Consumer Behaviour Assignment Example | Topics and Well Written Essays - 2750 words

Consumer Behaviour - Assignment Example This paper will be focused on the marketing practices of the Lloyd’s TSB bank in its endeavours to retain its customers. Lloyd’s TSB is a retail bank that is based in the United Kingdom. It was established in 1995 by the merger of Lloyd’s bank and the TSB group. Lloyd’s bank was originally founded in Birmingham in 1765 while the TSB group, a rival bank, was formed in 1810. The marketing mix of Lloyd’s TSB has seen it realise admirable profits through the years. The marketing mix elements, also known as the 4p’s, are price, place, product and promotion. In simple terms, a product includes all features as well as goods and related services that a business offers to its clients. The product is the most crucial component in the marketing mix. This is because products are the market expression of the manufacturer’s productive capabilities. Products determine a producer’s capacity to link with customers. A product policy or strategy is of enormous significance to a corporation; product decisions dictate the scope and direction of industry activity (Singh, 2011). Additionally, market indicators such as profits, sales, image and market share are also dependent on products. The products of companies also influence other components of the marketing mix. Therefore, without proper product policy, a corporation cannot pursue further elements of the marketing mix. With the rapid advancement of technology, a banking company has no choice but to advance as well in order to satisfy the desires of its clients and remain competitive. The Lloyd’s TSB group boasts a diverse array of services and products that cater for a large clientele. The banking options available to its customers include the phone bank as well as internet banking. Customers can also text financial information from a mobile phone and make use of cash point