CHAPTER ONE
INTRODUCTION
BACKGROUND OF THE STUDY
The increasing requirement to retain a competitive edge and customer loyalty in the industry segment highlights the importance of maintaining a distinct and superior brand of services and products that compel consumer satisfaction and loyalty. The goal of the study is to determine how Diamond Bank’s branding affects customer behavior. Diamond Bank Plc was founded on March 21, 1991, as a private limited liability business. (On December 20, 1990, the Bank was established.) It became a Universal Bank ten years later, in February 2001. Diamond Bank became a public limited company in January 2005, following a highly successful private placement share offer that significantly increased the bank’s stock base. The Bank was listed on the Nigerian stock exchange in May of 2005. Furthermore, Diamond Bank Global Depositary Receipts (GDC) were listed on the London Stock Exchange for the first time in January 2008, making it the first bank in Africa to do so. Diamond Bank is now one of Nigeria’s major banks, renowned for its superior service delivery, innovation, and use of the most advanced banking technology platform available. Diamond Bank has used its underlying residence to develop its asset base and effectively retain a critical commercial connection throughout the years. The Bank’s strength, like that of a diamond, adds to its worth. In 2008, the Bank consolidated its operations into three core business segments: retail banking, corporate banking, and public sector, in order to ensure that the Bank expands in tandem with the needs of its customers. Diamond Bank continues to develop and build on its live skills, improving services and other financial facilities by cutting from the rough. However, just as a diamond is carved from a raw gem to become a high-quality diamond, a bank’s brand is continually enhanced. As a result, the purpose of this study is to look into the impact of branding on customer behavior using Diamond Bank plc as a case study.
STATEMENT OF THE PROBLEM
Consumer behavior research indicates that we live in a consumer-driven world, in which the ultimate goal of company products and services is to satisfy customer expectations, causing people to be happy and loyal to the brand. As a result, a thorough grasp of consumer behavior is essential. a. Consumer psychology and how they make purchasing decisions based on their requirements and brand awareness
b. How can service or product suppliers adopt the most effective branding approach for their product or service? (e.g culture, family, signs, media).
c. The numerous stages a customer goes through before deciding to buy a product or service.
d. What factors influence consumer brand loyalty or repeat purchases” is critical in ensuring customer happiness and brand loyalty.
As a result, in order to effectively reach out to the consumer, a good branding strategy is required, as diverse branding techniques influence consumer purchasing decisions and loyalty. In a market characterized by fierce rivalry, a strong branding strategy is critical not just to attract customers but also to build brand loyalty. As a result, the purpose of this study is to look into the impact of branding on a case study of Diamond Bank Plc.
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