Paired Comparison of Promotional Methods in Context of Banking Services: An Application of Multidimensional Scaling

Promotion has five major components, viz. advertising, sales promotion, personal selling, publicity and public relations and direct marketing. Literature in promotion has many dimensions. In integrated marketing communication, these methods are set together in such a way that they give maximum results in minimum investments. In other studies, the best methods for various industries have been found with the help of theoretical studies. The present study does not deny the importance of all these facts, but its stress is on the positioning of promotional methods. In the present study, the promotional methods have been positioned with the help of multidimensional scaling. The data have been collected from 160 bank executives on the basis of a judgment sampling. For application of multidimensional scaling, SPSS software has been used. The research is empirical in nature, where a survey method has been used. The responses have been captured through structured questionnaire. The bank executives have given advertising a separate position in itself, while few other methods are placed at a different place and just opposite to advertising. The study gives significant insights to the existing literature by setting up positioning of various major methods of promotion. However, the research is limited to the responses of executives’ opinion regarding promotional methods, which may be further extended with the help of the opinion of advertising agencies and customers also.