MKTG 2003 - Marketing for Financial Services - Blog Post 3

         Buyer Decision Process - Opening a savings/transaction Account at Commonwealth

The topic I found most interesting in Unit 3 of this course was the 'Buyer Decision Process'. This process consists of 5 stages (listed below). This process is very important to understand how a marketer needs to market their product or service to the customers based on their needs. I have used the example of me opening a savings/transaction account at the Commonwealth Bank of Australia when I first came to Australia to study at the ANU. The following are the 5 stages in the buyer decision process and how it applies to the example:

1) Need Recognition: I am an international student and one of my major needs when I come to a new country is my ability to access funds when I require and to earn a good interest rate amongst others. The Commonwealth Bank of Australia understands this need and for this reason has set up a branch at the ANU itself with a very easy set up account creation systems which yields a relatively high interest rate.

2) Information Searches: The second step in the process is the abiltiy to find information on how to create an account, what interest rate is given, what the other alternatives are etc. Commonwealth addresses this step by having information brochures available in every branch and support staff in case one needs more information or just someone to talk to. In addition to this there is very detailed information about their services available on their website in case people do not want to visit the branch itself or prefer doing it online.

3) Evaluation of Alternatives: As an international student I had several alternative banks I could to start an account in namely NAB, Westpac and ANZ. However I chose the Commonwealth Bank over the others because number one there is a branch on campus and two because there are lot of ATM branches all over Canberra. This satisfies by primary need of having easy access to the funds wherever I am in Canberra. Also in case there is a need to visit the branch itself I can easily go to the bank. Hence Commonwealth Bank was the most convinient option for me. Commonwealth understood this need of international students and catered to the need.

4) Purchase Decision: All the above mentioned factors influenced me to open an account in the Commonwealth Bank. The knowledgibility of the Commonwealth staff and the pleasant atmosphere further assured me that the decision of opening an account at Commonwealth was the right one.

5) Post-Purchase Behaviour: A lot of banks take good care of potential customers and raise their expectations of the service before they open the account only to not live up to the expectations leading to dissatisfaction. However Commonwealth Bank was not one of them as even after the account was opened the staff was very friendly and answered any doubts or questions clearly. They always kept me upto date with their latest offers etc without being too aggressive or annoying. Hence it can be clearly seen that the Commonwealth Bank understood the 'Buyer Decision process' very well and followed each of the stages to the best of their ability.