Buying Attributes for Automotive Products and Banking Services

Abstract

A buying decision depends upon certain attributes that a buyer considers for making a choice. The question arises as to whether these attributes the same or different for products and services. This paper examines the buying attributes for automobile two-wheelers and four-wheelers representing product category and banking service representing service sector, and compares them. The buying attributes considered were based on literature review, including: quality of core product/service, product/service features, quality of basic customer service, brand name, price, availability, quality of supplementary service; for banking services, location and brand name were also considered.

The most important attribute found when buying an automotive was quality of the core product, followed by product features, quality of basic customer service, brand name, price, availability, and finally, quality of supplementary service. The most important attribute found when availing banking service was quality of the core service, followed by quality of basic customer service, location, quality of supplementary service, and finally, brand name.

The paper will help management researchers and professionals in the consumer behaviour area to better understand the buying attributes of consumers for automotive products and banking services. The knowledge of decision-making attributes will benefit marketers who struggle to understand the consumer mind in competitive environment.

Keywords: Buying Attributes, Automotive Product, Banking Service, Core Service, Basic Service, Supplementary Service

JEL Classification: D12