THE INFLUENCE OF BRAND IMAGE ON CONSUMER BEHAVIOUR

THE INFLUENCE OF BRAND IMAGE ON CONSUMER BEHAVIOUR

CHAPTER ONE

INTRODUCTION

1.1   BACKGROUND OF THE STUDY

The necessity of maintaining a distinctive and outstanding brand of services and products that demands consumer satisfaction and loyalty is predetermined by the growing requirement to retain a competitive advantage and client loyalty in the industry segment. The study looks into the effects of Diamond Bank branding on consumer behavior. On March 21, 1991, Diamond Bank Plc was established as a private limited liability business. (20 December 1990 saw the incorporation of The Bank). It changed its name to a Universal Bank in February 2001, ten years later. Following a highly profitable private placement share offer that significantly increased the banks equity base in January 2005, Public limited company status was granted to Diamond Bank.

The Bank went public on the Nigerian stock exchange in May 2005. The first bank in Africa to do so was Diamond Bank, whose Global Depositary Receipts (GDC) were listed on the London Stock Exchange in January 2008. Currently, Diamond Bank is regarded as one of Nigeria’s top banks, driven by innovation, providing great customer service, and utilizing the most cutting-edge banking technology available. Diamond Bank has used its underlying residence as leverage throughout the years to expand its asset base and effectively maintain its important client relationship. Also, the Bank’s resilience increases its value like a diamond does.

In 2008, the Bank consolidated its operations into three district strategic business segments: retail banking, corporate banking, and public sector. This was done to ensure that the Bank grows with the needs of the customer. Diamond Bank has upgraded its services and other banking facilities as it continues to grow and develop while using its existing competencies. But the banks continually enhances its brand, much like cutting a diamond of the highest grade from a raw gem. As a result, the purpose of this study is to examine how branding affects consumer behavior using a case study of Diamond Bank plc.

1.2   STATEMENT OF THE PROBLEM

Consumer behavior research demonstrates that we live in a consumer-driven world where the goal of business goods and services is to make customers happy and keep them loyal to the brand. Hence, determining is having a complete awareness of consumer behavior.
a. Consumer psychology, namely how they decide between options based on needs and brand awareness
b. How service or product suppliers choose and implement the most effective branding techniques for their goods or services (e.g culture, family, signs, media).
c. The multiple steps a consumer takes before making a purchase of a good or service.

d. What factors determine consumer’s loyalty or repeat purchase of the brand” is crucial in meeting customer’s satisfaction and brand loyalty
Because different branding methods have an impact on consumer loyalty and purchasing decisions, a good marketing campaign must use the right branding strategy. An successful branding strategy is important in a sector with fierce competition not just to draw customers but also to foster brand loyalty. As a result, the purpose of this study is to examine how branding has affected the case study of Diamond Bank Plc.