How Consumers Construct Brand Equity In The Retail Banking

How Consumers Construct Brand Equity In The Retail Banking

Students nameInstitutional affiliationsHow Consumers Construct Brand Equity In The Retail Banking Sector
Theoretical perspective-philosophical stance behind pragmatism
A major challenge to the study is the complexity in measuring customer brand preferences due to the wide scope of brand factors. However the products of services defining a brand can be evaluated objectively by analyzing the link between consumers and brand equity. To determine this relationship in the banking sector a proactive research approach will be utilized in the study. Pragmatism as an approach to the study allows the implementation of both qualitative and quantitative approaches to the research design of study. The pragmatic approach will endeavor to collect qualitative and quantitative data from the consumer and players in the banking sector. The methodology allows collection of data relating to consumer experiences preferences and how this preferences are constructed. Interviews of bank personnel consumers and experts in the banking sectors provides a rich data source for establishing correlations (I didnt do that the guidelines clearly say that its consumers based). Among the approached used qualitative research entails designs techniques and metrics that do not result to discrete numerical data (Biesta 2010).The approach integrates a group of interpretive techniques which aim at describing translating and decoding phenomena in society. In the study qualitative data will be collected from consumers and banking sector employees (no this wrong) to create a thematic description on brand equity. The number of times and event occurs (frequency) is not relevant to the qualitative research designs. In addition the findings of qualitative research in understanding brand equity elaborates how and why consumers prefer certain well established brands over others. Moreover it analyzes what factors influences their behavior in choosing of banking services. Data collection and analysis are integral parts of the research design (Feilzer 2010). In collecting data the research will use focus group discussions to gather knowledge from the banking sector service providers (no) and consumers. Moreover analysis of qualitative data will be undertaken using content analysis (how?) to facilitate systematic synthesis of findings based on their relevance to construct consumer brand equity. Analysis of qualitative data will provide guidance for describing the consumers perception of value in consideration of banking service providers. Further the analyzed data will evaluate and clarify the factors enhance consumer construction of brand equity. ???????? how is this linked to my research ?????Further the study will also incorporate the use of quantitative research design in he mixed methods of the study. Quantitative research includes technique and approaches that result in discrete numerical data. In form of research the results derived from the study can be empirically quantified (Feilzer 2010). Data relating to consumers in the study will be collected through questionnaires to yield useful empirical data. Analysis of the data is undertaken using human analysis or specialized computer software e.g. SPSS MS Excel among others.
The mixed approach presented in the pragmatism school of thought allowing the use of qualitative and quantitative approach augments the quality of data collected. The study will have a comprehensive skills base to analyze case studies (???????) relating to consumer construct brand equity in the retail banking sectors. Qualitative data allows investigation of non-numerical aspects of brand equity (how?). In addition quantitative data will provide metrics and statistical evaluation of brand equity and how its relationship to consumer perspectives. In addition there is a mutually supplementary relationship between the two approaches in the study (Feilzer 2010). Quantitative methods supply data to be analyzed while qualitative approach yields well researched explanations for construct consumer brand equity in the banking sector. Moreover in working together in the pragmatic approach bias in the study will be limited to the bare minimum.The research methodology to understanding consumer brand equity embodies mechanisms of objectively assessing consumer preference of a brand based on perceived value. This form of assessment in the research context by subdividing the evaluations into three subsections. First is giving consideration to the outcome at the level of consumer brand equity of a banking sector product. To determine the value associated to the product in the banking sector the study will consider elements considered by consumers in constructing brand equity. For the purpose of this study the factors will be limited to; communication and awareness creation business strategy (what business strategy)???? value ethics and reputation. (Oliver 2014).The information sought in the study will focus on the brand clout and also its limitation and vulnerabilities (Oliver 2014). Brands in the banking sector preferred by consumers will be assessed based on SWOT analysis (wrong it is not) to determine the impetus for their inclination. The contribution of sales promotion models of the banks shall be integrated in explaining consumers preferences. Quantitative techniques will provide a platform to descriptively analyze the collected data and generate relevant patterns. What? How?Secondly the study will focus on issues of consumer mentality and mindsets citing how they relate to consumer construct brand equity. Primarily issues relating to attitudes affiliations and attachments associated to a brand by consumers will provide insight for the study. Focus group discussions will be used to collected data from consumers (Oliver 2014). In addition well-structured questionnaires will be administered to consenting respondents in the banking sector. Data from leading players in the industry and academic research specialist will provide relevant literature for interpreting the qualitative data. The focused group discussions will draw respondents from consumers published research institutions data employees and managers in the banking sector. NO AS CITED IN THE GUIDLINEThe third approach considered in the study will include financial measurements on determining the relationship between brand value and consumer brand equity. The approach considers the financial assets accrued by a brand relative to its service elements preferred by consumers. The banking sector dispenses many new products to the market and anticipate good customer relationship.However well established brand leverage on their credibility to gain more consumer trust. Construct consumer brand equity consequently can be evaluated using the augments sales volumes and profits (Oliver 2014). The study will use questionnaires and focus group discussions to collect sales?????NO and profitability data from employees and managers in the banking sector???NO . Trends in financial portfolios of different brands is a rich source of crucial data in evaluating consumer loyalty. Through qualitative and quantitatively collecting consumer and banking sector data the link to construct consumer brand equity can be established.Increasing demands by customers to access reliable banking institutions has promoted the success of well established brands. However it is essential to understand how the inherent dominant brands came to be (Oliver 2014). In evaluating this impetus for growth the study will mainstream on the issues relating to customer mindset. The approach considers that the unique importance of relationship brand identity. Associations and response. I DONT UNDERSTAND THE STRUCTURE OF THE SENTENCE . Consumers in the banking sector are always looking out for creativity and trustworthy client bank relations (Oliver 2014). The study will evaluate the significance of these relationship with aid of questionnaire and focused group discussions. Collected data will be analyzed and compared to other banks in the case study to ascertain the significance of this relationship in construct consumer brand equity.Consumer based brand equity (CBBE) propounded by Kevin Keller provides essential insight in the measurement and creation of brand equity (Keller 2011). The theory argues that a strong brand can only be created if it the brand owner can control what consumers feel or think about a product. In the banking sector the ability of a bank to access more clientele is based on customers perceptions (Keller 2011).Keller argues that right experiences associated with the brand shapes the consumers perception positivity feeling belief and opinions of the product. In achieving this goal he advocated for the four basic concepts of his model include; brand identity brand meaning brand response and brand resonance (Keller 2011). Based on this proposed factors the study will evaluated the relationship between consumer brand equity and brand identity and meaning (I DONT REMEMBER MENTIONING THIS ANYWHERE). Moreover the impact of brand resonance and response in terms of sales and profitability will be examined in contrast to consumer brand preferences. As a result the findings will enhance understand how consumers perceptions inform their choice of services and products in the banking sector.
What epistemology-theory of knowledge embedded in the theoretical perspectiveinforms the researchResearch ontology portrays various perspectives in understanding the nature of being. This school of thought forms the fundamental basis interpreting what constitutes facts in the study of consumer brand equity construction (Roots 2007). The underlying factors in the choice of research methodology embodies both ontological and epistemological dimensions. Ontology demystifies the salient attributes of what is (being) while epistemology focuses on what it means to know.Identifying consumer value their determinants of brand equity in addition to the strategies of banking sector in building good consumer relationships can be ideally evaluated using an objective methodology. The study adopts a positivist approached based on objectivism to determine how consumers construct brand equity in the banking sector. Primarily objectivism asserts that social entities exist independent of the social actors concerned with their reality (Saunders & Thornhill 2012).The banking sector employees and managers considered by the study WRONG I HAVENT MENTIONED THIS ANYWHERE provide useful data to gauge the behaviors influences between consumers and the banking sector services. The underlying hypothesis for the study associates the changes in sales and profitability in banking sector brands to consumer brand perceptions.Adoption of objectivism in the study will impact on the nature of data collected through questionnaires and focus group discussions data collection methods. The mixed approach in research design provides a versatile platform to collect both qualitative and quantitative data (Saunders & Thornhill 2012). Empiricism will guide collection of primary data from consumers bank employees and managers NOWRONG in addition to structured questionnaires. In addition focused group discussions utilized will be limited bank employees and managers NO WRONG in determining consumer-bank relations and the bankers perceptions of consumer brand equity (Roots 2007). The study epistemological approach appreciates that entities external from the banking industry players can influence brand perceptions. As a result the questionnaires will include some open ended questions to allow clarifications of consumers views on brand related factors.Moreover authoritative knowledge for the research will be drawn from professional literature identified in the studys comprehensive literature review. Banking strategies to improve brand equity and determinants of consumer brand equity shall be inferred from the verified sources (Saunders & Thornhill 2012). Based on the collected literature logical synthesis shall be employed HOW ? to relate the findings to the empirical conclusions. Despite this integration of secondary source findings the study will rely heavily on the empirical and qualitative data collected from primary sources.WHY?What methodology-strategy or plan of action that links methods tooutcomes-governs our choice and use of methods?(LINK TO THE SUBJECT)The cross-sectional approach to the mixed methods used in the study ensures that the findings are reliable and validity in addition to limiting the study scope to a specific timeline. The approach allows the banking sector strategies sales and profitability to be evaluated over a given timeline. As a result there is pragmatism in establishing the relationship between the perspectives of brand equity relative to the customers (Saunders & Thornhill 2012). Qualitative and quantitative analysis of consumers and banking sector data can be comprehensively evaluated through limiting the scope of the study. There is a voluminous array of data that can be collected therefore creating a timeline and scope for studying both consumers and the banks ensures reliable and valid results. ???????????The cross-sectional strategy will promote the collection of single moment in time data from consumers bank employees and managers NO WRONG. Information collected provides a platform for making comparisons between the consumers perspectives and the banking sector players (Saunders & Thornhill 2012) NO WRONG. As result the link between consumer construction of brand equity the banking sector initiatives can be developed. In addition the use of both qualitative and quantitative methods enhances the reliability of data and the validity of the conclusions.The fundamental logic for adopting the cross-sectional design is to ensure that the survey is undertaken on a timely basis. Collecting information on brand equity from consumers and the banks employees and managers can be done within a short period of time on a one off basis. Moreover the approach is cheaper and easy to implement by the researcher (Saunders & Thornhill 2012). A larger degree of versatility is allowed in analyzing of data collected data from the respondents. The data collected is specific to the consumers and banking industry hence there more objectivity in establishing their correlation to consumer brand equity.4. Is it Sequential Concurrent Transformatlve? (Sequential as focusgroups first then survey) (LINK TO THE SUBJECT)Implementation of the mixed method approach in understanding the construction of consumer brand equity in the banking sector will adopt a sequential design to data collection. The sequential approach considers a two phased outlook to gathering information primarily starting with qualitative data. Focused group discussions will be organized for the consumers employees and managers of identified banks (Greene 2007). The discussions will focus on the strategies adopted by the banks in establishing positive consumers relationships. The reputation and innovativeness of the banks will be evaluated in the discussions along the perceived consumers response to prevailing and emerging brands. Further data on consumer brand preferences and perspectives will be assessed in the group discussions (Greene 2007). The conversations will be geared towards unearthing the determinants of consumer brand preferences. Also the influence of banks innovativeness in building working consumer-bank relationship will be evaluated relative the trends in consumers brand equity.The second phase of the sequential approach will include gathering of discrete primary data to verify the collected secondary data. Both closed ended and open ended questionnaires will be administered in evaluating consumer brand equity construction in the banking sector (Creswell & Plano Clark 2011). The purposively sampled consumers will be administered different questionnaires from bank employees and managers. For the consumers the questionnaires will evaluate the determinants of their brand preferences. In addition their views on how the strategies of the banking sector influences their brand perception (Creswell & Plano Clark 2011). This findings will be crucial in determining the considerations made by consumers in constructing brand equity. Moreover it substantiates the role that can be played by the banking sector to influence consumer brand equity. In the context of the banking sector the questionnaire to employees will focus on determining their perspectives on consumer brand equity. Employees can provide rich data on what they think shapes consumer preferences of particular brands in the banking sector.Questionnaires provided to manager evaluates the relationship between sales and profitability to brand equity. This aspect of the study allows a descriptive means of using financial indicators to determine consumer brand equity (Greene 2007). The data collected establishes significant patterns that describe trends in consumer brand preferences. In line with the evaluation the questionnaire also will address the bank strategies to improve consumer relationship (Greene 2007). Financial indicators like sales and profitability will provide avenues to monitor the influence of these strategies. The open ended section of the questionnaire will provide more insights on consumer brand equity thus complementing the qualitative analysis of the study.5. Reasons for mixing qualitative and quantitative approaches. Benefits?(LINK TO THE SUBJECT)The use of qualitative and quantitative methods can greatly improve the evaluation consumer brand equity in relation to the strategies of the players in the banking sector. Primarily the use of both approaches ensures that they both level of each others advantages while overcoming limitations (Palinkas et al 2011). Moreover where on approach is insufficient the strengths of the other can be capitalized on provide a balanced analysis. Understanding is augmented with the use of various ways of knowing????. Understanding the relationship between consumer preferences of particular brands and the services offered by the banking service providers entails a review of wide scope of determinants. As a result employing qualitative and qualitative approaches in the study yields more useful data for identifying the elements consumers value from their working relationships with banking service providers (Palinkas et al 2011). Qualitative design used in the study ensures enrichment in the quality consumer and banking sector information collected which may not be accessed quantitatively.WHY? Non-discrete data is essential in developing theoretical perspectives on construction of consumer brand equity (Creswell & Plano Clark 2011) . Data is collected through focused group discussions and summarized based on the emerging relevant themes. The resultants correlation in the themes reveal more knowledge useful in describing and explaining why consumers choose certain brands over others in accessing banking services. Quantitative approach also leverages on its ability to test hypothesis based on established study variables. In understanding the factors fostering consumer preferences and value the study will establish a relationship between consumers related factors and brand equity (Creswell & Plano Clark 2011). Through the quantitative method the study perspectives of the consumers towards the inherent brands in the banking sector can be evaluated. Further the degree to which the strategies of the banks influence consumer brand equity can be descriptively examined. The ability to discretely test hypothesis and validate of refute relationships is an essential tool in the pragmatic approach.Moreover combining qualitative and quantitative research approaches in understanding consumer brand equity in the banking sector is useful in triangulation I HAVNT PUT IN THE GUIDELINES THAT IM USING TRIANGULATION !!!. Essentially the qualitative method is useful in explaining the relationship between the consumer value systems and the consumer relationship strategy provided by banking service providers (Creswell & Plano Clark 2011). ?????? EXPLAIN MORE? Qualitative data accessed from the consumers can be used to determine the expected results from quantitative data collected and analyzed descriptively. The assumed relationship between determinants of consumer perspectives and brand equity usually based on qualitative data is verified or rejected by quantitative data. Based on the complementary approach the reliability and validity of the research findings on the consumer brand equity determinants is greatly augmented.Qualitative and quantitative approaches to the study offer an integrated design which allows more insightful understanding through offering evaluation options. Collecting discrete and non-discrete data on consumer perspective and the banking sector management and employees provides a wider dimension to evaluate correlations (Palinkas et al 2011). Data collected can be utilized to undertake any form of analysis relating to consumer values banking sectors consumer relations or construct consumer brand equity. This autonomy offers more versatility in analysis and gives reduces limitations REPEAT ! of the studys scope in consumer brand equity determinants. Moreover the design allows collection of data all accessible source due to their ease in integration to the study.HOW?
ReferencesBiesta G. 2010. Pragmatism and the philosophical foundations of mixed methods research.Sage handbook of mixed methods in social and behavioral research 2 pp.95-118.4Creswell J.W Plano Clark V.L. 2011. Designing and conducting mixed methods research.2nd ed. Thousand Oaks CA: SageFeilzer M.Y. 2010. Doing mixed methods research pragmatically: Implications for therediscovery of pragmatism as a research paradigm. Journal of mixed methods research 4(1) pp.6-16.Greene J. 2007. Mixed Options in Social Inquiry. San Francisco: Jossey-Bass.465Keller K.L. Parameswaran M.G. and Jacob I. 2011. Strategic brand management: Buildingmeasuring and managing brand equity. Pearson Education India.Oliver R.L. 2014. Satisfaction: A behavioral perspective on the consumer. Routledge.Palinkas L.A Aarons G.A Horwitz S. 2011.Mixed methods designs in implementation research.Adm Policy Ment Health;38(1):4453.Roots E. 2007. Making connections: The relationship between epistemology and researchmethods. Special Edition Papers 19(1) pp.19-27.Saunders M. Lewis P. & Thornhill A. 2012. Research Methods for Business Students.6thedition Pearson Education Limited

 

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