Marketing Strategies of financial firms - Essay Example

My paper will be able to answer the questions of various problems and these will be William J. Stanton states that without the help of marketing technique, firms are unable to gain maximum profit as it is the key that provides awareness about your product and services. Marketing strategies actually involves different phenomena's that helps to promote the product and services in the market. Traditionally, the products are marketed and promoted, but with growth in time and technology, there arises a need to market the latest and advance services provided by the financial firms.

The use of electronic commerce (e-commerce) in the financial firms develops latest financial services that need to use promotional and marketing strategies. According to Adam Smith, financial firms do not grow till 1980 but later in the year different firms in America and Canada realize that there is a need to change the services provided by these financial firms. At that time the concept of investment banking, advisory and commercial banks emerges only within the boundary of the United States of America and Canada.

As the firm start introducing the ecommerce techniques in the financial firm's different financial cards, debit cards and credit cards, emerges. Moreover, due to diversification of different financial firm and the competition within them, there materialize the need of promotional campaign. Therefore, the need for the marketing strategies for financial firms come into view and now due to high competition firms are trying to promote their cheap but quality services through different marketing campaigns and programs.

Marketing strategies for a financial firm focuses on the 4P's of marketing. These 4 P's are the price, promotion, place and product. The insurance companies require capturing the maximum consumer market with the help of price variable as they should introduce low price tag certificates to save the future of their customers. Promotion factor for the financial firms did not remain attach with the promotion through visual and audio Ads on television and radio rather firms are now require to promote their services through the use of internet and other Integrated marketing techniques.

The reason for the use is to globalize their services. Africans from last 3 years are trying to invest their money in foreign banks