Sample Thesis Paper
2.1 Project Aim Statement
The project aims to establish an understanding of the current standing of customer satisfaction in the UK banking industry and the degree to which customer satisfaction plays the role of a key variable in the success of the industry.
2.2 Project Objectives
The research incorporates the following three objectives:
- To thoroughly explore and understand the UK banking industry
- To establish how consumers in the UK perceive their degree of satisfaction with banks in the UK.
- To determine the role and sensitivity of customer satisfaction to the UK banking industry.
2.3 Marketing Context to Be Examined
The recent financial crisis has served to bring about a change in consumers’ perception towards banks that can be considered to be nothing less than drastic. Consumers are now seeking out increased diversity in their banking portfolios in an attempt to create a risk-decreasing spread for their investments. Consumers desire lower exposure with increased returns. Consumers who are not changing banks are distributing formerly centralized investments across banks in an attempt to decrease risk. Almost ten percent of the consumers of the UK banking industry have switched banks following the recession with a greater number expecting to switch soon (Ernst and Young 2010). In an attempt to retain their consumers, banks in the UK are concentrating on providing consumers with augmented products to ensure that their consumers are happy and do not switch to competitors. As a result, banks find a challenge between ensuring customer satisfaction and bringing down expenditures in face of the economic recession. Matters become increasingly complex with measures such as the Common Principles for Bank Account Switching making it extremely easier for consumers to switch between banks (Ernst and Young 2010). They have no other option but to retain the confidence that their consumers have in them if they are to retain the consumers at all.