Zechariah Essay -- essays research papers fc

Zechariah Zechariah is one of the Minor Prophets of the Old Testament. His book is located between the books of Haggai and Malachi. Zechariah is thought to have preached from about 520-518 B.C. The book of Zechariah deals with the restoration of Jerusalem, the Temple, and God‘s people. Chapter 11 verses 4-17, which is a story of two shepherds, is one of the most difficult passages in the Old Testament to understand. From the New Living Translation, the passage reads as follows: 4 This is what the LORD my God says: "Go and care for a flock that is intended for slaughter. 5 The buyers will slaughter their sheep without remorse. The sellers will say, 'Praise the LORD, I am now rich!' Even the shepherds have no compassion for them. 6 And likewise, I will no longer have pity on the inhabitants of the land," says the LORD. "I will let them fall into each other's clutches, as well as into the clutches of their king. They will turn the land into a wilderness, and I will not protec t them." 7 So I cared for the flock intended for slaughter – the flock that was oppressed. Then I took two shepherd's staffs and named one Favor and the other Union. 8 I got rid of their three evil shepherds in a single month. But I became impatient with these sheep – this nation – and they hated me, too. 9 So I told them, "I won't be your shepherd any longer. If you die, you die. If you are killed, you are killed. And those who remain will devour each other!" 10 Then I took my staff called Favor and snapped it in two, showing that I had revoked the covenant I had made with all the nations. 11 That was the end of my covenant with them. Those who bought and sold sheep were watching me, and they knew that the LORD was speaking to them through my actions. 12 And I said to them, "If you like, give me my wages, whatever I am worth; but only if you want to." So they counted out for my wages thirty pieces of silver. 13 And the LORD said to me, "Throw it to the potters" – this magnificent sum at which they valued me! So I took the thirty coins and threw them to the potters in the Temple of the LORD. 14 Then I broke my other staff, Union, to show that the bond of unity between Judah and Israel was broken. 15 Then the LORD said to me, "Go again and play the part of a worthless shepherd. 16 This will illustrate how I will give this nation a... ...ill leave them to be destroyed in the hands of the false prophets and corrupt leaders of the land. God tells them that he really does not want it to come to this, because the passage ends with a prophecy about what will become of the worthless shepherd. I think this is a message to false prophets that eventually no one will believe them, and also to the leaders or kings that they will lose all of their power and military strength. God reminds them that he really is helping protect them from the full effect of their sins even if they don’t realize it. In other words, things could be a lot worse, but God loves humans so much that he won’t let it get worse. The general message is for the people to clean up their act and repent so these bad things won’t happen. Bibliography Works Cited Chisholm, Robert B., Jr. Interpreting The Minor Prophets. Michigan: Zondervan Publishing House, 1990. Brown, William P. Westminster Bible Companion: Obadiah Through Malachi. Kentucky: Westminster John Knox Press, 1996. Holy Bible New Living Translation. Illinois: Tyndale House Publishers, Inc. 1996. Meyers, Carol L., and Eric M. Meyers. The Anchor Bible: Zechariah 9-14.New York: Doubleday. 1993.

Which Factors Make Advertising Effective?

EUROPEAN BUSINESS SCHOOL LONDON REGENT’S COLLEGE FALL TERM 2012 Which factors make advertising effective? A marketing literary review based on the Hierarchy of Effects, with a focus on the role of Music in Advertising Report by Onofri S. S00603638 Word Count: 2364 Supervisor Prof. Gordon Bowen Advertising and Media in the Marketing Environment (MKT5A5) 1 Summary Abstract †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Introduction †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 1 2 A Basic Condition †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 2 The HoE model: t hree responses to be aroused †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. ) Cognitive Response †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 2) Affective Response †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 3) Conative Response †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. The role of Music in Advertising 1) Cognitive Purpose 2) Affective Purpose 3) Conative Purpose RECOMMENDATIONS †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 2 5 6 7 9 9 9 9 10 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚ ¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. CONCLUSIONS †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 10 Appendices †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 11 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 13 List of References 2 ABSTRACT â€Å"What makes advertising effective? : this Report aims to answer this essential issue beca use it is the key for achieving –or not- the goals pursued by every company that invests in advertising. The general question has been divided in three areas, depending on the type of consumer’s response that advertising aims to arouse: cognitive, affective or conative, according to the famous Hierarchy of Effects model proposed by Lavidge and Steiner in 1961. In addition, the report focuses on the role of Music in advertising, with the purpose to highlight how its use can help to achieve efficacy in advertising.Five recommendations are identified through the report. Advertisers should first choose the media mix able to reach as many consumers as possible from the target audience (Ogilvy, 1985). Using appealing creativity (Dahlen et Al, 2010) and increasing the frequency of the message (Pickton and Broderick, 2005) is required to pass successfully through all the selective phases of consumers’ influence process, in order to make them memorize the contents of adv ertising. Music can be very helpful both for gaining consumers’ attention and giving a mnemonic quality to the message (Sutherland, 2008).An effective way to build an emotional link with consumers is referring to common culture (Godin, 1999). Jingles are able to involve consumers, at the point that they can become part of consumers’ cultural background of people (Sutherland, 2008). It is necessary to understand how the purchasing decision is taken by consumers in order to affect their behaviour; the FCB matrix by Vaughn (1986) identifies four types of purchasing process and suggests the quantity and quality of information to provide for each of them in order to have an impact on the decision making process.Since music sets up an entertaining mood, its use appears to be appropriate for the feel products and not for the think products (Arens et Al, 2011). As most of these factors refers to the ability of understanding consumers’ minds, the report has confirmed tha t psychology represents a basic support for marketing functions as the making of effective advertising (Foxall et Al, 1998). 3 INTRODUCTION This paper aims to identify the factors which make advertising effective.The research starts stating a basic condition then, since â€Å"efficacy is the ability to bring about the intended result† (Oxford dictionary, 2007), the report analyses which are the marketing objectives pursued by advertising. The Hierarchy of Effects Model proposed by Lavidge and Steiner (1961) is considered pivotal in the communication process. Accordingly, the report uses a tripartite approach in order to better isolate and identify the factors that make advertising successful whether the response sought from consumers is cognitive, affective or conative.The report then operates a specific analysis on the role of Music in advertising, showing how music can be a very useful tool to reach efficacy (Sutherland, 2008) for all the three pursued responses shown previ ously. Recommendations and Conclusions about the topic complete the analysis. Practical examples chosen among the most famous companies provide evidence to the theoretical analysis; further examples can be found in the appendices. This research has been performed through the method of the literary review: books, papers and articles of famous Marketers and Psychologists are used as sources.A Basic Condition Advertising is undoubtedly a central part of promotion, but compared to the 4 Ps of marketing mix theorized by McCartney (1960), it represents only an aspect of the marketing effort made by the company (Pickton and Broderick, 2005). To reach and maximize the efficacy of advertising, firms should develop a deep know-how of their market, becoming what Llambin (2008) calls market-driven companies. This is achievable only by large investments in market research, in order to know as much as possible about consumers and competitors.As Cowles and Kiecker stated (1998), â€Å"market rese arch is important not only to identify the most profitable target segments, but also to develop a message content that is appealing to them, and to identify the most effective and efficient marketing communications mix elements and media†. Companies have to focus all their functions to the market: only Market-driven companies will be really able to set the most effective advertising (Llambin, 2008). The HoE model: three responses to be aroused As advertising is a non-personal form of communication (Fill,2009), marketing can be supported by the studies on the communication process.Among them, the hierarchy of effects model proposed by Lavidge and Steiner (1961) states sthat when the ad message reaches the consumer, following the steps of the SMRC communication model (Berlo, 1960), the receiver responds by progressively undertaking three phases: the cognitive phase as first, then the affective and finally the conative. 4 Specifically, consumers will pass through these sequential stages: Awareness, Knowledge, Liking, Preference, Conviction, Purchase. [Figure A] Figure A : Sequential stages of Lavidge and Steiner model (1961) Source: http://www. earnmarketing. net/Hierarchy%20Of%20Effects. jpg Using this tripartite approach, the marketing objectives become more definite and therefore it is possible to identify more precisely the key factors for achieving efficacy. Firms should then set up a specific advertising campaign targeted for each of the three macro-responses they want to arouse in the audience (Lavidge and Steiner, 1961). As a confirmation, even the DAGMAR model (Defining Advertising Goals for Measured Advertising Results) proposed by R. H.Colley in 1961 suggests that any stage should provide the objective for Marketing Communication independent of the rest (Pickton and Broderick, 2005). The following three Mc Donald’s adverts clearly show this differentiated approach. In the first one [Figure B], nothing but the apposition of the two logos (t he wi-fi one made by chips) is used: since this ad wants to make the audience learn the service provided, it refers to the cognitive phase. ) Figure B. Source: http://4. bp. blogspot. com/_I9lJuLPsXSs/S0phHAFT6fI/AAAAAAAAJ9s/TR7j4eEnYWQ/s400/Cool+and+ Beautiful+McDonald%E2%80%99s+Advertising+10. jpg 5In the second one [Figure C], the baby approaching the hamburger evokes feelings of affection for the food offered by the company; an home atmosphere is aroused. Emotional persuasion is the first aim for the affective phase. Figure C. Source: http://www. breastfeedingsymbol. org/wordpress/wpcontent/uploads/2007/08/mcdonalds. jpg In the third one [Figure D], the invitation to take an action is extremely clear: consumers should have breakfast at Mc Donald’s on Mondays, convinced by the free coffee. This ad aims to induce a change in the consumers’ behaviour: it refers to the conative phase. Figure D. Source: http://www. cdonaldsstl. com/images/FreeCoffeeMondays-graphic. jpg The main limit of HoE is its rigidity: consumers do not always undertake these steps sequentially, because of their irrationality; however, the existence of these three kinds of responses is widely accepted also among the critics (Barry and Howard, 1990). Accordingly, it is possible to reformulate the central question in a more detailed way: which elements are necessary in advertising, in order to improve the company’s performance in brand awareness (1), in the affective relationship with the consumers (2), and in the sales (3)? 6 1 – Cognitive responseThe goal of these campaigns is to ensure that customers are properly aware of the brand; making clear the brand positioning is the main aim (Egan, 2007). Reach is the first key factor. Pelsmacker (2007) defines it as â€Å"the number or percentage of people who are expected to be exposed to the advertiser’s message during a specified period† . Reach plays the either/or role in the SMRC process: if the compa ny does not reach the consumers, no response can be aroused. Therefore, the choice of the most appropriate media mix to reach the target segments becomes crucial for the success of the advertising campaign (Ogilvy, 1985).According to the selective influence process theories, people play a very active role as receivers in the communication process (Karlz and Lazarsfeld, 1955). There are unconscious and social intervening variables which affect the final internalization of the message. Since only the memorized information is able to affect the consumers’ behaviours the ability to pass through the selective phases of the consumer influence process is the second key factor (Karlz and Lazarsfeld, 1955). To win the receiver’s attention, it is required to overtake what Wundt (1896) alls the absolute threshold, that is the minimum psychic intensity an individual needs for reacting to a stimulus. For this reason, the effort to provide appealing creativity to the advert gains gr eat importance (Dahlen et Al, 2010); moreover, since the traditional media are today overcrowded (Levinson, 2007), creativity can make adverts emerge to the consumers’ eyes. A clear example can be represented by the winner of the â€Å"Best Use of Blu Tac in a Shop Window Postcard Space† category in the Chip Shop Awards 2012. Clearasil posted a completely and intensely white postcard: impossible not to see.Figure E. Source: http://www. chipshopawards. com/ Clearasil is a brand of beauty products against skin imperfections (www. clearasil. co. uk) Use of creativity can also have negative impacts: it is difficult to define the line between great effect and great scandal (Godin, 1999). [see Appendix I] 7 In choosing how often to transmit the advertising message, psychology supports marketing once again (Foxall et Al, 1998). I. V. Pavlov developed the notion of â€Å"conditioned reflex† (1927): opposed to the innate reflex it is a learned reaction to a positive or n egative stimulus.In marketing, this means that the repetition of a message will increase its understanding; that’s why frequency plays a key role. Frequency â€Å"measures the number of times, on average, that a member of the target audience is exposed to a message or, more accurately, to the media† (Pickton and Broderick, 2005). Increasing the frequency helps making the advertise effective but, according to the Curve of Wundt (1896), if the intensity of the stimulus exceeds a certain limit it is even possible to arouse anxiety, nervousness and irritation in the receivers. – Affective response Here, the main goal is to create an affective link with consumers, in order to persuade them appreciating the brand and making a preference for it (Fill, 2009). The more the content of a message is associated to paradigmatic knowledge, the more immediate and simple is its decoding by the receiver (Grandori, 1999): that’s why advertising should carry associations rec alling to the common culture to be effective in building an emotional link with the audience (Godin, 1999).Among all the cultural aspects, political studies have shown that the more compelling ones are common roots ; common habits ; famous figures (Gabrielsen, 2010). The use of cultural associations can be clearly found in Chrysler’s spot for the launch of the new 200 model, shown during the 2011 edition of Super Bowl. The core of the message highlights the origin of the machine, manufactured in Detroit: â€Å" That’s who we are. That’s our story. (†¦) Because when it comes to luxury, it’s as much about where it’s from, as who it’s for. Now we’re from America, but this isn’t New York City, or the Windy city. †¦) This is the Motor city. And this is what we do. The new Chrysler 200 has arrived. Imported from Detroit. † [see Appendix II] Casting famous figures (VIP) as testimonial and being present at the big even ts widely enjoyed and cherished by people (as the recent Olympics in London 2012) are other effective ways to involve the audience (Arens et Al, 2011) [see Appendix III and IV] Thanks to these associations, every time that consumers get in touch with the reminded cultural aspect, they will also remember the linked brand (Godin, 1999). see Appendix V] This cultural approach shows some limits. Since culture is a sphere of meanings related to the past, the new products which aim to highlight innovation as their core quality can’t take the best benefits from cultural associations (Ogilvy, 1985). Moreover, relying on VIP means accepting the risk of linking to them the name of the brand also when something negative is referred to them (Arens et Al, 2011). [see Appendix VI] 8 3 – Conative response In order to affect consumers’ behaviours with advertising, it is necessary to understand how their decision making process works.The model developed by Vaughn for Foote Cone and Belding in 1980, known as the FCB matrix, considers it as driven by two variables: the level of involvement (high-low) and the type of approach to the purchase (rational-emotional). (McWilliam, 1997; Vaughn, 1980 and 1986). The result is the identification of 4 macro-type of purchasing process, each one requiring different kinds of information to be affected: differences are both in quantity – high and detailed or low and summarized– and quality –emotional or rational – of information. Vaughn, 1986). In Figure F, some exemplar products are placed in the 4 quadrants of the FCB matrix. Figure F. Source: Vaugh, 1980 Therefore, advertising can be effective only if it provides the consumers with the kind of information they look for in their decision making process, this one being identified by the quadrant the product is placed in. (Vaughn, 1986). The analysis of 4 different decision making processes is now addressed, referring to the model of Vaughn (198 6): 1. High involvement / rational.People look for the real facts, they need to gain the confidence they are doing the right choice (e. g. Mortgage). The way to be effective is to highlight all the product competitive benefits as well as the company know-how, and to provide the consumers with positive feedbacks . [Figure G] Figure G. Source: http://www. okeefeestateagents. com/_microsites/paul_okeefe/ docs/images/homepage/rightColAdvert/need-a-mortgage. jpg 9 2. High involvement / emotional. Consumers want to learn about and feel the experience (e. g. Holidays).Companies should provide content rich media with compelling personal feedbacks, music and everything else able to make the consumers taste the experience. [Figure H] Figure H. Source: www. adcracker. com 3. Low involvement / rational. People usually buy by habit (e. g. toothpaste). Underlining the incentives to change habits as sale coupons can be effective. [Figure I] Figure I. www. cuckooforcoupondeals. com Source: 4. Low i nvolvement / emotional. People often looks for sensory or psychological gratification (e. g. Movies).Showing sensory rich imagery can be successful. [Figure J] Figure J. Source: http://www. filmjabber. com/movie-blog/wpcontent/uploads/2007/11/the-eye-poster. jpg The limit of the FCB matrix is the difficulty to plot the product in the right quadrant, because of the inconsistencies between consumers’ and companies’ perceptions of it (Dahlen et Al, 2010). Moreover, as marketing environment is rapidly changing, products and services can fast move from one coordinate to another in the brand image of consumers (Fill, 2009). 0 The Role of Music in Advertising Music can be a very useful tool to reach efficacy in advertising, whether the aim is to arouse a cognitive, affective or conative response in the consumers (Sutherland, 2008). The analysis aims to show how the use of music can aid or hinder the effective factors identified in the general part. 1. COGNITIVE PURPOSE Music can help to win consumers’ attention: reproducing a song well-known among the target audience or a catchy rhythm greatly helps to get its attentions (Sutherland, 2008).The use of creativity in music can be found in the production of jingles, where companies set their own words to Music. â€Å"Jingles are among the best –and worst– ad messages produced. Done well, they can bring enormous success, well beyond the non-musical commercial. Done poorly, they can waste the advertising budget and annoy audiences beyond belief† (Arens et Al, 2011). [see Appendix VII] Moreover, what Sutherland (2008) calls the three Rs – rhyme, rhythm and repetition – give words a mnemonic quality, making the message more catchy and enduring in memory. 2. AFFECTIVE PURPOSEResearch has shown that the positive mood created by music makes consumers more receptive to an ad message (Belch and Belch, 2009). When words are set to the music, a desire for repetition can be cre ated: that’s why jingles are able to involve consumers, at the point that they can become themselves part of the cultural background of people (Sutherland, 2008). A chart of the â€Å"top 10 jingles of the century† has been made, according to people’s preferences: a prove of the attachment consumers have towards them (Belch and Belch, 2009). Figure K. Source: Belch and Belch, 2009The case of Oscar Mayer’s spots clearly shows the emotional power of jingles in advertising. [see Appendix VIII] Jingles are used less frequently today, replaced by an increasing use of current or classic pop songs: in the age of the technologic way to live music companies must be careful not to appear oldfashionable while using jingles (Belch and Belch, 2009). 3. CONATIVE PURPOSE Music can also affect the way people behave, but since it better vehicles an emotional message, it seems to be effective especially -if not only- with the â€Å"feel products† (Sutherland, 2008). A great example of how music can be focused on action is the jingle created by the pizza chain â€Å"Pizza, Pizza† in Toronto: the company put its phone number in the lyrics, so that Toronto residents could memorize it easily. [see Appendix IX] On the other hand, music causes what Sutherland (2008) calls the â€Å"wash-over effect†: when we listen to lyrics, we process the message as an experience that we can enjoy or not rather than 11 judging the reliability of its meaning. The entertaining mood set up by music is inappropriate when consumers want to focus on the rational information, as for â€Å"think products† (Arens et Al, 2011).As the analysis of consumers’ responses to music in advertising carried by Oakes (2007) shows, reaching a congruity between music and advertising in mood, genre, image and tempo contributes to the efficacy of an advertisement by enhancing recall, brand attitude, affective response and purchase intention. Since the negotiatio n of the license rights often needs large sums, marketers should carefully decide if and in which way music can be coherent with the marketing campaign, in order to avoid an expensive disorientation of consumers(Belch and Belch, 2009).RECOMMENDATIONS As shown through the report, advertisers should first ascertain to find the media mix that will maximize the reach of the audience (Ogilvy, 1985). Passing successfully through all the selective phases of consumers’ influence process is necessary to make them memorize a message (Karlz and Lazarsfeld, 1955). Concretely, this can be achieved by using appealing creativity (Dahlen et Al, 2010) and by increasing the frequency of the message (Pickton and Broderick, 2005).The use of Music can be very effective both for winning consumers’ attention and adding a mnemonic quality to the message (Sutherland, 2008). When aiming to build an emotional link with consumers, a successful choice is including associations recalling to common culture in the message sent to consumers (Gabrielsen, 2010). Jingles can be such able to involve consumers, that they can become themselves part of the cultural background of people (Sutherland, 2008).To effectively affect consumers’ behaviours, advertisers must understand how the purchasing decision for their products is taken by consumers; the FCB matrix by Vaughn (1986) suggest the quantity and quality of information to provide for each of the 4 types of purchasing process identified by crossing the level of involvement (high or low) and the kind of approach (emotional or rational). Music can be effective for feel products, but not for think products, since it sets up an entertaining mood inappropriate for rational decisions (Arens et Al, 2011).The overall recommendation for companies is to consider advertising as a process that involves the entire business as connected with it by a close cause-effect relationship: when an advert is not effective, it can be the symptom tha t there’s something wrong in the marketing decision making process, or it can be the cause leading to future problems in the relationship with the market (Llambin, 2008). CONCLUSIONS It has been shown that a tripartite approach to the central question â€Å"which factors can make advertising effective? is able to deeply analyse the issue and to define an accurate answer. Since all the factors except the maximisation of Reach refer to the ability of reading consumers’ minds, the report has confirmed how psychology can greatly support marketing functions and, specifically, making advertising effective (Foxall et Al, 1998). That’s why Market-driven companies, which have developed a deep knowledge of their consumers as a result of large investments in market research, have the concrete possibility to apply these factors in the most effective way possible (Llambin, 2008). 2 APPENDICES I. As an example, the historical testimonial used by Danish Frisbee Sports Union f or the 2012 campaign will be definitely able to catch consumers’ attention, but it can reasonably arouse perplexity and disgust in a high number of people. Source: http://www. chipshopawards. com/ II. Full text of the spot: Narrator : I got a question for you. What does this city know about luxury, hm? What does a town that’s been to hell and back know about the finer things in life? Well I’ll tell you. More than most.You see, it’s the hottest fires that make the hardest steel. Add hard work and conviction. And a know how that runs generations deep in every last one of us. That’s who we are. That’s our story. Now it’s probably not the one you’ve been reading in the papers. The one being written by folks who have never even been here. Don’t know what we’re capable of. Because when it comes to luxury, it’s as much about where it’s from as who it’s for. Now we’re from America – but this isn’t New York City, or the Windy City, or Sin City, and we’re certainly no one’s Emerald City.Eminem: This is the motor city – and this is what we do. Written text: The new Chrysler 300 has arrived. Imported from Detroit Source: http://www. youtube. com/watch? feature=player_embedded&v=V0HLIvtJRAI III. VIP testimonials can provide good advantages: a VIP well known among the target audience can better win consumers’ attention; it allows to make the advertising message more personal, exploiting the VIP’s familiarity with the consumers ; people will associate the appreciated qualities of the VIP to the product (Arens et Al, 2011). 13Nestle chose to set a totally VIP-focused campaign to promote Nespresso brand: George Clooney has being appeared in every adverts of the famous espresso machine, with the aim to take advantages from his style and world-wide popularity. Source of Image: http://www. generation-flux. com/images/Nespresso-site. jp g IV. A great example of how an emotional link can be built by focusing advertising on current events widely enjoyed and cherished by people is represented by the marketing campaigns of P&G, created to promote their laundry products Ariel in UK and Tide in USA during the Olympics of London 2012.The compelling references on the athletic competition were present in both the spots: â€Å" Before the Gold, Silver, and Bronze, it's the red, white and blue. At the Olympic Games, it's not the color you go home with that matters, it's the colors you came in. When colors mean this much, trust them to Ariel (UK)/ Tide (USA). † The meaning of the final sentence â€Å"Proud keeper of Our Country's Colours† was certainly influenced by the images of the athletes shown in the video: for Ariel, a high number of British participants ; for Tide, almost only American players.Sources: http://www. youtube. com/watch? v=DoF9DROHYnU Tide for USA; http://www. youtube. com/watch? v=Jipn-MGg0DA Ariel for UK. V. A great example of the power of cultural associations can be found in politics. The ex-Italian prime minister Silvio Berlusconi, considered the biggest innovator in the Italian political marketing – in a negative or positive way depending on the political conviction – (Palmieri, 2012), named his first party â€Å"Forza Italia† (1994), that is the same slogan used by Italian people as an incitement for the national football team.The result was a â€Å"widespread embarrassment† (ibidem) when people not voting for Berlusconi wanted to support the football team, but they had to shout the name of his party: they could not manage not to think about this political association. VI. Cirio is an Italian company founded in 1856 specialized in canned food, especially in tomato paste. (www. cirio. co. uk) Cirio managers weren’t happy to learn that their testimonial Gerard Depardieu was founded drunk and misbehaving on a plane just two weeks la ter the advertising campaign was launched.The spot is accessible here: http://www. youtube. com/watch? v=ReGPNs-HfH0 The episode reported: http://www. telegraph. co. uk/news/celebritynews/8706992/GerardDepardieu-accused-of-urinating-on-floor-of-plane. html VII. As an example, in the 1970s Coca-Cola was so successful with its jingle â€Å"I’d like to buy the world a Coke† that it was then extended and released to become an international chart hit called â€Å"I’d like to Teach the World to Sing† (Sutherland, 2008). VIII. Oscar Mayer is a brand owned by Kraft Foods.At the end of last century the company held local auditions in search of American children to continue the 30-year tradition of singing the catchy â€Å"bologna† and â€Å"wiener† jingles: they were such known that Oscar Mayer decided to be selfreferential in order to best cultivate the relationship with the consumers. Thompson, S. 1997. â€Å"Promotions: Nostalgia Bolognese† , Brandweek, April 14, 1997 Original videos are available here: http://www. youtube. com/watch? v=rmPRHJd3uHI (Bologna); http://www. youtube. com/watch? v=aNddW2xmZp8&feature=related (Wieners) IX.The example and the text of the jingle are reported in Sutherland (2008, p 122): â€Å"nine-sixseven, eleven eleven / phone Pizza Pizza, hey hey hey! † 14 List of References BOOKS Llambin, J. J. , 2008. Market-driven management, Marketing strategico e operativo 5th ed. Milano: Mc Graw Hill. Oxford, 2007. Shorter Oxford English Dictionary on historical principles. Oxford: Oxford University Press Berlo, D. K. , 1960. The process of communication : an introduction to theory and practice. New York : Holt, Rinehart and Winston. Egan, J. , 2007. Marketing Communications. South Western Cengage Learning.De Pelsmacker, P. , Geuens, M. and Van den Bergh, J. , 2007. Marketing Communications: a European Perspective, 3rd edition. Harlow: Financial Time Prentice Hall. Wundt, W. , 1896. Compendium of Psychology. Consulted in the 3rd Italian translation by Agliardi L. , 2004. Compendio di psicologia. E-book accessible at: http://www. liberliber. it/mediateca/libri/w/wundt/compendio_di_psicologia/pdf/compendi_p. pdf Katz, E. and Lazarsfeld, P. F, 1955. Personal influence : the part played by people in the flow of mass communications. London : Transaction (ed. 2006). Levinson, Jay Conrad; Levinson, Jeannie; Levinson,

Internship Report on Customer Satisfaction on the Services of Al-Arafah Islami Bank Limited Essay

Part-1 Introduction 1.1 Background of the report: The internship is a dynamic approach for practical knowledge gathered at this study. My effort was for practical job experience through internship for business communication skills as well as banking sectors. As a student of BBA for the requirement of the internship program, I was assigned to The MBL for my practical orientation. This report is done as partial requirement of the 3 months internship program for the BBA students of Department of Marketing, Bangladesh University of Business and Technology. The internship work is done on a bank, namely Mercantile Bank Limited (MBL). The students were asked to prepare reports on their assigned jobs after the completion of the Internship in the respective organizations. The topic of the report is â€Å"Customer Satisfaction on the services of MBL.† 1.2 Significance of the Report: The economy of our country has a lot left to be desired and there are lots of scopes for massive improvement. In an economy like this, banking sector can play a vital role to improve the overall social-economic conditions. As our country is an under develop country, the banks play the role of an intermediary and can mobilize the excess fund of surplus sectors to provide necessary finance, to those sectors, which are needed to promote the sound development of the country. The banks provide different types of services to its counter parts, like general banking services or finance or investing which results transaction of currency. To do this they also need capital, assets and other factors which effects directly in the bank performance. This report will help to understand the customer satisfaction on the services of MBL. As a result, we can have a clear idea about customer satisfaction on the Services of MBL. 1.3 Scope of the Report: MBL is always trying to improve their customer service in every sector, but in today’s competitive business world, banks need to give additional concentration to the client’s requirements, in order to stay at the top. Therefore, besides dealing with the general attributes of Different Services, I have been trying to put more concentration on the customer benefits and other customer related facilities in this report while I have been doing my internship. 1.4 Objectives of the Report: 1.4.1 Broad Objective: The broad objective of this report is to identify the customer satisfaction on the services of MBL. 1.4.2 Specific Objectives: * To find out the different services of MBL that is offered to its clients. * To identify the 7p’s analysis of MBL. * To identify the weakness, problems, opportunity of MBL. * To identify the level of customer satisfaction. * To explore the opportunities and competitive advantages that has been ignored by MBL. 1.5 Methodology: 1.5.1 Types of Research: It is both exploratory & descriptive research in nature. 1.5.2 Sources of Data: I have collected data from the two sources, one is primary source and another is secondary source. 1.5.2.1 Primary Sources: * Conversation and questioning with the different clients by questionnaire survey. * Observing the total environment. * Employee of foreign exchange, credit & others. 1.5.2.2 Secondary Sources: Secondary Data Which data is already published that’s called Secondary data or Secondary data is data collected by someone other than the user. Secondary data are very much important for conduct an efficient study and to have faithful result. 1.5.3 Data Collection Procedure: 1.5.3.1 Primary Data: The primary data collection process includes: * Questioner survey 1.5.3.2 Secondary Data: * Brochures of MBL. * Annual report of MBL. * Official website. * www.google.com 1.5.4 Questionnaire Design: This is a well structure type of questionnaire and used for conducting customer satisfaction survey and acquire primary data. Here average time was 20 minute for every respondent. There are 20 questions on the questioner. Question type was close ended. 1.5.5 Sampling Plan: 1.5.5.1 Target Population: All clients of MBL Gulshan branch in Dhaka city. 1.5.5.2 Sampling Element: Individual clients of MBL . 1.5.5.3 Sampling Frame: No well structured sample frame was found. 1.5.5.4 Sampling Procedure: Non probability convenience sampling procedure is used. 1.5.5.5 Sample Size: I have taken 50 customers as my sample. 1.5.6 Data analysis and reporting: Quantitative and qualitative data collected and analyzed according to acceptable standards of practice. Different tables and graphs were used to make the data meaningful. 1.6 Limitations: * Lack of customer co-operation. * Lack of adequate knowledge about any other financial institutions. * It was very difficult to collect all data, which is very essential. * Due to time limitation many aspects could not be discussed in the present study because Banking is a vast subject. * Lack of experiences on Banking. * Every organization has their own secrecy that is not revealed to others. Despite the limitation, I have tried my best to prepare the report. If you find any mistake please consider it cordially. Part -2 Overview of the company 2.1 Company Background: Mercantile Bank Limited was incorporated in Bangladesh as a public limited company under the Bank Company Act, 1991, on May 20, 1999. After obtaining license from Bangladesh Bank to carry on banking business, the bank commenced its operation on June 2, 1999 with an authorized capital of Tk 800 million divided into 8 million ordinary shares of Tk 100 each. On 31 December 2001, its paid up capital was Tk 596.5 million Mercantile Bank Limited went for public issue of shares on October 21, 2003. There are 30 sponsors involved in creating Mercantile Bank Limited. During this short span of time the MBL has been successful to make a position as a progressive and dynamic financial institution in the country. The MBL has been widely acclaimed by the business community, from small entrepreneurs to large traders and industrial conglomerates, including the top rated corporate borrowers for forwarding-looking business outlook and innovative financing solutions. Thus within this very short period of time it has been able to create an image for itself and has earned significant reputation in the country’s Banking Sector as a bank with vision. The Bank has made significant contribution to the growth of Readymade Garments sectors by handling huge amount of export Letters of Credit. Recently it has 75 Branches with 1,668 efficient employees. 2.2 Vision: To be the best Banking service provider in Bangladesh at a reasonable cost & giving more services & facilities to the small ,medium ,large sectors to improve the socio economic condition in Bangladesh. 2.3 Mission: To meet the challenges of 21th century & to meet the expected future result, MBL offering many attractive services to the customer .they increased the FDR rate from 12.5 to 13.33 to collect more deposit from customers & to increase the saving tendency of the clients.MBL recently introduced Super Benefit Deposit Scheme (SBDS) & Education Planning Deposit Scheme (EPDS) they are long term special saving scheme through which customer can get benefits up to 10 or 15 years. 2.4 Objectives: * To achieve positive Economic Value Added (EVA) each year. * To be market leader in product innovation. * To be one of the top three Financial Institutions in Bangladesh in terms of cost efficiency. * To be one of the top five Financial Institutions in Bangladesh in terms of market share in all significant market segments we serve. * To achieve 20% return on shareholders’ equity or more, on average. 2.5 Core Values: * For the customer Providing with caring services by being innovative in the development of new banking product and services * For the shareholder Maximizing wealth of the bank * For the employer Respecting worth and dignity of individual employees devoting their energies for the progress of the bank * For the community Strengthening the corporate values and taking environment and social risks and reward into account. 2.6 Board of Directors: * Chairman Md. Abdul Jalil, M.P * Vice Chairman  Morshed Alam Mohd. Selim * Director  M. S. Ahsan Alhaj Akram Hossain (Humayun) Md. Anwarul Haque Dr. Toufi que Rahman Chowdhury Golam Faruk Ahmed Engr. Mohd. Monsuruzzaman Bilkis Begum Md. Tabibul Huq A. S. M. Feroz Alam A. K. M. Shaheed Reza Md. Nasiruddin Choudhury Md. Shahabuddin Alam Syed Muhammed Abbdul Mannan, M.P Alhaj Mosharref Hossain Israt Jahan M. A. Khan Belal Dr. Matiur Rahman, M.P * Managing Director & CEO A.K.M. Shahidul Haque 2.7 Operational network organ gram: Chairman| Managing Director| Deputy Managing Director| Executive Vice President| Senior Vice President| Vice President| Sr. Assistant Vice President| Assistant Vice President| First Assistant Vice President| Senior Executive Officer| Executive Officer| Senior Officer| Officer| Junior Officer| 2.8 Deposit Services: * Monthly Saving Scheme (MSS) Monthly Saving Scheme is one of the most popular deposit products in different communities that introduced to attract small savers for building up their habit of savings and thereby build up a healthy capital base for the economy. The monthly installments are in various sizes and one can adopt the schemes for a period of 03 years, 05 years, 08 years or 10 years. * Monthly Benefit Deposit Scheme Under this scheme, depositor will get a certain sum of money in each month proportion to his/her deposit during the entire tenure. Benefit starts right from the first month of opening an account under this scheme and continues up to five years. On maturity, the principal amount is paid back. Objectives of this scheme are to help the retired persons for investing their retirement benefits, Create investment opportunities for Non-Resident Bangladeshi. The Minimum deposited amount is BDT 50,000 or its multiples and the tenure is five (05) years. * Double Benefit Deposit Scheme (DBDS) The main attraction of DBDS is that, the deposited amount will be double in tenure of 5.6years. Minimum deposited amount should be BDT 10,000 or its multiples. In case of premature encashment interest will be paid on Saving A/C Rate. Loan may be granted up to maximum 80% of the deposited amount, but minimum principle amount must be BDT 20,000. * Quarterly Benefit Deposit Scheme The ‘Quarterly Benefit Deposit Scheme’ will be maintained for a period of 3 (three) years and the minimum amount of deposit is BDT 50,000.00 (fifty thousand) or its multiples. Interest will be paid on quarterly basis. Benefits start right from the first quarter of opening the scheme. On maturity, principal amount will be paid back. Savings account is needed to maintain this scheme. * 1.5 Time Benefit Deposit Scheme Under this scheme, deposited amount reserved for 4.25 years (or 51 months) and the minimum amount of deposit is BDT 50,000.00 (fifty thousand) or its multiples. After 4.25 years maturity, 1.5 times of the deposited amount will be paid back to the account holder. * Advance Benefit Deposit Scheme Under Advance Benefit Deposit Scheme, one can deposit a certain amount of money for two years. The depositor will receive the benefit on yearly basis. The benefit amount of first year will be received in advance at the time of deposit. On maturity, the depositor will get back the principal amount with the benefit amount of second year. That means Interest is paid in two Phases, first phase paid initially and second phase paid after maturity. Loan may be granted up to maximum 70% of deposit. 2.9 Loan Services: * Consumer Credit Scheme Consumer’s Credit Scheme is one of the popular areas of collateral-free finance of the Bank. People with limited income can avail of credit facility to buy household goods including computer and other consumer durables. * Lease Finance This scheme has been designed to assist and encourage the genuine and capable entrepreneurs and professionals for acquiring capital machineries, medical equipments, computers, vehicle and other items. Flexibility and easier term and conditions of this scheme have attracted the potential entrepreneurs to acquire equipments of production and services and repay gradually from earnings on the basis of ‘Pay as you earn’ * SME Loan Scheme Small and Medium Enterprise (SME) Loan Scheme has been introduced to provide financial assistance to new or experienced entrepreneurs to invest in small and medium scale industries with a comparatively low rate of interest as the same is assisted by the Bangladesh Bank wither financing facilities. * Personal Loan Scheme Personal Loan Scheme has been introduced to extend credit facilities to cater the needs of low and middle-income group for any purpose. Government and semi government officials, employees of autonomous bodies, banks and other financial organizations, multinational Companies, reputed private organizations and teachers of recognized public and private schools, colleges and Universities are eligible for this loan. * Car Loan Scheme Car Loan Scheme has been introduced to enable middle-income people to purchase Cars/SUVs/Jeeps. Government and semi-government officials, employees of autonomous bodies, banks and other financial organizations, multinational companies, reputed private organizations, teachers of recognized public and private universities and businessmen are eligible for this loan. * Home Loan Scheme To meet the growing need of housing for middle and lower-middle income people, MBL has introduced Home Loan Scheme. * Overseas Employment Loan Scheme Overseas Employment Loan Scheme is designed to facilitate the Bangladeshi youths seeking employment aboard but unable to meet the expenses to reach the workplace from their own sources. The ultimate objectives of the scheme are to promote skilled / semi-skilled manpower to different countries across the world as well as to provide support to Government Policy considering priority of this sector. By availing loan under this scheme, the active youths of middle and lower middle class can get overseas employment. 2.10 Marketing Mix: (1)Product: MBL now offering various kind of deposit screams for the customers with retail Banking, corporate finance, asset, equity brokerage and security. (2) Price: Price means value that a customer has to pay to take any service.MBL take’s a charge from the deposited account & charge interest on lone. (3)Place: Recently MBL has 75 Branches all over Bangladesh & they are opening new branches for improving their customer services. (4) Promotion: MBL use TV, print media to communicate with the customers. (5)People: MBL has 1668 efficient employee to provide their services & many sells representatives on the field. (6) Process: Process means, the procedure mechanisms and flow of the activity by which the service is delivered. They always try to provide services as early as possible. (7) Physical Evidence: Physical environment means, the environment in which the service is delivered .MBL established their branches in all important places & they provide their service’s in a comfortable & friendly environment for their customer. 2.11 SWOT analysis: * Strengths: * Strong customer relationship or customer loyalty. * More than 70 branches with 1668 efficient employee. * Excellent Service quality. * Strong Management team. * Reasonable interest rate. * Weaknesses: * Delay in service delivery. * Long Account opening process. * Introducer require in opening current account. * Low promotional activity. * Opportunities: * Technological advantage. * Mobile banking. * Offering new deposit scheme. * SME banking. * Threats * Political changes. * Technological improvement. * Increasing number of banks. * High government rule & fixed interest rate by Bangladesh bank. 2.12 Corporate Profile: Name: Mercantile Bank Limited Established: May 20, 1999 Head office: 61, Dilkusha Commercial Area Dhaka-1000, Bangladesh PABX: 9559333, 9553892 Key People: Md. Abdul Jalil, M.P Industry: Finance (Bank) Services: retail banking, corporate finance, Finance, asset, equity brokerage and security. Branches: 75 Employees: 1668 Profit: 3,004.17 million (2011) Website: www.mblbd.com Part-3 Theoretical Aspects Marketing Theory: * Marketing: The process by which companies create value for the customer & build strong relationship with them in order to capture from customer in return. * Marketing Management: Marketing Management is a business discipline which focuses on the particular application of marketing techniques & the management of firms marketing resource & activity. * Marketing Research: The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization. * Target Market: A set of buyers sharing common needs or characteristics that the company decides to serve. * Market Segment: A group of consumers who respond in a similar way to a given set of marketing efforts. * Market Positioning: A clear, distinctive and desirable place of a product relative to competing products in the mind of target consumers or Create a positive image on customers mind. * Market: Market is a system, procedure for exchanging goods & service where two parties agree to sell or buy any product or service in a particular value or price. * Market Offering: Some combination of products, services, information, or experiences offered to a market to satisfy a need or want. * Product Concept: The idea that consumers will favor products that offers the most quality, performance, and features. * Production Concept: The idea that consumers will favor products if that are available and highly affordable. * Selling Concept: The idea that consumers will not buy enough of the firm’s products unless it undertakes a large scale selling and promotion effort. * Marketing Concept: The marketing concept that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do. * Societal Marketing Concept: Maybe a company ought to make good marketing decisions by considering consumers want, the company’s requirements, consumers’ long-run interests and society’s long-run interests. * Service: Any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything. * Customer Satisfaction: Dependent on the products perceived performance relative to buyer’s expectations or the extent to which a product’s perceived performance matches a buyer’s expectations. * 7p’s in Detail: FIG: 1 * Products: The product is the most important aspect of the marketing mix. Products have both tangible and intangible benefits. Tangible benefits include benefits, which can be measured such as the top speed of a car. Intangible benefits are benefits that cannot be measured such as the enjoyment the customer will get from the product. It is important that the product is changed as necessary to bring it up to date and prevent it from being overtaken by competitors. The term â€Å"product† refers to tangible, physical products as well as services. Here are some examples of the product decisions to be made: * Variety * Quality * Design * Features * Brand name * Packaging * Services * Sizes * Warranties * Returns * Price: It is very important that the correct price is charged for a product. If the price is too high consumers will avoid the product as they will believe it to be too expensive yet if the product is priced too low they may believe that there is something wrong with the product for it to be so cheap. Also if the company charges too low a price, it may not cover its costs. There are many different pricing strategies that companies can use to decide on a price for their product including market and psychological pricing methods. Some examples of pricing decisions to be made include: * Pricing strategy (Skim, penetration, etc.) * Suggested retail price * Volume discounts and wholesale pricing * Cash and early payment discounts/ bonus * Seasonal pricing * Bundling * Price flexibility * Price discrimination. * Place: The place is where you can expect to find your customer and consequently, where the sale is realized. Knowing this place, you have to look for a distribution channel in order to reach your customer. * Distribution channels * Market coverage (inclusive, selective, or exclusive distribution) * Specific channel members * Inventory management * Intermediaries * Distribution centers * Order processing * Transactions * Reverse logistics * Promotion: In the context of the marketing mix, promotion represents the various aspects of marketing communication, that is, the communication of information about the product with the goal of generating a positive customer response. Marketing communication decisions include: * Promotional strategy (push, pull, etc.) * Advertising * Personal selling & sales force * Sales promotions * Public relations & publicity * Marketing communications budget However, the strategies for the four P’s require some modifications when applied to services. For example, traditionally promotion is thought of as involving decisions related to sales, advertising, sales promotions and publicity. In services these factors are also important, but because services are produced and consumed simultaneously, service delivery people are involved in real-time promotion of the service even if their jobs are typically defined in terms of the operational function they perform. * People: All human action that plays a part in reference and information services delivery namely the librating personnel. * Process: Process means, the procedure mechanisms and flow of the activity by which the service is delivered. * Physical Evidence: Physical environment means, the environment in which the service is delivered & firm & customer interact, & any tangible components that facilitate performance or communication of the service. * SWOT analysis: FIG:2 * Strengths: * What advantages does your organization have? * What do you do better than anyone else? * What unique or lowest-cost resources can you draw upon that others can’t? * What do people in your market see as your strengths? * What factors mean that you â€Å"get the sale†? * What is your organization’s Unique Selling Proposition? * Weaknesses: * What could you improve? * What should you avoid? * What are people in your market likely to see as weaknesses? * What factors lose you sales? * Opportunities: * What good opportunities can you spot? * What interesting trends are you aware of? * Changes in technology and markets on both a broad and narrow scale. * Changes in government policy related to your field. * Changes in social patterns, population profiles, lifestyle changes. * Local events. * Threats: * What obstacles do you face? * What are your competitors doing? * Are quality standards or specifications for your job, products or services changing? * Is changing technology threatening your position? * Do you have bad debt or cash-flow problems? * Could any of your weaknesses seriously threaten your business? Gaps Model of Service Quality: FIG: 3 1. Customer gap: Difference between customer expectations & perceptions. 2. Provider gap 1: Not knowing what the customer wants or expect. 3. Provider gap 2: Not selecting the right service design and standards. 4. Provider gap 3: Not delivering to service designs & standard. 5. Provider gap 4: Not matching performance with promises. Part-4 Analysis and Findings Questionnaire Survey Analysis: In every survey, it is essential to analyze the survey results and follow the findings as a guideline of development of the project. The survey reports are shown below with graphical representation in percentage basis. (1) What type of account you maintain with this bank? FIG: 4 From the graph, it is seen that 23 of the respondents are MSS holder, 10 of the respondents have FDR, 13 of the respondents have current account and 4 have the other account. Here most of the respondents have Monthly saving scheme (MSS) Here bank should give importance on other accounts. (2) Why you choose mercantile bank? Or reason of choosing this Bank? FIG: 5 From the graph, it is seen that the 11 respondents choose this bank for the number of branches of the bank, 15 for location of the bank, 3 for reputation of the bank, 16 for service of the bank, 5 for personal relationship. Here most of the respondents choose this bank because of the service and location of the bank. (3) What are the services of this bank you usually use? FIG: 6 From the graph, we found that the 20 respondents use MSS of this bank, 3 uses LC of the bank, 9 uses current account of the bank, 7 uses FDR of the bank, 7 uses Card & 4 uses locker service of the bank. Here most of the respondents use MSS and current account services of the bank. (4) Are you satisfied with the service charges of the bank? FIG: 7 From the graph, we can see that the 25 respondents said moderate, 14 respondents said service charges are high, and 11 respondents said the service charges are low from some other banks. (5) Are you satisfied with the account opening procedure? FIG: 8 From the graph, we can see that the 23 respondents are satisfied with the account opening procedure, 12 are very satisfied and 15 are dissatisfied. Here most of the customers are satisfied with the account opening procedure. (6) Are you a debit card holder of this Bank? FIG: 9 From the graph, it is seen that the 14 respondents are card holder and 36 respondents are not. Here the respondents who have account in the bank they can apply for the card. (7) Do you think the numbers of ATM booths are sufficient? FIG: 10 From the graph, it is seen that the 76% respondents think that the numbers of ATM booths are not enough and available, 24% respondents think that the numbers of ATM booths are sufficient. So, most of the respondents are not satisfied with the number of ATM booths. (8) Do you think MBL takes longer time to issue a card? FIG: 11 From the graph, we can see that 20 respondents think they don’t take longer time to issue a card, 20 respondents think they take a longer time & 10 respondents think they take a very long time. (9) Are you satisfied about ATM services? FIG: 12 From the graph, it is seen that the 17 of the respondents are satisfied with the ATM services, 20 respondents are dissatisfied, and 13 respondents are in moderate position. Here most of the respondents are dissatisfied with the ATM services. (10) Are you satisfied with the branch location? FIG: 13 From the graph, we can see that 18 respondents are satisfied, 14 respondents are dissatisfied, and 18 respondents are in moderate position. (11) Where do you first know about this bank? FIG: 14 From the graph, 0 respondents know from TV, 20% respondents know from news paper, 36% respondents know from bill board & representatives, 44% respondents know from friends & family. (12) Are you satisfied with the different interest rates that are offered by MBL? FIG: 15 From the graph, we can see that 36% respondents are satisfied with the interest rates, 50% respondents are in moderate position & 14% respondents are dissatisfied with the interest rates. (13) Are you satisfied with the different promotional campaign of MBL? FIG: 16 From the graph, we can see 0 respondents are highly satisfied ,3 are satisfied, 26 are in neutral position,12 are dissatisfied ,9 are highly dissatisfy about the promotional activities of MBL. (14) Do you think the employees are highly efficient? FIG: 17 From the graph, we can see that 5 respondents are highly satisfied on the work of employees of MBL.15 respondents are satisfied & 26 respondents are in neutral position & 4 respondents are dissatisfy. As a result more or less all respondents are satisfied for the employees. (15) Do you think the process of taking loan is very easy? FIG: 18 From the graph ,we found that 0% respondents are highly satisfied with the lone processing ,28% respondents are satisfy with it, 24% respondents are in neutral position ,48% are dissatisfy on the lone taking process. Part-5 Major Findings Major Findings: Mercantile Bank Ltd actively participate in the growth and expansion of the national economy by providing various kind of services. While analyzing the policies and procedures & analyzing the customer satisfaction of the Bank the following areas were mostly viewable. * Most of the respondents have MSS account. * Most of the respondents choose this bank because of the branch location & services of the bank. * Most of the respondents come to this bank for the MSS, FDR & savings accounts. * Most of the respondents are satisfied with the MBL charges. * Most of the respondents are satisfied with the account opening procedure of the bank ,but respondents had to face some difficulties to open current account because it require introducer who already have current account on MBL. * Most of the respondents don’t use card of this bank. * Most of the respondents are not satisfied with the number of ATM booths. * Most of the respondents are not satisfied with the system of issuing a card. * Most of the respondents are not satisfy with the ATM services. * Most of the respondents are satisfied with the branch location. * Most of the respondents know about the bank from friends & family. * Most of the respondents are satisfied with the MBL interest rate. * Most of the respondents are not satisfied with the promotional actives of the bank. * Most the respondents are satisfied with the MBL employee’s attitude and behavior because they can expertly solve the banking problem. * Most of the respondents think the loan processing system is not easy & high interest rate on personal loan. Part-6 Recommendation Recommendation: MBL has an efficient and excellent management team and performing with a great expertise and care. The limitations can be overcome by some measures to make the performance outstanding. I have some suggestions for The MBL according to my observations out of my survey on 50 customers. Those are given below: * The bank should offer more facilities on other account to attract more customers. * The bank should build a strong image on market through covering new area. * The bank should provide more attractive features & plan to attract more customers. * Customers are satisfied with MBL charges, so the bank should attract large number of customer through using this low cost strategy. * The customers are satisfied with the account opening procedure of the bank. But the bank should introduce an easier process to open current account. * The bank should provide more facilities in the ATM cards. * They should increase the number of ATM booth because the Customers are not satisfied with the number of it. * The bank should give more importance on the system of issuing a card as early as possible. * The bank should give more concentration on the ATM services because the customers are not satisfied with it. * The bank should find new important area to make new branches & search opportunity for the bank. * The bank should increase their advertisements. * The bank’s customer are happy with the interest rate, through this advantage the bank should attract more customers. * The bank should increase the promotional actives on TV, print media & radio. * The bank has many efficient employees an efficient employee can attract the customers, so the bank should give more importance on that. * The bank should introduce an easier process for giving lone. Part-7 Conclusion Conclusion: Mercantile Bank Limited is a strong and effective player in the financial system. It is a solid, forward-looking, modern local bank with a record of sound performance. It is a new generation bank. It is committed to provide high quality financial services /products to contribute to the growth of GDP of the industrialization, boosting up export, creating employment opportunity for the educated youth, rising standard of living of limited income group and overall sustainable socio-economic development of the country. The bank has the vision to be the best Private Commercial Bank in Bangladesh in terms of efficiency, capital adequacy, asset quality, sound management etc. it is now one of the top most profitable commercial bank. As concluding remark the bank is able to attain a leading role with the 13 years success story but to remain in Strong position among new generation banks, the bank must face new challenges. The bank must make a positive attempt to be more outward looking in their goals and aware of what is happening. They must also emphasize on the domestic scenario more closely and analyze any certain trends and strategies of their competitors. The bank must accept any failures and think of them as an objective to pursue future goals instead of blaming such failures on other factors and in this way the Bank will be able to keep on playing its important roles in our economy. Part-8 Bibliography Bibliography: * Annual Report (2009) of Mercantile Bank Limited. * Annual Report (2011) of Mercantile Bank Limited. * Circular of Mercantile Bank Limited. * Interview with the Credit section of employees Mercantile Bank Limited, Gulshan, Branch. * Interview with SME and retail banking section of Mercantile Bank Limited, Gulshan Branch. Books reference * Principles of Marketing- 12th Edition- Philip Kotler. * Marketing Management- 13th Edition- Philip Kotler. * Service Marketing- 4th Edition- Zeithamal & Bitner . Internet reference * www.google.com * www.wikpedia.com * www.yahoo.com * www.answer.com * www.mblbd.com Part-9 Annexure Raw Table: 1. What type of account you maintain with the bank? * MSS 23 * FDR 10 * Current 13 * Others 4 2. Why you choose mercantile bank? * Branch number of the bank 11 * Location of the bank 15 * Reputation of the bank 3 * Service of the bank 16 * Personal relationship 5 3. What are the services of this bank you usually use? * MSS 20 * LC 3 * Current Account 9 * FDR 7 * Card 7 * Locker 4 4. Are you satisfied with the service charges of the bank? * Very high 0 * High 14 * Moderate 25 * Low 11 * Very low 0 05. Are you satisfied with the account opening procedure? * Good 23 * Very good 12 * Poor 15 * Very poor 0 06. Are you a debit card holder of this Bank? * Yes 14 * No 36 07. Do you think the numbers of ATM booths are sufficient? * Agree 12 * disagree 38 08. Do you think MBL takes longer time to issue a card? * Disagree 20 * Strongly Disagree 0 * Agree 20 * Strongly agree 10 * 9. Are you satisfied about ATM services? * Satisfy 7 * Dissatisfy 20 * Moderate 13 10. Are you satisfied with the branch location? * Yes 18 * No 14 * Moderate 18 11. Where do you first know about this bank? * TV 0 * News Papers 10 * Bill-board & sells representatives 18 * Friends & Family 22 (Likert scale) No.| Question:| Highly Satisfy| Satisfy| Neutral| Disagree| Highly Disagree| 12.| Are you satisfied with the Services offered by the MBL?| 0| 20| 21| 9| 0| 13.| Are you satisfied with the different charges & interest rates that are offered by MBL?| 0| 18| 25| 7| 0| 14.| Do you think the numbers of branches are satisfactory compare to other Banks?| 0| 20| 23| 7| 0| 15.| Are you satisfied with the different promotional campaign of MBL?| 0| 3| 26| 12| 9| 16.| Do you think the employees are highly efficient?| 5| 15| 26| 4| 0| 17.| Do you think the process of taking loan is very easy?| 0| 14| 12| 24| 0| 18.| Are you satisfied with the total working process of the MBL?| 0| 11| 30| 9| 0| 19.| Do you think MBL provides a very good after sales services in ATM sector?| 0| 9| 20| 13| 8| 20.| Do you think MBL take longer time to open LC?| 0| 20| 16| 14| 0| Questionnaire: Dear respondent, ————————————————- I’m a student of BBA program studying in Bangladesh University of Business & Technology (BUBT). I was assigned to prepare a report on â€Å"customer satisfaction of the Services of Mercantile Bank LTD† which is a partial fulfillment of my internship program. As a result, some information would be needed from you. It is assured that all the information will keep confidential and solely use in this report only. Name:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Sex: a) Male b) Female Occupation:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Express your opinion by giving (√) marks. You may choose more than one option where necessary. 01. What type of account you maintain with the bank? A) MSS C) FDR B) Current D) Others 02. Why you choose mercantile bank? A) Branch number of the bank C) Location of the bank B) Reputation of the bank D) Service of the bank E) Personal relationship 03. What are the services of this bank you usually use? A) MSS B) LC C) Current Account D) FDR E) Card F) Locker 04. Are you satisfied with the service charges of the bank? A) Very high C) Good B) High D) Poor E) Very poor 05. Are you satisfied with the account opening procedure? A) Good B) Very good C) Poor D) Very poor 06. Are you a debit card holder of this Bank? A) Yes B) No 07. Do you think the numbers of ATM booths are sufficient? A) Agree B) Disagree 08. Do you think MBL takes longer time to issue a card? A) Disagree C) Strongly Disagree B) Agree D) strongly agree 09. Are you satisfied about ATM services? A) Satisfy c) Dissatisfy B) Moderate 10. Are you satisfied with the branch location? A) Yes B) No C) Moderate 11. Where do you first know about this bank? A) TV B) News Papers C) Bill-board & sells representatives D) Friends & Family Please put tick (√) on appropriate place. Statement| Highly Satisfy | Satisfy| Neutral| Disagree | Highly Disagree| 12. Are you satisfied with the Services offered by the MBL?| | | | | | 13. Are you satisfied with the different charges & interest rates that are offered by MBL?| | | | | | 14. Do you think the numbers of branches are satisfactory?| | | | | | 15. Are you satisfied with the different promotional campaign of MBL? | | | | | | 16. Do you think the employees are highly efficient?| | | | | | 17. Do you think the process of taking loan is very easy?| | | | | | 18. Are you satisfied with the total working process of the MBL?| | | | | | 19. Do you think MBL provides a very good after sales services in ATM sector?| | | | | | 20. Do you think MBL take longer time to open LC?| | | | | | THANK YOU FOR YOUR KIND COORDINATION. Surveyor Signature:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Date:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Contact No:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦

Rap Music Essay

Often times when people hear about Hip Hop/Rap music, they’ll paint a picture in their heads of black men cussing, guns, marijuana, lots of gold, and girls looking like prostitutes. Parents and teachers put an image in their kid’s head that Rap music is â€Å"bad†, and they don’t want their kids to be influenced by something that is negative. With the way Rap music is advertised in the US, I would have to agree with that looking at it from an average parent’s point of view. But what people don’t know is that Hip Hop isn’t just a type of music, it’s a culture. It’s a culture full of original elements, and it’s also a place where people can show others what they’ve got and who they are. Within this original society called Hip Hop, there are basically four main elements of MC, Break, Tag, and DJ. And each is represented by millions of people all over the globe. When the four come together, it makes Hip Hop musi c, and people live the music instead of listening to it. MC-ing is what people know as rapping. The main point of an MC is to make your crowd enjoy your music, and to send a message out to them. Unlike most of the lyrics out on the market today, Hip Hop contains meaning and it sends a message to the listeners. Although those messages might have bad words, and show images of things that are socially wrong, that’s actually what’s going on where they are from, and that’s who they are. Their music represents their area and their people, and it’s no different from a farmer singing about his cows and chickens in Idaho. Besides, â€Å"Gangster Rap† isn ’t the only type of Hip Hop music, it’s actually only a small sect of it all. Many rappers put out lyrics about what they believe in, their own philosophies, entertaining others, and although it may seem unlikely, many lyricists seem like Einstein to me. Just like all of the other geniuses like Newton, Galileo, and musically Jimi, there are MCs that are geniuses too. What makes those guys remarkable compared to others are their strength and choice of words, and their flow, or the melody, of their rhymes. I personally can’t relate to the ghetto, guns, and all of that â€Å"gangster† stuff, so I don’t listen to that genre all that much, but there are many elements people can pick up from the Hip Hop music. There is a whole Japanese Hip Hop scene that is growing bigger and bigger, and that’s what I personally live. The next element is Breaking. Breaking is a term used for dancing, and most people know it as Break Dancing. Although Breaking has become a small part of the whole dance scene in Hip Hop today, it’s the first form of Hip Hop dances. People spin on their heads, do handstands, slide with just their hands on the ground, spin on the floor with their legs spread out, and all kinds of astonishing moves. This is probably the most popular form of Hip Hop in Japan today because its so easy to begin and watch. DJs have one simple task: make people dance. Or that’s what it used to be. Before, their main goal was to have the knowledge of the music so they can make people dance according to the mood and time. Also scratching records were their performance. Now, DJs have lots more jobs and probably the toughest element of all. Most DJs team up with MCs so they can act as the rhythm section of the Hip Hop performance, and to do that and be original, they must create sounds of their own. They basically make the beats and the MCs lay the words on it. The steps to be able to make beats and tracks takes lots of time, money, and mind, so most DJs don’t/can’t take a step further into the scene. Today, more and more artists are creating their own tracks, for the money, and they tend to realize that they can’t be rapping at age 40 while its perfectly normal for a 40 year old to be playing the guitar. It ’s not wrong to say that DJs are the backbones to the Hip Hop music. The final element is Tagging, and its graffiti. This is actually a controversial issue because many people believe its wrong. But it’s a form of art to the culture, and it shows character of each artist. Its definitely not just about claiming area by the gangs, and its not just about vandalizing other people’s property. People need to admit that New York City would not have its flavor that it has today without all of those artwork, and there are many artists that put up their pieces just so they can show others what they got. It’s a way of communication in the form of Hip Hop. Many other types of music can be a culture too, and each person feels if it is a culture to them or not. If music means culture to that person, then they probably feel that uneasy sensation of going to bed without music, going on the train without your Walkman, and have that anger towards vacuum  cleaners. Music also is a form of communication when there is the kind of society where people understand one another through it. Which creates influences on others, and makes music grow.

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Health Care Policies Assignment Example | Topics and Well Written Essays - 1000 words

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