This document discusses product development and people in financial services. It covers the importance of new product development, introducing new financial products, identifying customer needs, testing new products, and the product lifecycle. It also discusses customer service, identifying and meeting customer needs, and handling complaints. The key stages of new product development include idea generation, evaluation, testing, and launch. Introducing financial products differs from physical products in speed and costs. Meeting customer needs requires understanding their requirements through preparation, exploration, and agreement on solutions.
Feasibility Analysis
Feasibility analysis is the process of determining whether a business idea is viable.
It is the preliminary evaluation of a business idea, conducted for the purpose of determining whether the idea is worth pursuing.
Feasibility analysis takes the guesswork (to a certain degree) out of a business launch, and provides an entrepreneur with a more secure notion that a business idea is feasible or viable.
Comprehensive Feasibility Analysis, Product/Service Desirability
The making of a new product to be sold by a business or enterprise to its customers is known as Product Development. It may include the alteration of an existing product or its entire value, or the creation of an entirely new product that satisfies a newly defined customer’s needs and/or wants.
In this lesson, the term Development refers collectively to the entire process of distinguishing a market opportunity, making a product to attract the identified market. Some mat include testing, modifying and refining the product until this will be ready for mass production. Any product that is sold to the consumers are subject for product development.
These are the basic questions you may ask yourself when you want to pursue product development. If you find acceptable answers to these, then you are ready to develop a product or render services:
1. For whom are the product/service aimed?
2. What benefit will the customers expect from it?
3. How will the product differ from the existing brand? Or from their competitor?
The needs and wants of the people within the area should also be taken into consideration. Everyone has his/her own needs and wants. But due to people’s unsatisfaction, they have different concepts of needs and wants. Needs in business are important things that every individual does without in a society. These include:
1. Basic commodities for consumption
2. Clothing and other personal belongings
3. Shelter, sanitation and health
4. Education
Basic needs are essential to every individual so he/she may be able to live with dignity and pride in the community he/she lives. These needs can obviously help you generate business ideas and subsequently to develop a marketable product. While, Wants are desires, luxury and extravagance that signify wealth and expensive way of living. They are the things that above all the basic necessities of life, like fashion accessories, shoes, clothes, travelling around the world, eating in an exclusive restaurant, watching movies, concerts, plays, having luxurious cars, wearing expensive jewelry, perfume, living in impressive homes, and others.
Needs and wants of people are the basic indicators of the kind of business that a seller may engage into because they can serve as the basis of your success. Some other good points that you might consider in business undertakings are the people, aside from their needs, wants, lifestyle, culture and tradition, and social orientation.
The very critical stage in developing a product is called Concept Development. Before the product specifications, the needs of the target are defined, market are identified and competitive products are reviewed. Then along with the economic analysis, the product concept is selected to come up with an outline of how a product is being developed. The figure below show the stages of concept development of a product.
This presentation is an continuation of my earlier presentation of TQM. This Ppt covers Quality Function Deployment, Quality Control Tools - Old and New, Benchmarking, Business Process Reengineering, Six Sigma, etc
Feasibility Analysis
Feasibility analysis is the process of determining whether a business idea is viable.
It is the preliminary evaluation of a business idea, conducted for the purpose of determining whether the idea is worth pursuing.
Feasibility analysis takes the guesswork (to a certain degree) out of a business launch, and provides an entrepreneur with a more secure notion that a business idea is feasible or viable.
Comprehensive Feasibility Analysis, Product/Service Desirability
The making of a new product to be sold by a business or enterprise to its customers is known as Product Development. It may include the alteration of an existing product or its entire value, or the creation of an entirely new product that satisfies a newly defined customer’s needs and/or wants.
In this lesson, the term Development refers collectively to the entire process of distinguishing a market opportunity, making a product to attract the identified market. Some mat include testing, modifying and refining the product until this will be ready for mass production. Any product that is sold to the consumers are subject for product development.
These are the basic questions you may ask yourself when you want to pursue product development. If you find acceptable answers to these, then you are ready to develop a product or render services:
1. For whom are the product/service aimed?
2. What benefit will the customers expect from it?
3. How will the product differ from the existing brand? Or from their competitor?
The needs and wants of the people within the area should also be taken into consideration. Everyone has his/her own needs and wants. But due to people’s unsatisfaction, they have different concepts of needs and wants. Needs in business are important things that every individual does without in a society. These include:
1. Basic commodities for consumption
2. Clothing and other personal belongings
3. Shelter, sanitation and health
4. Education
Basic needs are essential to every individual so he/she may be able to live with dignity and pride in the community he/she lives. These needs can obviously help you generate business ideas and subsequently to develop a marketable product. While, Wants are desires, luxury and extravagance that signify wealth and expensive way of living. They are the things that above all the basic necessities of life, like fashion accessories, shoes, clothes, travelling around the world, eating in an exclusive restaurant, watching movies, concerts, plays, having luxurious cars, wearing expensive jewelry, perfume, living in impressive homes, and others.
Needs and wants of people are the basic indicators of the kind of business that a seller may engage into because they can serve as the basis of your success. Some other good points that you might consider in business undertakings are the people, aside from their needs, wants, lifestyle, culture and tradition, and social orientation.
The very critical stage in developing a product is called Concept Development. Before the product specifications, the needs of the target are defined, market are identified and competitive products are reviewed. Then along with the economic analysis, the product concept is selected to come up with an outline of how a product is being developed. The figure below show the stages of concept development of a product.
This presentation is an continuation of my earlier presentation of TQM. This Ppt covers Quality Function Deployment, Quality Control Tools - Old and New, Benchmarking, Business Process Reengineering, Six Sigma, etc
This presentation is in continuation of my earlier presentation on TQM. Here, I have discussed on Quality Function Deployment, Voice of Customer, Failure Mode Effect Analysis, Quality Control Tools - Old and New, Business process Reengineering, Benchmarking, and Six Sigma.
INTRODUCTION
In order to stay successful in the face of maturing products, companies need a continuous stream of new ideas successfully developed into new products. The way to obtain new products is to have a structured and carefully executed new product development process (NPD).
But companies face a problem: Although they must develop new products, the odds weigh heavily against success. Among thousands of products entering the process at the top, only a handful eventually reach the market. Therefore, it is of crucial importance to understand consumers, markets, and competitors in order to develop new products that deliver superior value to customers.
In other words, there is no way around a systematic, customer-driven new product development process for finding and growing new products. We will go into the eight major steps in the new product development process.
10 Customer Acquisition and Relationship ManagementDmitry .docxchristiandean12115
10 Customer Acquisition and Relationship Management
Dmitry Kalinovsky/iStock/Thinkstock
Patronage by loyal customers yields 65 percent of a typical business’ volume.
—American Management Association
Learning Objectives
After reading this chapter, you should be able to do the following:
• Identify how organizational growth is best achieved by an HCO, and state the effect of the product life cycle
on an organization’s revenues.
• Discuss several approaches that an HCO can use to attract new customers, or patients.
• Delineate the premises upon which customer relationship management is based.
• Explain the advantages of database marketing, and identify ways for an organization to use a marketing
database.
• Provide examples of how an HCO can effectively manage real and virtual customer interactions.
Section 10.1Organizational Growth
Introduction
This chapter focuses on how to attract and keep patients through understanding and meeting
their needs. The long-term success of an HCO depends on its ability to attract new patients
and turn them into loyal customers who not only return for needed services, but recommend
the HCO’s services to others. This is especially important because of the nature of the life cycle
for products and services, from their introduction to their decline. Attracting new customers
and keeping existing ones involves interacting internally and externally with patients, analyz-
ing data on current patients, and managing real and virtual interactions with patients. Manag-
ing relationships with patients helps to ensure that patients stay informed and feel connected
to the HCO through its internal and external customer relationship efforts.
10.1 Organizational Growth
Most organizations have growth as a basic goal. Growth means an increase in revenue and
a greater impact on the communities served. Growth also creates opportunities for staff to
advance and take on new responsibilities. While many activities can help an HCO grow, the
most important is the development of an effective marketing plan to provide a consistent
platform for the organization’s visibility and to brand the HCO as an attractive option for
medical services. The development of an effective marketing plan was stressed in Chapter 8
as a basic marketing need for an HCO: that is, to inform new and existing customers of the
organization’s services and to persuade them to continue using or to try using these services.
Product/Service Life Cycles
Like people, products and services have a life cycle. The term product life cycle refers to the
stages that a product or service goes through from the time it is introduced until it is taken
off the market or “dies.” The stages of the product life cycle, illustrated in Figure 10.1, usually
include the following descriptions:
• Introduction—The stage of researching, developing, and launching the product or
service.
• Growth—The stage when revenues are increasing at a fast rate.
• M.
10 Customer Acquisition and Relationship ManagementDmitry .docxtrippettjettie
10 Customer Acquisition and Relationship Management
Dmitry Kalinovsky/iStock/Thinkstock
Patronage by loyal customers yields 65 percent of a typical business’ volume.
—American Management Association
Learning Objectives
After reading this chapter, you should be able to do the following:
• Identify how organizational growth is best achieved by an HCO, and state the effect of the product life cycle
on an organization’s revenues.
• Discuss several approaches that an HCO can use to attract new customers, or patients.
• Delineate the premises upon which customer relationship management is based.
• Explain the advantages of database marketing, and identify ways for an organization to use a marketing
database.
• Provide examples of how an HCO can effectively manage real and virtual customer interactions.
Section 10.1Organizational Growth
Introduction
This chapter focuses on how to attract and keep patients through understanding and meeting
their needs. The long-term success of an HCO depends on its ability to attract new patients
and turn them into loyal customers who not only return for needed services, but recommend
the HCO’s services to others. This is especially important because of the nature of the life cycle
for products and services, from their introduction to their decline. Attracting new customers
and keeping existing ones involves interacting internally and externally with patients, analyz-
ing data on current patients, and managing real and virtual interactions with patients. Manag-
ing relationships with patients helps to ensure that patients stay informed and feel connected
to the HCO through its internal and external customer relationship efforts.
10.1 Organizational Growth
Most organizations have growth as a basic goal. Growth means an increase in revenue and
a greater impact on the communities served. Growth also creates opportunities for staff to
advance and take on new responsibilities. While many activities can help an HCO grow, the
most important is the development of an effective marketing plan to provide a consistent
platform for the organization’s visibility and to brand the HCO as an attractive option for
medical services. The development of an effective marketing plan was stressed in Chapter 8
as a basic marketing need for an HCO: that is, to inform new and existing customers of the
organization’s services and to persuade them to continue using or to try using these services.
Product/Service Life Cycles
Like people, products and services have a life cycle. The term product life cycle refers to the
stages that a product or service goes through from the time it is introduced until it is taken
off the market or “dies.” The stages of the product life cycle, illustrated in Figure 10.1, usually
include the following descriptions:
• Introduction—The stage of researching, developing, and launching the product or
service.
• Growth—The stage when revenues are increasing at a fast rate.
• M.
This presentation is in continuation of my earlier presentation on TQM. Here, I have discussed on Quality Function Deployment, Voice of Customer, Failure Mode Effect Analysis, Quality Control Tools - Old and New, Business process Reengineering, Benchmarking, and Six Sigma.
INTRODUCTION
In order to stay successful in the face of maturing products, companies need a continuous stream of new ideas successfully developed into new products. The way to obtain new products is to have a structured and carefully executed new product development process (NPD).
But companies face a problem: Although they must develop new products, the odds weigh heavily against success. Among thousands of products entering the process at the top, only a handful eventually reach the market. Therefore, it is of crucial importance to understand consumers, markets, and competitors in order to develop new products that deliver superior value to customers.
In other words, there is no way around a systematic, customer-driven new product development process for finding and growing new products. We will go into the eight major steps in the new product development process.
10 Customer Acquisition and Relationship ManagementDmitry .docxchristiandean12115
10 Customer Acquisition and Relationship Management
Dmitry Kalinovsky/iStock/Thinkstock
Patronage by loyal customers yields 65 percent of a typical business’ volume.
—American Management Association
Learning Objectives
After reading this chapter, you should be able to do the following:
• Identify how organizational growth is best achieved by an HCO, and state the effect of the product life cycle
on an organization’s revenues.
• Discuss several approaches that an HCO can use to attract new customers, or patients.
• Delineate the premises upon which customer relationship management is based.
• Explain the advantages of database marketing, and identify ways for an organization to use a marketing
database.
• Provide examples of how an HCO can effectively manage real and virtual customer interactions.
Section 10.1Organizational Growth
Introduction
This chapter focuses on how to attract and keep patients through understanding and meeting
their needs. The long-term success of an HCO depends on its ability to attract new patients
and turn them into loyal customers who not only return for needed services, but recommend
the HCO’s services to others. This is especially important because of the nature of the life cycle
for products and services, from their introduction to their decline. Attracting new customers
and keeping existing ones involves interacting internally and externally with patients, analyz-
ing data on current patients, and managing real and virtual interactions with patients. Manag-
ing relationships with patients helps to ensure that patients stay informed and feel connected
to the HCO through its internal and external customer relationship efforts.
10.1 Organizational Growth
Most organizations have growth as a basic goal. Growth means an increase in revenue and
a greater impact on the communities served. Growth also creates opportunities for staff to
advance and take on new responsibilities. While many activities can help an HCO grow, the
most important is the development of an effective marketing plan to provide a consistent
platform for the organization’s visibility and to brand the HCO as an attractive option for
medical services. The development of an effective marketing plan was stressed in Chapter 8
as a basic marketing need for an HCO: that is, to inform new and existing customers of the
organization’s services and to persuade them to continue using or to try using these services.
Product/Service Life Cycles
Like people, products and services have a life cycle. The term product life cycle refers to the
stages that a product or service goes through from the time it is introduced until it is taken
off the market or “dies.” The stages of the product life cycle, illustrated in Figure 10.1, usually
include the following descriptions:
• Introduction—The stage of researching, developing, and launching the product or
service.
• Growth—The stage when revenues are increasing at a fast rate.
• M.
10 Customer Acquisition and Relationship ManagementDmitry .docxtrippettjettie
10 Customer Acquisition and Relationship Management
Dmitry Kalinovsky/iStock/Thinkstock
Patronage by loyal customers yields 65 percent of a typical business’ volume.
—American Management Association
Learning Objectives
After reading this chapter, you should be able to do the following:
• Identify how organizational growth is best achieved by an HCO, and state the effect of the product life cycle
on an organization’s revenues.
• Discuss several approaches that an HCO can use to attract new customers, or patients.
• Delineate the premises upon which customer relationship management is based.
• Explain the advantages of database marketing, and identify ways for an organization to use a marketing
database.
• Provide examples of how an HCO can effectively manage real and virtual customer interactions.
Section 10.1Organizational Growth
Introduction
This chapter focuses on how to attract and keep patients through understanding and meeting
their needs. The long-term success of an HCO depends on its ability to attract new patients
and turn them into loyal customers who not only return for needed services, but recommend
the HCO’s services to others. This is especially important because of the nature of the life cycle
for products and services, from their introduction to their decline. Attracting new customers
and keeping existing ones involves interacting internally and externally with patients, analyz-
ing data on current patients, and managing real and virtual interactions with patients. Manag-
ing relationships with patients helps to ensure that patients stay informed and feel connected
to the HCO through its internal and external customer relationship efforts.
10.1 Organizational Growth
Most organizations have growth as a basic goal. Growth means an increase in revenue and
a greater impact on the communities served. Growth also creates opportunities for staff to
advance and take on new responsibilities. While many activities can help an HCO grow, the
most important is the development of an effective marketing plan to provide a consistent
platform for the organization’s visibility and to brand the HCO as an attractive option for
medical services. The development of an effective marketing plan was stressed in Chapter 8
as a basic marketing need for an HCO: that is, to inform new and existing customers of the
organization’s services and to persuade them to continue using or to try using these services.
Product/Service Life Cycles
Like people, products and services have a life cycle. The term product life cycle refers to the
stages that a product or service goes through from the time it is introduced until it is taken
off the market or “dies.” The stages of the product life cycle, illustrated in Figure 10.1, usually
include the following descriptions:
• Introduction—The stage of researching, developing, and launching the product or
service.
• Growth—The stage when revenues are increasing at a fast rate.
• M.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
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The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
2. Learning outcomes
2
On completion of this chapter, you should be able to:
Illustrate the importance of introducing new financial services
Analyse the process followed to ensure new services are appropriate
and are introduced effectively
Learning objectives
While working through this chapter, you will learn how to:
Explain the importance of new product development
Illustrate how introducing new financial services differs from
introducing new physical products
Distinguish core and non-core attributes of products services
Examine the concept of the product life cycle
3. 1. Introduction
3
• New product development (sometimes abbreviated to NPD)
is important for maintaining customer satisfaction through
changes in the market, refreshing or extending the product
range, and adapting to environmental opportunities and
threats.
• These will all contribute towards the success of a company's
long-term business strategy.
• New products may be genuinely innovative, but 'newness'
may also mean 'adapted', 'repackaged' or 'introduced' in a new
market.
4. A new product is:
• One that opens up an entirely new market
• One that replaces an existing product
•One that broadens significantly the market for an existing product
Paradoxically, old products can be deemed to be new products if:
• It is introduced to a new market
• A different marketing approach is used
• A mix variable is changed – for example, a new price is set, or a
new distribution channel is used
4
5. 2. The importance of new product development
5
There are four main reasons for introducing new
products and services:
Changing customer needs
Technological changes
Long-term business strategies
Competitor actions
6. 3. Introducing new financial products
6
Difference between introducing new financial products and other
physical products
-Speed of introducing new financial products
-Development costs of new financial products
Customer need or improving customer experience
New products and product amendment examples
Mergers
7. 4.Core attributes and non-core attributes
7
Core attributes: financial services products described about the
monetary input, outputs, time frame and risk . The monetary input is
usually the sum invested and any fees, the output is the return, the time
frame is the amount of time that the product is usually kept for and the
risk is the risk of loss. These are regarded as core attributes which
customers consider when deciding which product or service to buy.
Non-core attributes: Opportunities for new product development
may arise through the use of non-core attributes. These are
alternative features, over and above the core features which some
customers may find attractive. They offer opportunities for a financial
services business to differentiate itself from other financial services
businesses.
9. 5. The product development process
New product development (NPD) follows a series of stages in most cases.
The stages of new product development
9
10. Creative thinking for idea generation
Brainstorming is a commonly used technique for
getting a large number of ideas from a small group of
people in a short amount of time.
Nominal group technique (NGT) is a structured form
of brainstorming with up to 10 participants and an
experienced facilitator (or up to 3-4 groups of up to 10
participants, with a spokesperson for each group and a
single facilitator overall).
10
11. Standard procedure is as follows:
V
arious forms of the procedure can be undertaken; however, the classic form uses the
following steps:
1) Anonymous generation of ideas, in writing by each nominal group member
2) Round-robin recording of ideas allows each person in turn to read out one idea
3) Serial discussion working through each idea in a calm and controlled measure
systematically asking for questions or comments
4) Preliminary anonymous vote on item importance is usually carried out (5) Further
discussion and voting takes place if the voting is not consistent
NGT is based on three fundamental, research-based principles:
a. 'Nominal' groups are thought to generate better quality ideas than interacting groups
typical of classic brainstorming
b. The 'round robin' element provides encouragement and equal opportunities for all
members to contribute
c. Reliable communication requires that the recipient's understanding of a message be
checked with the sender, especially in the case of 'new ideas' being put forward
11
12. Six thinking hats is an important and
powerful technique for creative thinking.
It is used to look at decisions from a
number of different important
perspectives.
12
13.
14. 6. Identification of new product opportunities
14
There are several methods of identifying new product opportunities. This section explains
some of the more common methods.
The common sense approach
Direct communication with customers
Focus groups are groups of customers who are invited to one or a series of meetings to
discuss particular issues or ideas. There is usually a facilitator present to lead the
conversations and to ensure that discussions are kept on track and to time.
Attribute rating is a useful method for establishing the strengths and weaknesses of
current products with a view to adapting them to either improve the product or to improve
the customer's experience. Customers are asked to rate particular attributes of a product
on a scale of,
15. Conjoint analysis is another method based
on attributes. For this method, it is the
combination of attributes which is analysed.
This method is particularly useful for
financial services as many financial services
have several price attributes.
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16. 7. Testing new products
16
Before launching a new product across the network, it is useful for the
financial services business to test the interest and uptake of a product on
a 'test market'. The test market could be a particular town or a branch
or a group of particular customers.
Key questions to consider are:
• When is the best time to start the market test?
• What size of test market should be used?
• What information are we trying to obtain?
• How long should the test run for?
17. Advantages of testing
• Reduces the risk of product failure: the costs of the test would
be far lower than the costs associated with launching an
unsuccessful product
• Opportunity to identify flaws or elements that customers do
not like: thus the product can be tailored to the specific needs
of the target market
• Reduces the risk of loss of credibility: if the bank has a high-
profile launch of an unsuccessful product, then there is the
possibility of damage to the bank's reputation
• Reduces the risk of under-pricing a popular product
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18. Disadvantages of testing
• Competitors may hear about the new product in advance: this
gives the competition the opportunity to mimic the product or
to develop a defensive product
• Can be expensive to test: the cost of testing should be looked
upon as an investment by the bank
• External factors such as economic conditions may interfere
with the results: for example, if the product is tested in an
area where unemployment suddenly and unexpectedly rises,
then this could affect uptake
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19. 8. The product lifecycle
19
-The product life cycle concept holds that products
have a life cycle, and that a product demonstrates
different characteristics of profit and investment at each
stage in its life cycle.
-The profitability and sales of a product can be expected
to change over time. The product life cycle is an attempt
to recognise distinct stages in a product's sales history.
21. 9. People
21
-We are now going to consider a further P from the
extended marketing mix – people.
-Traditionally, marketers restricted the marketing mix to
4 Ps, with people being a missing element. However, as
organisations realised the vital role played by their staff
in delivering products and service to customers, People
was added as an important part of the extended
marketing mix.
22. We defined 'people' in Chapter 2 as all people who directly or
indirectly influence the perceived value of the produce or service,
including knowledge workers, employees, management and
customers.
When we think about the people element of the marketing mix,
we should focus on:
• Delivering customer service
• The process for identifying and meeting customer needs
• Dealing with customer complaints
Therefore, these are the three areas that this section will focus on.
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23. 1) Customer service covers a multitude of things and it can be
difficult to tie it down to a concrete definition of what customer
service is. However, we all know when we receive excellent
customer service and we certainly all know when we don’t
receive it.
A working definition to cover what customer service would be:
Providing those products and services that meet a customer's
financial needs
Giving customers what they want, when they want it
Providing consistent and ongoing backup to customers. For
example, this would include accuracy, reliability and courtesy
amongst others
23
24. There are a number of reasons why service is so important, which include:
• The better the customer service that individuals provide, then the more satisfied their customers will be. Satisfied and
happy customers are far easier and more enjoyable to deal with.
• It is quicker to deal with a satisfied customer, rather than one who is making a complaint.
• Satisfied customers are an important source of referral business.
• Satisfied customers will keep their business with the firm.
There could be a myriad of reasons why a customer experience can be bad, but examples include the following:
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¡ Rude or unhelpful staff
¡ Waiting in a long queue
• Miserable looking staff
• Untidy/dirty premises
• Lack of stock ¡ Having to wait for staff to stop chatting to one
• another before they are served
• Staff made commitments that they did not ¡ Staff tried to sell products that the customer
• follow through on doesn't need – just to meet their sales targets
• There are also a variety of reasons why a customer may receive a good experience, but it is likely that some of the
following play a part:
• Pleasant and helpful staff ¡ Attentive and efficient staff
• Staff were interested in what the customer's ¡ Receiving the products/services that met
• needs were
• Well laid out premises
customer needs at a price that was reasonable
¡ Dealing with customers quickly and efficiently
25. Many other factors can compromise the customer experience. We will
consider the following in the rest of this section:
• Queue management
• Greeting the customer/smile/use the customer's name
• Treating the customer courteously
• Thanking the customer at the end of the transaction
All of these are things that should be covered in routine, day-to-day
transactions. We will also look at the following elements that should be
provided beyond the transaction:
• Providing privacy and confidentiality to the customer
• Image and presentation of the organisation
• Telephone technique
• Inform the customer of the most suitable way to conduct their
transactions.
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27. 3) Greeting the customer/smile/use the customer's name
27
-Whilst customers are well aware that the person they deal with will
deal with many other customers in the course of the day, they still like to
feel that the person they are dealing with wants to deal with them on a
personal level. The simplest way to do this is by smiling authentically
at the customer when we meet them.
- What we have looked at so far occurs at the start of the transaction –
where we greet the customer and smile.
- To have the greatest impact, the customer's name should be used at the
start and at the end of the conversation.
28. 4). Treating the customer courteously
28
There is a large list of other things that we should do to
demonstrate courtesy. The ones we are going to look at in this
section are:
Appearing attentive
Give the customer your name
Don't chat to colleagues unnecessarily when dealing with a
customer
At the end of the conversation, ask the customer if there is
anything else you can help them with today
29. 5).Thank the customer at the end of the transaction
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6). Providing privacy and confidentiality to the customer
- Verify identity
- Discretion
- Appropriate context
- Document security
7). Image and presentation of the organization
8). Telephone technique
30. 10.Identifying and meeting customer needs
30
This approach covers the following areas:
Pre-meeting preparation
Introduction
Explore and listen
Identify and agree the customer's needs
Introduce the product(s) to meet these needs
Overcome objections (objections can occur at any stage in the process)
Closing
Ask for referrals
After care
31. The business impact of complaints
Opportunity cost
Financial loss
Reputational damage
31
