The World Marketing Association (WMA) states, ‘Marketing is the core business philosophy which directs the processes of identifying and fulfilling the needs of individuals and organizations through exchanges which create superior value for all parties’ (Chapman, 2003). This…
The financial services sector would include banking, life assurance and pensions, investment management and asset servicing apart from general insurance, corporate finance, and broking services sectors. The factors that affect the financial services industry are the government regulation and deregulation from time to time, global competition, changing customer preference behavior. Availability of skilled staff is essential. Marketing financial services, irrespective whether it is face-to-face or through direct marketing channels, comes with a high cost. If human element is eliminated, the electronic set up costs is high.
Marketing of services is a bigger challenge than marketing of products. Various reasons account for this and hence strategic marketing plans have to be devised for this. The most important differentiation is that products have well defined parameters and the customer can base his decision to some extent on that. Services on the other hand are intangible. In services marketing, it depends to a large extent on the customer. Two different people would react differently to a given situation. Marketing a product is on the premise that there is a market of millions. Hence, all related services like delivery, demonstration and after sales service can be built accordingly. As far as marketing financial services is concerned, each individual is a market in himself. Customer relationship management is essential here. Transactional analysis is important because it helps to derive customer knowledge to offer and improve the services. The service staff can also be trained based on this information.
In marketing financial services, various factors have to be taken into account. Financial services come with a high element of risk attached to it. Marketing of products and general services require the four P’s (product, price, place and promotion) but in marketing of financial services two ...
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