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Factors Influencing Consumer Behavior: Practical Example of Islamic Banking As A Product

The document discusses factors that influence consumer behavior in the context of Islamic banking products. It provides examples of major factors like individual preferences in spending savings, internal and external stimuli, and the buyer decision process. The document then summarizes Islamic banking in Pakistan with statistics on assets, financing, deposits, branches and market share as of December 2009. It also discusses percentage of adopters of innovations over time and different types of Islamic banking customers. Lastly, it covers factors affecting Islamic banking customers and potential customers like motivation, culture and examples of mass market house finance and deposit products.

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mazhariba
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112 views

Factors Influencing Consumer Behavior: Practical Example of Islamic Banking As A Product

The document discusses factors that influence consumer behavior in the context of Islamic banking products. It provides examples of major factors like individual preferences in spending savings, internal and external stimuli, and the buyer decision process. The document then summarizes Islamic banking in Pakistan with statistics on assets, financing, deposits, branches and market share as of December 2009. It also discusses percentage of adopters of innovations over time and different types of Islamic banking customers. Lastly, it covers factors affecting Islamic banking customers and potential customers like motivation, culture and examples of mass market house finance and deposit products.

Uploaded by

mazhariba
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
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Factors Influencing

Consumer Behavior
Practical example of Islamic
banking as a product
Wednesday August 18, 2010
Major Factors
Example
You may think that the best way of utilizing
your annual saving is to have a summer
vacation, but your wife thinks it is wisest to
invest in jewellery, while your colleague
considers buying shares as the best way of
spending savings. Thus you would find that
each person has his or her own standards of
judgments and distinct behavior in every
aspect of his role as a consumer.
The Buyer Decision
Process

Internal and External


Stimuli
Why to Study Behavior?
• Product Innovation
• Product Features
• Pricing and Distribution Strategy
• Marketing Plan (Media, artwork,
placement etc.)
• Sales Strategy (PS, Mass, Tele etc.)
Islamic Banking
• A new phenomena introduced in 2002 (Pakistan)

Category December 2009


Assets PKR 366 bn
Financing & Investment PKR 226 bn
Deposit PKR 283bn
Branches 649
Market Share
Assets 5.6%
Financing & Investment 4.5%
Deposit 5.9%
Growth rate -assets 32.6%
Adoption of
Percentage of Adopters
Innovations

Early Majority Late Majority


Innovators

Early
34% 34% Laggards
Adopters

13.5% 16%
2.5% Time of Adoption
Early Late
IB Growth
IB Customers
• Habitual cynics
• Indifferent Customers
• Allamas
• Guided Moderator
• Sudden Realizers
• Delegators
• Mohala Masjid Loyalist
Factors effecting IB
customers/potential

Motivation(Fear &
Reward) and Culture
House Finance
a) Mass Market Product
b) Evaluation of the target market
c) Buying Decision (Pattern)

• Urban Market (High Ticket size, high pricing,


convenience in payment, high service standards-
Personalized services, quick TAT, Brand equity etc.)
• Rural Market (Low ticket size, low/medium
pricing)
Deposits
Current Account:
• Return insensitive, (Businessmen, traders, Corporate)
• FOC,
• Accessibility
• Reach/Distribution network
Term Deposit:
• High returns sensitive (savers, expats, retired, etc.)
• Levy charges for all services
• No extensive network is required

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