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Strategies for eliminating a financial services product

Strategies for eliminating a financial services product As the UK's retail financial services sector discovers the value of retaining customers it is also becoming aware that product elimination has the potential to damage existing purchasing relationships. Unlike physical goods, where elimination is often undertaken with scant regard for the customer, in financial services the customer is central to the elimination action. The nature of the product and the existence of operational constraints have created two levels of elimination. The first, partial elimination, removes the product from some but not all customers, and requires the organisation to provide on-going support. Full elimination occurs only when all customers cease to own the product and production is terminated. These two levels of elimination are comprised of different processes that impact on customers in different ways. The way they impact will determine whether wider organisational objectives such as customer retention as an outcome of a product elimination action can be achieved. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Product & Brand Management Emerald Publishing

Strategies for eliminating a financial services product

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References (27)

Publisher
Emerald Publishing
Copyright
Copyright © 2001 MCB UP Ltd. All rights reserved.
ISSN
1061-0421
DOI
10.1108/10610420110410540
Publisher site
See Article on Publisher Site

Abstract

As the UK's retail financial services sector discovers the value of retaining customers it is also becoming aware that product elimination has the potential to damage existing purchasing relationships. Unlike physical goods, where elimination is often undertaken with scant regard for the customer, in financial services the customer is central to the elimination action. The nature of the product and the existence of operational constraints have created two levels of elimination. The first, partial elimination, removes the product from some but not all customers, and requires the organisation to provide on-going support. Full elimination occurs only when all customers cease to own the product and production is terminated. These two levels of elimination are comprised of different processes that impact on customers in different ways. The way they impact will determine whether wider organisational objectives such as customer retention as an outcome of a product elimination action can be achieved.

Journal

Journal of Product & Brand Management – Emerald Publishing

Published: Dec 1, 2001

Keywords: Product management; Product elimination; Customer service

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