Consumer Perceived Value and Brand Loyalty: A Study of Retail Banking

The Context

Companies operate on a product service continuum ranging from pure product offerings to pure service offerings with intervals of product service mixes. Amidst fierce competition and blurring boundaries between augmentations and expectations, services play an increasingly important and differentiated role even in product oriented frameworks. Services industry faces complex market situations and interactions because of its inherent characteristics on one hand and increasing sophistication and intensity of competition on the other. It is therefore imperative for marketers to understand the phenomenon of CPV as the starting point in strategy formulation and for understanding the complex consumption behaviors involved in services industry context. Retail banking primarily has service orientation with a mix of product tangibles. This study focuses to understand the complex consumer decision making process with respect to selection of a bank in the retail banking segment.