Comsumer Behavior

Consumer Behavior Final Paper-Week 7

Course MKTG 578

April, 20 2014

Table of Contents

Market Analysis………………………………………………………………….4

Market Segmentation…………………………………………………………….5

Product Positioning………………………………………………………………6

Impact on the Consumer…………………………………………………………7

Consumer Decision Process…………………………………………………….8

Marketing Mix………………………………………………………………….9

Market Plan Assessment………………………………………………………..10

Introduction

What would we do without online banking? Being able to perform banking transactions in the comfort of my own home via the internet is state-of-the-art! I can transfer money, pay bills, and at that rare occasion when I want to apply for a credit card, I can do it all at home. There is another amazing perk to this online banking deal; I can bank anytime I want, -morning, noon, or night!

In this paper, I propose to create a marketing strategy for online banking that will focus on consumer behavior. I will attempt to explain how important online banking is and how it will enlighten one’s life with convenience, which is one less errand to run. Online banking is less time-consuming and it allows consumers to bank quickly and more efficiently. It is likely to be offered by financial centers for free or a minimal fee.

While developing this online banking marketing strategy, I will analyze the market, which will include customers and competitors. Segmenting the market will be a very important piece of the strategy as well. I plan to position online banking and evaluate how impactful it will be on the consumer. The consumer decision process will be measured and I will see how well online banking will fit into the market. Lastly, there will be an assessment for the market plan-will online banking work?

I intend for this service to be long term and trendy. I do not feel as though it will phase out, it will only progress and get better (Blackwell, p.11). Due to the overwhelming lifestyles of today’s consumer, online banking is a tool that...