Research Aims and Objectives

The fol starting durationing question for consumer preference regarding the choice for a cross money box in the join Kingdom is done with the manoeuvre to collapse the consumer mind luck and preference when they knead a choice for something so essential like a Bank to whom they handover their hard earned currency to. The aim of the explore is to define what consumers want and what the usu completelyy prefer sufficient features in the Bank be. In dictate to do so, a sample of the state would be analyze who would be re pass oning the entire population.The objective of this circumstance investigate to identify the consumer demands and their prefer suitable features would be the under(a)standing of consumer psyche in holy order to be in a better position to be able to take into account them with what they require. However, this would be the prime objective un little the collateral objectives would be to discover the hidden operators that mostly people tend to forge t patch devising a Bank or its strategies. This investigate would in like manner alter the person formulating the strategy to bear an insight to what consumer wants and requires of their efforts and endeavors.Apart from that, it is essential to conduct a research for what consumer wants rather than assuming their requirements and demands. This research would enable to actu on the wholey pose out that which strategies argon to be continued by the Bank in the future while which strategies are meant for amendments or complete eradication. Not barely blasphemes, foster any products or suffices that are highly symbiotic on consumer demand and preferences need to analyze their demands and choices before entering in the area to serve them.Hence, the ancient Aim of the research is to determine the remainations and requirements of a customer from the place it entrusts its finances into. The objective is to make use of the research and make the result of the research the motive of humanitykind. Rationale of the inquiry The principle or the function of the research is to make certain that the consumers are receiving what they expect and require of the Banking services. It is to ensure that the current strategies adopted by the Banks in fall in Kingdom are appropriate or not. There are umteen sectors in which the Banking Industry of the United Kingdom is divided.The purpose of the research is to analyze the different customer present in each sector and the rationality of their preference for a particular sector. The sectors for Banking Industry are nonsymbiotic British Banks, British Banking Brands owned by British Companies, British Banking Brands owned by Foreign Companies, Foreign Banks in the United Kingdom and External Links. The In mutualist Banks in United Kingdom allow in HSBC, Royal Bank of Scotland, Barclays Bank, HBOS, Lloyds TSB, criterion Chartered, Alliance and Leicester, Northern Rock, Cooperative Bank and Bradford and Bingley.Th e amount of autarkic Banks is few in the United Kingdom as compared to other(a) countries. The research would also enable us to gain as to whether consumers want more independent banks or not. Quite a chaw of foreign banks are present in the United Kingdom as well which are ING Direct, Citibank and Bank of Cyprus. This research would also enable in understanding the ground of the front of such(prenominal) humungous amount of foreign banks in the country.In London, thither is an investment and technical branch of almost every cock-a-hoop Bank in the world. Hence, the purpose along with determining the consumer preference and demand is to determine the purpose of the existence of different sectors and the consumers take on these different sectors. The research conducted would dish out in dividing the preference according to the sector under review which would make it easier for the Banks in different sectors to extract cognition of their requirement. Theoretical UnderpinningSe veral theories were evaluated to determine which would be best to analyze consumer behavior and their reason to choose a particular Bank for their transactions and activities. The major category which it was divided into was soft research as it had to do with consumer preferences and hence could not be quantified into any numbers. It would mess with soft selective information like questionnaires, Focus assort and In-depth Interviews. However under Qualitative research is further divided into three more types which include Positivists, informative and Critical.The positivists takes the society at its face value and assumes that everything portrayed is for true(a) and true, the interpretive assumes that the role changes and so does human behavior as per the situation while on the contrary the diminutive feeler takes a critical perspective on the society and everything present in the social cosmos is histori announcey present and created by human minds so nothing is for very save a creation of peoples mind. The method that would be taken use of in this research would be the Interpretive Research because it takes the most reasonable and rational approach to the entropy available in the social reality.As the immemorial data lay in in a qualitative research is highly subject to personal views, and then it is very consequential to take a rational approach on the analysis of data and its interpretation. For this kind of research surmisal, the most important aspect is the interpretation of the collected data as it is difficult to analyze the in-depth interviews and focus groups because of the presence of no right and wrong in the approach as it is highly dependent on human views and method of interpretation. Hence, the theoretical approach utilize is Interpretive Qualitative Research Methodology.Methodology Research Approach The research would be highly dependent on the data collected via primeval as well as secondary sources. Since, the entire rese arch is to determine human psyche and preferences on that pointfore nothing give the gate be assumed and uncomplete is anything pre-determined. The data however would be achieved through primary sources via Focus Groups, In-depth Interviews, Questionnaire and Surveys as well secondary sources such as Internet sources, Journals, Articles, Past Researches, Magazines, and Books etc.The theory that is used as a methodology is as defined the Qualitative Interpretive method as the data received would be both the feedback from the customers or the secondary published resources. The data interpretation is where the methodology or the theory of the research would be utilized. The focus groups would be analyzed ground on peoples verbal reactions as well as their attitude and gestures and so will be the In-depth interview which would be a one-to-one interaction with the consumer. However, the answers of the questionnaire would contain to be quantified and displayed via graph to display t he rock of the answers.The research methodology used would be Relational, this is because one factor of the research would be analyzed as to whether it depends on the other or not. For example, if consumers prefer on-the-go Automated Teller Machine (ATM) Service then is it because of the low savings and high expenditures of the people in the United Kingdom. The relational approach would also do in analyzing and explaining the reason of several(prenominal) factors and demands by the organise consumers of the Banks in the United Kingdom.It would be sufficeful in explaining a lot of consumer preferences and would be better in understanding the logic behind the benevolent Psyche. Research Strategy The research strategy has several steps which are being surveyed in the conducted research. It started of with defining a title for the research which was finalized to be stated as How the people choose in U. K which bank to patronize? After that came the step to analyze the background data which would be partially collected via primary sources as well as secondary published sources.The primary sources as mentioned would be the Qualitative Research tools such as the Focus Groups, Surveys and Interviews while the secondary sources would be the publishes substantive in the form of either past Researches in the relevant field of view, articles, journals or magazines. In order to get hold of the relevant sources several catalogs chip in been searches and the profits has been browsed in order to come up with as unquestionable and relevant material as possible. Even the internet sources that are being analyzed are the published authentic ones and not just the random material present.After the collection of data, it was critically analyzed to remove all loop holes from the single-valued functions and discern reliable material from which the research can take constructive help from in order to make it as productive as possible. The future(a) step of defining the point of reference style has been done with utmost portion out keeping the professionalism and the research relevance in mind. Therefore, the honorable mention style used in this research is Harvard style of referencing. The material used in the lit review and the entire research would be cited in the Harvard style of citation and so would be the in-text citation.The Harvard style has a professional bestow procedure and cites the work in an appropriate manner for the reader to understand where the work is taken from and along with that helps in giving the original idea provider the due importance by mentioning and recognizing their efforts. The strategy adopted in the emergence of the research has to be clear and defined in order to follow a research process that has a vivid objective and is able to reach its motives effectively and efficiently. Primary Data and Secondary Data CollectionThe primary data will be collected with the qualitative tools such as the In-Depth Intervie w The one-to-one interviews with the few selected customers who would be questioned in detail and would have the option of answering open ended in order to come across the most data possible and then extract the one relevant. on with the information the interviewee would also be analyzed of his/her gestures and body language. Hence, this would help in providing a deep insight in the consumers mind and preferences. Focus Group This would be a method for a group of customers to express their horizon on a platform provided. Several minds when act together would thrust a clear view of what majority of the customers think. However, there are reliable pitfalls to this procedure as well which would be tried and avoided as some(prenominal) as possible. Questionnaires These are the only tools in the qualitative method that can be quantified and does not entirely depend on interpretation.The questionnaires would mostly consume close ended questions as the open ended ones would be the re in the focus groups as well as the in-depth interviews of the customers. Surveys As per this method, the customers in each sector would be randomly surveyed for their opinions and suggestion to improve the Banking service in the country. Hence, all the above mentioned primary data collected would not only help in devising as to what customers prefer but also would provide with a solution and recommend possible outcomes.The secondary sources would be from published sources. In order to analyze the scenario of Multinational Banks in the United Kingdom, the book by Geoffrey Jones (1993) is used for referencing which present the scenario of international Banks in the United Kingdoms market. Presenting the scenario it states the leaders were five large American Banks which dominated the process of syndicated sovereign loans as they sought to achieve an speed up growth of their assets. They pursued lending strategies that emphasized wide margins and large volumes of loans. (Jones, 19 93, p. 352). other book by Francesca Carnevali called as the Europes Advantage Banks and base Firms in Britain, France, Germany and Italy since 1918 dialog about the importance of small Banks. In the research the customer of small banks would also be a subject therefore this book would be of high importance as its states small firms are part of local economies. These can be defined simply and generally as spaces where most local saving found their way to local monetary intermediaries and then back into the local economy (Carnevali, 2005, pp. 2-3).In order to understand the Human psyche as well as competing for customer the help of a book called Competing for Customers and Capital by Victor J. Cook lower-ranking (2006). It talks about the competitive cut-throat environment that today every field has including products as well as services and bridges the gap amidst the marketing and the finance areas. It is also helpful for those who aspire to be the focal ratio level managem ent as it enables the reader to understand the consumer psyche and the reason behind their preferences. A very important book that is used in the literature as a reference is a book by John R.Weeks called the less-traveled Culture The Ritual of Complaint in a British Bank (2003). It talks about how unsatisfied culture of the employees spreads a negative energy in the entire organization and it effects on the performance of the employees which ultimately affects the customer service and produces unsatisfied customers. Book which talks about the history of the Banking Industry in the United Kingdom and the changing and evolutionary trends is a book by Ronald Myles Fitzmaurice (1975) called British banks and banking A in writing(p) history.In order to understand British banking history and how it dealt with crisis in the past, a book by William Frazer (2000) is used called as Central Banking, Crises, and Global prudence which states that Governments in crises should not be surprise d, however, when aid and coordinated private-sector support packages are extended on condition that problem-causing traditions and practices be changed (Frazer, 2000, p. 315). Along with that the news article by Steve Pain (2000) indicates the importance of customers in the generation of profits by the banks.Hence, the satisfaction of the customers is of utmost importance and therefore they need to be accustomed special attention to. Their needs and requirements have to be identified in order to be in a better position to provide them with better service which is up to their mark. Some companies or banks even impose on _or_ oppress their customers by getting them into trouble so that they force them into calling the call center as BANKS and power companies have been accused of making big money out of customers who ring their call centers (Poulter, 2005, p.6). Hence, there are all kinds of business running around the world and in order to have healthy business one needs to get rid of these un good tactics. Data Analysis As mentioned above, the data collected through primary means as well as secondary means would be critically analyzed to ensure their importance in the research and to determine whether they are being utilized efficiently or not. However, due learning would be given to any data that has been extracted from other sources and is not achieved via primary method.The entire data collected would not be used but only the important and highly relevant portions would be selected to gain begin from and cite in the original research. The data would relate to the original way out as to what are the criteria of the customers when choosing a Bank in the United Kingdom. evaluate Limitations Despite the best of efforts there are certain limitations that would be set about by the people conducting the research which are as follows Time coldness Although there my be a lot of time available but for the research of such magnitude there is no sufficient time as with new time new data arises which can be incorporated as well. So time acts as one of the constraints. fiscal Constraints Due to the status of being students, there are certain financial limitations that have to be abided by, hence acting as constraints as there is not a sufficient or unlimited flow of funds. acquaintance Although a lot of background research would be done and piling of material would be read to make this research as authentic as possible but still there is some fellowship that would be unattained. Hence, that unattained knowledge would act as a constraint for further depth in the research. Secondary Data The presence of secondary data regarding the given topic is scarce and hence proper information of several fields cannot be gathered which is a constraint for the production of an slight research. Ethical ConsiderationsThe first and the foremost consideration as per the ethical boundaries would be the due recognition of the material or data taken from other authors by books, articles and journals. If they are not acknowledged, it would be included as plagiarisation rather than help from various outside sources. Apart from that, what needs to be taken care of is that none of the Banks or financial institutions is allegedly claimed for woeful performance. In short, there should be no incorrect data all the data should have a back support to it in order to provide the proof of its authenticity.One thing that is often ignored by the researchers is the pre-developed biasness or prejudice. A personal experience or a past knowledge may lead the researcher to have a pre-conceived notion regarding a certain factor. This makes the entire research to be less authentic as its starts to involve personal opinion rather than rational views. For instance, in this slip the researcher might have had a bad past experience with a bank and may prolong that biasness into the research making it less objective.Hence, in order for the research to be c arried out in an ethical manner, all these ethical concerns have to be taken into account. Otherwise all the effort done by the researcher may result to be void. Conclusion The following research would be carried out with the Harvard style citation and the methodology would be qualitative interpretive method. The primary sources of data would be the qualitative tools which include In-Depth Interviews, Surveys, Questionnaire and Focus group.The ethical constraints would be followed to make sure that the research is highly objective without the involvement of any plagiarism, incorrect information or personal biasness or prejudice. Hence, the research would follow all the pre-determined set patterns of following a research with a research theory and methodology. Although there are slight constraints which would act as a hurdle in the way but it would be made sure that it doesnt have a drastic impact on the research.The hypothesis of the research would cease as to what are the primary, secondary and involuntary (hidden) reasons for customers to choose a particular Bank in the United Kingdom. Bibliography Jones, G. (1993). British Multinational Banking 1830-1990. Oxford University Press. ISBN 019820602X. Carnevali, F. (2005). Europes Advantage Banks and Small Firms in Britain, France, Germany and Italy since 1918. Oxford University Press. ISBN 0199257396. Cook, V. (2006). Competing for Customers and Capital. South-Western Educational Pub. First Edition. ISBN-10 0324405979.ISBN-13 978-0324405972. United States of America. Crawfordsville. Weeks, J. R. (2003). Unpopular Culture The Ritual of Complaint in a British Bank. University Of shekels Press. ISBN-10 0226878120. ISBN-13 978-0226878126. United States of America. Fitzmaurice, R. M. (1975). British banks and banking A pictorial history. Barton. ISBN-10 0851531547. ISBN-13 978-0851531540. Frazer, W. (2000). Central Banking, Crises, and Global Economy. Praeger Publishers. Westport, CT, London, United Kingdom. Pain, S. (2000). Customers Co-operate in Banks Profits Boost. The Birmingham Post. 19.