Impact of Customer Buying Behavior on Commonwealth Bank of Australia

Running head: MARKETING MANAGEMENT
Marketing Management
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Table of Contents
Introduction................................................................................................................................2
Social factors and their influence on consumer decision-making and brand switching............2
Results from Situational Analysis..............................................................................................5
Individual difference influence factors and their influence on consumer decision-making......9
Recommendations....................................................................................................................12
Conclusion................................................................................................................................13
References................................................................................................................................14

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Introduction
Ozuem, Howell & Lancaster (2016) are of the viewpoint that dynamicity of the
contemporary business world had caused a significant amount of change within the buying
behavior of the customers and also the kind of products or services that they opt for. Different
organizations are resorting to the usage of different kinds of strategies so as to influence the
buying behavior of the customers in the best possible manner and thereby to earn a higher
amount of revenue (McIlroy, 2018). This report will analyze the concept of customer buying
behavior and the impact of this concept in the particular context of the organization
Commonwealth Bank of Australia.
Social factors and their influence on consumer decision-making and brand switching
Commonwealth Bank of Australia also known by the name of CBA, founded in 1911
is not only the largest bank of Australia but also the largest bank of the entire Southern
Hemisphere (Commbank.com.au, 2019). More importantly, the bank is known for the
plethora of financial services that it offers to the customers starting from personal loans,
saving accounts to retail or commercial loans, insurance, pension plans and others
(Commbank.com.au, 2019). Furthermore, the bank under discussion here currently offers
employment services to more than 52,000 people from different parts of the nation and the
gross revenue generated by the organization for the year 2017 was more than A$26.005
billion (Commbank.com.au, 2019). In addition to these, the bank in conjunction with
Westpac, First National Bank and ANZ is called by the name of “Big Four” because of the
economic contribution that they make towards the national economy of Australia (McIlroy,
2018). However, the results of the Royal Banking Commission of 2017 revealed that the bank
along with the other ones of Australia were taking the help of unethical as well as unfair
business practices to enhance the amount of revenue gained by them and were at the same

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time misleading the customers as well (O'Connor, 2018). This had adversely affected the
business prospects of the under discussion here and the net result of this is that the bank had
lost a substantial amount of the monopoly that it used to hold in the financial business market
of Australia.
The customer base on which the organization under discussion here is currently
focusing are the working class individuals who belong to the age bracket of 30-54 years of
age. More importantly, it is seen that although the organization takes had taken the
individuals related to this particular age bracket as their major customer base it is seen that
different kinds of services are being offered by the organization to the diverse people related
to this particular bracket so as to accommodate each and every need of theirs (Pilbeam,
2018).
Figure 1: Target Customer profile of CBA
Source: (Pilbeam, 2018)