Identifying Target Markets Dissertation Example

Free Identifying Target Markets Dissertation Example

Identifying Target Markets Name Institution Date Target Market for A Bank Non-customers Non-customers do not take part in operations of the bank. They are consumers and customers of competitive banks willing to engage in their first banking relationship. Banks target non-customers to expand their size of customers and grow the value of the bank. Non-customers shop for mortgages, new offers, and deals, as well as school saving programs (Sinha, 2017). Low-Value Customers Low-value customers group into limited income and limited need for the financial products. The banks earn low profits from limited-income customers. The limited needs group diversify their commercial products in various financial institutions. They chose to deposit their savings in four different banks (Sinha, 2017). The bank targets the group to win a more significant share of their wallet through convincing them to bank their money in one bank. Medium-Value Customers Medium-value customers conduct most of their businesses with one financial institution and have the limited potential of becoming high-value customers. The second group has financial companies with many banks because they have special offers and prefer to diversify their accounts (Sinha, 2017). High-Value Customers High-value customers deposit large amounts of one-bank and increase profits, thus adding their value. They appreciate the special deals and customer service of one bank. Ex-Customers Ex-customers are inactive and stop using bank services. They perform business with other banks because they have dissatisfied with functions of the current bank. The bank does not lay much emphasis on the group but continues to advertise their services with a hope that they will activate their accounts (Sinha, 2017). Application of four service characteristics in a bank Banks offer services with components such as Intangibility, inseparability, variability, and perishability. Intangible...