Customer Needs Flashcards
1
Q
What are the 4 types of customer needs?
A
Logical, emotional, future, current
2
Q
How might a customers logical needs be analysed?
A
Protection e.g. death, illness, unemployment
Accumulation for a known purpose e.g. retirement
income, repayment of mortgage
Accumulation for an unknown purpose out of remaining surplus e.g. rainy day money
3
Q
After someone has catered for their logical needs, how might they invest the rest?
A
Tax-efficient arrangements
4
Q
Give an example of a current need
A
Covering for loss of salary if ill
5
Q
Give an example of a future needs
A
Pay off mortgage by a certain date
Retirement at age 55
