Search & Filtering
How are the needs for new products identified and developed?
EXPLAIN how you go about identifying prospective new banking clients?
EXPLAIN how you go about establishing the banking needs of new and existing clients
EXPLAIN the impact that market trends may have on the type of products or services that a client requires
4.1 WRITE a short description of the client's needs. Your description must include the following:
Background information about the client:
· their business profile;
· the buying processes they typically follow;
· their general preferences and needs for product information and support
Description of their business operation including:
· a description of their products/services
· market;
· profitability;
· competition;
· organisational characteristics;
· etc.
Description of how you saw their needs for banking products/services:
· were they price sensitive;
· how did they prefer to have their services distributed;
· what products were they likely to need and why;
· etc.
DEFINE your sales objective for this client and EXPLAIN how these affected the sales presentation/proposal that you gave the client.
LIST any potential conflicts or constraints that you faced when developing your proposal
4.1 EVALUATE the internal and external sales environment while you were planning your proposal to the client. Include the following:
4.1.1 A summary of the competitive environment (which other banks had similar products/services and how you considered these);
4.1.2 The wider economic, legal and regulatory environment;
4.1.3 What you knew about the client and their buying behaviour;
4.1.4 What you knew about your bank and its ability to meet the needs, expectations and preferences of the client.
4.1 SUBMIT two (2) different sales proposals for business clients that you have developed (one should be for the client you have chosen for this assignment). ENSURE that these clearly show the course of action you are proposing, link products offered to the clients’ objectives and provide supporting information to help the client make up their minds. COMMENT on the following:
4.1.1 Your evaluation of how well these proposals met the clients’ needs;
4.1.2 How well you considered alternatives for the clients’;
4.1.3 What competitive products could the clients consider instead.
Using a diagram, explain the concept of quota and how it can create dead-weight loss.
