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Specifics in Brand Value Sources of Customers in the Banking Industry from the Psychographic Point of View

Ľubica Gajanová · Margaréta Nadányiová · George Lăzăroiu

20 citations0/0 files storedCentral European Business Review

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Consumer Behavior in Brand Consumption and Identification Marketing and Advertising Strategies Customer Service Quality and Loyalty

Abstract

Financial institutions have not paid much attention to customers in the past. In the Slovak republic, this approach has changed only since the late 1990s. Banks have recognized that understanding the customer and its behaviour is key to their success. This contribution aims to answer the research question of whether there are different segments of customers (generations) that would differ in the level of perception of the bank's brand subconsciously. The data used in the presented study was obtained by our survey carried out by a sample size of 2000 respondents (Slovak citizens older than 15 years of age). The given data has been statistically evaluated by testing hypotheses and the factor analysis supported by the implementation of the Kaiser-Meyer-Olkin (KMO) Test, Bartlett's test of sphericity, and calculation of Cronbach's Alpha for brand value sources in general as well as for all generation. In accordance with previously mentioned, the results consist of the identification of specifics in brand value sources in the banking industry on the case study of Slovak Republic creating so a platform for future research of relevant disparities in cross-cultural brand value sources from the psychographic point of view. Implications for the Central European audience: There are some implications of the article in managerial practice. First of all, the paper presents a valuable source of relevant information for brand managers. They are anticipated to enhance and deepen the understanding of managerial previous practice as well. Overall, the findings help to understand the complexity of internal and external factors motivating consumers to interact with the brand, generating added value for consumers.

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2013A Beginner’s Guide to Factor Analysis: Focusing on Exploratory Factor Analysis 2001The effects of brand associations on consumer response 2019The Service Quality Dimensions that Affect Customer Satisfaction in the Jordanian Banking Sector 2016A consumer-perceived consumer-based brand equity scale 2017Do corporate image and reputation drive brand equity in India and China? - Similarities and differences 2013Critical Tests of Multiple Theories of Cultures’ Consequences 2016Co-creating stakeholder and brand identities: A cross-cultural consumer perspective 2016Establishing measures and drivers of consumer brand engagement behaviours

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