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Assignment 5.2 - Assignment 5.2 Product Mix 1 Assignment...

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Assignment 5.2- Product Mix Assignment 5.2- Product Mix 11/2/11 1
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Assignment 5.2- Product Mix Assignment 5.2- Product Mix V. Market Mix 2. Basic Product Offering: The Product Mix Product breadth for Bank of America currently stands at a great amount of variability for the customer. Products include online banking services, checking accounts, savings accounts, retirement plans, investments, credit cards, home buying, loans, personal lines of credit, insurance plans, wealth management, and finally vehicle loans (Bank of America, 2011). The breadth of Bank of America is one of its current strong suits, and individual truly can get every kind of banking product in one location. It is easy have overlap multiple products as well, such as an individual having a car loan which takes automatic payments every month from the line of credit, which is eventually paid off by the checking account. This breadth of products makes it easy to form deep relationships with the customer that ties them financially to the institution. The amount of varying products offered also makes the customer more likely to choose this financial institution over another for new banking needs if they are already committed to Bank of America from a previous product. It makes it easy to have repeat customers while developing deeper relationships for better interest rates, more financial options, and finally financial growth. It is much easier to have wealth management overlook your financials when all your financial instruments are tied through Bank of America.
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