Topic ate - Attracting, Retaining and satisfying customers Flashcards
What is the marketing mix
The activities of a business that can be manipulated to achieve marketing objectives
What is in the marketing mix
Product
Price
Promotion
Place
People
Process
Physical evidence
How should a product be designed
A balance between the price paid, and the quality of service and the best way to promote it
What 2 questions do customer-led providers ask
What do customers need to do
How can a product be designed that allows them to do it
What must current accounts have
Allows payments to be made quickly
Be safe and secure
Allow the customer to become withdrawn to a certain agreed amount
Contain additional features if needed
What is USP
Unique Selling point
What does Santander’s 123 Current account contain
Cashback from 1-3% on household bills
0.3% interest on balances up to 20k
This is Santander’s USP
What is a HSBC Bank Account
A traditional current account with no add ons or monthly fees
What is a “HSBC Advance”
offers preferential rates on savings and requires customers to qualify for an optional arranged overdraft of a minimum amount.
What is a “HSBC Premier”
Aimed at people with a high income
Offers wealth management and international services for people who reach requirements
What is the “HSBC Bank Account Pay Month”
offers a range of services, including help
with managing money, and a small buffer for short-term emergency borrowing
What is product development
When providers monitor the performance of their products to see if they need to change them or not
What factors go into prices charged on Financial Products
The cost of providing the product
The Demand for the product
The prices charged by competitors
The image the provider wants to promote
What ways are financial products delivered
Face to Face
Online banking
Mobile Banking
Telephone Banking
What factors are involved in the channels that financial providers choose to promote
Cost
Target Market Segments - Old people go in branch
Effectiveness
Competitors
What is people in the marketing mix
A providers best asset
A banks employees are important part: They must have people skills and be well trained.
What is process in the marketing MIX
Include the computer hardware and software that runs the current accounts.
If the services aren’t good people will not want to bank through them
What was RBS’s process Failure
May 2013 RBS apologised for customers not being able to log onto accounts via their mobile app
The bank announced it was operationale again but reputation damage was done
What is Physical Evidence in the Marketing Mix
As a Financial product isn’t a physical thing, providers have to show that they are good.
This could be through a posh reception or good reviews from other consumers
What 2 reasons do individual providers advertise
To create awareness of a generic product
To influence people who have gotten a product to choose that particular brand
What are the 7 stages of successful advertising
Customer is unaware of product
Customer is aware of product
Customer understands product
Customer appreciates the positives of the product
Customer is convinced to buy
Customer buys
Customer continues to buy
What was Virgin Moneys advert in 2013 about
Its soulful approach to banking
What makes adverts stick for someone
Them seeing it repeatedly
what are the elements to good branding
Image
Colour
Distinctive word
Conceptional phrase
