Consumer Response to High Technology Mobile Phones in Emerging Markets

Introduction

Information and communications technologies (ICT) are concerned with the use of technology to gather and process information, they help people all around the world to communicate with others, keep a fresh look of what is happening out there. The new information technology is becoming an important factor in the future development of financial services industry, and especially banking industry. The developments on information and communication technology have significantly contributed to the exponential growth and profits of the financial institutions worldwide. This evolution had transformed the way banks deliver their services, using technologies such as automated teller machines, phones, the Internet, credit cards, and electronic cash. However, banks face a number of important questions on strategies for deriving full advantage of new technology opportunities and tracking electronic development changes affecting interactions with the customers (Rajagopal, 2007).

Growth of the ICT sector means that new products will appear for the users of communications products, in other words more IC technologies means more products and a change on the consumer’s behavior, as well as on the market. As all new products, they can have a positive or a negative impact on the consumer, not only this impact can affect the companies, there is also a financial risk; with all the users having access to all the information for all the products combined with the fact that most users are looking for the newest products allowing that the consumers adopt the new products (Hirunyawipada and Paswan, 2006). The principal objective of the study is to identify the primary variables that can make an impact on the buying decision for a mobile phone. The focus of this study is to suggest developing a high performing customer-centric marketing plan to guide the mobile telecommunication companies to gain competitive advantage in the market.