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Trang 1 Vai trò của Dịch vụ trong nền kinh tế hiện đạiChiến lược định giá cho dịch vụ Topic 1: SERVICES MARKETING - CRM Answer any FIVE questions All questions carry equal marks 1 Explai
Vai trò của Dịch vụ trong nền kinh tế hiện đại Chiến lược định giá cho dịch vụ Topic 1: SERVICES MARKETING - CRM Answer any FIVE questions All questions carry equal marks 1 Explain the role and significance of services in the modern economy 2 Answer the following: (a) The marketing planning process: (b) Monitory marketing planning and services 3 Answer the following: (a) Service market segmentation (b) Customer loyalty 4 Answer the following: (a) Planning and branding service products (b) New service development 5 Write a detailed note on pricing strategies for services 6 Answer the following: (a) Explain the role of marketing communication (b) Service promotion 7 Explain the role of intermediaries in planning and managing service delivery 8 Write a detailed note on CRM programmers CONTENT 1 Explain the role and significance of services in the modern economy Today, the service sector contributes a great share to the nation’s gross domestic product as well as each single business ‘revenue stream Many organizations and individual investors put more money and resources to the service sector, as they will get the highest 1 return on investments In developed countries, the service sector holds key to their economic growth and account for a high percentage of workforce and national income In these countries at the end of 2013, approximately 50 to 60 % of the workforce works in the service industries and they account for more than 70% of GDP, and individual expenses on services are 60 to 65% of personal income In the United States, the service sector has about 70% share of the GD However, several regions in the US have this number up to 79.8% Other developed countries also have a high services share of GDP – Japan: 73.3%, England 77.1% and France 70.9% Overall, the service industry aims to provide services to people in daily life, or to provide assistances to the continuation and completion of business processes In many of businesses, besides the primary processes to design the main products, there are also auxiliary activities These activities support and complement the main production line For example, the packaging unit, the sorting unit, the marketing unit, the installing and repairing unit, the product warranty unit, and the supplying unit… These are other kinds of production services In the process of switching to a market economy, these businesses desire to sell their merchandise faster, so they transfer some of their activities to the commercial businesses The consumer units will the buy the goods whenever they need They are expecting to be best served and most convenient This results in the development and centralization of the transportation unit The modern economy relies on the scientific knowledge and reflects an advanced high-level workforce It is also a new economy with a technical, cultural, and social environment that supports the learning, innovation and creativity In this environment, knowledge becomes the most important production factor to contribute to the social economy development Thus, instead of using manual production, it applies technology and knowledge to produce more goods in a more timely fashion to meet the needs of consumers On the other hand, using the advanced technology and knowledge also makes the commodity prices higher However, the consumers trust the product’s quality due to the formation of services According Karl Marx, “service is the offspring of a economy producing goods For the commodity economy to thrive, it requires a constant, smooth, and continuous flow to meet the human increasing demand and these results in a developed 2 service.” In human’s history, there are three major development stages of the productive forces In the first stage, the agriculture economy or the labor based economy, the manual labor forces produce the majority of goods with low productivity, and the land is the main resource In the second stage, the industrial economy or resource based economy; it relies heavily on the machines and the natural resources In the third stage, formed since the early 1980, the knowledge economy has become the modern economy as it relies on knowledge Knowledge and information technology become the major keys and are more important than the labor source Thus, we can say the modern economy is a knowledge-based economy So the knowledge economy is an economy in which the production of, and the use of knowledge play decisive roles for the economic development It creates wealth and improves the quality of life Comparing tables economic periods Target Agriculture Industrial Knowledge Economy Economy Economy Important Inputs Labor Forces, land, Technology, Knowledge, advanced capital machinery, equipment technology, Main processes information Crops and Livestock Manufacturing, Production processing Control, information outputs Food processing Goods and products Economic Agriculture Products that meet Structures Use of animals and Industrial and service high demand of Supporting simple machines customers Industries Mechanization, Dominated by Social Structure Farmers electrification Labor workers knowledge economy sectors Science and Technology White-collar workers + The role and importance of services in modern economies There are three categories - Business and Finance: pay television services, Internet services, advertising services, 3 insurance services, home delivery sale services, mail delivery services, online retail services, banking services (ATM, online payment, consumer lending services, financial advisory services…) - Consumer: electricity and water services, sport and entertainment services, food services, clothing and fashion services, hotel and tourism services (including motels, restaurants, tour/sightseeing), hair salons, beauty salons, appliance repair, house cleaning, child care, … - Public: public health services, health care services, public child care services, education, libraries, museums, lighting … Each service plays an important role in the modern market economy: - Services help businesses to increase sales and profits - Services have strong influences to the trade of goods and products within the country and internationally What the businesses would do to deliver their goods if there are no transportation services? It is the birth and the development of road, air, sea transportation services that have contributed to overcoming the geographical obstacles, to accelerating the circulation of goods, and to boosting the demand for sales and exchanges of goods from country to country and from one region to another region With the payment services, the banks can make the payment process happen easily and efficiently to help both the exports and the imports to complete their trades Communication services also play important role to stimulate the commercial activities and to shorten the time of buying for the consumers Other services such as agent services, trade/retail services play an intermediary role to connect the producers and the consumers They help to reduce the time circulating and consuming the goods, and help the manufacturers to recover quickly their capital investments * The growth of the services is the driving force for economic development, as well as creating positive impacts on the social division of labor A stronger economy provides more variety of products and services Currently, the development of services reflects the level of economic development of each country Existing research finds that the ratio of business services in the economy is higher for countries with higher level of economic development The development of services will fast-track the development of the social division of labor 4 and the specialization, and facilitates the growth of other areas of development (In developed countries, today the service factor accounts for 50-60% the workforce and 60- 65% of the national GDP The industrial economy only accounts for 40% of the workforce and 30-35% of the national GDP Forecasters say that in the XXI century, the service factor will account up to 70-80% of the workforce, and the industrial economy will reduce the workforce accordingly) * Through the buy and sell of goods and products, services create various markets (promotion, gift, birthday, card membership), drive consumption and enjoyment by individuals and businesses, and contribute to the expansion of production and new locations * Services set up barricades and block the entry of competitors Services always show the competition between enterprises through services created on the market for goods and services Therefore, services require businesses to be dynamic, creative, and even artistic in their activities to improve constantly their competitiveness in producing and selling of goods and services on the market This will create a solid foundation to help businesses surviving and striving in the fierce competitive of today market In conclusion, in today’s trend of vibrant globalization, services play an increasingly large role in the economy in developing countries, especially in new sectors such as telecommunications, and electronics (occupations with high technological content) The roles of services in the developing countries remain low, but they are increasing rapidly following the general trend of the world economy With such important roles, investors should pay close attention to develop these services in the right direction 3 Answer the following: (a) Service market segmentation (b) Customer loyalty a Service Market Segmentation The market is the place where the trading activity happens, and where the buyers and the sellers gather to buy and sell products and services Service Market segmentation is the process of identifying and targeting groups of individuals who are similar to one another There are many different ways to segment a 5 market: by income, by age group, by individual service needs, by culture, or by lifestyles, etc Successful segmentation divides a large market into smaller markets based on what the consumers’ shared interests Understanding the segmentation will help the company to develop products and services that meet consumers’ needs and focus the marketing resources on effective marketing communications By geographic areas: North, Center, South, urban and rural… Businesses with enough capital can still serve in many different areas but they would need to focus on the differences of regional customers Consumer’s behavior : This segmentation approach focuses on the purchasing power and the spending characteristics of the consumers The purchasing power is measured by the consumer income For example, in the mobile phone market, the Vietnam Posts and Telecommunications Group (VNPT) has divided their customers into these groups: - Segment 1 includes customers with monthly spending budget above 350000 VND This is the market for postpaid mobile phones - Segment 2 includes customers with monthly spending budget between 235000- 350000 VND The spending pattern can occur regularly or irregularly This is the market for prepaid by day mobile phones - Segment 3 includes customers with monthly spending budget between 142000- 235000 VND This is the market for prepaid mobile phones - Segment 3 includes customers with monthly spending budget from 60000-142000 VND This is the market for prepaid one way messaging mobile phones Consumer’s occupations and areas of operation In general, this is the traditional segmentation method of the service sector The two major markets are the business customers and the consumers For example, VNPT has divided its market into these six groups: - Special customers: national or local government entities, embassies and consulates - Customers that are other telecommunication companies having their own networks but connecting with VNPT 6 - Special business customers that are businesses or organizations consuming a large volume and having their internal networks across the country - Large customers that are businesses or organizations consuming a large volume - Medium and small customers that are businesses or organizations consuming a medium or small volume - Individual customers or households Consumer’s age groups This segmentation method is new to Vietnam and less However, with the booming growth of this sector, the consumers can be divided into these submarkets: - Customers in the ages 10-18 years – mostly high school students and depend on the family - Customers in the ages 18-30 years – young customers, college students, or those who just enter the workforce, can be subscribers and pay for themselves - Customers in the ages 30-55 years (female) and 30-60 (male) are working age consumers with highest affordability and incomes They have luxury demands and expect quality and excellent customer services - Customers in the ages 55 years and above (female), and 60 years and above (male) are retired consumers with lower demands By psychographics: personality, values, social classes and lifestyles of customers By demographic segments: age, gender, language, education, income By buying behavior: occasions, number of products, buying decision-making process, product loyalty For another example, a company has just received an invitation to attend a workshop from a consulting firm about retirement planning This company is one of the many who receive the same invitation After analyzing the company’s data, the results show the following: - The company has assets - The company has employees reaching retirement age - The company locates nearby the location where the workshop will take place 7 These attributes have put the company into a market segment that the retirement consulting firm interests They believe the message sent to the company with the title “Let our experts help you planning for your future!” will catch attention from the employees in the company Clearly, the firm focuses on a group of people who have the money and are interested in their services Companies also need to consider different factors to ascertain that the market segment that they chose is suitable or not? The market size and the consumers’ purchasing power…are the measures the companies need to be able to find and assess The market needs to be substantial enough so the profits can support the entire company The market needs to be unique to other markets For example, in the foodservice industry, the main segment is based on the clients’ taste, income, and location If drilling down to gender and age, the market becomes smaller The company also needs to have enough resources to support the market segmentation If there are already many competitors in the same market, the company should avoid it altogether Thus after completing the market segmentation process, the businesses will have a comprehensive picture about the market they want to participate They have the detailed information about what segments are good and what segments are bad b Loyal customers To raise the competitiveness of businesses in the today’s market economy, building a loyal customer base to products or services is one of the main objectives For the same service, businesses can have various customer bases Some customers can buy a large quantity of goods and services, and some customers are not ready to make any purchases but will do this in a near future… For the same services, customers have many choices from various providers Therefore, the chance to score customers for each company is relative small In this competition, the company selling the most in the current stage is not necessary the winner, but the company with more loyal customers is the real winner 8 Local customers are customers who currently buy products and services from the company, and will continue choosing the company for their future purchases In reality, the customer’s first impression with the products and/or services is very important Most satisfied customers with their first purchases will continue to do business with the same company when their needs arrive It is also less expensive to keep the current loyal customers than to recruit new loyal customers Today many businesses recognize that keeping their loyal customers in the end will bring far greater benefits than to increase their short-term sale numbers To help with identifying the right target customers, businesses build databases about their clients and their attributes (such as individual or group, domestic or foreign, spending habits, etc.) These databases play an important role in providing great future customer services Some examples are -When client A calls in to make room reservation, the business can offer right away the type of room the client A wants; - When client B calls in to pay, the business knows the type of credit card (and possible the card numbers); - When client C orders perfume, the sale staff can recommend the products matching C’s style The customers are sure to be very satisfied with all the businesses that know them so well 4 Answer the following: (a) Planning and branding service products (b) New service development a Planning and branding service products Brand is not just a symbol, a slogan, or commercial signs The brand is a collection of all the feeling, the experience of customers and consumers about a product, a service or a company over the years and it's emotional survival in heart, in the mind of consumers For companies providing services, their brands are their company names For example, Vietcombank is the company brand name of the Bank for Foreign Trade of Vietnam and is the trademark of banking services provided by these banks Although Vietcombank also 9 offers other small and different services but in general, we know this brand for "banking services" Success in a fast becoming overcrowded market will depend on effective brand differentiation, based on the identification, internalization and communication of unique brand values that are both pertinent to and desired by consumers [ Source: The challenge of financial services branding: majoring on category or brand values? by Leslie de Chernatony and Fiona Harris; August 2000 Brand Management and Marketing Research Unit (BMMRU)] However, what would businesses do for products or services that do not have physical packages, or can only be viewed in a cluttered marketplace? Take for example, a company provides consultation services on Internet banking solution or on a software package How will this company sell these products like selling a Nestle milk product or a General Motors car? Below are a few ways to beat your competitors Explore and identity the company’s core values and the reasons for its existence Sometimes taking one-step back can move the company miles ahead Pursue the company’s heritage, the company founder’s vision and thoughts Communicate this information with internal employees Then the company may stumble upon an idea or two Understand the most important value that the company promises to its customers This value can be the confidence, the expertise or the flexibility, and an area of operation Focus on driving home the point in every internal or external communication the company gives Associate with a social cause that the company can identify with: Reebok with the Amnesty International or Kellogg with the Kids Helpline Always be visible Be present at wherever whenever the decision makers voice their opinions Try to match the company’s ideas with the theme of the event Help the employees to succeed Invest in them The value of talented and resourceful employees is much greater than anything a company can buy Be careful and considerate if the company has just entered the market, or is in a large market with the big guns Voice your position clearly and loudly Aim to be a leader in your line of business in your customers’ minds Whenever decisions are called for in your industry or in your association, the opportunity is always much higher for the leaders 10 Differentiate your company on the basis of uniqueness to appeal to the customers’ emotional values instead of focusing on the functional category values b New service product development Review mission and vision After evaluating the level of change, the service firm needs to do the market research in both qualitative and quantitative modes Qualitative marketing research tells us about how to introduce the service to the market, by expanding or acquiring competitors Quantitative marketing research tells us about the projected sales, market share and profitability Brainstorm ideas New services are resulting from the company’s thinking Evaluate ideas Need to analyze and evaluate the advantages and disadvantages of each idea and narrow it down to a handful of those with the most potential and effective Business analysis This phase conducts a review of the sales, costs, and profit projections to find out whether the new product/service will satisfy the company’s strategy Develop product/service This is the decision to develop a plan for the new product/service after the business analysis process completes The implementation must also follow with a concrete plan Test Market This is the full evaluation period of the new product to make sure that it meets the outline goals and objectives to assure the success of implementing new product/service Launch the new product/service In this final stage, the main activities are advertising and marketing the new product/service along with operating a full‐scale manufacturing to bring them to the foreign markets Model of new service product development Review mission and vision -> Brainstorm ideas -> Screen ideas -> Evaluate market -> Develop product/service ->Test Market -> Launch the new product/service ( Source: C.Lovelock – Marketing des Services, p 532 [1] ) Gale Bradley (USA) has emphasized “Value is simply quality, however the customer defines it, offered at the right price."[1] For the emerging perspectives on service marketing, this concept of quality, especially in service, has met the expectations of many people Of 11 course, quality from the customer’s perspective must be in the context of a competitive environment and that is to compare the quality to those of the competitors In reality, people can easily identify the quality of tangible goods by multiple methods They can see, hear, taste, and smell For intangible products, it is more difficult to see the real quality In this case, to put a right price to a quality has become increasingly difficult 5 Write a detailed note on pricing strategies for services 5.1 The basis of pricing strategy To use a pricing strategy as an effective and efficient marketing tool, companies need to analyze the various factors that affect the price of their goods and services Some are from the internal company, and some are from the external marketing environment Below are some of the main factors +Pricing objectives Before deciding which pricing strategy to employ, businesses have to identify their missions and what they want their products and service to achieve If businesses have identified their target markets and their positions in the market, then the marketing mix, including pricing, will be easy to implement Thus, their prior market positioning will largely define the pricing Moreover, businesses can follow other secondary goals The clearer the goals are, the easier it is to price On the other hand, each pricing option will bring different impacts to their marketing objectives Some of the pricing goals are: survival, profit and profit margin maximization, market share maximization, and service quality leadership + Marketing Mix Price is one of the many parameters of the marketing mix that the businesses use to achieve their market decisions Besides pricing decisions, businesses need to combine other factors such as services, distribution channels, advertising and promotion to create a systematic and effective marketing program These factors can affect the pricing decisions For example, businesses using distributors need to add to the pricing plan a large profit 12 margin for these distributors so they can support and advertise for the products and services For high quality products and services, businesses have to spend more, and therefore they have to set a higher price range to pay for these expenses Usually, businesses set up an initial price first, and then introduce other marketing decisions that fit the price they want + Costs Costs are the keys in determining product and service prices Businesses want to introduce a pricing model that can pay for all production and distribution costs, and includes a reasonable profit margin for their efforts and risks Businesses also need to watch their costs carefully If their costs are higher than that of their competitors, their prices will be higher and this will put them into an unfavorable competitive position with fewer profit margins The two basic types of costs incurred by business are fixed and variable Fixed costs (FC) are the costs that do not change as the amount of goods or services increases or decreases Each month, businesses have to pay their rents, utilities, salaries and incur depreciation of machinery and factory equipments…, which do not depend on the level of business’ outputs Fix costs also do not depend on the level of output produced Average fixed cost (AFC) is the fixed costs of production (FC) divided by the quantify (Q) of output produced AFC = FC/Q Variable costs change in proportion to the amount of goods or services that a business produces Average variable cost is the variable costs divided by the quantity (Q) of output produced AVC = VC/Q + Costs, prices and services from the competitors Besides factors such as market demand, floor price and ceiling price, and regulatory costs, other factors also have a significant role in influencing pricing decisions They are costs, prices, and service characteristics from the competitors; and how the competitors would response to your strategies Businesses need to compare their unit service costs with those from their competitors along with their business scales to see if they are advantage or disadvantage in terms of expenses They also need to understand the pricing strategies and service qualities of their competitors by collecting pricing data, sending their staff to buy competitive products in order to do 13 product comparison and evaluation, or to disassemble competitive products and services to study and analyze any advantages and limitations Businesses can also interview the consumers to get their feedback on values and prices of their competitive products/services Thus, the costs, prices and quality of services from the competitors provide important data inputs for businesses to build their own pricing strategies The pricing strategy can also affect the marketing strategy against the competitors A strategy of high price and high profit can attract the competitors While a low price and low profit approach will discourage competitors and force them to quit the market Once the businesses know the prices and services from their competitors, they can use this research knowledge to guide their pricing strategies If they provide the similar products and services, they have to adjust their prices to as close as possible to the competitors’ prices; otherwise they will lose their sales If they have lower quality services than their competitors, they have to lower their prices If their services are with higher quality, then they can increase their prices However, they need to realize that their competitors can adjust the prices accordingly in response 5.2 Service Pricing Strategies - Customer demand planning: demands for a product or service can change significantly at any given time; therefore, businesses have to always researching how their products stand with the consumers in the marketplace - Total costs of services: include variable costs and fixed costs Total costs are the primary factors to determine prices Variable costs would however, decide the profits and levels of competition in the marketplace - Competition: businesses need to research the pricing strategies of their competitors to adjust their own prices accordingly Table of major pricing strategies Strategy Conditions Price Skimming Customers: low degree of price sensitivity - Higher price Costs: high variable costs - Profits driven by product unit price 14 rather than number of units sold Competition: almost no competitive threat Penetration Pricing Customers: high degree of price sensitivity - Lower price Costs: low variable costs - High profits but lower the brand’s Competition: no price war, no concern about quality competitors Customers: new to market Follow the Crowd Costs: variable costs equal to fixed costs - Price and brand are as perceived by Competition: price war customers In addition, valuation of product-mix usually happens in the health/medical industries where products and services are often complementing each other - Product bundle pricing: businesses usually provide their goods and services together in a single package The package has a lower price than would be charged if items were sold separately This model would allow the customers to experience the company’s multiple products and services with great savings 6 Answer the following: (a) Explain the role of marketing communication (b) Service promotion a Explain the role of marketing communications - Marketing Communications and Brand Value Brand exposure: can strengthen or weaken the company's image in the eyes of consumers How companies form their trademarks is not important The customer’s experiences and impressions have a great influence on each stage of the buying process Marketers must coordinate their activities including appropriate messages and strategies to each location The market evaluates the marketing communications based on the ability to SENDER Encoding Message Decoding RECEIVER build brand value and sale of products Model of marketing communicatMioEnDsIA Feedback NOISE 15 Response The sender is the owner of the marketing communications process They are the businesses that organize the marketing communication activities towards customers - Intended message: is the message for the target customers with an objective to receive something back from the client as intended by the sender - Encoding message: is the conversion of the sender’s ideas and thoughts into a message, usually words or signs so the receiver can easily understand For example, to market the cooking oil Neptune, the sender wants the consumer to see and feel the benefits of the product are that it will bring a cozy family atmosphere To do that, the sender presents a scene where the whole family has dinner together with many dishes cooked with the Neptune oil Or when the sender wants to display the sharpness of the LG TV, instead of using words, the sender uses a scene showing a deer drinking from the stream with his reflection is so real that the tigers jump into the water to catch their prey which is the reflection of the deer - To convey a message, the sender creates a message with all the symbols and transmits it through a variety of means - The transmission of a message to the receivers requires a channel or some communication mediums such as television, radio, news, Internet 16 - Decoding message: is the process in which the receiver interprets the language and symbols sent To assure the effectiveness of the message, the encoding and decoding processes must be compatible Therefore, the message must contain languages and symbols that are familiar to the receiver - The receiver: is the target customer that the sender (company, organization) tries to persuade - Responsive: is the response of the people receiving the message after comprehension The sender needs to capture the reaction of the recipient to adjust the communication strategies - Feedback: is the receiver’s response to the sender The feedback will determine the outcomes of the communication process - Noise: anything that interferes with, distorts, or slows down the transmission of information from the original intent Differences in culture, age, social class, education, and ethnicity can lead to miscommunication For example, when communicating with people who are from different cultures, professions, social classes, the sender needs to caution of languages and symbols that can be misinterpreted The model above highlights the important points during the marketing communications process The sender needs to i clearly identify who are their receivers What are the characteristics of the receivers? How they want the receivers to response? How the receivers would decode the message to its intent? How the receivers pay attention and accept the message? How the sender will receive target feedback/response from the receivers? Understanding this model will give us the correct directions It is to define the receivers, understand their responses, define the message, select the communication channels, and receive feedback These are the rules of marketing communications 17 b Service Promotion Promotions are communication activities by marketers to facilitate the selling of goods and services by giving the consumers some specific benefits The goals of promotions are to stimulus the consumption, to push the consumers to buy more and more of goods and services that the company tries to sell The principles of promotions are - Honesty, openness and transparency - No discrimination - Customer support - Quality goods and services - Don’t abuse customer’s trust - Healthy competition - No promotions of medicines Commercial Advertisement A commercial advertisement generally refers to a method of introducing a company’s product and/or services to the customers The infomercial products include messages with images, actions, sounds, voices, writings, symbols, colors, lights about the products and services The tools used to introduce the infomercial products include: - The mass media - The news media - Publications - Signs, posters, banners, fixed objects, vehicles or moving objects - Other 18 Displaying introduction services These are the service trade and promotion activities of the traders using services and documentation services to introduce to the customers of those services The forms of display and introduction of goods and services including: - Open display galleries - Use commercial centers or entertainment, sport, culture, art events - Organize conferences, seminars to display and introduce goods and services - Use of Internet and any other avenues defined by law Fair/Trade exhibitions A trade fair is an exhibition where companies can showcase and demonstrate their products and services during a specific time period and at specific locations to promote business opportunities and to sign business contracts A non-commercial exhibition is different from a commercial exhibition in that the display, introduction, and promotion are toward everyone in the society and the community to propagate political or cultural views/images instead of for financial purpose For example, the State bank promotes to clients through its “Dream Wings” campaign finance There are many slogans for the same product such as “Savings for children”, “Savings for the future”… However, after consulting with several banks, customers can find many different and interesting saving programs depending on their economic conditions and their needs Although in general these saving accounts are geared towards the parents of minor children who need to open long or short-term deposit accounts for their children, the names on those accounts are usually of their children The main difference among these banks is the flexibility in these programs are the promotion deadlines and the minimum deposit amounts With Vietinbank, customers only need 100000 VND to open an account for their children Oceanbank, however, requires that to keep the balance at least 200000 VND per month 19 For Eximbank, the minimum monthly deposit is 1 million VND or 50 USD With a 12- month saving term, the minimum deposit amount has to be 10 millions or more (or 500 USA/ per deposit) However, to complement for these strict conditions, when depositing money, customers receive Lotteria food gift cards, or Fahasa gift cards valued at 50 millions if the term and the deposit amount is 100 millions VND or 5000 USD/month, or 50 millions VND or 2500/2 months, or 30 millions VND or 1500 USD/3 months Customers, who deposit more, will receive more gifts Besides gifts received when opening the account or depositing money, customers also receive Kizciti tickets valued at 200000 VND, if their balance from their multiple saving accounts totals at least 500 millions VND or 25000 USD, with 6-month, 12-month terms, or 1-year deposit Annually, Eximbank also gives awards for account owners who are good students Today banking systems also use “adding other values to your account” as a fascinating method to attract the parents when they select the savings products for their children At NamABank, customers also receive security insurance from Hanwha Life Vietnam during the account lifetime with the insurance amount is up to 800 millions For Vietinbank, besides high interests as an advantage, customers can deposit up to 10-day late from the term dealine but they will earn the interests for the whole term Customers also use automatic machines for their convenience To increase the mobility and reduce the service time, Vietinbank allows their customers to do services at any Vietinbank locations/branches When the customers have difficulties or urgent financial needs, they can borrow money from Vietinbank according to its policies and rules Not limiting to saving activities, ACB also launches a new service package called “A Success Dream” This package includes savings with 6-month or 12-month terms, and prepaid Mastercard for children The outstanding feature of the prepaid card is that it will helps the parents to manage the daily spending activities of their children, and teach the children on how to manage their spending Parents can deposit or transfer money quickly to the Mastercard of their children using the ACB Online service Upon signing up for the package, customers receive many incentives such as fashion gifts for children, free service fee for the first year for the prepaid Mastercard (primary and secondary cards), and free account service fee for the first year The global trend to launch ATM products, debit cards, credit cards for children also expands in Vietnam Recently, LienVietPostBank launches the new-generation ATM 20