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Unit 4 Bank Management
Terms
need
want
market segment
target market
advertising
marketing
promotion
cross-selling
event-based selling
Section 11.1
Marketing and Promotions
Objectives
After completing this section, you will be able to:
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Meeting Customer Needs
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something a person would like to have, but does not need to survive. The
difference between a need and a want is easy to see when comparing the
purchase of a house to the purchase of a ring. The house provides shelter, so
it fills a need. The ring is a want, because you can survive without it.
How do a bank’s products and services fit into a consumer’s needs and
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This helps them get what they need as well as some of what they want.
To create a customer from a consumer, a bank needs to be able to
give the consumer what he or she needs. Banks do this by identifying
their target market.
Identifying a Target Market
Banks, like every other kind of business, set up locations in areas
where they can get customers. Banks design products and services to
help meet the needs of the customers in the community they serve. No
matter what product is being sold, not everybody will want to buy it. To
reach the right consumers, banks first need to identify them.
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recently buy a car? Knowing the characteristics that possible customers
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is a group of consumers that share common wants and needs. The
wants and needs of these consumers are different from consumers
in other segments. Figure 11-1 shows examples of the four types of
market segmentation: demographic, geographic, psychographic, and
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Source: Shutterstock (Hannamariah)
A n eed is so m eth i n g
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