretation: It is the process of making a good sense out of the selected and organized perception for anything.

Factors affecting Perception

Cultural

Social Class Culture Family Status Reference Groups Age Occupation Lifestyle Economic Condition Motivation Belief Attitude

Social

Personal

Psychological

Consumer Perception for Banks

The marketing decisions taken in banking industry mainly depends on the seven essential factors which are also called as seven Ps. Product: Features of services offering in form of deposit, loans as per customer requirement Price: Interest Charges, Discount, Fees and Commission should be competitive Place: Branches, ATMs, Mobile and Internet Banking for core banking solutions. Promotion: Usage of mass media for personal selling an direct Marketing People: Bank employees behavior and attitude for work Process: Transaction time, accuracy and convenience for getting a transaction processed. Physical Evidence: It is a highly rational part in banking services.

Private Bank Vs Public Bank

Chosen Private Bank: ICICI Bank Chosen Public Bank: SBI Bank A survey of 170 people was taken for perception for ICICI Bank Vs SBI Bank. All charts will be shown in percentage.

Vs

Customer Distribution

35 30 25 20 15 10 5 0

29 25 18

28

ICICI Bank

SBI Bank

Other Private Bank

Other Public Bank

Customer Satisfaction
15 32 ICICI Bank SBI Bank 28 25 Other Private Bank Other Public Bank

Product

40 35 30 25 20 15 10 5 0

36 25 26

13

ICICI Bank

SBI Bank

Other Private Bank

Other Public Bank

Price
29 22 ICICI Bank SBI Bank Other Private Bank

15

34

Other Public Bank

Place

40 35 30 25 20 15 10 5 24

37

22 17 Series1

0
ICICI Bank SBI Bank Other Private Other Public Bank Bank

Promotion
14

33
30 23

ICICI Bank SBI Bank Other Private Bank Other Public Bank

People

35 30 25 20

31

33

21 15

15 10 5 0 ICICI Bank SBI Bank Other Private Bank Other Public Bank

Process
14 26 ICICI Bank SBI Bank 33 27 Other Private Bank Other Public Bank

Physical Evidence
35 31 30 25 20 15 10 5 0 23 19

27

ICICI Bank

SBI Bank

Other Private Bank

Other Public Bank