Research Report - Eye Drops

Elegant Report

Consumer Loyalty & Banking Services

1.0

Introduction

1.1 KOBEC Pharmaceutical

KOBEC Pharmaceutical is a well-known pharmaceutical company in the field of Ophthalmology. It has variety of products to serve its customers. Now KOBEC Pharmaceutical is conducting a survey to analyze the demand of specially design Eye Drops for Computer users.

2.0Research on eye drops for computer users

We are engaging in this research to analyze the market potential for the eye drops specially designed for computer users. Thats why our research will be a descriptive research.

2.1 Problem Definition

KOBEC Pharmaceutical is planning to launch a new product. Thats why we are conducting this research, which will provide answers to the following questions:

1. What is the usage rate of computers among the customers?

2. How frequently customers face eye problems?

3. What is the awareness of the customers about eye drops for computer users?

4. What is the usage rate of eye drops?

5. Is it the time to launch a special product for computer users?

2.2 Research Objective

The research objective is to find out useful information to help management of KOBEC Pharmaceuticals to make future decisions about the launching of a new product.

2.3 Research Hypothesis

H0: Computer users will buy the eye drops for usage.

H1: Computer users will not buy the eye drops for usage.

2.4 Research Design

According to the information needed to conduct this research our research will be a Descriptive Research. Our research will assist the decision makers in KOBEC Pharmaceuticals in determining, evaluating and selecting the best course of action to take in the present situation.

2.5 Survey Method

We will use structured questionnaire given to a sample of population and designed to elicit specific information from respondents. We will use structured data collection method i.e. prearranged questionnaire. In which we will use fixed response alternative questions due to following reasons.

Fixed response questionnaire is simple to administer.

The data obtained are reliable because the responses are limited to the alternative stated.

The use of fixed response questions reduces the variability in the results that may be caused by differences in interviews.

2.6 Interviewing Method

We will use Self-Administered Survey, in which we will go to selected areas of the city (Lahore) to fill our questionnaires from respondents. Following are the reasons to choose Self-Administered Survey.

It also allows a moderate degree of sample control.

It has a moderate data collection speed.

It yields the highest response rate.4.0 Methodology

4.1 Population Definition

Population is defined as the entire group under study as specified by the objectives of the research project. Therefore the population of this research is the computer users.

4.2 The Sample Plan

We are using Random Probability Sampling Technique.4.3 The Sample Size

A sample size of 35 is taken.

4.4 Response Rate

The response rate is calculated as follows:

Response Rate = Number of completed questionnaire ( 100

Number of units in sample

= 34/35 ( 100 = 97.17 %

Therefore the response rate was 97.17 %.

5.0 data analysis

5.1 Data Processing Flow

This represents an overview of the traditional sequence of functions to be performed in data processing. Our data collection instrument was questionnaire as discussed above. We have used SPSS 11.0 and Microsoft Excel for entering the data on the computer and verifying them. We have used these soft wares by creating new variables, which will be shown in the graphical view below. The sampling plan of the research has been discussed above.

5.2 Graphical Presentation

Table 1:

The pie graph given above clearly shows the percentage of customers of different banks in Lahore. The most frequently used bank in the banks given above is MCB as the graph is showing the biggest portion for MCB (30.47%). After MCB, Habib Bank Limited (19.53%) comes which is ranked second and then Bank Alfalah (15.63%), UBL (7.81%), Standard Chartered (4.69%), ABN Amro (3.91%) and Citi Bank (3.13%) are ranked.

Table 2:

As the graph is showing 50% of the respondents hold a Rupee Saving Account, which shows that the Rupee Saving Account is the most preferred account used in Lahore. 41% respondents hold Rupee Current Account, 4% respondents hold Foreign Currency Saving Accounts and 5% respondents hold PLS accounts. The following table further explains the situation.

Total No. of respondentsMissingRupee Savings AccountRupee Current AccountForeign Currency Saving AccountPLS

15024635256

Table 3:

In the response of the question, How long have you been using the bank account? 9% of the respondents maintain an account from less than one year, 10% of the respondents maintain an account from more than one year, 20% of the respondents maintain an account from more than two years, 20% of the respondents maintain an account from more than three years and 41% maintain an account from more than five years. The following table further explains the situation.

Total No. of respondentsMissingLess than One YearMore than One YearMore than two YearsMore than Three YearsMore Than Five Years

150251112252552

Table 4:

The above graph shows different attributes (on x-axis) in selecting a bank. The following table will further explain the situation.

Efficient ServiceBank Close to Office/HomeQuick access to account Info.Stability of BankPersonal Contacts

FrequenciesLeast Preferred73618

Less Preferred4118920

Indifferent518181621

Preferred5940474736

Most Preferred4950445037

Missing Values2628272728

Total 150150150150150

Mean4.124.013.934.113.61

Mode45455

Std. Deviation1.031.071.100.951.26

This table & Graph shows that the most preferred attributes in selecting a bank could be ranked as following:

1) Bank Close to Office/Home & Stability of Bank

2) Efficient Service

3) Quick access to account information

4) Personal Contacts

Table 5:

The graph above shows the most preferred products/services offered by a bank. The following table will further explain the situation.

Credit/Debit/ Charge CardsBusiness & Professional LoansConsumer FinancingOnline BankingEvening Banking




Preferred5543423724



Total 150152150150150

Mean3.443.423.333.653.32

Mode44455

Std. Deviation1.411.251.341.371.52

This table clearly shows that the most preferred products/services offered by a bank could be ranked as following:

1) Online Banking

2) Evening Banking

3) Credit/Debit/Charge Cards

4) Consumer Financing & Business and Professional Loans

Table 6:

In the response of the question, Will you stay with your existing bank if some other bank offers some value added services? 59% of the respondents said yes and 41% of the respondents said No. Which means that 59% of the respondents who said yes are very much loyal to their banks and will not change their existing bank even if some other bank offers value added services. The following table further explains the situation.

Total No. of respondentsMissingYesNo

150376746

Table 7: The graph above shows the factors witch may convince a customer to switch over to another bank. The following table will further explain the situation

Better ServicesBetter ReturnProducts OfferedConvenienceLow Interest Rates



Indifferent86221518

Preferred4954414938



Total 150150150150150

Mean4.3443.733.983.73

Mode54444

Std. Deviation0.841.081.191.081.26

Stability of BanksOver Draft FacilityEvening BankingInterest Free BankingInternational NetworkMin. Balance Requirement




Preferred453324343331



Total 150150150150150150

Mean3.983.503.624.103.583.85

Mode445555

Std. Deviation1.061.251.411.051.331.21

These tables clearly show the major factors that may convince a person to switch his bank, which can be ranked as follows:

1) Better Service

2) Interest Free Banking

3) Evening Banking

4) Min. Balance Requirements

5) Stability of Banks & Convenience

6) Better Return

7) Low Interest Rates

8) Products Offered & International Network

9) Over Draft Facility

Table 8:

In the response of the statement, Unless I am very satisfied with that bank, changing a chequing account from one bank to another is too much of bother. 5% of the respondents Strongly Disagreed, 12% Disagreed, 26% were Indifferent, 42% Agreed and 15% strongly Agreed. The following table further explains the situation.

Total No. of respondentsMissingStrongly DisagreeDisagreeIndifferentAgreeStrongly Agree

15028615325118

Mean3.49

Mode4

Std. Deviation1.05

Table 9:

In the response of the statement, Lower chequing account charges at another bank would convince me to switch my account there. 10% of the respondents Strongly Disagreed, 30% Disagreed, 18% were Indifferent, 28% Agreed and 14% strongly Agreed. The following table further explains the situation.


150281028185214

Mean3.26

Mode4

Std. Deviation1.18

Table 10:

In the response of the statement, As long as the present service continues, I doubt I would switch from my present bank. 7% of the respondents Strongly Disagreed, 26% Disagreed, 19% were Indifferent, 31% Agreed and 17% Strongly Agreed. The following table further explains the situation.


15029832233820

Mean3.25

Mode4

Std. Deviation1.21

Table 11:

In the response of the statement, I have never switched an account because of either bad service or some annoying incident at a bank. 16% of the respondents Strongly Disagreed, 19% Disagreed, 15% were Indifferent, 35% Agreed and 15% Strongly Agreed. The following table further explains the situation.


150301619153515

Mean3.14

Mode4

Std. Deviation1.33

Table 12:

In the response of the statement, I would rather deal with a new bank in town than one of the established local banks. 6% of the respondents Strongly Disagreed, 26% Disagreed, 27% were Indifferent, 32% Agreed and 9% Strongly Agreed. The following table further explains the situation.


15033730323810

Mean3.12

Mode4

Std. Deviation1.08

Table 13:

In the response of the statement, It is better to do all your banking in one bank because then they have a better overall picture of your financial situation. 4% of the respondents Strongly Disagreed, 15% Disagreed, 20% were Indifferent, 41% Agreed and 20% Strongly Agreed. The following table further explains the situation.


15032518244724

Mean3.57

Mode4

Std. Deviation1.11

5.3 Hypothesis Testing By Using Univariate Data Analysis

Now we will test our hypothesis by using Univariate data analysis techniques. The objective of this analysis is to provide summary measures of the data contained in all the elements of the sample, thats why we will use descriptive statistics.

A variable will be taken at a time then it will be checked with other variables one by one to find out the relationship between the two variables by using Chi-square test. The level of significance used here is ( = 0.05. SPSS 11.0 does the statistical calculations for the analysis. For the ease of management only those variables, which are dependent, are given in this report. The variables, which will be analyzed, are:

1) Consumer Loyalty

2) Banking Services

Our hypothesis is as follows:

H0: Customer loyalty is dependent on the services of a Bank.

H1: Customer loyalty doesnt dependent on the services of a Bank

Now to test the hypothesis the two variables will be checked with the help of different indicators. The indicators for consumer loyalty are the statements used in the questionnaire, which are as follows:

1) Changing from one bank to another. (Q12 a)

2) Lower charges convince to switch. (Q12 b)3) Switch to bank offering no service charges. (Q12 g)

The indicators used for banking services are the services provided by the banks that are also used in the questionnaire, as discussed in development of the questionnaire. To test the hypothesis three most preferred services are taken which are as follows:

1) Better Service

2) Evening Banking

3) Min. Balance Requirements

5.3.1 Relation Between Changing from one bank to another and Better Service

We will check the relation ship between Changing from one bank to another and Better service. For this Changing from one bank to another is taken as dependent variable and Better Service as independent variable, now by stating the hypothesis:

H0: Changing from one bank to another is dependent upon Better Service.

H1: Changing from one bank to another is not dependent upon Better Service.

Statistical Calculations:

Case Processing Summary

Cases

Better Service and Changing from one bank to anotherValidMissingTotal

No.PercentNo.PercentNo.Percent

11778.03322150100

Chi Square Test

Valuedf

Pearson Chi-Square17.68516

No. of Valid Cases117

Conclusions:

The table value at 16 degree of freedom and 0.05 level of significance is 26.296. Therefore we accept the Null hypothesis and state that Changing form one bank to another and Better Service are dependent.

Graph:

The following graph further explains the relationship.

Changing from one bank to anotherTotal

Strongly DisagreeDisagreeIndifferentAgreeStrongly Disagree

Better ServiceLeast Preferred123

Less Preferred11

Indifferent2158

Preferred281417647


Total614324817117

6.0 Results and conclusions

6.1 Banks Currently Used

Among the banks, Muslim commercial Bank was the most frequently used (30.47%), followed by Habib Bank (19.53%), then Alfalah Bank (15.65%), then UBL (7.81%), then Standard Chartered Bank (4.64%), then ABN Amro Bank (3.91%) and at seventh number the most frequently used bank is Citi Bank (3.13%). As shown by Table 1 in Data Analysis Section.

6.2 Types of Accounts Maintained

The most frequently used account type is Rupee Saving Account (50%) which shows that it is the most preferred account used in Lahore. 41% respondents hold Rupee Current Account, 4% respondents hold Foreign Currency Saving Accounts and 5% respondents hold PLS accounts. As shown by Table 2 in Data Analysis Section.

6.3 Importance of some Attributes

The respondents were asked to rate the most important attributes in selecting a bank. The three most important things, in order of importance are:

Bank Close to Office/Home & Stability of Bank

Efficient Service

Quick access to account information.

As shown by Table 4 in Data Analysis Section.

6.4 Rating of Products/Services

According to the research, the respondents rated the following three products/services as being the most important (in level of importance):

Online Banking

Evening Banking

Credit/Debit/Charge Cards

And the three most important factors that may convince a person to switch his/her bank are:

Better Service

Interest Free Banking

Evening Banking

As shown by Table 5 and Table 7 in Data Analysis Section.6.5 Average Number of Visits to Banks

Majority of the consumers visit their bank(s) on a monthly basis. This trend of visits to the banks reinforces the complex and cosmopolitan lifestyle of today. Therefore banks need to offer their product/service in which its potential customers may not have to visit the bank regularly. As shown by Table 16 in Data Analysis Section.6.6 Islamic Banking Products

Respondents were asked to indicate their preference for Islamic banking products. About 75.63% of the respondents answered in favor of Islamic banking and 5.88% answered against Islamic Banking, while about 18.49% are not sure about it. As shown by Table 19 in Data Analysis Section.6.7 Influence of Advertisement

6.8 Although majority of the consumers felt that advertisements were not important, an assessment was made of the attractive aspects of the advertisements currently being carried out by various banks. The factor that attracts people towards advertisements is the products offered by a company, bank etc. The medium of advertisement that gets the most attention is the medium (News paper 58.51%), being followed by the Television (26.60%). As shown by Table 18 in Data Analysis Section.7.0 recomendations

In the light of the results obtained as a result of this research, the following recommendations may prove to be useful to banking marketers:

In order to capture a considerable share in the consumer-banking sector of the country, the prime objective of any consumer bank should be to create awareness in the general public. For this it should launch a well-planned advertising campaign.

The bank should come up with new and innovative products. It would be advisable to make these products while keeping in mind the gap between what people want and what their banks are providing them.

As the results suggest, the consumer is not yet ready for foregoing some interest in favor of an Islamic product. Therefore, it would not be appropriate to come up with any such product for the time being.

Since the majority of the population visits its bank once in a month or so, it would be a good idea to come up with some products or services in which the customer would not have to come to the bank at any stage. For example, telephone banking.

In addition to the factors pointed above, physical facilities in a bank also play their role in enhancing its good and sound image. It would be advisable that the bank also keep in mind such facilities as adequate parking space for customers and clients, computers to increase the pace of work, and the like. Since the market is highly dominated by banks like Citibank, ANZ etc., it would be therefore advisable for any new bank to try to avoid direct competition with such banks, and to make it presence felt in the market at the moment.

Store Data Set for Analysis

Sampling Plan and Results

Weight Data

Generate new variables as necessary

Convert Data File to a software readable form of analysis

Computer-enter and verify

Code the instruments

Edit the acceptable instruments

File it away or return to field

Is it acceptable for use

Examine a Data Collection Instrument

2 Institute of Administrative Sciences

University of The Punjab

1

_1146228525.xlsChart2

Least Preferred1Least Preferred2Least Preferred

Less PreferredLess PreferredLess PreferredLess Preferred1

Indifferent215Indifferent

2814176

43172410

Strongly Disagree

Disagree

Indifferent

Agree

Strongly Agree

Better Service

Changing from one bank to another

Sheet1

Strongly DisagreeDisagreeIndifferentAgreeStrongly Agree

Least Preferred12

Less Preferred1

Indifferent215

Preferred2814176


Sheet1

00000

00000

00000

00000

00000

Least Preferred

Less Preferred

Indifferent

Preferred

Most Preferred

Min. Balance Requirements

Switch to bank offering no service charges

Sheet2

00000

00000

00000

00000

00000

Strongly Disagree

Disagree

Indifferent

Agree

Strongly Agree

Better Service

Changing from one bank to another

Sheet3

Documents

Research Report - Eye Drops