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Customer Relationship Management
Pages 3 (753 words)
With the world becoming more modern and the business world becoming more computerized, it has been noted that companies who interact more with their…
There are different ways in which consumers behave when buying goods and services hence forming four classes of consumer behaviour. Some consumers are described as opportunistic stop buyers and such have no specific place of buying their products but rather they get them from any vendor or service provider they meet. In comparison to the financial sector, these consumers are not patriotic to a specific bank or microfinance but their transactions are made at any bank or financial service provider that has advertised its services in an appealing way. It has been reported that consumers exhibit this behaviour in the financial sector due to the high interest rates charged in banks. Such companies should take into consideration the fact that if interest rates charged on borrowed loans continues to raise uncontrollably the customers will flee to banks that offer manageable rates. They should also be honest and give their customers any accumulated dividends and shares.
Other customers will exhibit opportunistic store buying whereby they also have no specific preference of a certain brand but their unique character is that they buy products through partnering with other stakeholders who act as intermediaries. Their difference with opportunistic spot buyer is that they buy their products in bulk whereby the intermediary subsidizes the prices. An upcoming bank may plan to introduce the same services offered by another but improve their quality and lower their costs so that they get more customers through this consumer behaviour.
Consumers that are consistent in the place where they get their services are termed as loyal links customers although they don’t do bulk purchases. If a certain bank discovers such customers, all it needs to do is just have good communication skills with them to retain them more since such customers are comfortable with their rates. Alternatively, other ...
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