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Essay / Research Paper Abstract
This 4-page paper focuses on customer values as a key to building promotions and product improvements. Bibliography lists 6 sources.
Page Count:
4 pages (~225 words per page)
File: D0_MTbankcust.rtf
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Unformatted sample text from the term paper:
It was believed that hard data, such as how much a consumer is willing to spend and how a consumer has behaved in the past would lead to a successful
promotional or product development campaign (Reed, 2004). But many companies that have relied on hard data and statistics have had colossal
failures as well. New Coke, for example, was a marketing fiasco, despite hard data demonstrating that customers were flocking to rival Pepsi because of the competitions sweeter taste. What Coca-Cola
hadnt taken into account, however, was the so-called "soft data," the qualitative marketing, which would have clearly showed that Coke drinkers have an emotional connection with the product (Gelb and
Gelb, 1986). Though New Coke may have had the taste that consumers liked, Coca-Cola didnt understand that other aspects prompted consumers to buy the product - and the release of
the beverage was an unmitigated disaster (Gelb and Gelb, 1986). In the article "Three Customer Values are Key to Market
Success," authors Elliott et al (1996) point out that, when it comes to what retail customers want most, the three factors are price, speed and access. The authors point was
that if banks use these customer values of speed, price and access (in other words, offering the right distribution at the right cost), they can offer competitive advantages, while simplifying
operations (Elliott et al, 1996). The authors research, courtesy of a survey conducted by Andersen Consluting, also pointed out that customers place
a higher value on lower prices and higher transaction speeds than on personalize service and bank relationships (Elliott et al, 1996). Customers also reported wanting few, versus many, products from
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