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Adopting Financial Product in Emerging Country: Thailand
Pages 14 (3514 words)
Marketing of Financial Product Financial products or services refer to any product or service which can be traded in the financial markets.Treasury bills and government bonds are most common and widely used examples of financial products.
There are several mechanisms that can be used to classify financial products and services based on their maturity period, fixed or variable interest paying nature, source in terms of whether that source is deposit taking or non-deposit taking and others (Sathye, 2005, p. 45). There is a growing realisation amongst experts, academicians and scholars that marketing of financial services is a far more complex task as compared to the marketing of different consumer goods, technological products, and other kinds of products and services. For example, unlike several tangible consumer goods, financial service cannot be visually communicated in advertisements and other forms of communications mix to the customers (Aladwani, 2001, 224). Unlike several kinds of products and services which have the potential to stir up excitement in the hearts and minds of customers, financial products lack this feature. Consider the example of financial products such as pensions and funeral plans which have the characteristics intrinsic undesirability, which makes it a relatively difficult task to gain customer attention and inspire customer desire for these products (Sathye, 2005, p. 45; Awamleh & Fernandes, 2006, p. 86). ...
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