Jul 022012

This activity considers the first phase of the consumer decision process, which is the consumer’s recognition of a need/problem. The list below outlines possible need/problem recognition triggers for new banking services. Your task is to determine which of the potential triggers listed are the more significant ones in terms of impact and which ones should the bank try and leverage into its promotional activities.



The following is a list of possible need/problem recognition triggers for a banking service (from a consumer’s perspective):

  1. New job
  2. Redundancy/job loss
  3. A bank promotional campaign/special offer or deal
  4. Inheritance form the family (or substantial gift)
  5. Getting married
  6. The bank’s competitor’s promotional activities
  7. Retirement
  8. Having a baby
  9. Paying off their home loan
  10. Needing a new car
  11. Local bank branch closing
  12. A new local bank opening
  13. A new bank advertising on TV
  14. Positive/negative media new story regarding certain banks
  15. Increase in banks fees
  16. Poor customer service
  17. Positive referral for a bank from social media
  18. Leaving university/school



  1. Which of the above triggers would be significant enough to influence a change in behavior by the average bank customer?
  2. Which triggers should a bank try and leverage (or exaggerate) through its promotional activities? Are there any triggers that they should try and minimize?
  3. Given the list, do firms need to trigger need/problem recognition, or will this situation simply happen through the consumer’s lifestyle change?
  4. After triggering the consumer’s need for a change in their banking arrangements, what steps does a bank need to do next?



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