THE TREND OF RE-BRANDING OF BANKS IN INDIA
Biagio Bossone (2002) in his study stated that re-branding of the Banks involves heavy cost and it also takes into account all the stakeholders of the Bank. Thus, a company must analyze the need of re-branding before undertaking the steps of re-branding. This is because of the fact that re-branding strategies may isolate the bank itself from its customers who are loyal to the bank and would like to be associated with their old brand. Moreover, the new brand image may or may not highlight the ‘right’ image of the bank at the target customers. Furthermore, the banks need to look deeply into the product branding it incorporates.
According to the study conducted by Ravi Kumar Sharma (2011), customers in India are nowadays well informed and more educated. Moreover, the mindset of the Indian customers is changing very quickly and so the brands themselves have to adapt to the changing customer's taste and preferences. As a result, banks have to undertake re-branding strategies to cope up with these changes taking place in India. However, it should be noted that heavy cost and participation of all the stakeholders of the bank are involved when banks undertake re-branding strategies.
BRAND LOYALTY AND THE ROLE OF CUSTOMER SERVICE
Brand loyalty of a customer exists when he/she repurchases a particular brand. A customer undertakes such repurchases of the brand when he trusts the brand name and perceives that the product is perfect for him. This brand loyalty helps the companies to achieve a strong position in the competitive markets and thus the company might benefit from a competitive advantage. Moreover, such brand loyalty can also be highlighted as the deliberate asset of the company in question...
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In 1978 a complex definition of brand loyalty was proposed by Jacoby and Chestnut stating “a biased, behavioral response, expressed over time, by some decision-making unit, with respect to one or more brands out of set of such brands, and is a function of psychological processes” (Essays, UK). In 1994, Wilkie defined brand culture as, “a favorable attitude toward, and a consistent purchase of, a particular brand” (Essays, UK). These definition means that consumers are loyal if the attitude, and behavior is favorable. The better the attitude the more likely the brand will have a higher brand loyalty percentage. The last definition of brand loyalty evolved in 1997 by Oliver stating, “a deeply held commitment to repurchase or patronize a preferred product or service consistently in the future, thereby causing repetitive same-brand or same brand-set purchasing, despite situational influences and marketing efforts that have the potential to cause switching behavior” (Essays, UK).
For example Safaricom has definied their business broadly by not only being in the telecommunication industry but also in the banking industry. They have continued to reinvent themselves according to their customers’ demands. As they introduced mobile money Mpesa, a need arose for consumers to be able to pay for services and products using their mobile phones and Safaricom then introduced Lipa na Mpesa and then the customers needed somewhere they could save and borrow money and introduced M- shwari. The following strategies should be adopted by marketing professionals to adopt and avoid being
The research study focussed on analysing the customer perception of Titan SKINN. The research gives us an insight into what the customer percieves of the new brand, based on this the company can formulate strategies that can be adopted by them to build higher brand loyalty.There were various dimensions that were analysed,brand satisfaction and brand image, when have a relationships amongst each other within the minds of the customers form either a positive or a negative perception for the brand. The correlation was conducted between these dimensions for Titan SKINN. It was found out that there is a positive correlation between the dimensions. Each of the 2 dimension, is positively correlated
The objective and aim of this paper is to provide details on the proposed solutions and interventions that will improve the brand management strategy of Procter & Gamble, given the concerns raised in the first paper. As a result of the diversifying consumer needs and increased competition, the product centric method of P&G might change its brand management approach from product promotion to driving up consumer value perception and changing brand portfolios in order to increase the level of consumer loyalty and traction on P&G products (Di Somma, “Why Brand Management will replace Marketing”). The format of this paper is designed to discuss the identified issues and challenges in the area of P&G brand management while also providing solutions
Poverty is the main problem of everywhere. For the last thee decades several developing and developed countries taken several steps to alleviate the poverty. In the world %??(how much %) people are living life below the poverty line their daily or monthly income is less than $ xxx(how much) . One main step is the establishment of Microfinance Institutions which are providing micro credits to the poor people without any collateral. The performance of these institutions is very attractive even some commercial banks also started micro financing on commercial basis.
The roles of internal branding process and hierarchical level associate with employee’s knowledge and buy in behavior
Over the last 15 years microfinance institutions (MFIs) have rapidly expanded. The number of poor families with a microloan has grown from 7.6 million in 1997 to 137.5 million in 2010. Microcredit has generated significant confidence for fast poverty alleviation; creating a multiplier effect leading to the eradication of poverty and hunger, universal primary education, the promotion of gender equality and empowerment of women in developing nations. It can be argued that microcredit is a “win-win” opportunity, in which the poor are given the financial capital and means to pull themselves out of poverty trap (Duflo, E et al, 2013). However this essay will be analyzing the potential drawbacks as well as benefits MFIs face by providing loans to the poor. In recent years Microfinance has been subjected to heavy criticisms from economists arguing that MFIs are having a negative impact in developing countries. Questioning whether microfinance will be able to reduce worldwide poverty and raise the living standards of the poor?
By communicating a new value proposition, brand management aims to change the brand’s former brand percep-tion and link the new brand image to the new position. Of course, also within re-positioning, new attributes have to demonstrate points of difference and superi-ority. By emphasizing the brand’s uniqueness, management enables the cus-tomer to perceive higher brand value in their mind (cf. Friis 2009, p. 19). If the brand elements are not relevant for the target audience or the brand proposition was not chosen correctly, brand identity will not be perceived as credible and communication will fail. Therefore, companies have to analyse their target groups accurately before choosing new attributes, which they want to communicate. Management has to find out what are the target audience’s needs, wants and desires and what do they believe in. The organizations values should in best case overlap with the values of the audience. New brand attributes have to follow specific communication objectives, which are focussed on changing the custom-ers’ perception (cf. Feddersen 2013, p.
Problem situation: Rosewood brand was muted, not very well known but it was not clear what is the best corporate branding strategy without destroying the value of each individually branded hotel and loosing a customer. A new branding strategy proposing an increased customer profitability and lifetime value is needed.
The first and arguably most common effect of poverty on society is its financial impact (Veritta, 2008). In many of the societies that experienced significantly high levels of poverty, debt was increasingly common, and especially debt accrued from moneylenders (Hatcher, 2016). For many individuals living in poverty, access to financial services such as banking is often stifled and rudimentary, making it difficult for such individuals to access self-improvement loans at standard and fair rates (Yoshikawa, Aber, & Beardslee, 2012). For these individuals, moneylenders are the best option available, which results in them paying exorbitant interest rates. The interconnection between poverty and finance, however, is cyclic in nature. The lack of finances or access to financial services causes poverty, which in turn causes an isolation of individuals from finances and financial services (Hickey & du Toit, 2013). This makes poverty a fairly complex problem to
At one of our quarterly All Hands meetings, the president of our division discussed how growing the market share was critically important in the digital banking space. The key goal is to continue to lead this space in the future, but doing so becomes increasingly more challenging as new market competitors try to steal share. To keep ahead, we need to always bring our “A” game to the market. To create blue ocean strategies would require innovation, customer engagement, and out of the box thinking. We have to consider buyer utility, pricing, cost, and adoption. To do this would require us to be strategic about how we design, build and price our products. Even the way the business manages the different consumer segments is important. There is differentiation of the needs of different types of financial institutions. The customer centered brand management strategy we discussed in class is very useful to this type of organization. How we market to large national banks should be different than how we market to small town banks. Generally, small banks do not have the technology budget to invest in large scale digital channel solutions. Many companies decided to have different brands for their different customer segments. We discussed how this works successfully for car companies. For Digital Channels,
Microfinance refers to provision of financial services to poor or low-income clients, including consumers and self-employed.in other words, it refers to a movement that envisions “a world in which as many poor and near-poor households as possible have permanent access to an appropriate range of high quality financial services, it includes not just credit but also savings, insurance, and fund transfers.”. Promoter’s microfinance generally believes that such access will help poor people out of poverty.
Even with commodities, there are quite a few parameters which brands can use to position themselves to capture a place in the consumer’s memory and consequently in their shopping basket. A few of the more widely accepted of them are: Consistency of Product Quality, Customization of the product to the extent possible, Providing a wider range of products, Identifying the most profit generating segments of the market and modifying or adding an offering to cater to their specific needs, Unique packaging, Emotional Branding and even basing branding on building a unique image to the extent of professing to have a brand personality. In fact focusing on getting consumers to build an emotional identification with the brand and its personality has a far longer lasting effect and builds far greater loyalty than focusing on just functional and utility attributes which a competitor would also able to easily match if not surpass.