Marketing in Financial Service Coursework Example | Topics and Well Written Essays - 1000 words

Marketing in Financial Service - Coursework Example The current discourse aims to discuss how Asda Money is meeting the needs of its customers by entering chosen financial services markets using Lauterborn’s 4Cs approach: customer value, cost, communication, and convenience. Customer Value Customer value is defined as â€Å"the value that you provide that determines your position in the sector or market/s† (Creative & Cultural Skills, 2013, p. 1). In Asda’s case, customer value is the value that the organization would provide in offering Asda Money within the retail market. As explicitly defined, Asda Money offers three distinct products or services: the credit card, currency exchange, and insurance. ... This could be perceived as additional value in terms of substantial savings which could be gained just by availing of the Asda credit card, as contrasted with other credit cards offered in the UK. Likewise, the insurance services portionof Asda Money is more traditional since basic insurance packages are being offered, such as: general travel, home and car cover, which allegedly include car breakdown protection. Cost Cost is evaluated in terms of what the customer has to pay for availing of Asda Money. Asda definitely took into perspective that the customers’ satisfaction is achieved through the provision of unlimited cash back every time that the Asda credit card is used to purchase product and services, either within Asda’s retail outlets or outside. The cash savings that would be realized are plus factors for customers and could be an enticing element to lure them into availing of this particular financial service. When compared with other credit cards, the Asda cred it card was pegged as first in the supermarket industry. As such, customers would be relieved from apparent complicated promotions, such as rewards systems or other schemes where customers do not actually realize savings from daily purchases. By using Asda credit card, automatically, every purchase would mean cash rebates which the customer could immediately realize as savings. Communication Communication was described as providing customers with the opportunity to enage in meaningful interactions (Creative & Cultural Skills, 2013). The Asda Money was noted to be sold in stores, with information supplied at checkouts and online. Likewise, specialist companies (Anon., 2012) were noted to be of significant assistance in providing relevant informationabout Asda