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Consumer perception - Consumer imagery

5 important questions on Consumer perception - Consumer imagery

Five environmental variables that are most important to bank customers:

1. privacy (both visually and verbally, with enclosed offices, transaction privacy, etc.);
2. efficiency/convenience (e.g. transaction areas that are easy to find, directional signs);
3. ambient background conditions (temperature, lighting, noise, music);
4. social conditions (the physical appearance of other people in the bank environment, such as bank customers and bank personnel); and
5. aesthetics (e.g. color, style, use of materials and artwork).

Reference points of prices:

Past prices
competitors' prices
cost of goods sold

Two types of utility are associated with consumer purchases:

Acquisition utility: represents the consumer’s perceived economic gain or loss associated with a purchase and is a function of product utility and purchase price
Transaction utility: concerns the perceived pleasure or displeasure associated with the financial aspect of the purchase and is determined by the difference between the internal reference price and the purchase price.

Perceived product quality:

a trade-off between the product’s perceived benefits (or quality) and the perceived sacrifice – both monetary and non-monetary – necessary to acquire it

Price/quality relationship:

Rely on a well-known (and, hence, more expensive) brand name as an indicator of quality without actually relying directly on price per se

The question on the page originate from the summary of the following study material:

Consumer behaviour

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Consumer perception - Consumer imagery

5 important questions on Consumer perception - Consumer imagery

Five environmental variables that are most important to bank customers:

Reference points of prices:

Two types of utility are associated with consumer purchases:

Perceived product quality:

Price/quality relationship:

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