Challenges in the Era of Globalization - iaabd

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Proceedings of the 12th Annual Conference © 2011 IAABD Limited (IBG) were the dominant banks in the study. The choice of IBG is not surprising as it is the nearest bank to students on IPS campus. Ecobank is reputed to be a prestigious bank and it has a positive corporate image. Conclusion and managerial implications To determine the managerial implications of these results for bank marketing, the findings were analyzed using Huu and Karr’s Analytical Hierarchy Framework (AHP). Based on these findings, we propose an adaption of the framework presented below. The framework (Figure 3) indicates that bank must consider the four levels to attract and nurture their relationships with undergraduate students. At the first level, banks must interrogate reasons for banking by undergraduate to help them integrate those factors into their marketing tools. The second level requires that bank managers incorporate the three most important criteria undergraduates consider in their bank selection decisions namely convenience, customer service and speed into their value proposition and deliver on those promises. The third level focuses on the other six dimensions of bank selection criteria, including prompt feedback, bank support, company’s choice, international presence, minimum balance and bank image. Bank managers must use these factors to differentiate their services. The company choice dimension requires that banks employ a relationship marketing approach to nurture their relationship with companies. In so doing, they win over their employees as well. The final level describes the alternative banks available and therefore the respective banks must brand themselves based on the various dimensions identified. Figure 3: Proposed Analytical Hierarchy Framework (AHP) for undergraduate bank selection in Ghana. Prompt feedback Decision to select a bank Convenience Customer service Company’s choice International presence Minimum balance Banks in Ghana Source: Based on findings from focus group discussion Speed of service Bank support Bank image 602
Challenges in the Era of Globalization Edited by Emmanuel Obuah The findings should be of immense interest to banks since the strengths and weaknesses of the respective banks could be identified. This should help the banks to better position themselves and formulate effective strategies to gain competitive advantage. As Huu and Karr (2000) noted, “it is important to understand the preferences of the bank customers and to design strategies to match their needs and the products/services of the banks”. The modeling of consumer preferences by the AHP could have a crucial role in bank marketing in Ghana. This study however used only subjective criteria based on focus group discussions and therefore other researchers can test the framework quantitatively to allow for generalization. References Almossawi, M. (2001), “Bank selection criteria employed by college students in Bahrain: An empirical analysis”, International Journal of Bank Marketing, 19(3), 115-125. Anderson, W.T., Cox, E.P. and Fulcher, D.G. (1976), “Bank selection decision and market segmentation’, Journal of Marketing, Vol. 40, pp. 40-5. Beerli, A., Martin, J. D. and Quintana, A. (2004), “A model of customer loyalty in the retail banking market”, European Journal of Marketing, vol. 38 No. 1/2, pp. 253-275. Beckett, A ., Hewer, P. and Howcroft, B. (2000), “An exposition of consumer behavior in the financial services industry”, International Journal of Bank Marketing, 18(1),15-26. Blankson, C., Ming-Sung, J. C. and Spears, N. (2007), “Determinants of banks selection in USA, Taiwan and Ghana”, International Journal of Bank Marketing, vol. 25 No. 7, pp 469-489 Boyd, W.L., Leonard, M. and White, C. (1994), “Customer preferences for financial services: an analysis”, International Journal of Bank Marketing, Vol. 12, No. 5, pp. 9-15. Buerger, J. E. and Ulrich, T. A. (1986), “What’s important to small business in selecting a financial institution”, Journal of Commercial Bank Lending, Vol. 69, pp. 3-9. Cook, D. T. (2009), “Knowing the child consumer: historical and conceptual insights on qualitative children’s consumer research”, Young Consumers, Vol. 10, NO. 4, pp. 269-282. Cunningham, L.F., Young, C.E., Lee, M. and Ulaga, W. (2006), “Customer perceptions of service dimensions: cross-cultural analysis and perspective”, International Marketing Review, Vol. 23 No. 2, pp. 192-210. Dickinson, J.R. and Wilby, C.P. (1997), “Concept testing with and without product trial”, Journal of Product Innovation Management, Vol. 14 No. 2, pp. 117-25. Denton, L. and Chan, A. K. K. (1991), “Bank selection criteria of multiple bank users in Hong Kong”, International Journal of Bank Marketing, Vol. 9, No. 4, pp. 23-34. Devlin, J.F. (2002), “Customer knowledge and choice criteria in retail banking”, Journal of Strategic Marketing, Vol. 10 No. 4, pp. 273-90. Evans, R.H. (1979), “Bank selection: it all depends on the situation”, Journal of Bank Research, Vol. 12, pp. 242-245. Gerrard, P. and Cunningham, J.B. (2001), “Singapore undergraduates: How they choose which bank to patronize”, International Journal of Bank Marketing, 19(3), 104-114. Gilbert, E. (1957), Advertising and Marketing to Young People, Printer’s Ink Books, Pleasantville, NY. Gupta, Y.P. and Torkzadeh, G. (1988), “Re-designing bank service: systems for effective marketing”, Long Range Planning, Vol. 21, pp. 38-43. Hinson, R., Dasah, J. and Owusu-Frimpong, N. (2009), “Undergraduate first time bank customers’ perception of service quality in Ghana”, International Business Economics, Working Paper Series, No. 49. Hinson, R., Owusu-Frimpong, N. and Dasah, J. (2009), “Key motivations for bank patronage in Ghana”, International Journal of Bank Marketing, Vol. 27 No. 5, pp. 381-399. Holstius, K. and Kaynak, E. (1995), “Retail banking in Nordic countries: the case of Finland”, International Journal of Bank Marketing, 13, pp. 10-20. 603
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Challenges in the Era of Globalizat
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Table of Contents Challenges in the
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Lennart Bangens, Goteborg, Sweden C
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Local Steering Committee Jacob Musi
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Track 1: Accounting, Finance, and I
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Abstract Challenges in the Era of G
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Abstract Determinants of Bank Lendi
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Empirical Results Challenges in the
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Table 3 Determinants of Competitive
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Research Findings Challenges in the
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Abstract: Study on Africa Governmen
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Abstract Challenges of Oil Revenue
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Abstract On the Mitigation of Rever
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Figure 1: Lagos off shore survey po
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Track 5: Management Education Chall
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Table: Model Fitness Regression Sta
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Conclusion Challenges in the Era of
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37. Provision of sound education fo
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The cost structure Challenges in th
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Empirical Analysis Challenges in th
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Abstract The Changing Requirements
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The Model, Data and Variable Defini
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Empirical results Challenges in the
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Abstract Gender, poverty and sustai
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Figure 1.1: Spread of directorships
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Theoretical Framework Challenges in
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Single 18.1 Masters and above 35.3
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Source: Field survey, 2010 Table 3:
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Conclusions and Implications Challe
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Abstract Exploring Organisational R
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Table 1: A Summary of Operating Ban
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Discussion and Conclusion Challenge
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Abstract What does Globalization me
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