[PDF] Consumer Behaviour assignment

Added on - 28 Jan 2020

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Consumer Behaviour
Table of ContentsINTRODUCTION..........................................................................................................................2TASK 1............................................................................................................................................31.1 Current market trend analysis of banking sector...................................................................31.2 Current market position of Lloyd banks.............................................................................41.3 Impact of Sector’s characteristics on consumer behaviour..................................................52.1 Anticipating and influencing consumer behaviour in the banking sector............................6CONCLUSION..............................................................................................................................7REFERENCES...............................................................................................................................8
INTRODUCTIONFor making marketing strategies there is need to understand and acknowledge about theconsumer behaviour. For any organization to increase their profit and market values, they need toconvince more and more customers. Consumer behaviour can be defined as analysing andidentifying the nature of the customers for purchasing the goods and services in the market.Globalization and urbanization has made changes in the preference of the consumers. Theypreferences depends on the different features of the products. The report focuses on the buyingbehaviour and need of influencing the customers. Through this report different types reader caneasily understand different factors affecting buyers behaviour. In UK costumer don't have faith inbanks established their as compared to other countries. They have negative trust on the banks .New strategies need to adopted and banks should focus on the getting back the trust factor of theconsumers. This will establish new relationship and increased in source of profit making. Thisreport focus on the UK based bank i.e. Lloyd's bank and how they influence more consumers.TASK 11.1 Current market trend analysis of banking sectorMillions of customers are their in Lloyd's Banking group established in UK in year 1995.The form mostly focuses on the retail and financial factors. They mainly focuses on the desire ofconsumers, business and communities. Trends can be defined as comparison between the marketcurrent values and previous values or base position. Banking sector are needed to get loans andinvest money in the business sector to generate more revenue. In recent trends, due to improvedtechnology and innovations the payment methods have improved. This makes the banking sectormore convenient and easier to use. This creates the cashless payment or online payment options.This leaded to great costumer satisfaction and more benefits. Through increased in the onlinepayment method, also allowed the payment of the suppliers thorough the cheques. According toall this it is increasing the market values of the marketing sector. Lloyd's bank give loans to thesmall and big business firms and earn more through them. Through this banks contribute more inthe economy of the country. On the basis of the market analysis there is increment in the noncard payments. The main role of banking sector in terms of consumer is to serve, satisfy, please,delight and retain the costumers. Their are different methods through which customer's can
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