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Damelin Port Elizabeth - Essay Example

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Insurance product offering are based on life, home and vehicles needs of a demographic, the home loan includes specially tailored products for certain category segments based on ownership patterns ranging from home owners to tenants and other liability protection as needed in that industry. Wachovia's auto loans segment has introduced ConceirgeClaim 2 service that guarantees auto repairs with 24 x 7 customer support. Health insurance include the standard long term health insurance for all micro segments, and introduces a more specialized Wachovia Health Advantage and Health Saving account 3 that work as retirement saving account and are tax advantaged for those looking for deeper involvement in their health insurance plan. Wachovia sets high standards for customer satisfaction as it designs fiscal category products designed on segments based upon demographic, psychological and behavioural profiles and its multiple needs. Wachovia's investment brokerage accounts provide for self-directed accounts and for those who need a constant financial advisor through their investments. The retirement planning products based on 20 - 70+ year demographics have specific programmes relevant to a certain age groups with updating schemes as certain class of consumers evolves through the age groups.
Wachovia's planning guides 4 help establish future product offerings to current and potential customers by providing educational resources prompting smart fiscal decision making. The customers make informed purchases based on Wachovia's planning guide and this fosters trust and higher customer satisfaction since Wachovia's products are designed based on those needs. A cyclical loop of recurring business with target markets is established.
Wachovia provides wealth management services and acting as an executor for the clients that have achieved a certain financial success and need more customized plans and deeper involvement from Wachovia. Services include financial and estate planning, investment and asset management as well as insurance and trust and philanthropic services. These functions are specialized and customized, hence, those that avail of these services get one of its kind deal based on their needs. The effective utilization of the "Next Logical Product" approach for achieving customer satisfaction and establishing relationship by Wachovia is reflected in its financial products.
B)
Wachovia segments its household market based on demographics, psychographics and behavioural classification. For personal finance, Wachovia offers a band of products based on psychographic needs ranging from those in campus to retirees in banking, insurance, investments, lending and retirement needs. In insurance Wachovia provides for life with standard across demographics and specialized tax saving health plans, home and auto needs segregate products based on ownership patterns (owners, tenants etc), financial rate preferences (fixed rate, 100% financing) and special needs based on the lifestyle of a target market. In banking, besides providing a free checking account, Wachovia also provides a free student checking account, Access Fifty Checking and Crown Classic Banking for those ...Show more

Summary

The application of the "Next Logical Product" approach has been well constituted by Wachovia Corporationa through serving the micro segments of its household market. The company has segmented its operations based on consumer needs as is evident by its check cards that are based on convenience and demographics (Wachovia visa check card and Campus card) and also by providing customer satisfaction by offering rewards on points earned in the Wachovia Possibilities Reward 1 programme…
Author : imogene73
Damelin Port Elizabeth essay example
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