Chapter 1 Version 3e 1

chapter

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The Engel-kollat and blackwell model of buying behaviour

Information Search

Evaluation of Alternatives

Purchase

Post-Purchase Behaviour

Problem Recognition

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This is concerned with understanding the needs

and wants and the extent to which consumers are

motivated to satisfy those needs and wants.

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To the extent that the nature of financial service encourages consumers to

be rather passive, the extent of information

search is likely to be limited

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Chapter 1 Version 3e 4

These are difficulties consumer face when

gathering information.

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Chapter 1 Version 3e 5

If the product evaluation is good then the customer

would be expected to make a purchase.

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Chapter 1 Version 3e 6

The difficulties will tend to suggest that personal

consumers in particular might experience

significant doubts after making their purchases.

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Chapter 1 Version 3e 7

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The provision of some physical evidence is probably the most common approach to dealing with intangibility.

Tangibilise the service

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The lack of interest in many financial services can often be addressed by focusing on benefits gained from

purchase of the products.

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Chapter 1 Version 3e 9

This is to emphasise the performance and quality of organisation and its people

to reinforce trust and confidence and to reduce

perceived risk.

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Chapter 1 Version 3e 10

This is done through ATM, automated phone based

systems and internet based systems.

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The banks turndown applications from other customers which may

simply reflect the overall importance of profit and unwillingness to supply

loan.

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The simplest route is to emphasise honesty and prudence as themes in

promotional campaigns.

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Chapter 1 Version 3e 13

This is down by considering reward

systems with a view to eliminating or at least

reducing the reliance on commission based selling.

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