Marketing of Financial Services | Dr Richa Saxena

Chapter 3

CONSUMER BEHAVIOUR
Three-Stage Model of Service Consumption
Understanding customer behaviour lies at the heart of marketing, which includes understanding how
consumers decide to buy a financial product and what determines their satisfaction with it after
consumption. Service consumption can be divided into three categories – pre-purchase, service
encounter stage, and post-encounter stage.

Figure 3. 1: The Three-stage Model

 Marketing of Financial Services | Dr Richa Saxena

Pre-purchase Stage
Factors Influencing Buying Behaviour
The pre-purchase stage begins with need arousal – the prospective customer’s awareness of a need –
and continues through information search and evaluation of alternatives to a decision on whether or
not to buy a financial product. These decisions are highly influenced by consumer characteristics and
consumer psychology, which is impacted by marketing stimuli and environmental factors. The
following stimulus-response model represents consumer behaviour.

Figure 3. 2 Stimulus-Response Model of Consumer Behaviour

Consumer Characteristics
Cultural factors
They are the trends across a large group of people. Marketers would find it very difficult to go against
them. Today, the online solution is sought by all consumers across financial services globally. It is very
difficult for any marketer to not offer the same and remain in the market. Within a society, there may
be subgroups which may display differing behaviour and are hence called sub-cultures. Social media
habits differ depending upon whether a person is Gen X or Gen Z. Social Class is an old method used
by marketers to classify any consuming population based on two factors such as education and
ownership of consumer durables. As per the earlier SEC classification, the highest social class is SEC
A1, which is now called class 1.

Indian Culture for Financial Services

Culture is the set of values and ideologies usually shared by a group of people. Indian culture can be
measured in the context of people’s relation to themselves, others, and institutions.

For themselves
• “Save for tomorrow’s expenses” vs “spend from tomorrow’s incomes” - Bank deposits show secular
growth.
• Value-consciousness: Credit cards: Avail credit, but pay on the due date
• Risk aversion: Prefer bank deposits over equity funds as speculation equated with gambling
• Prefer convenience at low cost: UPI, Zomato, Amazon
• Need physical assets in the portfolio: gold and real estate
 Marketing of Financial Services | Dr Richa Saxena

• “self-esteem”: Indian institutions thrive (banks, mutual funds and life insurance companies), and
foreigners are perceived to be “fair-weather friends.”
• Need for “human interface.”

Figure 3. 3 Low Risk, trusted product

For other individuals, families, society

• Family values: save for children’s education, large NRI remittances (as large as software exports)
• Inclusive growth: Growth in microfinance
• “Direct Honest communication” vs “Polite, subtle communication”: prefer subtle communication
from brands
 Marketing of Financial Services | Dr Richa Saxena

Figure 3. 4:Planning for the family goals

For Institutions
1. The common and shared perception of trustworthiness is “usual to expect companies to cut
corners” vs “can blindly trust XYZ company.”
2. Perception of a sovereign: The government will not go back on its commitment: the largest
savings bank and life insurance companies are government-owned.
 Marketing of Financial Services | Dr Richa Saxena

Figure 3. 5: Trusted Indian Bank

Cultures set trends which persist for a long time. The other cultural factors influencing consumer
behaviour are the subculture and social class.

Social Economic Classification in India

The growth in GDP and income, penetration of consumer durables, and ownership of vehicles have
witnessed a significant increase, leading to the current socio-economic classification becoming less
discriminatory and more volatile. Representative of India’s socio-economic strata, ISEC works equally
well for urban and rural, is straightforward and quick and is not intrusive to administer. A
classification system spanning 1 to 12 tiers, ISEC is an open-source system and is available for all
industry stakeholders (MRSI, 2024). The details are in the ISEC report available in the Class of MFS
drive.

DQ3.1 Discuss the new ISEC report. How can it be efficiently used to identify the target
markets for financial products?

A team of 2 students will present in session 13

Social factors
They are the immediate groups to which an individual consumer belongs, such as family, friends, and
colleagues at work. What also matters is the role and status an individual has within that group, like
the CEO of a company or head of a family.
 Marketing of Financial Services | Dr Richa Saxena

Social Influence on Financial Products

Social reference group: A person’s reference groups are all the groups that have a direct or indirect
influence on their attitudes or behaviour, such as family, office colleagues, college/school groups,
neighbours, social group influencers, and role models.

The reference groups may be membership groups (person belongs there), aspirational groups (person
wants to belong there), or dissociative groups (person rejects behaviour/preferences of such groups).
Membership and Aspirational groups may have “opinion leaders/influencers”. Marketers would wish
to reach out to these opinion leaders. When marketers target groups of like-minded people with similar
behaviour patterns for consumption, such influences work positively, favouring the product. The
‘word-of-mouth” propagation of a product happens through such groups.

Role and status would dictate the brands chosen, size of purchase, etc. If a new employee observes
that all seniors are investing in alternate investment funds, then they would also be tempted to do so.
Such behaviour is also observed when individuals follow celebrities in purchasing brands
recommended by them.

Personal factors
The age group, life cycle stage, occupation and economic situation would impact the behaviour of a
consumer. A person would turn from a borrower to an investor and start looking at various investment
options when there are no pending loans and growing incomes with stable cash flows are expected in
future. Even among investors, those with more risk-averse personalities may prefer higher allocation
to safe, fixed-income investments.

Based on the basic personal factors, Accenture came up with a classification for financial services
consumers based on a global survey.

Figure 3. 6: The Customer Personas

DQ 3.2: Discuss Accenture’s report on the consumers of financial products.

A team of 5 students will present. This presentation will be done in session 13.
 Marketing of Financial Services | Dr Richa Saxena

Psychological factors
The same person may behave differently depending on the context. Rising equity markets may
increase his motivation to look for a wealth manager. Also, selecting one wealth manager vis-à-vis the
other may be based on perceptions formed over time and beliefs and attitudes. For example, a person
may prefer a bank relationship manager over a non-banking wealth manager, believing that banks
are more stable institutions and may offer sound investment advice.

Motivation
Maslow classified people’s motivations as physiological needs, safety needs, social needs, esteem
needs, and self-actualisation needs. Strong needs become motives to buy if it is pressing
enough. For example, “Stock Market is going up, my money is lying idle in the bank; I need a good
wealth manager”.

Most financial products are targeted towards safety needs, social needs, esteem needs, and even self-
actualisation needs.

Figure 3. 7: LIC Advertisement for Safety Needs

 Marketing of Financial Services | Dr Richa Saxena

CQ 3.1 How do you think financial products satisfy higher-level needs? Think of the
examples for the same.

Perception: (here in the context of a financial product / offer communication).

Perception is the process by which we select, organise, and interpret information inputs to create a
meaningful picture of the world. A motivated person is ready to act—” how” is influenced by their
perception of the situation. In marketing, perceptions are more important than reality
because perceptions affect consumers’ actual behaviour. This may also lead to “mis-selling” in
financial services. “Selective attention” may lead to distortion or partial retention of the original
message.

Figure 3. 8: Groww using a perceptual process to attract viewer attention

 Marketing of Financial Services | Dr Richa Saxena

Learning ➔ Memory: retention of the messages over time becomes beliefs and attitudes.
Associations that are formed on past learnings can be used as very strong marketing tools.

Figure 3. 9: Marketing Cues

 Marketing of Financial Services | Dr Richa Saxena

In the News Article 3.1

Are you a Financial Enabler?
Please read the article published in ET Wealth on 6 Jan 2025.

DQ3.3: Outline the factors influencing consumer behaviour reflected in the article.

This activity will be done in session 13. A team of three students will present the article.

How important is the understanding of consumer behaviour for financial services? According to the
PwC report, “Financial Services firms should begin to shape consumer behaviour rather than respond
to it.”

DQ 3.4 Discuss the key findings from the PwC report.

This activity will be done in session 14. One student will do it.

Behavioural Finance
Consumer behaviour for financial services has been studied from many different perspectives. One of
the major advances reflected in theories developed in the Behavioural Finance Sector. The field of
behavioural finance analyses the effects of mental factors on financial decisions, including risk.
Behavioural finance theories delve into people’s attitudes toward money and investments
(Chandrakala & Ch, 2024). Some of the behavioural theories are:

The Prospect Theory

The prospect theory analyses the decision-making process of individuals under risk. Here, the choices
are determined in terms of loss and gains. It suggests that the same level of joy and pain does not have
an equal effect on people. An average individual tends to be more sensitive towards losses than gains.
This tendency is called loss aversion. The theory also proposes that people tend to segregate complex
information into manageable mental accounts. In investment terms, people separate their assets into
different categories depending on the purpose each category fulfils (Prosad et al., 2015).

Figure 3. 10: Multi Asset Allocation Fund verifying Prospect Theory

 Marketing of Financial Services | Dr Richa Saxena

Heuristic Theory
Heuristics are the rules of thumb or mental shortcuts that help people reach decisions quickly and
easily. These shortcuts, although helpful, can lead to erroneous decisions. Three heuristics biases
given by Tversky and Kahneman (1974) that are used for decision-making under uncertainty are
representativeness, availability, and anchoring and adjustment. Two more biases are defined as
overconfidence and excessive optimism (Prosad et al., 2015).

Herding Bias
It is the propensity of investors to mimic the crowd without taking into consideration their own
judgment.

Bounded Rationality
Bounded rationality (BR) is the idea that when individuals make decisions, they are “bounded” or
limited because of inadequate information, cognitive limitations inherent in the human mind and time
constraints (Tsaoussi, 2021).

Figure 3. 11: HDFC Bharosa Apno Ko

DQ 3.5 Discuss the theories of Behavioural Finance for the above example.

A team of three students will present this example in session 14.

 Marketing of Financial Services | Dr Richa Saxena

Buying decision-making process

Step I: Need Awareness
The decision to buy or use a service is triggered by a person’s or an organisation’s underlying need or
need arousal. The awareness of a need will drive an information search and evaluation of alternatives
before a decision is reached. Need for financial product may be triggered by:

1. Personal identity and aspirations (desire to make more money)

2. Physical conditions (need for a new house or vehicle)
3. External sources (firm’s marketing activity – “mutual funds sahi hai”)

The psychological force in action at this stage is Motivation. Students aspiring for higher studies will
look for an educational loan, people travelling abroad for travel insurance and a new business will be
in search of a VC.

Step II: Information Search

After realising the need for the product, the consumers are at the heightened attention phase of
information search. As a result, they subconsciously pay more attention to communication-related to
the products that can solve their needs. Therefore, to begin the search process, they already have an
evoked set. An evoked set can be derived from past experiences, social media, online reviews, searches,
advertising, displays, news, and recommendations from advisors, friends, and family.

However, the consumer uses only a few alternatives from the evoked set in the final decision-making.
These finalised alternatives form a consideration set. During the search process, consumers also learn
about service attributes they should consider in the process of evaluation of alternatives.

Figure 3. 12: Selecting from several options

 Marketing of Financial Services | Dr Richa Saxena

Step III: Evaluation of Alternatives

The consideration set is assessed on several attributes, and each attribute has an importance weight.
Services attributes can be divided into three categories.

Search Attributes
These are tangible characteristics customers can evaluate. For example, brand elements and other
tangibles, these elements help customers understand and evaluate the service and reduce the sense
of uncertainty and risk.

Figure 3. 13: Trusted Attributes

Experience attributes
These cannot be evaluated before purchase. Customers must “experience” the service before they can
assess attributes such as reliability, ease of use, and customer support. Before services, online reviews
and recommendations may give a fair idea of experience attributes.

Figure 3. 14: Easy User Interface Adds to Experience Attributes

 Marketing of Financial Services | Dr Richa Saxena

Credence attributes
Credence attributes are related to the customers’ belief that all the tasks have been performed at the
promised or desired levels. Though it is difficult for the service provider to assess these attributes,
customer confidence increases if the service providers themselves are conscious of the various aspects
of the service. Ranking, awards, and certifications also help.

Figure 3. 15: Credence Attributes

 Marketing of Financial Services | Dr Richa Saxena

Consumer decision-making can be understood using the multi-attribute attitude model using
all three types of attributes.

DQ 3.6 Design and discuss multi-attribute attuite model for a financial service using
all three types of attributes.

This activity will be done in session 14 by two teams of two students each. The teams are required
to take two different product categories.

Step IV: Purchase Decision

Perceived Risk
When evaluating competing financial services, customers try to assess the likely performance of each
service on service attributes that are important to them. However, consumers generally risk aversive,
i.e. they do not want to make a wrong decision regarding financial services. The consumer perceives
the following risks for financial services:

Type of Risk Examples

Functional Risk Will this policy help me save taxes? Will this credit card be accepted
wherever and whenever I want to make a purchase? Will it be able to
cover my financial liability in future?

Financial Risk Will I lose money if I make the investment recommended by my

stockbroker? Are online transactions free from fraudulent activities?
Will I get the return in a reasonable amount of time?

Time Risk How long will it take for an investment to show positive results? What
will be the locking period with this investment? Will I get prompt
service on the online platform?

Psychological Risk Is my money safe with the financial institution? Would I be able to
withdraw money whenever needed? Will the insurance policy pay off at
the time of need?

Social Risk Am I losing out if I am not investing in the mutual funds because
everyone else is doing so?
Physical Risk Will it be easy to find a branch?

How might consumers handle perceived risk with financial services?

- Seeking information from trusted and respected personal sources such as family, friends, and
peers.
- Comparing the services using online reviews
- Relying on a firm with good information
- Looking for expert advice
- Reading the documents thoroughly
- Visiting the physical branch

Customers are risk averse and – everything else equal – will choose the service with the lower
perceived risk. Evidence management is an organised approach where customers are presented with
 Marketing of Financial Services | Dr Richa Saxena

coherent evidence of physical copies of rules, procedures, types of equipment, and personnel. Recall
the strategies suggested to deal with perceived risk. (Module II Principles of Marketing).

Service Expectations
Expectations are formed during the search and decision-making process, and they are heavily shaped
by information search and evaluation of attributes. If they have no prior experience, expectations are
formed on word-of-mouth communication, news stories, or the firm’s own advertising. Expectations
can be situation-specific and change over time and are influenced by FI-controlled factors – such as
advertising, pricing, new technologies, and service innovation – as well as social trends, advocacy for
experts, and increased access to information through media and the internet.

The model of customer expectation shows factors that influence the different levels of customer
expectations. These factors are:

Desired service: There are three major influences on the desired service level. The first, personal
needs, are those states or conditions essential to the physical or psychological well-being of the
customer. Personal needs can fall into many categories, including physical (locker facility in the
neighbouring branch), social (car/home loan), psychological (lesser risk), and functional (ease of use).
A second influence on desired service expectations is personal service philosophy—the customer’s
underlying generic attitude about the meaning of service and the proper conduct of service providers.
For example, one customer is very comfortable with online applications, and another finds it a hassle.
Another influence on desired service expectations is called derived service expectations, which occur
when another person or group of people drives customer expectations. For example, gifting a policy or
a house.

Figure 3. 16: Service Expectation Model

Adequate Service: A different set of determinants affects adequate service, the level of service the
customer finds acceptable. In general, these influences are short-term and tend to fluctuate more than
the factors that influence desired service. Perceived service alternatives are other providers from whom
customers can, or perceive they can, obtain service. If customers believe they have multiple service
providers to choose from or if they can provide the service for themselves (such as maintaining their
portfolio rather than to an MF), their levels of adequate service are higher than those of customers
 Marketing of Financial Services | Dr Richa Saxena

who believe it is not possible to get better service elsewhere. The customer’s perception that service
alternatives exist raises the level of adequate service and narrows the zone of tolerance. It is important
that service marketers fully understand the complete set of options that customers view as perceived
alternatives. Levels of adequate service are also influenced by situational factors that are generally
considered contemporary. One type is uncontrollable situational factors, which include service
performance conditions that customers view as beyond the control of the service provider. For example,
catastrophes that affect many people at one time (demonetisation) may lower service expectations for
people because they recognise the heavy demands for the services. Situational factors often
temporarily lower the level of adequate service, widening the zone of tolerance.

Personal, situational factors consist of short-term, individual factors that make a customer more
aware of the need for service. Personal emergencies in which service is urgently needed (such as an
accident and the need for automobile insurance or a breakdown in office equipment during a busy
period) raise the level of adequate service expectations, particularly in terms of the level of
responsiveness required and considered to be acceptable.

The final factor that influences adequate service is predicted service, the level of service that customers
anticipate they are likely to get. This type of service expectation can be viewed as predictions made by
customers about what is likely to happen during an impending transaction or exchange and typically
is a function of a customer’s experiences in the past. If customers predict good service, their levels of
adequate service are likely to be higher than if they predict poor service.

Figure 3. 17: Setting the Customer Expectations

Predicted Service: When potential customers are interested in purchasing services, they are likely
to seek or take in information from several different sources. They may also receive information
 Marketing of Financial Services | Dr Richa Saxena

through social media, watching television, surfing the Internet, or hearing an unsolicited comment
from a colleague about a service that was performed well. Explicit service promises are personal and
nonpersonal statements about the service made by the organisation to customers. The statements are
personal when they are communicated by the firm’s salespeople or service personnel; they are
nonpersonal when they come from the company’s web pages, social media marketing, advertising,
brochures, and other written publications.

Implicit service promises are service-related cues, other than explicit promises, that lead to inferences
about what the service should and will be like. These quality cues are dominated by price and the
tangibles associated with the service. In general, the higher the price and the more impressive the
tangibles, the more a customer will expect from the service. Consider a customer who shops for
insurance finding two firms charging radically different prices. She may infer that the firm with the
higher price should and will provide higher-quality service and better coverage.

The importance of word-of-mouth communication conveys to customers what the service will be like
and influences both predicted and desired service. Word-of-mouth communication carries particular
weight as an information source because it is perceived as unbiased. Past experience, the customer’s
previous exposure to a service that is relevant to the focal service, is another force in shaping
predictions and desires.

In the New 3.2

DQ 3.7: Discuss the Purchase Decision Stage for the above article.

This article will be done in session 14 by a team of three students.

Service Encounter Stage

The service encounter stage involves consumer interactions with the service firm. In this stage,
consumers co-create experiences and value and co-produce a service while evaluating the service
experience. Engagement might include feelings of confidence, integrity, pride and passion in a firm.
In addition to these affective elements, consumer engagement with service brands has been considered
a behavioural manifestation toward a brand or firm that goes beyond purchase and includes positive
word of mouth, recommendations, helping other consumers, blogging, writing reviews, and even
engaging in legal action.
 Marketing of Financial Services | Dr Richa Saxena

“Moments of Truth”
During service delivery, many customers start evaluating the quality of service they are receiving and
decide whether it meets their expectations. A service encounter is a period during which a customer
interacts directly with a service provider. Richard Norman borrowed the “moment of truth”
metaphor from bullfighting to show the importance of service encounters.

High and Low Involvement

High-contact services, such as financial advisory and compliance, require better physical cues – the
interior and exterior of its building, the equipment and furnishing, the appearance and behaviour of
service personnel, and even other customers. Low-contact services, such as online and remote services,
rely heavily on technology and must be up-to-date.

The Servuction System

French researchers Pierre Eiglier and Eric Langeard were the first to conceptualise the service
business as a system that integrated marketing, operations, and customers. They coined the term
servuction system (combining the terms service and production) to describe that part of the service
organisation’s physical environment that is visible and experienced by customers.

Figure 3. 18: The Servuction System

Theatre as Metaphor for Service Delivery

The service delivery on each occasion is a performance; the theatre is a good metaphor for service
delivery. The metaphor is a particularly useful approach for high-contact service providers. Services
such as teller machines, ATMs, and other equipment are called service facilities and act as props. The
first stage employees (personnel) are like members of the cast, playing roles as actors in a drama,
supported by a back-stage production team,
 Marketing of Financial Services | Dr Richa Saxena

Role and Script Theory

The servuction system is static and describes a single service encounter or moment of truth. Service
processes, however, usually consist of a series of encounters and, therefore, require a series of
procedures. The customers and employees play their roles and follow the script in the series of
procedures.

Post-encounter Stage
At this stage, the customer evaluates the service performance and compares it with their prior
expectations. Satisfaction is a continuum from very high satisfaction to deep dissatisfaction. As long
as perceived performance falls within the zone of tolerance, that is, above the adequate service level,
customers will be reasonably satisfied.

Figure 3. 19: The expectancy-disconfirmation Model of Satisfaction

Satisfaction is defined as attitude-like judgment following a service purchase or series of service

interactions. Customers have expectations prior to consumption, observe service performance,
compare it to expectations. Satisfaction judgments are based on this comparison

• Positive disconfirmation if better than expected

• Confirmation if same as expected
• Negative disconfirmation if worse than expected

Satisfaction reflects perceived service quality, price/quality tradeoffs, personal and situational factors.
Research shows links between customer satisfaction and a firm’s financial performance. Research
shows that delight is a function of three components:

• Unexpectedly high levels of performance (customer delight)

• Excitement (surprise)
• Positive affect (joy, or happiness)

Customer Loyalty: Very satisfied customers are more likely to make repeat purchases, remain loyal
to that supplier, and spread positive word of mouth. Dissatisfied customers, however, may complain
or switch service providers (Wirtz & Lovelock, 2022).

Case –study on Consumer Behaviour

A is a 21-year-old getting into his first job based in Delhi. A comes from a joint family well established
in trading chemicals based in a large city in Orissa. A’s family banks with “XYZ Bank of India (XYZ)”,
a traditional public sector bank. All facilities, including trade limits and banking facilities for the
family business, as well as the savings accounts for all individual family members, are provided by
the bank. Banks GMs know the family personally. A has been given the option by his new employer
 Marketing of Financial Services | Dr Richa Saxena

to either continue with his current bank account or open a new salary account with “NEW private
bank of India (NEW).”

NEW offers typical Internet banking and third-party investment products not offered by XYZ. All
friends of A and his seniors have opted for NEW. Initially, A would not be a “priority” customer of
NEW and hence would not have any dedicated Relationship Manager servicing from the NEW bank.

Will A switch to NEW or continue with XYZ?

DQ 3.8 Identify and Describe relevant factors influencing an individual in choosing

a bank for a savings account.

(Connect with the factors influencing consumer behaviour and the models of consumer behaviour to
support your arguments. Make and State assumptions about the background information not given so
as to make your illustration complete).

A team of 2 students will present this case study in session 15

Institutional Buying Behaviour

The B2B or institutional market for financial services consists of all the organisations that acquire
funds that are used in creating other financial services. Several factors influence institutional buying
behaviour. The following model explains these factors.

Individual Factors: the decision is influenced by the characteristics of the individuals involved in
decision-making. At this level, the personal factors of the employees play a crucial role in
understanding the options and assessing the risks associated with them.

Interpersonal Factors: Institutional buying is usually done in a group situation. Therefore,

interpersonal relationships among the decision-makers are vital. It is crucial to have a good
understanding and institutional benefits as a priority for all the members of the group.

Figure 3. 20: Organisational Buying Behaviour

 Marketing of Financial Services | Dr Richa Saxena

Organisation Factors: Overall decision-making is influenced by organisational objectives (long run

vs short run), policies, procedures, organisational structure and systems.

Environmental Factors: The environmental forces that influence decision-making are demand,
economy, supplier situation, political and legal, and competitive setup. Technology is one of the biggest
challenges, as most financial institutions are investing in the digitalisation of products and personnel
(Kotler et al., 2017)

For example, consider the following conversations and suggest applicable factors of influence in each
of the situations below:

1. CFO to CEO: ”Let us go for fixed-rate borrowing now for 3 years as interest rates may go up.”
2. CEO to CFO: “Mandate from the board of directors(board) is go only for floating rate
borrowings. Next board meeting is 2 months away.”
3. CFO to the loan syndicate Banker: “Can you suggest a way to contain overall interest cost even
if we go for a floating rate borrowing?”
4. Banker to CFO: ”Are you allowed to use interest rate derivatives?”
5. CFO to Banker: “ Yes, we have an umbrella approval from the board to use derivatives for
hedging our risks.”
6. Banker suggests: ______ ?

DQ 3.9 Discuss the organisational buying with an example.

A team of two students will present the example in session 15.

The Buying Center in Institutional Buying

The buying center is the decision-making unit of a buying organisation. It consists of “all those
individuals and groups who participate in the purchasing decision-making process, who share some
common goals and the risks arising from the decisions.”

Initiators: Users or others in the organisation who request that something be purchased. Such as
the requirement of funds by the finance department

Users: Those who will use the product or service. For example, A project manager who requires funds
to implement a new project.

Influencers: People who influence the buying decision, often by helping define specifications and
providing information for evaluating alternatives. For example, the CFO

Deciders: People who decide on product requirements or suppliers. The CEO typically assumes this
role.

Approvers: People who authorise the proposed actions of deciders or buyers. Usually the top
management or Board of Directors approves the plan of action.

Buyers: People who have formal authority to select the supplier and arrange the purchase terms.
Here, the example will be the dealer in the finance team who executes the transation.

Gatekeepers: People who have the power to prevent sellers or information from reaching members
of the buying center. For example, purchasing agents, receptionists, and telephone operators may
prevent salespersons from contacting users or deciders (Kotler et al., 2022).
 Marketing of Financial Services | Dr Richa Saxena

DQ 3.10 Discuss how these roles are impacted by the factors influencing B2B buying
situations.

A team of two students will present in the session 15.

References
Chandrakala, M., & Ch, R. K. (2024). A Study on Behavioural Finance Investment Decisions of Investors
in Bangalore. Studies in Managerial and Financial Accounting, 36, 181–190.
https://doi.org/10.1108/S1479-351220240000036017

Kotler, P., Bowen, J., Makens, J., & Baloglu, S. (2017). Marketing of Hospitality and Tourism (7th ed.).
Pearson.

Kotler, P., Keller, K., Chernev, A., Sheth, J., & Shainesh, G. (2022). Marketing Management (16th ed.).
Pearson.

MRSI. (2024). India Shifts to a New Socio-economic Classification System ISEC. Market Research Society
of India. https://www.mrsi.co.in/newsdetail/india-shifts-to-a-new-socio-economic-classification-
system-isec_78.html#:~:text=A classification system spanning 1,21st February 2024%2C click here.

Prosad, J. M., Kapoor, S., & Sengupta, J. (2015). Theory of behavioral finance. Handbook of Research on
Behavioral Finance and Investment Strategies: Decision Making in the Financial Industry, May, 1–
24. https://doi.org/10.4018/978-1-4666-7484-4.ch001

Tsaoussi, A. (2021). Bounded Rationality BT - Encyclopedia of Law and Economics (J. Backhaus (ed.); pp.
1–6). Springer New York. https://doi.org/10.1007/978-1-4614-7883-6_106-1

Wirtz, J., & Lovelock, C. (2022). Service Marketing - People, Technology, Strategy. In Encyclopedia of
Tourism Management and Marketing. https://doi.org/10.4337/9781800377486.service.marketing.mix