IMPACT OF BRANDING ON CONSUMER BEHAVIOUR
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IMPACT OF BRANDING ON CONSUMER BEHAVIOUR
Chapter One: The Impact of Branding on Consumer Behaviour.
1.1 Background of the Study
The increasing requirement to retain a competitive edge and customer loyalty in the industry segment highlights the importance of maintaining a distinct and superior brand of services and products that compel consumer satisfaction and loyalty. The study aims to evaluate how Diamond Bank branding influences customer behaviour.
Diamond Bank Plc incorporated as a private limited liability business on March 21, 1991. (The bank was incorporated on December 20, 1990). Ten years later, in February 2001, it became a Universal Bank.
Diamond Bank became a public limited company in January 2005, following a highly successful private placement share offering that increased the bank’s equity base significantly.
In May 2005, the bank was listed on the Nigerian stock exchange. Furthermore, in January 2008, Diamond Bank Global Depositary Receipts (GDC) were listed on the London Stock Exchange, making it the first African bank to do so.
Diamond Bank is now one of Nigeria’s major banks, known for its superior service delivery, commitment to innovation, and use of the market’s most modern banking technology platforms.
Diamond Bank has used its underlying residence to expand its assets and effectively maintain critical commercial relationships over the years. And, like a diamond, the Bank’s strength elevates its worth.
In 2008, the bank simplified its operations into three district strategic business segments: retail banking, corporate banking, and public sector.
Diamond Bank continues to develop and expand on its live skills; by constantly cutting from the rough, the bank has improved its services and other financial facilities.
However, much as a raw gem is carved to make a diamond of the highest grade, the bank’s brand is constantly evolving. As a result, the purpose of this research is to explore the impact of branding on customer behaviour using a case study of Diamond Bank plc.
1.2 Statement of the Problem
Consumer behaviour research demonstrates that we live in a consumer-driven world, with the ultimate goal of company products and services being to satisfy consumer expectations, causing people to be happy and loyal to the brand. As a result, having a complete grasp of consumer behaviour is critical.
“a. Understanding consumer psychology and how people make decisions based on needs and brand awareness. b. Implementing effective branding strategies for products and services, including culture, family, signs, and media.
c. The multiple steps a buyer takes before acquiring a goods or service.
d. What factors influence consumer loyalty or repeat purchases of the brand?” is critical in meeting customer satisfaction and brand loyalty. As a result, an effective attempt to reach out to the consumer necessitates the use of an appropriate branding strategy, as diverse branding techniques influence consumer purchasing decisions and loyalty.
In an industry characterised by intense competition, a good branding strategy is critical not just for attracting customers but also for fostering customer loyalty to the brand.
As a result, the purpose of this research is to look into the impact of branding on a Diamond Bank Plc case study.
1.3 Objectives of the Study
1. Determine the nature of branding and its techniques.
2. Identify the nature of consumer behaviour.
3. to identify emotive branding methods that would influence consumer behaviour.
4. To study the effect of branding on consumer behaviour.
5. Investigate the impact of branding on consumer behaviour at Diamond Bank Plc.
1.4 RESEARCH QUESTION.
1. What is branding?
2. What constitutes consumer behaviour?
3. What are the characteristics of branding strategies?
4. To what extent does branding influence customer behaviour.
1.5 Significance of the Study
1. Provide a detailed examination of the nature of customer behaviour.
2. To provide a detailed examination of the nature of branding and its strategy.
3. Provide a detailed analysis of the influence of branding on customer behaviour.
4. To serve as a reference point for information on customer behaviour and various branding initiatives.
1.6 Statement of Hypothesis
1. H0: Diamond Bank Plc does not place a high priority on branding.
H1 Branding is given substantial consideration in Diamond Bank Plc
2. H0: The impact of branding on consumer behaviour in Diamond Bank Plc is modest.
H1 Branding has a significant impact on consumer behaviour at Diamond Bank Plc.
3. H0: Diamond Bank Plc’s customers have low brand loyalty.
H1 Diamond Bank Plc’s customers have great brand loyalty.
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