This report is about customer spending via credit card, which has become the consumer's culture. The statistics show there is an increase in popularity. The rise of the credit card has seemingly eased the opportunity of the consumer purchase for making credits.
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Marketing research essential1 Marketing Research Essential Student’s name University Date
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Marketing research essential2 Table of Contents Introduction.................................................................................................................................................3 Literature Review........................................................................................................................................3 Management problem..................................................................................................................................4 Research problem........................................................................................................................................4 Research objectives.....................................................................................................................................5 Type of research..........................................................................................................................................5 Conclusion...................................................................................................................................................6 Reference.....................................................................................................................................................7
Marketing research essential3 Introduction This report is about customer spending via credit card, which has become the consumer's culture. The statistics show there is an increase in popularity. The rise of the credit card has seemingly eased the opportunity of the consumer purchase for making credits. The report will analyze the problem management and encounter absolution to encounter the problem. Literature Review The Credit card is a small plastic plate given to the individual customer as the payment system. This card allows the holder to buy products and services. The provider of the card develops an account and endowments a statement of credit to the user, from which the customer can borrow the cash in advance for the payment. The growth in the Common Wealth Bank, there is an increase in the expectation of clients. There is an expectancy and more complexity in the necessary change of the market in the banking services in the coming years. The Common Wealth Banks endorse the use of the technology at a high time, whereby they are required to revolutionize their market to continue making the share to stay at the top. There should be wide- ranging care on cultural orientation since a principle is needed to concertize social marketing. The service generation and banking thought to have the ways to satisfy the users and cultural orientation (Ming-Yen Teoh, Chong, and Mid Yong, 2013).
Marketing research essential4 Management problem The use of credit card on commonwealth has not gained widespread popularity, and this is due to customer lack of awareness, fewer shops having card swipe facility and weak links. Another problem most of the time banks' relationships were down when customer try to use credit cards on the swap machine; this is because of electricity catastrophe or telephone line difficult. The customer prefers to make cash payment (Singh, Murthi, and Steffes, 2013). The credit card users claim the secreted controls of banks were the main problem in the approval of malleable money. Research problem This states the possible solution, which should be understood to solve the problem (Zareapoor, and Shamsolmoali, 2015): -The company should invest in an electricity backup generator that can enable to overcome the challenges and ensure a free service. -To encourage shops to invest in facility swap machine. This will help customers to spend via credit cards. -There is a lack of awareness of customer in the usage of the credit cards, and they should be provided with knowledge on how to poses the credit card.
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Marketing research essential5 Research objectives The objectives of this research report are (Hair, Wolfinbarger, Money, Samouel, and Page, 2015): oTo determine the influence use of credit cards on the commonwealth bank. oTo determine perception, satisfaction, and awareness with credit cards of the consumers. oTo scrutinize the correlation between each factor and the use of credit cards. Type of research The following are types of research that can be used to conduct the research analysis (Rushin, Stancil, Sun, Adams, and Beling, 2017): 1.Age versus the credit card expenditure – this is an important finding. The reason to use this method is to research the age group ranging from 31-45 because they are the one who plans the expenses. Most of these people their lifestyle is unplanned, and also they know where to spend and use the credit card. 2.The major credit card used – the method help in the findings for which bank has many people using the credit card. This method analysis identifies the bank which has multiple premium customers with high-value transactions 3.The most opted option when somebody checks for a credit card – most people are likely on the online thing offices the entire process is at ease due to the usage of credit cards. 4.The marital status plus how they spend through the credit card – the credit card expenditure goes hand in hand with the marital status, in this finding the singles spend much for leisure while the financial planning is low at the age of below 30 mostly they spend on vacation and electronics.
Marketing research essential6 Conclusion The credit cards witness considerable growth in the past years. ICICI, the critical player notched the landmark by taking the position one in the player segment. It went further and concluded there are several bank user who does not know the usage of the Credit cards (Hayashi, 2012). A lot of people see the credit card, but they don't possess it because of fearing the debt trap. The educated and high earners people usually use the credit cards resulting in high limit credits. The credit card is yet to find its potential markets since the cardholders lack the relevant proper advice from the banks. Customer satisfaction is found to be less due to the high rates, and the extended credit card use is less due to the high proposition of cardholders.
Marketing research essential7 Reference Hair Jr, J.F., Wolfinbarger, M., Money, A.H., Samuel, P. and Page, M.J., 2015.Essentials of business research methods. Routledge. Hayashi, F., 2012. Mobile payments: What's in it for consumers?.Economic Review-Federal Reserve Bank of Kansas City, p.35. Ming-Yen Teoh, W., Chong, S.C. and Mid Yong, S., 2013. Exploring the factors influencing credit card spending behavior among Malaysians.International Journal of Bank Marketing,31(6), pp.481-500. Rushin, G., Stancil, C., Sun, M., Adams, S. and Beling, P., 2017, April. Horse race analysis in credit card fraud—deep learning, logistic regression, and Gradient Boosted Tree. In2017 Systems and Information Engineering Design Symposium (SIEDS)(pp. 117-121). IEEE. Singh, S., Murthi, B.P.S. and Steffes, E., 2013. Developing a measure of risk-adjusted revenue (RAR) in the credit cards market: Implications for customer relationship management.European Journal of Operational Research,224(2), pp.425-434. Zareapoor, M. and Shamsolmoali, P., 2015. Application of credit card fraud detection: Based on bagging ensemble classifier.Procedia computer science,48(2015), pp.679-685.