A B C D E F G H I J K L M N O P Q R S T U V W X Y Z All
Nwodo Sylvanus, I.
- Determinants of Undergraduate Students’ Brand Choice of Banks in Selected South Eastern Nigerian Universities
Authors
1 Department of Marketing, Chukwuemeka Odumegwu Ojukwu University, Uli, NG
2 Department of Marketing, University of Nigeria, Nsukka, NG
3 Department of Marketing, Federal University of Agriculture, Umudike, NG
Source
International Journal of Innovative Research and Development, Vol 6, No 3 (2017), Pagination: 35-47Abstract
The research focused on determinants of undergraduate students’ brand choice of banks. Specifically, the study aimed at pursuing the following objectives- to determine the extent of the relationship between bank proximity and students’ choice of commercial banks, to determine if there is significant relationship between quality service brand and students’ choice of commercial banks, to ascertain the extent at which peer group/colleagues (referrals) influence the students’ choice of commercial banks, to ascertain the extent at which perceived brand image affect students’ choice of commercial banks, and to ascertain if significant relationship exist between brand awareness and students’ choice of banks. The population of study consists of 12562 students of Chukwuemeka Odumegwu Ojukwu University, Uli and Nwafor Orizu College of Education, Nsugbe. A sample size of 388 was drawn using Taro Yamane’s formula at 5% error of tolerance and 95% level of confidence. The instruments used for data collection was primary questionnaire. The total number of 388 copies of the questionnaire was administered to the target respondents. While 320 copies were duly completed and returned, 68 copies were not returned. Survey research method was adopted for the study. The formulated hypotheses were tested using Pearson Product Moment correlation coefficient and Simple Linear regression tools. The findings indicate that there is a significant relationship between bank proximity and undergraduate students’ choice of commercial banks (r =.944, P<.05). Quality service brand does not have significant influence on students’ choice of commercial banks (r = 0. 844; t = 6.541; F= 143.525; p < 0.05). Peer group/colleagues (Referrals) do not have significant influence on the student’s choice of commercial banks (r = 0.569; t = 14. 231; F = 99.104; p < 0.05). There is a positive relationship between perceived image of banks and student choice of commercial banks (0. 869; t = 9.531; F= 179.134; p < 0.05). And finally, brand awareness has a significant effect on student choice of commercial banks (r =. 955, P<.05). The study recommends that commercial banks should locate their branches within the campus premises of the tertiary institutions, and/or at least put ATM booths therein. They should also always innovate to improve on their service quality. Students treated with respect and dignity should recommend their peerage to the banks. Moreover, banks must treat their employees as their frontline customers so that they in turn will serve their profitable customers better. And finally, managements should embark on brand awareness creation to educate and sensitize the student customer segment on the uniqueness of their service products.
Keywords
Brand Choice, Service Brand Quality, Bank Proximity, Brand Awareness.Full Text
References
- i. Aaker, D.A. (1991), Managing Brand Equity Capitalizing on the Value of a Brand Name, New York: The Free Press.
- ii. Aaker, D.A., R. Jacobson. (1994), “Study Shows Brand-building Pays off for Stockholders”, Advertising Age 65(30): 18.
- iii. Ajzen, I. and Fishbein, M. (1980), Understanding Attitudes and Predicting Social Behavior, Retrieved on 23/09/2016 from www.globaldrugpolicy.org.
- iv. Barwise, P., A. Dunham, and M. Ritson (2000), Ties that bind: Brands, Consumers, and Business, in Brand New, eds. Pavitt, J. London: V and A Publications.
- v. Berthon, P., Hulbert, J.M., and Pitt, L.F. (1999), “Brand Management Prognostications.” Sloan Management Review, 40(2), 53-65.
- vi. Bilal, Z. U., Jaweria, Y. R. and Asad, K. (2010) Product Service Strategy, New York, Micheal Charter Publishers.
- vii. Chaudhuri, A., and Holbrook, M. B. (2002), “The Chain of Effects from Brand Trust and Brand Affect to Brand Performance: The Role of Brand Loyalty” April. 65(2): 81-93.
- viii. Doyle, P. (1989). “Building Successful Brands: The Strategic Options” .Journal of 'Marketing Management, 5(i), 77-95.
- ix. Dzandu, M. D., Boanteng, H. & Dzandu, C. E. (2014), “Key Determinants of Students Mobile Phone Choice”, Management science Letters, 4(2014) 1801 – 1814, Retrieved on 02/10/2015 from www.grrowingscience.com.
- x. Eagly, A. H. and Shelly, C. (1993), The Psychology of Attitudes. Orlando, FL: Harcourt Brace Jovanovich, Inc.
- xi. Eliyahu, G. (1984), “Theory of Constraints”, Retrieved on 12/07/2015 from www.leanproduction.com.
- xii. Erdem, T. and Swait, J. (2004), “Brand Credibility, Brand Consideration, and Choice”, Journal of Consumer Research, Vol.31, pp. 191-198.
- xiii. Fishbein, M. and Ajzen, I. (1967), Theory of Reasoned Action (TRC), Retrieved on 02/10/2015 from Retrieved on 02/10/2015 from www.wikipedia.org.
- xiv. Hinson, R., Dasah, J. and Owusu-Frimpong, N. (2009),“Undergraduate First Time Bank Customers’ Perception of Service Quality in Ghana”. International Business Economics Working Paper Series, 49, Retrieved on 21/04/2015 from www.business.aau.dk.
- xv. Hossien, E. (2011). “Determinants of Brand Equity: Offering a Model to Chocolate Industry.”World Academy of Science, Engineering and Technology, 1205-1213.
- xvi. Hurley, T. (2004) “Managing Customer Retention in the Health and Fitness Industry: a Case of Neglect.”Irish Marketing Review, Vol. 17, Issue. 1/2 pp. 23-29.
- xvii. Kadampully, S. W. (1998), “Bank Selection Criteria Employed by MBA Students in Delhi”, Retrieved on 18/10/2016 from www.jbsq.org/wp/content.
- xviii. Kapferer, J.N. (1992), Strategic Brand Management: New Approaches to Creating and Evaluating Brand Equity, New York: The Free Press.
- xix. Kapferer, J.N. (1997,. Strategic Brand management: Creating and Sustaining Brand Equilong Rem. London: Kogan Page.
- xx. Keller, K. L. (1993), “Conceptualizing, Measuring, and Managing Customer-Based Brand Equity”, Journal of Marketing, Vol. 57, 1-22.
- xxi. Kotler, P. and Keller, K. (2006), Marketing Management, (12th Ed), New Jersey: Prentice Hall Inc.
- xxii. Laroche, M. and Rosenblatt, J. A. (2007), “Services Used and Factors Considered Important in Selecting a Bank: An Investigation of a Cross Diverse Demographic Segments”, International Journal of Bank Marketing, 4, 1, Pp. 35 – 55.
- xxiii. Mabin, V. and Balderstone, S. (2003), “The performance of the theory of constraints Methodology: Analysis and Discussion of Successful TOC Applications”. International Journal of Operations & Production Management, 23(6): 568-595.
- xxiv. Mamunur, R. (2012), “Bank Selection Criteria in Developing Country: Evidence from Bangladesh” Asian Journal of Scientific Research, 5, 58 – 69.
- xxv. Mokhlis S. and Yaakop W. (2012), “Influence of Advertising on Consumer Brand Preference”, Journal of Social Sciences, 10 (1)9 – 16.
- xxvi. Mokhlis, S., Salleh, H. A. and Mat, N. H. N. (2011), “What Do Young Intellectual Look for in a Bank? An Empirical Analysis of Attribute Importance in Retailer Bank Selection”, Journal of Management Research, Vol.2, Pp.1 – 15, Retrieved on 08/01/2017 from www.macrothink.org/jmr.
- xxvii. Mokhlis, S. (2009), “Determinants of Choice Criteria in Malaysia’s Retailing Banking: An Analysis of Gender-Based Choice Decisions”, European Journal of Economics, Finance and Administrative Sciences, 16, 1450 – 2887, Retrieved on 02/09/2016 from www.eurojournals.com.
- xxviii. Mokhlis, S., Mat, M. N. H. and Salleh, H. S. (2008) Commercial Bank Selection: The Case of Undergraduate Students in Malaysia, International Review of Business Research Papers, Vol.4, No. 5, pp 258 – 270.
- xxix. Nkamnebe, A, Ukenna S, Anionwu C and Chibuike V (2014), “Determinants of Bank Selection by University Undergrads in South-East Nigeria: Empirical Evidence”, African Journal of Economic and Management Studies, Vol.5, No.3.
- xxx. Okolo, V.O., Ugonna, I.A., Obikeze, C.O., Anuforo, R., Mamma, Z.N. and Enyi, F. (2015), “Assessing Product Differentiation and its Influence on Consumer Purchase Brand Preference for Selected Brands of Detergents in South Eastern Nigeria”, International Journal of Applied Engineering Research, Volume 10, Number 21, pp 42348-42356
- xxxi. Okolo, V.O., Agu, O.A., Obikeze, C.O. & Ugonna, I. A. (2015), “Evaluating the Effect of Customer Loyalty Strategies on Customer Satisfaction Among Selected Global System for Mobile Communications (GSM) Services Providers in South Eastern Nigeria”, International Journal of Development Research Vol. 5, Issue 07. pp. 5162-5171.
- xxxii. Okolo, V O, Obikeze C., O., Agu, O. A. Ugonna, I. A. and Wali, K. (2015), “Application of International Public Relations Strategies for Successful Bid of Palestine Full Membership of the United Nations”, International Journal of Advanced Research, Vol. 3, Issue 8, August 2015, pp 1-31.
- xxxiii. Okpara, G. S. and Onuoha O A (2013), “Bank Selection and Patronage by University Students: A Survey of Students in Umudike, Nigeria”, Asian Business Review, Vol.2, No.2, 4, 12 – 18.
- xxxiv. Olawale, C and Cleopas, F (2010), “Factors Influencing the Choice of Commercial Banks by University Students in South Africa”, International Journal of Business and Management Vol. 6, No. 6.
- xxxv. Omo, A. (2011), “The Determinants of Bank Selection Choices by Customers: Recent and Extensive Evidence from Nigeria”, International Journal of Business and Social Science Vol. 2 No. 22.
- xxxvi. Orth, U. R., McDaniel, M. R., Shellhammer, T., and Lopetcharat, K. (2004), “Promoting Brand Benefits: The Role of Consumer Psychographics and Lifestyle”, Journal of Consumer Marketing, Vol. 21, No. 4, pp.31-47.
- xxxvii. Sharma, R.K., and Rao, S.A. (2010), “Bank Selection Criteria Employed by MBA Students in Delhi: An Empirical Analysis”. Journal of Business Studies, 1(2): 56-69.
- xxxviii. Trafimow, D. and Fishbein, M. (2001), “The Moderating effect of behavior type on the Subjective Norm-behavior Relationship”, The Journal of Social Psychology, Vol. 134, No. 6, pp.755-763.
- xxxix. Ukenna, S., Olise, M. C., Chibuike, V. C., Anionwu, C., Igwe, N. N. and Okoli, I. E. (2012), “Drivers of Banks Loyalty Among Students in Nigeria: Positing 12-Point Students Customer Bank Loyalty Index Model”, American Journal of Business and Management, Vol.1, No. 3, Pp172 – 176.
- xl. Wei, T. and Jiage, Z. (2013), “Factors Influencing Students Selection of Bank”, Retrieved on 02/01/2017 from www.scholarsarchive.jwu.edu.