LITERATURE REVIEW
Service marketing mix in banks
Services can be defined simply as deeds, processes, and performances Over time, the concept of services and the service sector has evolved, leading to various interpretations A broader definition encompasses all economic activities that produce intangible outputs, which are typically consumed at the moment of production These services offer added value in terms of convenience, amusement, timeliness, comfort, or health, catering to the intangible needs of consumers.
Marketers encounter significant challenges with service perishability, particularly in inventory management Effective demand forecasting and innovative capacity planning are crucial yet difficult aspects of this process Additionally, the inability to return or resell services highlights the necessity for robust recovery strategies to address potential issues when they arise.
The marketing mix is a fundamental concept in marketing, encompassing the elements that an organization can control to effectively satisfy and communicate with customers Traditionally, it consists of four key components known as the four Ps: product, price, place (distribution), and promotion These elements serve as the core decision variables in marketing strategies and plans The interrelated nature of the marketing mix emphasizes that these variables depend on one another, highlighting the importance of achieving an optimal combination of the four factors tailored to a specific market segment at a particular time.
Table M1: Elements of traditional marketing mix
Channel types Exposure Intermediaries Outlet location
Flexibility Price level Terms Differentiations
1 Principle of Service Marketing, 1994, MCGaw Hill
- Types of Ad Sales promotion Publicity
Effective management of the four Ps—product, place, promotion, and price—is crucial for successful service marketing, though these strategies require adaptations for the service sector While promotion traditionally encompasses sales, advertising, and publicity, in the context of services, the simultaneous production and consumption means that service delivery personnel, such as clerks and nurses, play a vital role in real-time promotion, even if their primary responsibilities are operational.
Services are unique as they are produced and consumed simultaneously, with customers actively participating in the process This interaction with the firm's personnel means that customers seek tangible cues to comprehend their service experience In the hotel industry, factors such as the hotel's design, décor, and the appearance and attitudes of employees significantly shape customer perceptions and overall experiences.
Acknowledgement of importance of these additional variables has led services marketers to adopt the concept of an expanded marketing mix for services shown in table 1.3 below:
Table M2: added elements of marketing mix 2
2 Service Marketing – integrating customer focus across the firm – Valarie A Zeithaml, Mary Jo Bitner, Dwayne D Gremler – 4 th eddition
Facility Equipment Signage Employee dress Other tangibles
All human actors who play a part in service delivery and thus influence the buyer’s perceptions: namely, the firm’s personnel, the customers, and other customers in service environment
The environment in which the service is delivered and where the firm and customers interact, and any tangible components that facilitate performance or communication of the service
The actual procedures, mechanisms, and flow of activities by which the service is delivered – the service delivery and operation system
1.1.2 Service marketing mix in banks
Since the 1950s in Western countries and the 1980s in Turkey, the marketing approach in the banking sector has gained significant importance This shift towards a market-oriented banking perspective has prompted banks to explore new market opportunities As a result, banks have begun implementing marketing and planning techniques to effectively deliver their innovative services.
The marketing scope in the banking sector should be framed within the service marketing framework, focusing on how financial institutions position themselves in customers' minds Bank marketing encompasses not just the selling of services but also the development of a distinct personality and image that resonates with customers Additionally, financial marketing addresses the disparities and unique offerings among financial institutions, influencing customer perceptions and judgment standards.
The reasons for marketing scope to have importance in banking and for banks to interest in marketing subject can be arranged as 3 :
Change in demographic structure: Differentiation of population in the number and composition affect quality and attribute of customer whom benefits from banking services
The financial services sector is experiencing heightened competition driven by increasing international banking awareness and a more welcoming environment for new entrants Additionally, the liberalization of interest rates has further intensified this competitive landscape.
To thrive in a competitive landscape and adapt to changing demographics, banks must focus on increasing profits This growth is essential for exploring new markets, safeguarding their existing market shares, and ensuring long-term survival in an ever-evolving financial environment.
The marketing comprehension that are performed by banks since 1950 can be shown as in following five stages:
2 Marketing comprehension based on having close relations for customers
4 Marketing comprehension that focused on specializing in certain areas
5 Research, planning and control oriented marketing comprehension
Effective marketing strategies start with identifying the target market for a company's products or services It is essential for businesses to analyze the characteristics of this market, especially in the context of changing market conditions As the marketing manager organizes the controllable variables, they must adapt to these dynamics to ensure successful engagement with consumers.
Service marketing in banks must consider external variables that influence their market Key factors include technological advancements, legal regulations, and competitive dynamics.
Service marketing mix in banks
Nowaday when mentioning about service marketing mix in banking, people think about these below elements 4 :
Recently, banks are in a period that they earn money in servicing beyond selling money The prestige is get as they offer their services to the masses
Banking services, much like other services, are intangible and revolve around various financial activities such as lending, depositing, and transferring funds These services are defined through contracts, and their structure plays a crucial role in the long-term success of financial institutions In addition to fundamental attributes like speed, security, and convenience, customers also value the right to receive consultancy for compounded services.
In the marketing mix, price plays a crucial role and varies based on the type of transaction Banks must carefully evaluate the pricing of their services to maintain relationships with existing customers and attract new ones In the banking sector, pricing takes forms such as interest, commissions, and fees Unlike other marketing variables that incur costs, price is the only element that generates revenue.
While marketing mix elements other than price affect sales volume, price affect both profit and sales volume directly
Banks should be very careful in determining their prices and price policies Because mistakes in pricing cause customers’ shift toward the rivals offering likewise services
Traditionally, banks use three methods called “cost-plus”, “transaction volume base” and “challenging leader” in pricing of their services
4 Service Marketing – integrating customer focus across the firm – Valarie A Zeithaml, Mary Jo Bitner, Dwayne D Gremler – 4 th eddition
The complexity of banking services are resulted from different kinds of them The most important feature of banking is the persuasion of customers benefiting from services
Bank services are inherently complex and possess both physical and mental intangibility The value and benefits derived from these services largely depend on the customer's knowledge, capabilities, and active participation, in addition to the service features This is due to the inseparable nature of production and consumption in service delivery.
Many authors contend that the characteristics of banking services necessitate personal interaction between customers and banks, making direct distribution the only viable option Consequently, similar to previous trends, branch offices continue to rely on traditional methods for delivering banking services.
One of the most important element of marketing mix of services is promotion which is consist of personal selling, advertising, public relations, and selling promotional tools
Due to the characteristics of banking services, personal selling is the way that most banks prefer in expanding selling and use of them
Customer satisfaction
Satisfaction is consumer’s fulfillment response It is a judgment that a product or service feature, or the product or service itself, provide a pleasurable level of consumption-related fulfillment 5
Customer satisfaction refers to how well a product or service meets the needs and expectations of the customer When a product or service fails to fulfill these criteria, it typically leads to customer dissatisfaction.
Satisfaction encompasses a range of feelings that vary based on context and type of service It can manifest as contentment, a passive response to routine services, or as pleasure, associated with experiences that evoke happiness When services exceed expectations, satisfaction transforms into delight, while the alleviation of a negative experience can lead to a sense of relief Additionally, satisfaction may reflect ambivalence, where consumers experience a blend of positive and negative feelings related to a product or service.
Consumer satisfaction is often perceived as a static measurement at a specific moment, but it is actually a dynamic concept that evolves over time Various factors can influence this evolving satisfaction, especially when product usage or service experiences occur over an extended period, leading to significant variability in how satisfied consumers feel.
In "5 Service Marketing – Integrating Customer Focus Across the Firm" by Valarie A Zeithaml, Mary Jo Bitner, and Dwayne D Gremler, the authors emphasize the importance of customer expectations throughout the service experience cycle For new or unfamiliar services, initial expectations may be unclear, but they become more defined as the consumer engages with the service Throughout this cycle, consumers encounter various experiences—both positive and negative—that significantly influence their overall satisfaction.
Customer satisfaction is shaped by key elements such as product or service features, perceived quality, and pricing Additionally, personal factors like a customer's mood and emotional state, along with situational influences such as family opinions, play a significant role in determining overall satisfaction.
Customer satisfaction is greatly affected by how customers evaluate the features of a product or service For resort hotels, key features include the pool area, access to golf facilities, dining options, room comfort and privacy, staff helpfulness, and pricing To assess customer satisfaction, companies often utilize focus groups to identify the most important attributes of their services and then measure customer perceptions of these features alongside overall satisfaction.
Customer’s emotions also affect their perceptions of satisfaction with products and services These emotions can be stable, preexisting emotions
The consumption experience significantly impacts consumer satisfaction by evoking specific emotions Positive feelings like happiness, pleasure, and elation contribute to higher satisfaction levels, while negative emotions such as sadness, regret, and anger can lead to a decline in satisfaction.
Attributions for service success or failure
Attribution, or the perceived cause of events, plays a significant role in shaping customer satisfaction When outcomes are unexpected—whether significantly better or worse than anticipated—consumers often seek explanations that can affect their overall satisfaction In many service scenarios, customers may feel a degree of responsibility for the results Additionally, even if they do not attribute responsibility to themselves, other forms of attribution can still impact their satisfaction levels.
Perceptions of equity or fairness
Customer satisfaction is significantly impacted by perceptions of equity and fairness Customers often evaluate their experiences by comparing their treatment to that of others, questioning whether they received fair prices, quality service, and adequate treatment in relation to their expenditures and efforts The concept of fairness plays a crucial role in shaping customers' overall satisfaction, especially in service recovery scenarios.
Other consumers, family members, and coworkers
Consumer satisfaction is shaped not only by product features and personal beliefs but also by the perceptions and reactions of others For instance, during a family vacation, individual satisfaction levels fluctuate based on family members' expressions and interactions throughout the trip Additionally, the retelling of experiences and selective memories can further impact how family members feel about the vacation afterward In a business context, satisfaction with new services or technologies is similarly influenced by personal experiences, as well as colleagues' opinions, usage patterns, and the overall adoption rate within the organization.
Service quality and GAP model
Customer perception of service quality and overall satisfaction plays a crucial role in their assessment of the experience Businesses today understand that enhancing service quality and ensuring high levels of customer satisfaction can provide a competitive edge in the market.
To enhance service quality, companies can utilize the Service Quality Gap Model to identify areas for improvement and understand customer perceptions of their services.
Service quality gap model has been divided by 2 parts: Customer gap and provider gap
The customer gap refers to the disparity between customer expectations and their perceptions of service experiences Expectations serve as benchmarks that customers use during their interactions, while perceptions are their personal evaluations of the actual service received Customer satisfaction hinges on whether the service meets or exceeds these expectations Factors influencing customer expectations include marketer-controlled elements like pricing and advertising, as well as uncontrollable aspects such as personal needs, word-of-mouth feedback, and competitive offerings.
Gap closed to zero or perception service similar to expectation is perfect thing, but Companies tend to close customer gap to develop
To effectively bridge the critical customer gap, the gaps model emphasizes the necessity of addressing provider gaps within the service organization These gaps are categorized into four distinct types, each representing areas that require improvement to enhance overall service delivery and customer satisfaction.
Gap 1: Not knowing what customers expect
6 Service Marketing – integrating customer focus across the firm – Valarie A Zeithaml, Mary Jo Bitner, Dwayne D Gremler – 4 th eddition
Expected service Gap Perceived service
Gap 2: Not selecting the right service designs and standards
Gap 3: Not delivering to service designs and standards
Gap 4: Not matching performance to promises
More details of these gaps are provided below:
Gap 1: Not knowing what customers expect
Gap 1 defines the difference between customer expectations of service and company understanding of those expectations
Managers often lack awareness of customer expectations due to limited direct interaction, reluctance to inquire about needs, or unpreparedness to address them This disconnect can lead to poor decision-making and inefficient resource allocation, ultimately resulting in perceptions of subpar service quality In today's dynamic organizations, the responsibility for adjusting service delivery frequently rests with empowered teams and frontline employees.
When management or empowered employees fail to obtain precise information regarding customer expectations, a significant provider gap emerges To bridge this gap, it is essential to implement both formal and informal methods for gathering insights into customer needs through effective marketing research.
To bridge the gap in customer understanding, companies must employ various research strategies to gain insights into customer needs, foster strong relationships, and adapt to changing preferences over time Additionally, implementing effective recovery strategies is essential for addressing issues when they arise, ensuring customer satisfaction and loyalty.
Figure 1.2 shows the key factors responsible for provider gap 1 An inadequate marketing research orientation is one of the critical factors
Gap 2: Not having the right service quality designs and standards
Gap 2 focuses on difference between company understanding of customer expectations and development of customer-driven service designs and standards
Customer-driven standards differ from traditional performance benchmarks set by companies, as they focus on essential customer requirements that are transparent and measurable by the customers themselves These standards align operational practices with customer expectations and priorities, rather than emphasizing company-centric goals like productivity or efficiency.
Inadequate marketing research orientation o Insufficient marketing research o Research not focused on service quality o Inadequate use of marketing research
Lack of upward communication o Lack of interaction between management and customers o Insufficient communication between contact employees and managers o To many layers between contact personnel and top management
Insufficient relation focus o Lack of market segmentation o Focus on transactions rather than relationship o Focus on new customers rather than relationship customers
Inadequate service recovery o Lack of encouragement to listen to customer complaints o Failure to make amends when things go wrong o No appropriate recovery mechanisms on place to service failures
Company perception of Customer expectation
Figure 1.2: Key factors leading to provider gap 1
Because services are intangible, they are difficult to describe and communicate This difficulty becomes especially evident when new services are being developed
For successful service implementation and improvement, it is essential that all stakeholders—including managers, frontline employees, and support staff—share a unified understanding of the new services, grounded in customer needs and expectations Without a collective vision of the service and its related challenges, efforts to enhance existing services are likely to falter.
One of the most important ways to avoid gap 2 is to clearly design service without oversimplification, incompleteness, subjectivity, and bias To do so, tools are
Customer –driven service designs and standards
Poor service design o Unsystematic new service development process o Vague, undefined service designs o Failure to connect service design to service positioning
Absence of customer-driven standards o Lack of customer-driven standards o Absence of process management to focus on customer requirements o Absence of formal process for setting service quality goals
Inadequate physical evidence and an unsuitable servicescape can significantly impact customer satisfaction This includes a failure to align tangible elements with customer expectations, as well as a servicescape design that does not cater to the needs of both customers and employees Additionally, insufficient maintenance and updates to the servicescape can lead to a negative experience Furthermore, the absence of effective recovery mechanisms for service failures can exacerbate customer dissatisfaction.
Management perception of Customer expectation
Figure 1.3: Key factors leading to provider gap 2
P needed to ensure that new and existing services are developed and improved in as careful a manner as possible
The quality of customer service is significantly impacted by the evaluation and compensation standards set for contact personnel These standards communicate management's priorities and the performance metrics that truly matter When service standards are lacking or misaligned with customer expectations, service quality tends to improve Conversely, well-developed service standards can effectively bridge the gap between management goals and customer satisfaction, leading to enhanced service delivery.
Gap 3: Not delivering to service designs and standards
Gap 3 is discrepancy between development of customer-driven service standards and actual service performance by company employees
Customer –driven service designs and standards
Deficiencies in human resource policies o Ineffective recruitment o Poor employee-technology job fit o Inappropriate evaluation and compensation system o Lack of empowerment, perceived control, and team work
Customers who do not fulfill roles o Customers who lack knowlegde of their roles and responsibility o Customers who negatively impact each other
Problems with service intermediaries o Channels conflict over objectives and performance o Difficulty to controlling quality and consistencies o Tension between empowerment and control
Failure to match supply and demand o Failure to smooth peaks and valleys of demand o Inappropriate customer mix o Overreliance on price to smooth demand
Figure 1.4: Key factors leading to provider gap 3
High-quality service performance is not guaranteed solely by established guidelines; it requires the backing of adequate resources, including personnel, systems, and technology To be effective, these standards must be enforced, meaning that employees should be evaluated and rewarded based on their adherence to performance metrics Even when standards align with customer expectations, a lack of support from the company in facilitating and encouraging these standards renders them ineffective Consequently, when service delivery fails to meet these standards, it also fails to satisfy customer expectations.
Gap 4: Not matching performance to promises
Provider gap 4 highlights the disparity between the actual service delivered and the external communications made by the service provider When companies promote their services through advertising and sales efforts, they often elevate customer expectations regarding service quality This gap between what is promised and what is actually delivered can negatively impact customer satisfaction and perceptions of service quality.
Broken promises can occur for many reasons: overpromising in advertising or personal selling, inadequate coordination between operation and marketing, and differencies in policies and procedures across service outlets
One significant challenge related to provider gap 4 is that customer communications often span multiple organizational boundaries Unlike physical goods, which can be controlled by machines, the actions of individuals cannot be easily managed This necessitates a collaborative effort beyond just the marketing department, as it involves various functions within the organization This approach is known as interactive marketing, which focuses on the interactions between contact personnel and customers, requiring alignment with traditional marketing strategies for effective execution.
Lack of integrated services marketing communications o Tendency to view each external communication as independent o Absence of interactive marketing in communication plan o Absence of strong internal marketing program
Ineffective management of customer expectations o Absence of customer expectation management through all forms of communication o Lack of adequate education for customers
Overpromising o Overpromising in advertisement o Overpromising in personal selling o Overpromising through physical evident cues
Inadequate horizontal communications o Insufficient communication between sales and operations o Insufficient communication between advertisings and operations o Differences in policies and procedures across branches or units
Effective external marketing in product and service firms is crucial, as a lack of understanding among employees about service delivery can lead to exaggerated promises and miscommunication with customers This disconnect ultimately results in a negative perception of service quality By aligning actual service delivery with external communications, businesses can bridge provider gap 4, thereby positively impacting customer satisfaction and reducing the customer gap.
TECHCOMBANK CASE STUDY
Status of Techcombank and introduction of its card service
2.1.1 Techcombank Personal cards and card services
Techcombank began issuing cards in 2003 with support from Vietcombank, and its Card Center was officially established in April 2004 Initially, the bank offered only one type of card, the domestic debit card known as FastAccess By 2005, Techcombank expanded its debit card offerings to include various options, such as cards for VIP and priority customers, the Vietnam Airlines team, and gift cards.
In 2006, they established a partnership with Visa International, enabling them to issue and facilitate payments with Visa cards Since then, they have developed a variety of customized card options tailored to meet the diverse needs of their customers, including both Visa and domestic debit cards.
2.1.1.1 Prospects of card in Vietnam market
Vietnam's economy is steadily developing, characterized by stability and growth The commercial banking system has undergone significant transformations, particularly in payment technologies, allowing global innovations to be integrated into Vietnam's financial landscape This advancement presents opportunities for Vietnamese products to enter the international market Additionally, a robust global economy fosters the growth of credit card usage, a convenient payment method widely accepted around the world, thereby expanding the locations and possibilities for card payments in Vietnam.
Vietnam presents significant opportunities for technological development and widespread adoption, creating an ideal environment for the growth of card services As a result, customers' understanding of technology is expected to evolve positively.
Experts predict that Vietnamese incomes will rise to $600 per year in the coming years, aligning with the government's goal of reaching $700 per year within the next decade Despite Vietnam's low average income and significant wealth gap, there is a noticeable upward trend in earnings The integration of high technology and the growing adoption of tech products, such as card payments, are expected to drive positive changes Currently, urban populations comprise about 20-30% of the nation, with a significant portion of the workforce under 45 years old, possessing basic scientific and technological knowledge In the next 5-7 years, this demographic will expand to include individuals up to 50-52 years old, particularly in urban areas As incomes rise, consumer spending will increase, leading to a greater adoption of cashless payment methods.
The development of commercial centers, services, supermarkets, and shops will positively transform the commercial environment, leading to changes in consumer habits that favor cashless payment methods Additionally, the increasingly restrictive legal environment creates a corridor for commercial growth, allowing the government to facilitate new opportunities for businesses and banks, thereby enhancing their competitive advantages.
The upcoming surge in credit card usage is driven by favorable conditions that promise to enhance user trust and payment quality As card payments gain momentum, they will not only help alleviate congestion in transactions but also improve the overall payment experience compared to competitors in the market.
In the near future, bank-issued cards will cater to a diverse range of customers, featuring lower payment limits to encourage broader domestic consumption These cards will serve multiple purposes beyond cash withdrawals and purchases, including making phone calls and acting as a citizen ID Additionally, the expansion of the POS network will enhance payment convenience, allowing users to pay for various services such as fuel, phone bills, and tuition fees As e-commerce continues to grow in Vietnam, cards will emerge as the most convenient payment method, with an estimated 90% of transactions being securely processed automatically.
2.1.1.2 The strategy to develop card
The card market in Vietnam is categorized into three banking groups: leading banks, developing banks, and newcomers TECHCOMBANK falls into the developing category, aiming to identify market segments, target specific audiences, and expand its market share by addressing gaps overlooked by leading banks while also deterring newcomers from entering the market In its personal service strategy, TECHCOMBANK prioritizes card products as a driving force, establishing card development as a key strategy, and has outlined a comprehensive action plan to achieve these objectives.
- Following the world trend, TECHCOMBANK will find out the partners to establish new products which are modern and suitable with target customers
TECHCOMBANK is actively enhancing its promotional strategies and improving service quality to attract and retain customers, recognizing that card services are relatively new to Vietnamese consumers By focusing on these initiatives alongside the introduction of new products, the bank aims to build a loyal customer base in this emerging market.
- Improving the card management system in order to fix existant errors and advoid risk
To capture market share in the North while simultaneously redesigning card products and services for the South, it is essential to explore ATM and POS systems in business centers, shops, and supermarkets to enhance transactions and strengthen branding.
2.1.1.3 Some successes and ambituous plan of card development
Techcombank is a leader in the banking sector, particularly in card development, thanks to its investment in innovative services such as Hombanking, F@st Advance, Mobipay, F@st-i-Bank, and F@st Saving One notable offering is F@saSaving, an account designed using Techcombank's advanced technology, which has been available in the market since June.
2004 This special product is provided by Techcombank for customers having current accounts
FastSaving account can be considered as an automactic investment amount in which customers can benefit from interest which is higher than normal one Using Fast
As account owners, customers enjoy various benefits, including transaction authorization, collateral options, and mortgage services associated with their savings FastSaving allows cash advances twice a month, each up to 30% of the current outstanding balance Customers can conveniently withdraw funds or close their accounts at the customer service counter Additionally, they can access their savings through transfers, using payment orders or the FastAccess card at ATMs for seamless transactions.
If you're in need of immediate funds for daily expenses, travel, or purchasing a new TV or car before your next salary, Fast Advance is the perfect solution This service allows Techcombank customers to withdraw more than their current credit balance, up to a specified advance limit You can even book airplane tickets online without a credit card, simply by using a Fast Access card Techcombank innovates to meet customer needs and expectations effectively.
In 2006, Techcombank made significant advancements in its card services with the launch of Fast Mobipay and Fast i-bank, enabling customers to purchase goods and services globally and transfer money within Vietnam without the need to visit a physical bank or point of sale The relatively low capital investment for these innovative products is attributed to the bank's modern technology and the creativity and efficiency of its staff, particularly the use of an updated software system.
Table 1: Rate of increased investment capital for accompanied products and service Năm Investment capital (triệu đồng) Speed (%)
Source:: Report on card activities from 2004 to 2008
A review of Techcombank’s previous survey on card service: Customer
Vietnam, with an urban population exceeding 10 million, presents a significant market opportunity for card services The card services sector in Vietnam is currently experiencing unprecedented growth, attracting numerous banks to participate Since its entry into the market in 2003, the landscape has become increasingly dynamic and competitive.
At the end of the year, Techcombank successfully positioned its "Fast-access" card with 28,000 issued cards, in partnership with Vietcombank to enhance value-added services Aiming to become a multi-functional urban bank and the best in the industry, Techcombank recognizes payment cards as a key driver for development However, due to intense market competition, the bank opted to implement a new card strategy, conducting a 2006 survey on customer satisfaction regarding the "Fast-access" card across four major cities: Hanoi, Hai Phong, Da Nang, and Ho Chi Minh City.
Some targets set up for survey: the survey was expected to find out some factors below:
1 Customer satisfaction on Fast-access
2 Customer evaluation on card services of Techcombank
5 The structure of current customers
The results serve as a crucial foundation for Techcombank to assess the quality of its customer service, evaluate the effectiveness of its Fast-access features, and analyze the implementation of its incentive programs Additionally, the survey aims to uncover customers' genuine expectations regarding card services, enabling Techcombank to enhance service quality in alignment with customer needs.
“Current customers of Techcombank card service”
Criterion for survey on satisfaction of customers about card service:
1) Fast and accurate money withdrawal
2) Numerous ATM locations where customers can withdraw money with a card
3) Prompt responses to customers’ requests
9) Quick turnaround time for card issuance
In which we found some below criterion of service quality:
Fast and accurate money withdrawal
Prompt responses to customers’ requests
Quick turnaround time for card issuance
Through letters, direct interview samples in Ha Noi
Method to pick samples size: n = Z² P(1-P)/E²
Z – fail-safty, Z is defined at 95%
P – the rate of satisfaction customers
70% of customers were estimated for attention (no feedback + unreachable + others)
So number of samples are 1.100 (customers)
Method to choose the samples:
Systematic Sampling with criteria of Debit amount for 4 cities See below: Table 3: Survey Systematic Sampling with criteria of Debit amount for 4 cities
STT DEBIT AMOUNT Ha Noi Hai Phong Da Nang
2.2.3.1 Total samples and feedback percentages
After getting low feedback percentages, Techcombank tried to interview through telephone (for no feedback letters) and gained 51 results (4 cities)
Total of feedbacks in more details:
Ha Noi Hai Phong Da Nang Ho Chi
Total of feedbacks on Debit amount:
Table 5: Survey feedback devided by amounts
City D=0 Mio 0