Credit cards have become a popular payment system used in many UK universities. Students in universities are turning to credit card companies for financial assistance with the aim of boosting their income and building credit history. This dissertation delves into the issue of marketing financial services of credit cards receptive to university students in UK.
Chapter 1 presents the background of research, aims and objectives, and justification of study. The main aim of this research is to investigate the attitudes of students towards credit card services, and present student friendly promotional strategies expected from financial institutions. Chapter 2 provides an analysis of literature on the emergence of marketing financial services in UK and major aspects of credit card services in universities. This research integrates questionnaires with secondary sources, as discussed in chapter 3. The major findings in chapter 4 indicate that many students are not satisfied with credit card services because they lack financial knowledge. Further analysis in chapter 5 indicates that banks need to focus on financial education, personal selling, and internet marketing when promoting credit cards. Banks should collaborate with universities to promote credit card services and establish a long time relationship with students.
Table of Contents
1.0 Introduction
1.1 Aims and Objectives
1.2 Significance of the Research
1.3 Structure of Research
2.0 Introduction
2.1 Emergence of Financial Services in Britain
2.2 Features of Financial Services Marketing
2.3 Credit Card as a Payment System
2.3.1 Advantages of Using Credit Cards
2.3.2 Disadvantages of Credit Cards
2.4 Need for Marketing Credit Cards in UK Universities
2.5 Attitudes of Students on Credit Cards
2.6 Strategies of Optimizing Credit Card Usage
2.6.1 Protecting University Students from Bad Usage of Credit Cards
2.7 Summary
3.0 Introduction
3.1 Methodology
3.2 Ethical Consideration
3.3. Sample Design
3.3.1 Sample Size
3.3.2 Sampling Method
3.4 Institutions Targeted
3.5 Method of Data Collection
3.5.1 Advantages of Questionnaires
3.5.2 Limitations of Questionnaires
3.5.3 Questionnaire Design and Conduct
3.6 Summary
4.0 Introduction
4.1 Presentation of Data and Analysis
4.1.1 Analysis of Questionnaire
4.2. Summary
5.0 Discussion
6.0 Conclusion
6.1 Limitation of Study
5.2 Implication for Further Research
Research Goals and Core Themes
This dissertation investigates the marketing of financial services, specifically credit cards, to university students in the United Kingdom. The primary research objective is to examine student attitudes toward credit card services and to develop effective, student-friendly promotional strategies that financial institutions can implement to enhance their service delivery and relationship management.
- Analysis of student credit card adoption and usage behaviors in UK universities.
- Evaluation of existing marketing strategies employed by banks to target student customers.
- Identification of financial literacy gaps and the need for improved debt management education.
- Exploration of collaborative strategies between banking institutions and universities.
- Assessment of student satisfaction levels regarding current communication and service delivery methods.
Excerpt from the Book
2.3.1 Advantages of Using Credit Cards
Credit cards make it easier to purchase items especially where the payments involve huge amounts of money (Brooking, 1997). According to Martin (2010), in UK, most services are paid for using credit cards because most outlets do not accept cash. Secondly, purchases made via credit card come with a guarantee of compensation if the goods are damaged or stolen while on transit. Decker (2008) argues that the receipt that is issued acts as the exhibit that a transaction actually took place and if by any chance the receipt is lost, the issuer can refer to credit card. The party that issued the credit card usually provides compensation.
Arthur and Sheffrin (2003) explain that making good use of a credit card is important because it builds the reputation of the cardholder and the history he/she has in regard to payment of debts. This concept is important for students, and that is why banks should target the student groups. According to The College Board (2010), some employers prefer to hire employees who have a good history of using credit cards because it shows that they are responsible and disciplined.
Likewise, credit cards are important because they are very useful when the cardholder is in financial difficulties (Brooking, 1997). In the case of students, majority of them do not have jobs and they may find themselves in circumstances that cannot wait, and therefore the credit card helps them (The College Board, 2010). According to Dicker (2008), many credit cards come with additional benefits that include discounts and insurance cover. This means that people who have credit cards may buy items at subsidized rates than other buyers who are using other modes of payment. Arthur and Sheffrin (2003) point out that this is very important to students in UK because their earnings are still minimal and most of them depend on the soft loans that their institutions provide.
Summary of Chapters
1.0 Introduction: This chapter establishes the research background, outlining the growth of financial services marketing in the UK and defining the objectives for improving credit card services for students.
2.0 Introduction: This chapter reviews literature concerning the history of banking in Britain and identifies the core challenges and strategies associated with marketing credit cards to a student population.
3.0 Introduction: This chapter details the qualitative and descriptive methodologies utilized, including the survey design and the ethical considerations taken when gathering data from students.
4.0 Introduction: This chapter presents the empirical findings derived from the student questionnaires, utilizing tables and descriptive statistics to highlight current perceptions and usage patterns.
5.0 Discussion: This chapter synthesizes the literature review and research findings to evaluate bank-university collaborations and the critical need for financial education.
6.0 Conclusion: This chapter summarizes the project's findings, reiterating the necessity for banks to adopt specialized, educational, and student-centric marketing strategies.
Keywords
Financial Services, Credit Card Marketing, University Students, UK Banking Sector, Student Debt, Financial Literacy, Promotional Strategies, Credit History, Consumer Behavior, Service Delivery, Debt Management, Brand Loyalty, Payment Systems, Impulsive Buying, Banking Regulations
Frequently Asked Questions
What is the core focus of this research?
The research focuses on the financial services marketing of credit cards in the United Kingdom, specifically examining how these services are marketed to and perceived by university students.
What are the central themes explored in the dissertation?
Key themes include the evolution of the UK banking sector, the adoption and usage patterns of credit cards by students, the psychological impact of credit cards on spending, and the effectiveness of current bank promotional strategies.
What is the primary objective of this study?
The main goal is to investigate student attitudes toward credit card services and propose improved, more ethical marketing strategies that enable banks to better serve the student market segment.
Which research methodology was adopted?
The study employed a descriptive research approach, integrating secondary literature review with primary data collection through a 100-participant questionnaire distributed across five UK universities.
What does the main body of the research address?
The main body covers the history of British financial services, the functional advantages and disadvantages of credit cards, the necessity of financial education, and a detailed analysis of survey results regarding service satisfaction.
Which keywords characterize this work?
The work is characterized by terms such as Financial Services, Credit Card Marketing, University Students, Student Debt, Financial Literacy, and Consumer Behavior.
Why do students in the UK often feel dissatisfied with their credit card services?
The findings indicate that dissatisfaction stems primarily from high interest rates, a lack of transparent financial education provided by banks, and concerns regarding theft and fraud.
How do banks currently attempt to attract student customers?
Banks often target students by advertising on or near university campuses, providing petty incentives like t-shirts or food to encourage sign-ups, and collaborating with university administrations.
What is the role of financial literacy in the context of this research?
Financial literacy is identified as a critical requirement; the research argues that banks have a duty to educate students on debt management to prevent excessive accumulation of debt and to build long-term, positive relationships.
- Quote paper
- Alex Johnson (Author), 2010, Financial Services Marketing Of Credit Card Receptive To University Students In UK, Munich, GRIN Verlag, https://www.grin.com/document/269298
