National University mkt634 week 1 assignment

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National University College *

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Marketing

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Feb 20, 2024

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1 JPMorgan Chase MKT634 Market Research 10/01/2023 Case 4.1 – JP Morgan Chase

2 JPMorgan Chase Chapter 1 1. Discuss the role that marketing research can play in helping JPMorgan Chase formulate sound marketing strategies. JPMorgan Chase, the largest bank in the country, relies on marketing research to formulate and develop sound marketing strategies. They commonly utilize various tools, such as focus groups and surveys, to study customer behavior and better understand their demands. By conducting research, JPMorgan Chase can gather valuable information about consumer behavior, market trends, and competitive positioning, further enabling them to make more informed pricing adjustments. Chapter 2 1. Management would like to expand JPMorgan Chase’s market share in the consumer market. Define the management decision problem. Management at JPMorgan Chase wants to expand its market share in the consumer market. However, their decision problem is how to effectively increase their market share in the consumer market. To achieve this, management plans to evaluate their current income from this segment and determine the feasibility of investing more resources. They will then develop a marketing strategy, including media such as TV adverts, to highlight their unique offerings in comparison to their competitors. The success of the campaign will launch additional campaigns to further expand their consumer base. The primary objective of these campaigns will be to drive consumer purchases and increase profits. These objectives will be largely influenced by historical data and research on effective marketing strategies. This will allow JPMorgan Chase to execute a successful campaign and increase their foothold in the market.

3 JPMorgan Chase 2. Define an appropriate marketing research problem based on the management decision problem you have identified. To help JPMorgan Chase expand its market share, both focus groups and in-depth interviews can provide valuable insights into customer preferences and behaviors in a more accessible and informal manner. Focus groups involve a small representative group of participants engaging in a guided discussion. This format encourages open expression of opinions and allows for a deeper understanding of customer attitudes, perceptions, and needs. It also provides an opportunity for JPMorgan Chase to explore its brand's perception and competitiveness in the market. On the other hand, depth interviews involve one-on-one conversations that create a personal setting for each participant to share their experiences. These interviews explore the motivations, preferences, and other valuable insights on a deeper, more understandable level. By utilizing both, JPMorgan Chase can gather comprehensible and actionable information about customer preferences and behaviors. This information allows for the development of strategies and solutions that will support the company in expanding its market share (Rodgers, 2023). Chapter 3 1. Formulate an appropriate research design for investigating the marketing research problem that you have defined in Chapter 2. To help JPMorgan Chase better understand customer preferences and behaviors, a research design that combines focus groups and in-depth interviews can provide valuable insights in a more accessible and informal manner. Focus groups involve a small representative group of participants engaging in a guided discussion, encouraging the expression of opinion and

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4 JPMorgan Chase uncovering a deeper understanding of customer attitudes, perceptions, and needs. This format also allows JPMorgan Chase to explore its brand perception and its competitiveness in the market. On the other hand, in-depth interviews provide a personal setting for participants to share their experiences, motivations, and preferences on a deeper level. By using both methods, JPMorgan Chase can gather understandable and actionable information about customer preferences and behaviors, which can support the development of strategies to expand its share in the market. Upon conclusion of the research, it should be analyzed and assessed for common themes. Chapter 4 1. Use the Internet to determine the market shares of the major banks for the last calendar year. According to Statista.com (2023), the top 5 major banks in 2022 were as follows: a. JPMorgan and Chase: 7.36% b. Bank of America: 6.85% c. Wells Fargo: 5% d. Citibank: 2.72% e. U.S. Bank: 1.62% Based on the above information, it is safe to assume that JPMorgan has a foothold in the banking industry and is continuing to maintain its competitiveness in the market. 2 What type of syndicate data will be useful to JPMorgan Chase? Syndicated data refers to the type of data that is collected and sold by third-party organizations for the purpose of expediting valuable data sources, such as retail audits and market research studies to a variety of companies (Kuhn, 2023). This type of data is crucial

5 JPMorgan Chase to marketing, and JPMorgan would benefit from syndicated data on focus groups. Focus groups are often timely and extensive with a crucial amount of information that can get lost in translation, if not carefully processed and analyzed. The ability for JPMorgan to collect syndicated data on focus groups, revolving around a variety of sources, would prove more efficient than otherwise. Chapter 5 1. Discuss the role of focus groups versus depth interviews in helping JPMorgan Chase expand its market share. Focus groups and in-depth interviews are research methods commonly used by companies to gain a deeper understanding of consumer decision-making when selecting a primary financial service provider. In focus groups, individuals with similar interests and experiences come together for open discussions, providing diverse perspectives and ideas. This method is cost- effective and promotes collaborative feedback. On the other hand, depth interviews involve one-on-one conversations that offer more detailed and personal insights into the decision- making process. While they are more time-consuming and costly, in-depth interviews are particularly effective for exploring sensitive topics, such as financial matters, as participants may feel more comfortable discussing them in a private setting. By employing both approaches, JPMorgan Chase can acquire comprehensive insights into consumer decision- making, thus allowing for expansion in the market (rev.com, n.d.). Chapter 6 1. If a survey is to be conducted to determine consumer preferences for banks, which survey method should be used and why?

6 JPMorgan Chase Customer satisfaction surveys can play a crucial role in understanding consumer preferences for banks. These surveys provide direct insights into customer opinions, attitudes, and experiences, helping banks make more informed decisions to enhance customer satisfaction (Kuhn, 2023). They provide a comprehensive understanding of consumer preferences for banks and are furthermore personable. By actively seeking and listening to customer feedback, banks can tailor their services, improve customer experiences, and foster long-lasting customer relationships. This ultimately contributes to the success and competitiveness of banks in a dynamic market.

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7 JPMorgan Chase Resources: Kuhn, G (Apr 7, 2023). Bank & credit union market research options to consider in 2023. https://www.driveresearch.com/market-research-company-blog/market-research-options-for- banks-and-credit-unions/#:~:text=Customer%20satisfaction%20or%20member %20satisfaction,net%20promoter%20score%20(NPS). Kuhn, G (Aug 8, 2023). What is syndicated data? [examples + pros, & cons]. https://www.driveresearch.com/market-research-company-blog/what-is-syndicated-research- market-research-company-in-rochester-ny/#:~:text=A%20common%20syndicated%20data %20study,ahead%20of%20the%20holiday%20season . Malhotra, N. K. (2020). Marketing research: An applied orientation. Pearson Twin, Alexandra (April, 2023) https://www.investopedia.com/terms/m/market-research.asp Rev.com (n.d.). Differences in focus groups & in-depth interviews for a successful market research. https://www.rev.com/blog/marketing/differences-in-focus-groups-vs-in-depth- interviews#:~:text=In%2Ddepth%20interviews%20offer%20more,useful%20for%20the %20quantitative%20phase . Rodgers, E (Apr 10, 2023). Hybrid research: combing qualitative & quantitative methods. https://www.driveresearch.com/market-research-company-blog/hybrid-research-combining- qualitative-and-quantitative-methods-for-better-results/ Statista.com (Jun 19, 2023). Market share of leading banks in the u.s. 2022, by domestic deposits. https://www.statista.com/statistics/727546/market-share-of-leading-banks-usa- domestic-deposits/

National University mkt634 week 1 assignment

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