Full Project – THE INFLUENCE OF BRAND IMAGE ON CONSUMER BEHAVIOUR
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CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY The growing need to maintain a competitive edge and customer loyalty in the industry segment predetermine the significance to maintain unique and outstanding brand of services and product that commands consumer satisfaction and loyalty. The research seeks to investigate how Diamond Bank branding impacts on customers’ behavior. Diamond Bank Plc began as a private limited liability company in March, 21, 1991. (The Bank was incorporated in December 20, 1990). Ten years later in February 2001, it became a Universal Bank. In January, 2005 following a highly successful private placement share offer which substantially raised the banks equity base, Diamond Bank became a public limited company. In May, 2005, the Bank was listed on the Nigerian stock exchange. Moreover, in January, 2008, Diamond Bank Global Depositary receipts (GDC) was listed on London Stock Exchange, the first bank in Africa to record that fact. Today, Diamond Bank is one of the leading banks in Nigeria – respected for its excellent service delivery, driven by innovation and operating on the most advanced banking technology platform in the market. Diamond Bank has over the years leverage on its underlying residence to grow its assets base and to successfully retain its key business relationship. And like a diamond, the Bank’s strength make it even more valued. In 2008, to ensure the Bank grows with the need of the customer, the Bank streamlined its operation into three district strategic business segments; retail banking, corporate banking and public sector. Diamond Bank continues to develop and to build on its live competences, by continually cutting from the rough, the Bank have improved on services and other banking facilities. However, like cutting from the rough gem to create a diamond of the finest quality the banks continuously builds on its brand. Hence, the nature of this research to investigate the impact of branding on customers’ behavior with a case study of Diamond Bank plc.
1.2 STATEMENT OF THE PROBLEM
Research in consumer behavior shows that we have a consumer driven society where the ultimate motive of business products and service is to satisfy consumer expectation makes them happily and remain loyal to the brand. Therefore, a perfect understanding of consumer behavior is determining. a. The psychology of the consumers and how they make decisions between depending on their needs and brand awareness
b. How service or products providers make to implement the best branding strategy for their product a service (e.g culture, family, signs, media).
c. The various stages a consumer gives through before purchasing a product or service.
d. What factors determine consumer’s loyalty or repeat purchase of the brand” is crucial in meeting customer’s satisfaction and brand loyalty.
Therefore, an attempt to reach out to the consumer effectively demands a suitable banding strategy since consumer buying decision making and loyalty is affected by various branding strategies. In an industry characterized by stuff competition an effective branding strategy is significant not only to attract customers but to create customer loyalty to the brand. Therefore, this research seeks to investigate the impact of branding on case study of Diamond Bank Plc.
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Full Project – THE INFLUENCE OF BRAND IMAGE ON CONSUMER BEHAVIOUR