Consumer Perception :

Perception is a process by which individuals organize and interpret their

sensory impressions in order to give meaning of their environment. The term
originated from the latin word ‘perception’ meaning receiving, collecting, action
of taking possession, apprehension with the mind or senses.

(source:-typepad)

Axis Bank targets all segment of customers with various types of products and
services. According to the given feedback of axis bank customers on the given
services of the company and feedback positive response from all point of view.
Customers are beneficiary from both sides monetary as well as non- monetary.
According to Axis bank customer perception is the important component for
their relationship with the customers. Given that 90% plus their orders involve
the phone, so how they handle the phone is essential to creating a perception
for their customers that aligns with the company mission of service.
SELECTIVE PERCEPTION PROCESS:

Stage Description
• Selective exposure consumers select which promotional messages
they will expose themselves to.
• Selective attention consumers select which promotional messages they
will pay attention to.
• Selective comprehension consumer interpret messages in line with their
beliefs, attitudes, motives and experiences.
• Selective retention consumers remember messages that are more
meaningful or important to them.
The implications of this process help develop an effective promotional strategy,
and select which sources of information are more effective for the product.

Customer Perception About Product:

In today’s globalization economy competition is getting more and more fierce.
That means it becomes more difficult for products and services to differentiate
themselves from other offerings than ever before. Not only is the number of
competitive offerings rising due to globalization of production,sourcing,logistics
and access to information. Many products and services face new competition
from substitutes and from completely new offerings and bundles from industry
outsider. Since product differences are closed at an increasing speed and
many companies try to win the battle for customers by price reductions,
products and services tend to become commodities.
Customer perception are influenced by a variety of factors. Besides the actual
outcome – i.e did the product and service deliver the expected function and did
it fulfill the customer need- the whole process of consumption and all
interaction involved are of crucial importance. In today’s globalized information
driven economy this can also comprises issues like
• How other customer or influencing groups perceive the product
or brand.

• The degree to which the customer feels the actual marketing

campaign addresses the most important issues.

• Responsiveness and services quality of any affiliates, e.g

distribution partners

Customer perception are dynamic accumulates, the more his perception will
shift from fact- based judgments to a more general meaning the whole
relationship gains for him. Over time, he puts a stronger focus on the
consequence of the product or service consumption.

Moreover, if the customers circumstances change, their needs and

preferences often change too. In the external environment, the offerings of
competitors, with which a customer a product or service will change, thus
altering his perception of the best offer around. Another point is that the public
opinion towards certain issues can change.
The concept of customer perception does not only to individual customers in
consumer markets. It is also not only relate to individual customers in
consumer markets. It is also valid in business to business situation. Fro
example, a competitor bench marking survey of large industrial supplier
revealed that the market leaders although recognized for excellent quality and
service and non to be highly innovative ideas, this perceived arrogance could
develop into a serious problem, Customers here are well aware te main
characteristics of all the offerings available at the market are largely
comparable.
So they might use the development of a new product generation of their own to
switch to a supplier that can serve them not better or worse, but with more
responsiveness and understanding.
Companies have done a lot to improve customer satisfaction and customer
relationship in the past. As discussed above, this will not be enough any more.
Any serious effort to manage customer perception starts with a good
measurement system. Companies must be truly willing to look at the whole
process of interaction through the customers eyes. For many companies, this
requires a more or less extensive shift in mindset, since most department from
development from to sales will be involved.

POSITIVE EFFECTS OF INCREASING MARKET SHARE ON CUSTOMER

PERCEPTION
• Increasing market share can send out positive signals by acting as an
indicator of superior quality that is recognized by more and more other
customers. this effect is particularly strong for premium priced products.
Customers normally assume that a product must be of exceptional
quality if it can gain such an unexpected market success despite its high
price.
• Any brands offer positive emotional benefits of using a product that is a
popular in the markets.
• The value of a product or service can rise through number of uses of
the same product, e.g. number of an online community, better
availability of software for popular computer system.
NEGATIVE EFFECTS OF INCRESING MARKET SHARE ON CUSTOMER
PERCEPTION
• For premium and luxury products, customers may translate an
increasing market share into a loss of exclusively and thus perceive it
as less valueable.
• The quality of services ay suffer if they are concerned by increasing
numbers of users. diseconomies of scales and congestions can be
observed with busy airports and many other services so that customers
may look for other provides that promise timely service and
convenience.

SWOT ANALYSIS

STRENGTHS
AXIS Bank enjoys a very good reputation and goodwill in the minds of general
public.
 The bank has a very good ATM Network with over 13814 ATMs, which
have been placed very well in different parts of the country at prominent
places.
 AXIS Bank also has a very good network of 3999 branches that are
spread across different cities of the country and it is still expanding on
that number.
 The bank currently has a very good customer base and it is expanding
very fast on it.
 AXIS Bank staff is a blend of experience and young personality which is
a well knit team sincerely devoted to their work.
 AXIS Bank has the state of the art and fully computerized technology.


WEAKNESS
 Less awareness amongst the general masses.
 Unawareness about the difference services of AXIS bank like NRI
schemes, foreign remittance.
 The number of marketing executives are very low.


OPPORTUNITIES
 People’s dissatisfaction towards nationalized banks in terms of service
has turned out to be a blessing for private banks. AXIS bank with its
brand image can be befitted to a large extent by this opportunity.
 Their lies great scope in for ex department which if utilized to a greater
extent can yield much better results, so AXIS bank can increase its
business volume by exploring export segments.

THREAT
 Reorganization of public sector bank-all the public sector banks have
started to redefine their services in order to attract customer’s attention.
 Stringent norms by RESERVE BANK OF INDIA at any time in future
can be a threat to private banks as their activities could be adversely
affected.