2.1.2 Customer Life Cycle
The Customer Life Cycle (CLC) focuses on the building life time customers by creation and delivery of value throughout the life of a customer. It incarnates the concept of marketing because this concept is marketing oriented rather than product oriented. One amongst the crucial problem here is that generally every organisation offers different types of product; hence it is inconceivable to maintain a uniform Customer Life Cycle for every organisation.
For an illustration CANARA BANK has a number of products that it aims at its customers to maintain lifetime relationship with it. An individual can start saving money at young age.12-15 year old are directed with the live cash Account similarly 16-17 year old aimed with the Right Track Account. When an individual begins to go in college or university then student loans are available and when he begins to work there are many types of current and saving account. Apart from it he can also obtain home loan to buy a flat, car loan to buy a car. It
Marketing Mix of 4P‟S for Competitive Advantage
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would be beneficial to take out a pension plan. As he progresses in his life then his family extends then he ventures upon number of saving plans and schemes. Ultimately CANARA BANK offers him pension plans due to this kind of strategies an organisation such as CANARA BANK can form and hold customers and then widen additional products and services throughout a customer’s life.