Proposed Marketing Research for a Bank

Two conclusive searches one using secondary data and another using primary data and one exploratory research using primary data are those three researches. Finally analysis will be carried out and finding will be documented and will be presented together with verbal explanation at your conveniences. The estimated time frame and budgeted details are attached at the end for further consideration. 2. Background 2.

1 Serenade bank History: The birth of commercial banks roots back to sass' during the British colonial regime when trade, commerce and enterprises like banks opened up in Sir Lankan. In 1988Serenade bank of Ceylon gathered momentum when it became a totally independent entity. 2. 2.

Current Situation of Serenade bank Serenade bank began an unbroken tradition of excellence In service that has continued to what it is today; one of the Best Bank in Sir Lankan. It is currently the benchmark private sector bank in Sir Lankan. Over the years, their clear vision and defined standards, created an identity and forged a unique trend in banking that has brought them recognition year after year. They have maintained their cultural identity, reached to the grass roots and created a style that has set the trend.

Today, their superlative range of products and services, powered by state-of-the-art technological superiority and peopled by a dynamic, highly motivated team have made them what they are, one of the most progressive bank in Sir Lankan. Services Offered By Serenade bank Serenade bank offers a wide variety of services. Some of these services Include: 1 Corporate and Institutional Banking: This service Is offered mainly for business organizations. Here a relationship manager is allocated to each of the customers (who in this case are the businesses institutions).

Here the organization will have access to financing for their exports and imports, equipment and expansion financing, capital financing (which is short term), and term financing that will eventually help to facilitate the development for the business Corporate Banking customers will also get a current account, and will be offered transaction processing, electronic banking, and payment services. 2. Personal Banking: (Current and Savings Account): This account is for Joint account holders, individuals, and minors (if the account is opened for them in trust by either their parent or guardian)Here they have access to their account in any Serenade bank branches, get a free Visa Photo electronic Card, Access to PC and Internet banking, Access to SMS balance inquiry, hospital cash plan cover and 1 million Visa Tams worldwide (Serenade bank). 3. General Services: An outline of the other services that Serenade bank offer include Premium financing, Motor loans, Personal loans, Home loans, Internet banking, Mobile Banking and access to Tam's countrywide.

2. 3 Situations that Leads To Marketing Research: Serenade bank is lately examining that their market share is decreasing no matter owe many promotional activities they are carrying out.They think people who have just ventured into the business world are not fully aware about the bank and the 2 services it offers. Therefore they go to other banks that are frequently advertised and known. Serenade bank usually promotes its services through personal selling to the corporate and institution businesses. This is because through personal selling, the bank is able to customize the promotional message, to fit the potential-customer's needs, so as to convince them to Join the bank, and at the same time, the potential customer will be able to inquire about the services offered.

Serenade bank also advertise through sponsoring events and social welfare activities occasionally to show the community that they care about people around them. However all this has not been so effective as only a few people have Joined the bank. 2. 4 Literature Research: During the past ten years financial and banking sector has gone under drastic changes. This characterized by strong competition, increased deregulation, and lack of growth in the primary demand of the industry.

Customer relationship is also starting to decline.Further financial competition has made financial Institutions to come up with efferent strategies like introducing new innovative services and products to retain their customers. However when a bank comes up with a new innovation, the competing banks and financial institutions are most likely to imitate them. This can also be seen in the Sir Lankan financial Market, where nearly all Sir Lankan banks and financial institutions have come up with innovative services like Internet banking and mobile banking which were not available until recently.Their aim is to attract new customers, and increase market share so as to gain competitive advantage over fifty-six financial institutions currently available in Sir Lankan. Official due to the fact that Serenade bank has many competitors that have successfully 3 managed to promote their products to the public which results in gaining public trust.

In order to increase their market share, Serenade bank could extensively promote the services they offer so as to create awareness. This promotion could eventually, bring in more people into the bank.Corporate advertising should be based on: awareness, persuasion, involvement, and action. If all this is done properly, awareness could lead to trust. Trust is achieved when the potential customer sees the advertisement and is captivated by it.

Interaction with the bank can make the potential customer to be a member of the bank through doing business activities with the bank. When the bank provides good services continuously, the customers will be satisfied, and they will end up being loyal towards the bank.Due to emerging of many banks and increased banking demand, banks have to improve their image as well as promoting their services to increase their share in the market. There are ways that are used by various banks to improve their image. Identifying the institutional necessary publics. 0 Finding out how stakeholders rate the bank.

Identifying misunderstood facts and information. 0 Ensuring that corporate finances are properly managed. 0 Improved Communication channels. 0 Overtime and its effect to the image of the bank.With the emerging of many Serenade banks in the country Serenade banks are left with no alternatives other than to change their operational strategy. Each bank need to create a well-equipped marketing department, which will enable it to meet the competitive edge.

To achieve this they need to improve their reputation, which can be achieved through the following means: 0 Satisfying their customer through reduction of high-tech products/services beneficial to both personal and corporate customers. 0 Introducing the most recent technology like Internet banking where customers can access their services from home or offices. Recruiting, training and maintaining the most qualified personnel who are 4 trustworthy, respected and with ethical standards so as to maintain and offer best services to the customers. 3.

Problem Definition: Here the problem can be seen either as an actual problem or as an opportunity to the organization. In this case Serenade banks decision problem is viewed as an opportunity. 3. 1 Decision Problem: 3. Research Problem: This research will mainly focus on the effectiveness of products and services currently offered by the bank and will also look at the effectiveness of current advertising undertaken by the bank.

. 2. 1 Specific Components : The specific components will be: 0 To determine the awareness people have of Serenade bank through its current advertising methods. 0 To determine how consumers react and feel towards the various promotion methods undertaken by other banks. 0 To determine what motivates consumers to Join Serenade bank or other banks.

0 To determine the perceived image of Serenade bank. 0 To determine the general attestation of Serenade bank consumers. 4. Approach to the problem.

4. 1 . Objective Evidence Objective evidence will be found in reviewing related banks transactions recently. 4.

2. Models 4. 2. 1 .

Verbal Model : Customer gets awareness of the bank then he/she understand the services provided by the bank then he/she prefers it and commit to be loyal. 4. 2. 2. Graphical Model : 4. 3.

Research Questions 1 . How do customers sees the services offered by the serenade bank? 2. How do people perceive the advertisements of serenade bank? 4. 4. Hypothesis 4.

4. 1 . Hypothesis for research question one : HO: Customers sees the services offered y the bank poor. HI : Customers sees the services offered by the bank not poor.

. 4. 2. Hypothesis for research question two : HO: Customers understand the advertisements telecast by the bank.

HI : Customers don't understand the advertisements telecast by the bank. Note that HO: specifies the null hypothesis and HI : specifies the alternative hypothesis. 5. Research Design Methodology 5.

1 Conclusive Research 01 (Secondary Data) : A quantitative research will be undertaken through obtaining information from the Nielsen television ratings for maturation on the advertising effectiveness. 6 5.Exploratory Research ( Primary Data): The primary data for the qualitative research will be collected mainly through Communication will help the researchers in understanding what makes banking customers behave the way they do. A depth interview will be carried out in extensively to understand the extent to the research problems exists. Population for the research is all possible candidates' users banking services in a particular area around a main branch of Serenade Bank.

The sample will be selected based on the conveniences.The interview will also look at people who are aged between sixteen and twenty years. People in this age gap are sometimes bank accounts by their parents or guardians. This will later influence whether they will stick to the bank they currently are in or whether they would like to move too better bank in the future.

The main bulk of the interviews will however focus on working businessmen and businesswomen as they are the main customers for banks, they will be around 25 years onwards. Older people around 75 years will also be interviewed, since most are known to keep their money in the bank during retirement.The interview questions are available in appendices for your further reference. 5. Descriptive Research (Primary Data): A conclusive research will be further carried out in a descriptive manner though providing questionnaire respondents and obtaining their information. The Liker scale will be used in assisting to prepare the questionnaire.

The population will be the same as it is with the case of the exploratory research but the sample will be selected based on the stratified sampling technique where there will be six mutually exclusive strata based on the age starting 18-28, 28-38,....

.... 8-78 and ten respondents will be selected to gain information to the questionnaire account overall sixty respondents.

The nominal, ordinal, interval scales will be used respectively to convert the qualitative information to quantitative so that conclusion can be reached 7 The main aim of the questionnaire will be to determine the quality of services offered in Serenade bank in compared to other banks, and the advertising effectiveness of the bank. The questionnaire is available in appendix for your further reference. 5. 3. 1 Survey Method That Can Be Used : Central Location Intercept method will be used in conducting the survey.Questionnaire will be provided to the customers located within and around the remises of the Serenade bank.

This contains the people who go to Serenade bank or the neighboring banks'. 6. Data Analysis Analysis will be done on the basis of the Nielsen Television ratings. Focus will be provided in finding l.

II. Through which channel maximum respondents have seen the advertisement? At what times the advertisements have seen most? 6. 2 Primary Data Analysis Analysis will be done on the basis of the answers provided to the questionnaires.Focus will be provided in finding both advertising and service effectiveness. Statistical analysis will be provided through histograms', central tendency agreements and measures of dispersions for both advertising and service effectiveness.

7. Reporting A fully detailed documentary essay will be provided at the end of the research which will emphasize the situations leading to decrease in market share enabling the company to make necessary decisions to enlighten the future business activities. Further discussions and presentations can be done on demand about the researches.