Unit 2 Chapter1 Developing Fin Serv2.ppt - LEARNING...

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LEARNING OUTCOMES By the end of this session you will be able to: Explain why people choose products Identify why companies launch products Explain the complexities of securing profitability
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Product choice, product launches and the search for profit Why do individuals choose products? What makes them choose one product over another Two sets of factors: objective subjective
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In your workgroups list as many factors as possible that an individual might consider when comparing two similar products from different providers for: a) A personal loan to pay for a holiday b) A savings account
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LEARNING OUTCOME 1 Explain why people choose products
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Providers try to understand the needs of their customers – present & future They try to predict your future needs There are 59.8 million people in the UK How do they assess the needs of all these people?
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Market Segmentation A means of subdividing the market into separate ‘sub-sets’ of customers/possible customers It allows the subsets to be evaluated as possible target markets
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In your workgroups see how many ways of categorising people you can come up with Which ones do you think might be useful for a financial services provider?
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Age Occupation Location Income Social class Family status Homeowners/tenants Interests and hobbies
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