Suggest and briefly explain any five (5)professional advice that will serve as training for the teller

 QUESTION ONE

Read the cases below and answer the questions that follows in the spaces provided 

CASE 1

Josephine is a teller in one of the leading banks in Ghana. She extents courtesies to customers who Come to the banking hall decently dressed and detests those shabbily dressed. On one occasion,  She told a customer who was in a pair of shorts and slippers to look around the banking hall and  See the way other customers dressed and that she would be compelled to refuse him services in Future if he continued to dress that way. That customer happened to be a major shareholder of the Bank and a major customer of the bank. 

Questions

i. Suggest and briefly explain any five (5)professional advice that will serve as training for the teller

 

ii. Briefly explain any five (5)natural consequence that could arise if the teller continues to do things the way it is done 

CASE2

a. Read the case below and answer the questions that follows

Whilst at Kwame Nkrumah University of Science and Technology (KNUST) to make enquiries About school fees, an employee in the accounts office informed Prosper that, he had no moral  justification to ask unnecessary questions since; he still owed school fees from the previous year. Prosper was furious and told him to be customer oriented but the employee told him  “unfortunately, I do not work in the marketing Department, they are trained to be nice to customers Even when they are misbehaving but I am in charge of money and that is a serious business and Will not allow customer service to gag me.”

Questions

i. Briefly explain any five (5)professional advice that serves as training for the accounts officer. 

ii. Briefly explain any five (5)natural consequence that could arise if the accounts officer continues to do things the way it is done. 

CASE 3

ISLAMIC BANK: RESPECTING THE PROPHET’S WORD

Bank Islam, a bank in Malaysia, operates by the principles of Islam. Its customers deposit money  With the bank, but do not receive any interest on it. The reason is that; Islam prohibits any interest  As usury. So instead of being paid interest on their money, customers receive a share of the bank’s Profit. The bank was founded in Egypt about three decades ago simply to give religious Muslims A way to keep their money safe. Today, Islamic banks are common in the Middle East and they are Spreading in the Philippines, Europe and the United States (US). In these countries, many Countries, many customers like the availability of a bank that follows Islamic principles. Islamic Bank pools deposit and in turn invest them in construction, commodities and other businesses that Do not pay any interest on these investments. Instead, these commercial borrowers pay the bank Share of their own profit. In turn, the bank shares the profit with their individual depositors. The Combined assets of all the Islamic now totals about $70 billion. The leader of the pack in Malaysia Is Bank Islam, with a total deposit of 3 billion ringgit, or $1.2 billion Islamic banks have devised new ways of lending and investing money. A customer who wants a Car loan for example, agrees to make a series of payments totaling more than the sticker price of a Car, which remains the bank property until all the payments have been made. In business market, Importers and exporters employ a technique they call Murabaha. A bank buys goods and sells Them to a customer who then pays the bank at a future date a total sum more than what the customer Would have had to pay if the goods were bought with cash. This technique was approved by New York Fed. In Malaysia where the banks are expanding financial services most aggressively, Arab Malaysian Bank has issued the first Islamic credit cardan interest free Visa Card. The bank Charges no interest, but customers pay an annual fee that is a percentage of their purchases. The Credit limit is equal to the amount in their deposit accounts in the bank. The Malaysian government is pushing for a country’s financial services to go global and attract Foreign capital. A member of Malaysian Islamic Investment funds hold shares worth $780 million, Most of them in foreign companies. However, these companies are carefully screened to ensure  that stocks are not linked to liquor, gambling, or other activities regarded as sinful by Islamic Teachings. Conservative Muslims criticize the government for allowing banks to conduct both Islamic-oriented and interest paying services under the same roof. According to these critics, some Islamic stockbrokers are handling companies that make some of their profits from interest Received. Some argue that, it is impossible for Islamic financial institutions to become a major Player in the global financial industry because the interest-paying services are an inevitable part of Modern day financial business. “That concern is true”,says Nik Ramlah, an official of the Malaysian Securities Commissions, “but it just underlines the need to introduce the necessary Islamic Financial Products to meet the needs of modern day investors”.

Questions 

a. What role does religion play in customer behavior? Illustrate with the behavior of customers who follow the Islamic religion. 

b. What is a market value? Which of the market values do Islamic banks offer to Muslim customers, specific to each of the buyer, user and payer?

c. Under what circumstances would Islamic bank products, such as the practice of Murabaha, be of value to non-Muslim customers?

QUESTION TWO

a. You are the only person from your village that has managed to go to the university and you are now in level 200. The chief of your village has established a micro finance company to help the village dwellers. The manager of the company is a senior high school leaver. The manager together with the chief has invited you to educate the staff of the company on the theme “Discouraging Abusive and Opportunistic Customer Behaviour”. Make a presentation 

b. It is very important to understand the needs and wants of customer by conducting market research in order to create a satisfied customer. In the context of customer satisfaction, discuss the statement “consumer research is more scientific than guerilla marketing strategy”

c. Marketing has often been defined in terms of satisfying customers’ needs and wants. Critics maintain that, marketing does more than satisfying customers’ needs and wants and, in fact, create needs and wants that did not exist before. According to these critics, marketers encourage consumers to spend more money than they should on goods and services they really do not need. What is your opinion on this ongoing debate? Take a stance and defend your position using practical examples of a company in Ghana that you perceive to have created or satisfied customer needs. 

 d. Nana Yaa is the managing director of Nadarko Body Clinic, a leading “body Massage Butik” inKumasi. She has established standards in her organization that,to the best of her Knowledge must satisfy customers. Thoughmany of her customers are content and satisfied With her services, many others are still dissatisfied and customer complaints keep Increasing. Nana Yaa does not understand why in spite of all her efforts at providing the Best of services, customers are sofastidious. She decided to conduct a market research to Find out what customers wanted. In her outcomes, she came across the term value in almost All her findings. “Value” is said to be subjective; discuss any four(4)major factors, that Influence how the customer perceive value. 

e. Seek ye first the satisfaction of customers, and all its rewards shall be added to you. Discuss 

f. Explain Customer Adoption Process and indicate what marketers must adopt at each stage of the process 

g. Jay and Sons Company Limited (JSCL) are manufacturers and distributors of a host of fast moving consumer goods (FMCG). 

The Management has realized that some of the products of the company do not survive after few years of introduction. You have been appointed by the company to manage the products so as to lengthen their existence. Discuss the relationship between product life cycle and marketing mix variables indicating marketing mix strategies you will adopt at each stage of the product life cycle.

Answers

**Question One**

**Case 1:**

i. Professional advice for the teller:

1. Customer Service Training: The teller should receive training on providing consistent and respectful service to all customers, regardless of their appearance. This includes understanding the importance of treating all customers equally.

2. Conflict Resolution Skills: Training should cover effective ways to handle customer disputes and difficult situations without being judgmental or confrontational.

3. Sensitivity Training: The teller should be educated on cultural and social sensitivity to avoid making customers feel uncomfortable or discriminated against based on their attire.

4. Professionalism: Emphasize the importance of maintaining professionalism in all customer interactions. This includes refraining from making personal comments or judgments.

5. Customer Relationship Building: Train the teller to build positive relationships with all customers, regardless of their appearance, to enhance customer loyalty and trust.

ii. Natural consequences if the teller continues:

1. Loss of Major Customers: Major shareholders and significant customers may withdraw their business due to perceived mistreatment, leading to financial losses for the bank.

2. Reputation Damage: The bank’s reputation could suffer, affecting its credibility and trustworthiness among customers, which may deter potential clients.

3. Legal Consequences: Discriminatory practices could result in legal actions against the bank, leading to legal fees and potential penalties.

4. Negative Publicity: Word of such incidents may spread, causing negative publicity and social media backlash, which can further damage the bank’s image.

5. Decreased Employee Morale: The teller’s behavior can negatively impact the work environment and employee morale, leading to reduced productivity and employee turnover.

**Case 2:**

i. Professional advice for the accounts officer:

1. Customer Service Training: The accounts officer should undergo customer service training to understand the importance of providing a positive customer experience, even in a financial role.

2. Communication Skills: Training should include effective communication techniques to interact respectfully with customers, answer their inquiries, and address concerns.

3. Conflict Resolution Skills: Develop skills to handle conflicts and difficult customer interactions calmly and professionally.

4. Empathy Training: Accounts officers should be trained to show empathy and understanding towards customers’ financial challenges, fostering goodwill.

5. Professionalism: Emphasize maintaining professionalism in all customer interactions, refraining from making dismissive or confrontational comments.

ii. Natural consequences if the accounts officer continues:

1. Customer Dissatisfaction: More customers may become dissatisfied with the service, leading to increased complaints and disputes.

2. Decreased Efficiency: Conflicts and confrontations can hinder the efficiency of handling financial matters, causing delays and administrative issues.

3. Negative Reputation: The accounts office and the university may develop a negative reputation for poor customer service, which can deter prospective students and parents.

4. Internal Conflict: The accounts officer’s behavior may lead to conflicts with colleagues, creating a tense work environment.

5. Financial Instability: If trust in the university’s financial management erodes, it could lead to a decrease in fee payments, affecting the institution’s financial stability.

**Case 3:**

a.Religion plays a significant role in customer behavior for those following the Islamic religion. Here's an illustration:

   Islamic customers:

   - Abide by Shariah principles that prohibit interest (usury).

   - Prefer financial institutions that offer Shariah-compliant products.

   - Seek ethical investments and avoid activities considered sinful by Islamic teachings.

   - Value profit-sharing over interest-based earnings.

   - Choose banking services that align with their religious beliefs.

b. Market value refers to the perceived worth of a product or service in the eyes of customers. Islamic banks offer specific market values to Muslim customers:

   - Buyer Value: Shariah-compliant products and services that adhere to Islamic principles, providing ethical options for financial transactions.

   - User Value: Islamic banks offer users the satisfaction of engaging in interest-free financial transactions and investments, aligning with their religious beliefs.

   - Payer Value: Customers are willing to pay fees or charges to Islamic banks as long as they comply with Shariah law, which includes avoiding interest-based financial activities.

c. Islamic bank products, such as Murabaha, can be of value to non-Muslim customers under the following circumstances:

   - Ethical Investment: Non-Muslim customers who prioritize ethical and socially responsible investments may find Islamic banking appealing due to its avoidance of interest-based transactions.

   - Interest Rate Sensitivity: Individuals who are concerned about fluctuations in conventional interest rates may prefer the stability of fixed profit-sharing arrangements offered by Islamic banks.

   - Diversification: Non-Muslim investors looking to diversify their portfolios may include Shariah-compliant investments to spread risk.

   - Banking Alternatives: In regions where Islamic banks offer competitive financial products and services, non-Muslim customers may choose them as alternatives to conventional banks for various reasons, including ethical considerations and financial stability.

**Question Two**

a.Presentation on “Discouraging Abusive and Opportunistic Customer Behavior”:

   - Introduction: Explain the importance of customer behavior in the success of the microfinance company.

   - Define Abusive and Opportunistic Behavior: Clearly define what constitutes abusive and opportunistic behavior.

   - Consequences: Discuss the negative impact of such behavior on the company’s reputation and success.

   - Training: Provide strategies and training methods to prevent and handle abusive behavior.

   - Communication Skills: Emphasize the importance of effective communication with customers.

   - Empathy: Discuss the role of empathy in diffusing conflicts and satisfying customers.

   - Conflict Resolution: Teach conflict resolution techniques for addressing customer issues professionally.

   - Case Studies: Share real-life examples and case studies.

   - Q&A: Allow for questions and discussions to ensure staff’s understanding.

b.Consumer Research vs. Guerrilla Marketing:

   Consumer research is more scientific than guerrilla marketing because it involves systematic data collection and analysis to understand customer needs, preferences, and behaviors. It relies on structured methodologies like surveys, focus groups, and data analytics to make informed decisions. Guerrilla marketing, while creative, often lacks the depth and scientific rigor of consumer research.

c.Opinion on Marketing Creating Needs:

   While marketing primarily aims to satisfy existing needs and wants, it can also create perceived needs through persuasive messaging. Marketers can influence consumer behavior, encouraging spending on products that may not be essential. However, responsible marketing should prioritize ethical practices and transparent communication. An example of creating needs is Apple’s marketing of the iPhone, which transformed smartphones into a must-have status symbol.

d. Factors Influencing Customer Perceived Value:

   - Price: The price relative to the perceived quality and benefits.

   - Quality: The perceived quality and reliability of the product or service.

   - Brand Reputation: The trust and reputation associated with the brand.

   - Experience: The overall experience, including customer service and convenience.

e.Customer Satisfaction Rewards:

Prioritizing customer satisfaction can lead to increased loyalty, positive word-of-mouth, repeat business, and enhanced brand reputation. These rewards contribute to long-term success and profitability.

f. Customer Adoption Process:

   - Awareness: Marketers must create awareness through advertising and promotion.

   - Interest: Generate interest by highlighting benefits and features.

   - Evaluation: Provide information for customers to evaluate the product.

   - Trial: Offer samples or trials to encourage adoption.

   - Adoption: Ensure a smooth transition to regular use, provide support, and maintain satisfaction.

g. **Product Life Cycle and Marketing Mix**:

   - Introduction: Focus on promotion to create awareness and pricing to attract early adopters.

   - Growth: Increase distribution and invest in advertising to expand the customer base.

   - Maturity: Compete on price, improve product features, and focus on customer retention.

   - Decline: Consider product redesign, discontinuation, or niche marketing to extend the product’s life.

   Strategies should align with the product’s stage to maximize its longevity and profitability.