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Ways In Which Forces Within The Macro Marketing Environment Affect The Company’s Ability To Market Its Products Successfully. Royal Bank of Scotland. - Essay Example
Pages 11 (2761 words)
Organizations do not exists in vacuum, the immediate environment which consists of the political, social, cultural, economic and legal environments impact on the nature of the operations and the ability of the organization to operate competitively in the industry…
Marketing includes all the activities of the organization which are geared at identifying market opportunities, satisfying the customer needs and gaining competitive edge in the industry while at the same time maintaining an acceptable level of profitability (Kotler 2003). Financial services include the satisfactions and benefits which are connected to the functions of money which customers receive from the financial institutions. They include bank accounts, debit cards, loans, and mortgage facilities and other financial related value like interest payable and capital appreciation of the bank deposits (Kotler 2003). The development of financial services marketing has been slow due to the unique nature of the services. Financial services are perishable, inseparable and lack standardization in the service performance. This paper shall discuss the strategies which Royal Bank of Scotland in overcoming the challenges of financial services marketing. The paper shall also address the macro marketing environment forces which affect the banks ability to market the financial services (Kotler 2003). The paper shall also review the market segmentation approaches which the bank has implemented. In the final part, the paper shall discuss some components of the banks marketing mix and how the bank has incorporated them in the marketing mix. ...
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