MENTAL ACCOUNTING OF MUTUAL FUND INVESTORS AND MARKETING MIX -- A STUDY FROM 4C MARKETING MIX PERSPECTIVE

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1 MENTAL ACCOUNTING OF MUTUAL FUND INVESTORS AND MARKETING MIX -- A STUDY FROM 4C MARKETING MIX PERSPECTIVE TARAK PAUL ASSISTANT PROFESSOR, ROYAL SCHOOL OF BUSINESS, GUWAHATI-35, ASSAM ABSTRACT Successful marketing depends on how a company blends 4P variable of marketing mix. The marketing program should provide the want satisfying need goods and services for the company s markets. The basic idea is to target the consumers buying decision and increase market share of the company. This study aims at understanding the state of mental accounting of mutual fund retail investors from 4C dimension of marketing Mix (i.e. Customer Solution, Customer cost, Customer convenience and Customer communications). A sample of 260 mutual fund investors has been taken for this purpose from Guwahati city. Attempt has been made to understand the state of mental accounting and power of influence of 4C dimension of Marketing Mix and Mental accounting on each other. KEYWORDS: Index of Marketing Mix, Mutual fund, Marketing Mix, Perception. INTRODUCTION Understanding human buying behavior has always been area of keen interest of marketing experts. Human behaviour is a guided by perceptional psychology. Behavioral scientist pointed out the influence of psychology on decision making (Chandra, 2008). Singh (2012) viewed that behavioral factors undoubtedly play a role in decision making process. People receive information from different sources and process these in their mind while making a decision. Decision making process is greatly influenced by how people perceive a particular situation or event. Perception is the process by which and individual selects, organizes and stimuli into a meaningful and coherent picture of the world (Nair, 2011). A new model of consumer behavior has been developed by Theler (1985) using a hybrid of cognitive psychology and macroeconomics. The model starts with mental coding of information using prospect theory value function. Prospect Theory as proposed by Kehneman & Tversky states that individuals tend to react differently to equivalent situations. This is a psychological aspect of human being which may vary significantly from person to person. In the perceptual process of human thinking, mental accounting comes into picture as individual matches the information received from different sources with the past stored information in his mind and tries to understand a particular situation from different perspective and categorize different events. Behavioral scientist termed such categorization of events as mental accounting. Thaler (1999) termed mental accounting as a set of cognitive operations used by individuals and households to 12

2 organize evaluate and keep track of financial activities. Henderson and Peterson (1992) stated that mental accounting refers to how people categorize and evaluate financial outcomes. In this paper the concept of mental accounting has been used from marketing mix perspective. The paper examines the power of influence of each of the variable of 4C (i.e. Customer solution, Customer Cost, Customer Convenience and Customer cost) on overall satisfaction overall satisfaction from investment in mutual fund and vice versa. Mutual fund, in simple words, is a trust that pools the savings of a number of investors who share a common financial goal. Siddaiah (2011) defined mutual fund as an entity that pools money from several investors and invest the pooled money in different kinds of securities or assets. This pool of money is invested in accordance with the stated objectives. Mutual fund has gain popularity in the recent past. This is evident from the fact that asset under management has gone up from Rs 25 crores as on 31 st March, 1965 to Rs crores as on 31 st March, The industry has grown significantly in last three decades. Sadhak (2003) reported that in India, MF Industry was slow till the end of 1980 due to government control. The reasons for such popularity of Mutual fund is that it provides investors a well-managed diversified portfolio according to need of the investors as well as overregulation of financial services industry. Mutual funds have been able to attract the retail investors with their innovative products. REVIEW OF MARKETING MIX Kotler and Armstrong (2008) stated that marketing mix is a set of controllable, tactical marketing tool that firms blend to produce the response that it wants in the target market. Any successful marketing depends on number of issues like what the company is going to produce, how much it is going to charge, how it is going to deliver the products or services to the customers and how it is going to tell its customers about the product. Traditionally these considerations were known as 4Ps of marketing mix i.e. Product, Price, Place and Promotion. Kotler and Armstrong (2008) stated 4Ps concept takes the sellers view of the market, not the buyers view. Lauterborn, et al. (1993) stated that marketers must think in terms of 4Cs (Customer Solution, Customer Cost, Customer Convenience and Customer Communication) instead of 4 Ps. In this age of customers relationships 4Ps concept better described by 4Cs from the buyers view point which was ignored by 4P marketing mix. Marketers sees themselves as selling products and customers see themselves as buying value or solution to their problems (Customers Solution). Customers are interested in total cost (Customers Cost) rather than price of obtaining, using and disposing the products. Customers want the products and services as conveniently as possible (Customers Convenience). Finally they want two way communications (Customers Communication). These has resulted a shift of 4P model of marketing mix to 4C model. Bhasin (2011) viewed that the principle of four C s of marketing states that your customer should be your prime focus. Unlike the traditional marketing mix where primary focus is on products, in the 4C model the primary focus is the customer. Gardvdc (2011) stated that 4C is a better approach is batter approach when compared with 4P approach. He stated 4C s as Consumer value, Cost to satisfy, Convenience to buy, and Communication. According to him firms sell solution that fulfills customers needs. Price is only one aspect of cost to satisfy. There are other costs like cost to go to stores or possibly a cost of conscience. Customers take all the factors into consideration. So cost is the appropriate term. Regarding convenience, he stated instead of thinking in terms of location or place, think how your customers want to buy. There could be a store but they may 13

3 prefer a web shop and catalogue for type of products. Customers might expect. Nezakati, Abu & Toh (2011) mentioned that 4C s imply more emphasis on customers want and concern than 4P. Consumer value as a complexity approach allows the product to develop as the customer uses it with the perfect product emerging from the inter-relationship between product and customer use. Price may be somewhat companies decided to charge for their product, customer cost represent the real cost that customers will to pay. Implying management s method of placing product where they want to be as customer convenience recognizing consumers choice for buying in ways convenient to them. Promotion suggest the ways in which companies persuade people to buy, consumers communication is a two a process involving feedback from customers to suppliers. Bose (2010) stated modern business managers consider marketing as customer oriented. Thus the main role of marketing is the satisfaction of customers needs and desires. Kumar and Apsal (2011) viewed firms cannot develop product and try to sell them to mass market. Firms require to study customers needs and wants and then attract customers. Hence, firms should customize the products according to their needs and wants. Thus, the 4C approach is a better approach as compared to 4P approach of marketing mix as it follows the you marketing philosophy of putting customers first. The 4C s marketing mix dimension changes product, price, place and promotion (the 4Ps) to Customer solution, Cost, Communication and Convenience (the 4Cs). STATEMENT OF THE PROBLEM: The study is conducted by using the 4C concept of marketing mix to understand the power of influence of each of these C s on state of mental accounting with respect to overall satisfaction of mutual fund investors. This study is unique in the sense that it has incorporated the concept 4C marketing mix in it and attemped to understand the state of mental accounting of the mutual fund investors and power of influence of each of these on overall satisfaction. OBJECTIVES In the light of the above discussion, the objective considered for the study is to assess the state of mental accounting and power of influence of 4C dimension of Marketing Mix and Mental accounting on each other. For this purpose, all the items have been categorized into four groups i.e. Customer Solution, Customer Cost, Customer Convenience and Customer Communication and then analyzed by using Somer D Test to test the power of influence of each of these on overall experience from investment in mutual fund investment and vice versa. METHODOLOGY As regards primary data, a structured questionnaire (Annexure) was prepared targeting the retail mutual fund investors. Items were selected on the basis literature survey to elicit their views about each of C s of 4C concept of marketing mix. Respondents were asked to give their opinion on the items selected on a 5 point scale. Items were selected on basis of literature survey and pilot study. The questionnaires were served to 260 respondents (mutual fund investors) of Guwahati city selected through snowball sampling. Secondary data has been collected from books, journals, and internet. Data has been analyzed using SPSS. Descriptive statistical analysis 14

4 I often become the victim of others decisions Constant monitoring of funds is important for decision making Investment for long term in mutual products produced good results Regular investment in mutual fund can produce better return at lesser risk Regular monitoring is important for making mutual fund investment decision It is difficult to select a product for investment I examine the print media before decision making I have very little idea about mutual fund products I feel safe and secure as when I invest in mutual fund products There is no steady income from mutual fund investment. There is no guarantee of income from mutual fund investments. I am aware of rules and regulation of mutual fund. Investment in mutual fund products are easy Asia Pacific Journal of Marketing & Management Review ISSN of data has been done to understand the state of perception and for assessing the influence of 4C on mutual fund investors state of mental accounting, Somer s D Test has been done which measure asymmetric association between the variables as the variables are measured in ordinal scale. ANALYSIS & INTERPRETATION The collected data was analysed with the help of SPSS and the results are followed- TABLE 1: DESCRIPTIVE STATISTICS OF ITEM 1-6 N Mean Std. Dev Sum c.v Source: Compiled from primary data. TABLE 2: DESCRIPTIVE STATISTICS OF ITEM 7-13 N Mean S D Sum c.v

5 There is no sufficient published information for investment making AMFI, investor s Guide should be provide by the companies for the investors I feel less confident regarding time and price at which mutual fund products are to be bought and sold Frequent change in NAV discourages me to invest in mutual funds There am not sure about the performance of the funds in which I have invested I doubt the integrity of the services of local agents I am overall happy with my mutual fund investment Asia Pacific Journal of Marketing & Management Review ISSN Source: Compiled from primary data. TABLE 3: DESCRIPTIVE STATISTICS OF ITEM N Mean SD Sum c.v Source: Compiled from primary data. FIGURE 1: DIAGRAM SHOWING MEAN OF THE SCORES OF THE ITEMS For purpose of analysis, the scale value considered were: = low level of agreement, = moderate level of agreement and = high level of agreement. Figure-1 shows that the mean score of most i.e.50% (10 items) of the items ranges between (items - 2, 3,4,5,6,7,8,12,17 & 19) and that of score of 45% of the item (9 items) ranges between ( items - 8,9,10,11,13,14,15,16,20) and only score of one item ranges between Therefore, it can be said in respect of 50% items there is moderate level of agreement and in respect of 45% of items high level of agreement and only in respect of one item there is lower level of agreement. 16

6 FIGURE 2: DIAGRAM SHOWING CO-EFFICIENT OF VARIATION OF THE SCORES Figure 2 shows the co-efficient of variation of scores of all twenty items which ranges between (%) except item no 14 [since c.v. is maximum], other items have reasonable consistency [i.e. within % of C.V.]. For the purpose of understanding the influence 4C dimension of Marketing Mix on mental accounting (IMA), Somers D Test has been applied and the summary of test is shown in table 4-table-7. Items have classified on the basis Customer Cost, Customer Cost, Customer Convenience and Customer Communication. Two models have been used- Model1-: IMA (Index of Mental Accounting = f (Item n) and Model-2: Item n = f (IMA). Item no. 20 has been considered as index of Mental Accounting (IMA). The summary of outcome of the test are as follows- TABLE 4: CUSTOMER SOLUTION ITEMS OF MARKETING MIX: Item No Customer solution items 1 Idea about mutual fund products 2 Safety and Security of investment Association with the index of mental accounting (IMA) Validity in population Which one is powerful model:1 ima = f(item n ) alternative model 2: item n =f(ima) -ve association VALID Explanatory Power of 5 Awareness of Rules and Regulation 6 Ease of Investment 8 Constant monitoring of funds 11 Regular monitoring of Industry 12 Difficulty in selection of a product -ve association NOT VALID Explanatory Power of 17

7 In respect of the items considered (Table-4), degree of power of influence of each of customer solution variables on IMA (Index of Mental Accounting i.e. item 20) is lower than the degree of power of influence of IMA on these items. The direction of relationships between IMA with respect to the items is positive except items 1&12 which are negative. Except items 12 the relationship that exists in the sample between IMA with respect to rest of the items are likely to be discernible in the population at 5% level of significance. Item No TABLE 5: CUSTOMER COST ITEMS OF MARKETING MIX Customer cost items Association with the index of mental accounting Validity in population Which one is powerful Model:1 IMA = f(item n ) alternative Model 2: item n =f(ima) 3 No steady income -ve association VALID Explanatory Power of 4 No guarantee of income 9 Investment for long term 10 Regular investment for better return at lesser risk 16 Confidence regarding time and price to be bought and sold 17 Discouragement from frequent change in NAV 18 No surety about the performance of the funds +ve association NOT VALID Explanatory Power of -ve association VALID Explanatory Power of -ve association VALID Explanatory Power of -ve association NOT VALID Explanatory Power of In respect of the items considered above (Table-5), degree of power of influence of each of customers cost variables on IMA are lower than the degree of power of influence of IMA on these items. The direction of relationships between IMA with respect to items are positive except with respect to items 3,16,17,& 18 are negative and except the items 4&18, the relationship that exists in the sample between IMA with respect to rest of the items are likely to be discernible in the population at 5% level of significance. 18

8 TABLE 6: CUSTOMER COMMUNICATION ITEMS OF MARKETING MIX: Sl no Customer communication items 7 Victim of others decisions 13 Examine the print media before decision making 14 No sufficient published information 15 AMFI investor s Guide by the companies to the investors Association with the index of mental accounting (IMA) Validity in population Which one is powerful Model:1 IMA = f(item n ) alternative Model 2: item n =f(ima) -ve association VALID Explanatory Power of In respect of the items considered (Table-6), degree of power of influence of each of variables IMA is lower than the degree of power of influence of IMA on items. The direction of relationships between IMA with respect to above items are positive except with respect to item 14 which is negative. The relationship that exists in the sample between IMA with respect to rest of the items is likely to be discernible in the population at 5% level of significance. TABLE 7: CUSTOMER CONVENIENCE ITEMS OF MARKETING MIX: Sl no Customer convenience items Association with the index of mental accounting (IMA) Validity in population Which one is powerful Model:1 IMA = f(item n ) alternative Model 2: item n =f(ima) 19 Doubtfulness about the integrity of the services of local agents -ve association VALID Explanatory Power of Model 2 > Model 1 In respect of the items considered (Table-7), degree of power of influence of the variables on IMA is lower than the degree of power of influence of IMA on the item. The direction of relationship between IMA with respect to item is negative. The relationship that exists in the sample between IMA with respect to the item is likely to be discernible in the population at 5% level of significance. 19

9 TABLE 8: OVERALL INDEX OF MENTAL ACCOUNTING (IMA) Item No. 20 Overall happiness with my mutual fund investment experience. MENTAL ACCOUNTING INDEX CONCLUSION From the study, it is evident that investors have moderate and high level of agreement in respect of mutual fund products as a solution of their investment needs; cost associated with investment in mutual fund, their convenience to buy and sell of the mutual fund investment and finally the communication involved in mutual fund investment. The study showed that overall investment experience (Index of mental Accounting) of Retail Investors of Mutual fund has more impact on the 4 C s (Indices of Marketing Mix) and the power of influence of all the items grouped according to 4C s of marketing mix has lesser influence as compared to power of influence of index of mental accounting. The study leaves scope for further research in the area of mental accounting relating to cognitive operation used by individual to keep track of its financial activities as propped by Thaler. References: 1. Chandra, P., Investment Analysis and Portfolio Management. New Delhi: Tata McGraw-Hill Publishing Company Limited. 2. Bose, D. C., Modern Marketing: Principal and Practice. New Delhi PHI Learning Private Limited. 3. Gerdvdc., 2011.How the Marketing Mix Changed from 4P s to 4C s. [Online] Available at: [Accessed 12 th May 2011]. 4. Bhasin, H., 2011.An alternative to marketing mix- 4C s of marketing. [Online] Available at: [Accessed 12 th June 2012]. 5. Henderson, P. and Peterson, Mental Accounting and Categorization. Organisation Behaviour and Human Decision Making Process, 51(1), pp Joshi, V., Organisational Behaviour, Pune:Symbiosis Centre for Distance 7. Nair, S. R., Consumer Behaviour in Indian Perspective. Mumbai: Himalaya Publishing House. 8. Kumar, P. and Apsal, P., Breakdown of Marketing P s: A New Evolution. VSRD International Journal Business and Management Research, 1(1), pp Kotler, P. and Armstrong, G Principles of Marketing, 13 th Ed. New Delhi: Dorling Kinderley India (Pvt) Ltd. 10. Lauterborn, R. F., Schullz, D. E. & Tannenbaum, S. I., Integrated Marketing Communications. 1st ed. U.S.: NTC Business Books, a division of NTC Publishing Group 11. Thaler, R H.,1999. Mental Accounting Matters. Journal of Behavioral Decision Making, 12(3), pp

10 12. Sadhak, S., Mutual Funds in India- marketing and Investment Practices. 2nd ed. New Delhi: Response Books 13. Singh, S., Investors Irrational Behaviour and Self Defeating Behaviour- Insights from Behavioural Finance. Journal of Global Business Management, 8(1), pp Thaler, R. H., Mental Accounting & Consumer Choice. Marketing Science,4(3), pp Siddaiah, T., Financial Services, Delhi: Dorling Kinderley India (Pvt) Ltd. 16. Paul, T., A Study on level of Expectation of Mutual Fund Investors and the Impact of Demographic profile on Period of Investment. International Journal of research in Commerce and Management, 3(7), pp ANNEXURE QUESTIONNAIRE Part-I Name(Optional): In respect of the following statements relating to mutual fund investment, please tick the appropriate alternatives: 1. I have very little idea about mutual fund products 2. I feel safe and secure as when I invest in mutual fund products 3. There is no steady income 4. There is no guarantee of income 5. I am aware of rules and regulation of mutual fund industry 6. Investment in mutual fund products are easy 7. I often become the victim of others decisions 8. Constant monitoring of funds is important for decision making 9. Investment for long term in mutual products produced good results 10. Regular investment in mutual fund can produce better return at lesser risk 11. Regular monitoring is important for making mutual fund investment decision 12. It is difficult to select a product for investment 13. I examine the print media before decision making 14. There is no sufficient published information for investment making 15. AMFI, investor s Guide should be provide by the companies for the investors 21

11 16. I feel less confident regarding time and price at which mutual funds are to be bought and sold 17. Frequent change in NAV discourages me to invest in mutual funds 18. There am not sure about the performance of the funds in which I have invested 19. I doubt the integrity of the services of local agents 20. I am overall happy with my mutual fund investment Part-II 1. Age(Please tick): Below 30 years years years years above 60 years 2. Gender: Male Female 3. Educational qualification: up to 10 th up to 12 th up to Degree Beyond Degree 4. Annual Income: Below 1lakh 1-2 lakh 2-3 lakh above 3lakh Any other comments:. Date.. Place. Signature 22

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