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The promotion of intangible products with event marketing
Pages 12 (3012 words)
The Promotion of Intangible Financial Products/Services through Event Marketing It is very challenging to market concrete or tangible products, but the challenge increases twofold when intangible products/services, such as those of the financial sector, are concerned.
Consumers are seeking for more intangible value, while the banking sector is looking for greater, more productive means to market their intangible products/services to customers. This pursuit leads the banking sector to the path of event marketing, which is a very valuable, needs-based method to satisfy customers’ intangible needs and demands. Event marketing is derived from the observation of the behavior of customers through thorough data examination. These customer patterns may embody a time of need of a customer, which, once identified in a prompt way, tenders a vast prospect to provide intangible products/services to that customer (Harrison, 2000). An increasing number of banking organizations are already generating substantial returns from investing on event marketing activities. Numerous other financial organizations perform analytic oriented targeting or also referred to as ‘triggered marketing’ and could even apply the same terms (Mayar & Uffenheimer, 2007). ...
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