Essay
Business level 3 unit 11 p3
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Describe different methods used to attract and retain customers for a selected service/product.
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I will describing different methods used to attract and retain customers for a selected service/product.Tesco offer different bank services such as car insurance, pet insurance, home insurance and saving accounts.
In terms of Tesco’s customer service approach they understand their customer’s better than anyone which
means they will know how to satisfy them and they also try hard for their customers which means they try to
offer customers best products. They also treat people how they liked to be treated which means they provide
good customer service. They also deliver unbeatable value to their customers such as reasonable prices such
as a good price for home insurance. Tesco also wants to be energetic , innovative and first for customers
which means they want to introduce ideas which will benefit the customers and they also want to be first
which means having anything the customers need so they do not need to go to another business. They also
treat their employees well so employees are happy to look after the customers. Tesco also create value for
customers which means they provide good prices for their customers so if customers save money with them
they will gain good interest and Tesco will benefit from this by gaining customers loyalty for lifetime.
Tesco uses three strategies for transactions; the first one is pre- transactional which is before purchase and
this is how Tesco will attract customers, the second strategy is transactional strategies which is during
purchase and this should be straight forward and simple for the customer and if they have any questions it
should be answered and the third strategy is post transactional strategies and this is after purchase so if the
customer has any problem or questions about the product Tesco should be able to sort that out. Tesco make
their banking and insurance easy and their customers come first for everything they do, they have online
banking which can be used on the phone, app or online, products are designed to benefit customers and
their staff is helpful and friendly from the call centres. Tesco banking is available 24 hours a day on the phone
and online if any help is needed, which can be through telephone banking, mobile banking, and online
banking and in store. Also with the mobile banking app one can log in using their fingerprint.
In terms of how Tesco bank attracts and retains customers and how the club card is used to do this. Tesco
have a clubcard which will allow customers to gain points when they shop and Tesco then collect data on
what people are buying and Tesco will send offers, discounts and vouchers to the customers in relation to
what they have been buying. Tesco also use the data from the clubcard in order to send Tesco bank product
offers, create Tesco bank products that will satisfy customers, understand customers better and build loyalty
and promotions that suit customers. Tesco have 16.5 million clubcard holders and they use this to cross sell
banking services. They will only use the clubcard data to target customers in a way which is relevant to them
e.g. if a customer is constantly buying homeware products; Tesco could offer them home insurance. A loyal
customer to Tesco supermarket which uses the clubcard can be offered banking services which reflects their
purchases. If a customer is always buying petrol at Tesco and they use their clubcard, Tesco bank will offer
them car insurance. Tesco bank offers debit card and credit card; interest can be gained on the debit card
with a balance of up to £3,000 and the credit card will have no interest to pay for the first 21 months.When
one spends money on their Tesco debit card and credit card they will collect points on their club card and
when the debit card and credit card is spent anywhere clubcard points will still be gained. If a customer has
Tesco clubcard they get guaranteed discount on Tesco bank services such as car insurance even if they are a
new customer. If a customer’s wants to renew their car insurance Tesco will give them discount if they have a
clubcard and this saves the customer money.
In terms of Tesco bank home insurance which has cover to suit ones needs such as building cover and it is
unlimited building cover so any repairs, rebuilds or replacements are available. A customer having a clubcard
will allow them to get discount with an additional 10% discount for customers who purchase the insurance
online. Also if the customer is renewing their cover or if they are a new customer and they have Tesco
clubcard they are guaranteed to get discount. Customers who have a clubcard and make a purchase online
will get 20% discounts both online and clubcard discounts. Tesco Bank travel insurance benefits customers as
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