21-10-2016, 04:26 PM
The effect of marketing mix in attracting customers: Case study of Saderat Bank in Kermanshah Province
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Introduction & Structure of the paper:
Progress and transformation in industries, institutions and companies has to do with their ability to deal with problems, activities, as well as competitors. Each institution should adopt policies with respect to long-term vision, mission, goals, opportunities, arrangements and using internal facilities of an external to develop comprehensive marketing, because in today's global business environment there is increasing complexity, rapid change and unexpected developments. Banks and financial markets have become competitive in recent years with the development of science. The task of marketing manager is to analyze, plan, implement and control the marketing program effectively by studying the market and applying marketing mix variables also which is also called marketing management. Today advertisement is also a part of marketing management. Marketing management also includes marketing mix.
What is marketing mix? Marketing mix is a set of controllable elements of marketing strategies and tools of a company and combining these elements. Product price place and promotion are the main elements of marketing mix. Marketing mix is use useful to understand what marketing. It is helpful devise in teaching and in business and also helpful in giving an answer to the question which is often raised. Planning and allocating resources have become company’s prominence. Due to increase in technology and customers dynamics media has evolved into new digital channel.
In Iran financial market institution Is the main source of capital for buying products or services. This study is to investigate how marketing mix is affective in attracting customers to saderat bank in Kermanshah province. 250 questionnaires were collected with 30 questions in it but 230 were taken into consideration. Test was conducted to check whether it has significant positive effect on attracting customers.
Research Methodology:
In this article, they used primary research methodology. They prepared a questionnaire which consists of 30 questions, which is used to collect information in this research. 250 questionnaires were collected from the customers of the Saderat Bank. They applied stratified random sampling technique for conducting survey. By this research they have concluded that saderat bank has positive effect in the factors of marketing mix.
Major Findings:
This study examined the hypotheses and the results were either confirming or rejecting them.
1. The First Hypothesis Test.
• In the First hypothesis there is significant relationship between income of customers and their deposit in the bank. The higher the income of customers, the more willing they would want to invest in the bank.
2. The Second Hypothesis Test
• In the Second hypothesis H0 is rejected and H1 is accepted in which there is a significant relationship between providing quick and convenient services to the customers and their deposit in the bank.
3. The Third Hypothesis Test
• In the Third hypothesis H0 is rejected and H1 is accepted in whichthere is a significant relationship among the diversity of the customer service and increased awareness and resources to attract customers to the bank.
4. The Fourth Hypothesis Test
• In the Fourth hypothesis H0 is rejected and H1 is accepted in whichthe use of advertising to attract customers to the bank is significant
5. The Fifth Hypothesis Test
• In the Fifth hypothesis H0 is rejected and H1 is accepted in which there isAccelerating the transfer of facilities and resources to attract customers to the bank is significant.
Criticism:
The paper tells about marketing mix which are mainly 4Ps. And the hypothesizes are tested on the 4Ps only i.e. product, price, place promotion.
The test is quite relevant to the topic discussed and the methods used are very simple. My opinion is that chi square test would have been more effective in this case where a variable is dependent on another (having a bank account is dependent on income level).
Now if we see deeper into the study we can see that in the two field method one sample i.e. information from bank record includes the people only having account in that bank and it strikes off those people having account in another bank and people who are willing to open a bank account but facing some constraints.
Though the paper mainly focuses on the 4Ps but it also discusses other Ps (like participants, physical evidence etc.). These additional Ps (proposed by many recognized people) have not been tested.
In the test many constraints have not been taken into account.
And two shortcomings discussed in the paper are a few limitations that present opportunities for further research. First, the survey respondents were chosen from a convenience sample and the representativeness of the sample may be questioned. Second, this model was tested for validity and reliability only in the context of luxury restaurants in Iran. Ideally, national relationship quality indexing should be conducted in different sectors simultaneously, and the model should be tested periodically. Only then can the results be compared with other countries‘ relationship quality indices.
The logical flow of the content is good. I found it interesting while reading and did not get bored.