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.
ACTIVITY/TASK
The following is a list of possible need/problem recognition triggers for a banking service (from a consumer’s perspective):
- New job
- Redundancy/job loss
- A bank promotional campaign/special offer or deal
- Inheritance form the family (or substantial gift)
- Getting married
- The bank’s competitor’s promotional activities
- Retirement
- Having a baby
- Paying off their home loan
- Needing a new car
- Local bank branch closing
- A new local bank opening
- A new bank advertising on TV
- Positive/negative media new story regarding certain banks
- Increase in banks fees
- Poor customer service
- Positive referral for a bank from social media
- Leaving university/school
QUESTIONS
- Which of the above triggers would be significant enough to influence a change in behavior by the average bank customer?
- Which triggers should a bank try and leverage (or exaggerate) through its promotional activities? Are there any triggers that they should try and minimize?
- Given the list, do firms need to trigger need/problem recognition, or will this situation simply happen through the consumer’s lifestyle change?
- After triggering the consumer’s need for a change in their banking arrangements, what steps does a bank need to do next?
