Abstract
Customers have predictable life cycles. As a result of these life cycles, firms that sell multiple products or services frequently observe that, in general, certain items are purchased before others. This predictable phenomenon provides opportunities for firms to cross-sell additional products and services to existing customers. This article presents a structural multivariate probit model to investigate how customer demand for multiple products evolves over time and its implications for the sequential acquisition patterns of naturally ordered products. The authors investigate customer purchase patterns for products that are marketed by a large midwestern bank. Among the substantive findings are that women and older customers are more sensitive to their overall satisfaction with the bank than are men and younger customers when determining whether to purchase additional financial services, and households whose head has a greater level of education or is male move more quickly along the financial maturity continuum than do households whose head has less education or is female.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
