Running Head: Marketing The Promotion of Intangible Financial Products/Services through Event Marketing Names Name of Professor Table of Contents Section Title Page Number Introduction 3 Promoting Intangible Products through Event Marketing 4 The Success of Event Marketing in Promoting Bank Products/Services 8 Building Customer Loyalty through Event Marketing 9 Discussions and Conclusions 13 References 14 Introduction 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). The capability to keep in touch or communicate with each customer promptly or relevantly entails a basis of significant information that is novel and is connected directly and routinely to service and sales channels (Mayar & Uffenheimer, 2007). This is the setting that motivates the biggest profits. The banking sector understands that their most valuable advantage is their customers. It is much profitable or gainful to strengthen the bond with present customers and prevent deficiency, in contrast to attracting new customers (Ennew & Waite, 2006). This essay will discuss the promotion of intangible products/services, such as those of the banking sector, through event marketing. Promoting Intangible Products through Event Marketing Intangible products, such as information, are a very extensive concept. Situated in the current terminology, a primary point of similarity in the marketing of tangibles and intangibles gravitate around the extent of intangibility innate in both forms (Gummesson, 2002). Marketing is focused on drawing the attention and sustaining customers. The intangibility level of product has its biggest impact in the goal of attracting customers. When it concerns keeping customers, intangible products come across quite specific setbacks (Kitchen & De Pelsmacker, 2004). However, these setbacks are minimized through event marketing. Event marketing is rooted in regularly and methodically monitoring full customer behavior and patters to determine those times where there is a chance to improve a rapport or when a customer is most prepared to reach a choice of intangible product/service purchase (Gummesson, 2002). The objective of event marketing is to facilitate communication in an appropriate and prompt way with customers and to develop services, marketing, and sales around their particular requirements. Event marketing normally makes use of the database and capably rakes through the customer folders to choose the customers with the recognized triggers (Mayar & Uffenheimer, 2007). Triggers, in marketing, are employed to routinely communicate suggestions, offers, relevant messages, or other ...
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Starbucks uses advertising agencies such as Fallon for the creative work and it has transferred its media account to Manning Gottlieb Media from Starcom Motive. For example, in 2001, it spent two-thirds of advertising money on the press and the other portion went to posters (Media Business, 2001).
In Verizon, promotion appears in many dimensions and can be achieved using internet, direct marketing, public relations or advertisements. Internet advertising has caused great success in the world of marketing too. Promotion has been heightened in the company by choosing unique prepositions in the selling strategy.
Since the company faces a lot of competition from other companies, it is forced to market its products very effectively in order to capture the attention of its customers (Hartley & Hartley, 2008). Customers need to be given a reason for purchasing in a certain company and not in another one.
The company presently is looking forward to cater to the fast moving young individuals who are always in a hurry and ponder for special luggage bag that is light in weight, attractive yet comfortable to carry. The company intends for producing a luggage bags because it will be new concept for the company as the company will be producing it for the first time.
According to the research findings, it can, therefore, be said that advertisement used by Starbucks and Jamaican Blue Mountain coffee brands include the internet and the press. Since the launch of Starbucks back in 1982, it has used the US mail order catalog and music CDs to make it popular among the people.
Promotion is the task of notifying and influencing the purchasing decision of the consumer. It is extremely important for profit-making companies such as Wal-Mart and Nordstrom. Wal-Mart’s business strategy is not just providing goods of cheap cost rather developing insight in the mind of the customer that the cost is cheap.
Internet advertising has caused great success in the world of marketing. Promotion can be heightened if a company chooses to use unique prepositions in the selling strategy. It is essential to have a unique selling price
, she argues that brand loyalty, while it may provide for a fertile ground for and understanding of consumer-brand relationship does not in itself mean consumer-brand relationship. Ajgaonkar (2014) seems to support this idea by arguing that for most people, the brands they use
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