V12VF | Consumer Duty | April 23 - Flipbook - Page 11
5.
Target market assessment and distribution strategy
This target market assessment matrix segments the target customers for the Product(s), recognising their different needs
to enable you to tailor the services you provide when you distribute the Product(s).
Customer needs and objectives
Customer Characteristics
Applicable to a broad age range.
The customer needs access to a used car.
A UK resident, holding a full valid driving licence.
Where the customer does not have access to a car, the customer
needs to borrow to fund the car.
Insufficient savings or access to other funds or equity in existing
vehicle or does not wish to use available funds towards the
outright purchase of a car.
Unlikely to be able to afford a new car.
The customer would benefit from avoiding unexpected costs.
Insufficient savings to cover unexpected costs.
No or minimal negative entries on their
The customer needs finance that is appropriate for their financial credit file.
situation, and that that they are likely to be accepted for and can
Limited outright purchase options or have assigned alternate
afford.
uses for their savings/other finance.
Customer wants assurance of paying a clear fixed amount over a
set period that is affordable within their monthly budget.
Employed, self-employed or in receipt of benefits or other
income sufficient to repay borrowing on selected car.
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