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Analysis of customer profit contribution for banks with the concept of marketing mix strategy between 4Cs and 5Ps

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  • Tyrone Lin
  • Chia-Chi Lee
  • Hsiao-Chi Lin

Abstract

This paper takes the high-net-worth customers in the private wealth management division of a case study bank as the research objects, and introduces the concept of marketing mix strategy by combining the 4C (customer, cost to the customer, convenience, and communication) model and 5P (product, price, place, promotion, and people) model in the examination of the attributes of customers and financial advisors in relation to the customer profit contribution and proposes management implications for practitioners. It attempts to establish a win–win business mechanism or marketing strategy that is beneficial to both banks and consumers. Copyright Springer-Verlag 2013

Suggested Citation

  • Tyrone Lin & Chia-Chi Lee & Hsiao-Chi Lin, 2013. "Analysis of customer profit contribution for banks with the concept of marketing mix strategy between 4Cs and 5Ps," Service Business, Springer;Pan-Pacific Business Association, vol. 7(1), pages 37-59, March.
    • Handle: RePEc:spr:svcbiz:v:7:y:2013:i:1:p:37-59
    DOI: 10.1007/s11628-012-0144-z
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    1. Lemmens, A. & Croux, C. & Dekimpe, M.G., 2007. "Consumer confidence in Europe : United in diversity," Other publications TiSEM ea8c3268-2c0b-4fcc-9d4a-6, Tilburg University, School of Economics and Management.
    2. Palsson, Anne-Marie, 1996. "Does the degree of relative risk aversion vary with household characteristics?," Journal of Economic Psychology, Elsevier, vol. 17(6), pages 771-787, December.
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