Conceptualization of Brand Image by Psychological Life Space Theory in Iranian Retail Banking

The purposes of this research were to identify costumers’ critical criteria applied in bank selection process and thier causal relationships.

A qualitative study was conducted using grounded theory strategy. Following a purposive sampling method, data collected through a series of convergent interview with the 15 banks’ customers in ten cities of Iran who had different characteristics. MAXQDA software was applied in order to analyse the data.

This paper has documented various findings including introducing a comprehensive scale in banking industry and identification of two new constructs namely Citizenship’s Well-being Originated from Banking Activities and Comparative Images is the contribution of the study. In addition, 12 variables, 8 constructs, and their relationships were discussed through a robust qualitative method by reviewing literature. As a result, an integrated conceptual model was developed. Managerial implications for amplifying customers’ quality of life through customer experiences, bank marketing activities and word of mouth were discussed.

This research shows that bank image can be influenced by word of mouth and marketing activity with the moderating role of customers’ age and impacts directly and indirectly on citizenship’s well-being originated from banking activities with the moderating role of comparative images.