SCENARIO

A new bank branch has been built and is now open. Customers are beginning to come into the branch and ask about services and financial products. But the Branch Manager notices that staff appear uncomfortable responding to customer questions and are certain how to promote the bank's products and services that people are asking about.

In response, the Branch Manager is determined to correct this problem. In fact, she wants to make this branch a model for the entire bank on how to successfully build strong relationships with its customers. But, to make this happen the manager believes the staff need an effective good training program.

So now the Branch Manager comes back to you once more for help.

Knowing of your deep understanding of consumer behaviour and financial services marketing. The Branch Manager wants to set up a staff meeting and bring you in to give a training presentation to the staff - "The Top 5 Rules for Creating Great Customer Relationships".

This presentation will then be used to help the Branch Manager making a relationship marketing training program for the staff.

To start the process, you offer to build a summary of the ideas you will include in your presentation.

a)List each of your "Top 5 Rules" (based on the important key consumer behaviour principles given);

b)Explain why each of your five (5) recommendations is critical to creating long-term, profitable relationships with customers;

c)For each rule, include one practical example of how it could be used within the branch.

KEY CONSUMER BEHAVIOUR PRINCIPLES

#1:Marketing Mix - Consumer Purchase Process & Behaviour Model - Marketing Principles

#2:Marketing Evolution - Consumer Needs (Accenture Study) - Trends & Unique Industry

#3:Segmentation

#4:Consumer Research

#5:Consumer Influences - Psychology

#6:Consumer Influences - Social & Cultural

#9:Consumer Influences - Situation

#10:Financial Decision Process

#11:Consumer Satisfaction & Customer Loyalty Programs

#12:Creating A Customer Profile Based on Financial Needs

#13:Behaviour Finance and Personal Bias in Financial Decision-Making