This website uses cookies to ensure you have the best experience. Learn more

Marketing Financial Services Essay

3594 words - 14 pages

Marketing Financial Services

INTRODUCTION

SECTION 1: Identify and review some of the strategies that the company
uses to deal with the difficulties presented by the specific features
of financial services marketing.

SECTION 2: What market segmentation approaches does the company use
and how effective do you think these are?

SECTION 3: In what ways do the forces within the Macro OR the Micro
marketing environment affect the company's ability to market its
products successfully?

SECTION 4: Select 2 components of the marketing mix and review the
ways in which the company addresses these and incorporates them into
its marketing approach.

REFERENCES
----------

Note: I will be using the Bank of Scotland for examples in each
section.

INTRODUCTION
============

The financial services sector is one of the most competitive markets
in the UK. There are now many companies (providers) offering many
similar products. This makes it difficult for the providers to
distinguish their organisation and their products from the
competition. If this is not done successfully then they will not
attract and retain customers thus not generate profits.

This also makes the market confusing from a consumer point of view.
This is a big challenge for the providers to overcome.

Firstly what do we mean when we mention financial services?

"The meaning of the term financial services, as it is applied in the
UK, is broadly understood to include banking, insurance, building
societies, stockbroking and investment services"

(Anderton, 1995)

A market is a pool of potential customers sharing a particular need or
want, and who may be willing to do business to satisfy that need or
want. Each of these potential customers will be different so, can be
divided into groups on the basis of their needs and wants, (market
segmentation). This also makes the marketing process more manageable.

SECTION 1

Marketing is very important, especially in financial services.
Deregulation and technological developments (such as the telephone and
Internet) have helped make entering the market easier. Subsequently
there are many new entrants capitalising on this and intensifying
competition. Marketing is an ongoing process that companies must do.

Marketing of financial services is slightly different to that of soft
drinks products for example. The main differentiating features are:

· Fiduciary Responsibly. This is an important feature of the financial
service sector. Mckechnie (1992) regarded fiduciary Responsibility as
being peculiar to financial service marketing.

"The implicit responsibility of financial service orgainisations for
the management of their customer funds and the nature of the financial
advice supplied to their customers"

(Mckechnie, 1992)

People...

Find Another Essay On Marketing Financial Services

hsgygyers Essay

647 words - 3 pages usually dedicate their time for working on customers’ web marketing projects. This is the reasons behind people getting managed and controlled web marketing campaigns. There are many web marketing companies that can provide the web marketing architecture and effort people need. What impact can web marketing experts make on an online business? The functionality and page ranking increase based on the internet marketing services. Apart from this, the

Marketing Mix Strategy to Achieve Marketing Objectives

935 words - 4 pages the abnormal market segments in an effective manner. In its marketing strategies, ESA should consider the brand images of its products and services as an essential aspect. With its inventive branded products, Interface need to undertake its strategy of understanding the entire carpet selling market. In order to attract many prospective customers with limited financial ability, the company should offer simple packages, which are affordable to many

Marketing

2269 words - 9 pages pricing of goods, services and ideas (The American Marketing Association). There are, however, common themes in most explanations of marketing. The most important are: 1. the ability to satisfy customers; 2. the exchange of product or service for payment or donation; 3. the need to create an edge over competitors; 4. the identification of favorable marketing opportunities; 5. profits or financial surpluses to enable a viable future for the

Defining Marketing Paper

1097 words - 4 pages Marketing"Financial success often depends on marketing ability. Finance, operations, accounting, and other business functions will not really matter if there is not sufficient demand for products and services so the company can make a profit" (Kotler et al, 2006, pg. 4). Marketing plays a key role in an organization's goal. In addition, customer satisfaction and increasing profits is the ultimate goal of any organization. Marketing functions push

Ever wonder how a product gets out into the world?

917 words - 4 pages science of getting people to buy stuff. More formally, it's the study of how to determine consumer needs and translate those needs into products and services and selling them locally, nationally, and globally. Marketing is a practical, career-oriented, and solidly pre-professional major that requires analytical skills, logic, and creativity. Those skills are very important in a marketing executive. A marketing executive also needs to be

Can relationship marketing be applied to all service businesses?

2481 words - 10 pages . (2002) The Internet: New international marketing issues. Management Research News. 25 (12), 54-67Emmelhainz, M. Kavan, C. (1999) Using information as basis for segmentation and relationship marketing: A longitudinal case study of a leading financial services firm. Journal of Market-Focused Management. 4 (2), 161-167Gronroos, C. (1994) From marketing mix to relationship marketing: Towards a paradigm shift in marketing. Management Decision. 32 (2

Marketing Mix

1032 words - 4 pages following paper all tools in the marketing mix will be discussed and example will be given. The company that was chosen is Wachovia. Wachovia is a location throughout the nation. They offer many financial products. Examples will be given as to how these four elements affect Wachovia's strategy planning and how it is implemented. Wachovia is the financial industry and offers banking, mortgage loan and home security systems. Product Product

Marketing Mix

936 words - 4 pages following paper all tools in the marketing mix will be discussed and example will be given. The company that was chosen is Wachovia. Wachovia is a location throughout the nation. They offer many financial products. Examples will be given as to how these four elements affect Wachovia's strategy planning and how it is implemented. Wachovia is the financial industry and offers banking, mortgage loan and home security systems.ProductProduct is the first tool

Marketing Management

4688 words - 19 pages not have strong R & D department, high skilled workers and advance technology. For those, it must have strong financial capability, which can be achieved by concentrating on profit. Where as Kotler talks about customer satisfaction only, he does not concentrate on organisational objectives, which are also important to produce and introduce quality products and services to customers.Concept of MarketingIn terms of marketing concept, customer

marketing

1681 words - 7 pages competitive advantages in different aspects of its marketing activities.Marketing Mix is a very significant concept of the business progression. The products and services of the business organizations get a very effective strategic position in the market with the assistance of the application of marketing mix. Through correct diligence of the marketing mix, a company can have a well explicated marketing strategy and tactics through which the

Marketing in the Vehicle industry - University - Marketing

1526 words - 7 pages Introduction The financial services sector engages in investing, lending, insurance, securities trading, securities issuance etc. Examples of this are banks, insurance companies and investment funds. Firms such as these provide the capital needed to start up business and fund projects. The Banking and Financial Services Division helps regulate, and maintain a stable financial services sector Marketing is a management process in an organisation

Similar Essays

Marketing Plan: Mc Bride Financial Services Essay

1020 words - 4 pages standardization and review of the proposed marketing plan for McBride Financial Services, the company will benefit in both productivity and financially. This paper will discuss the current problems associated with McBride Financial Services' marketing plan, as well as possible solutions to those problems in the areas of research, media, target markets, and the internet.History of McBride Financial ServicesMcBride Financial Services was first

Promotional And Marketing Tactics By 'first! Home Loans' To Enter Into Financial Services Sector By Analysing The Competitors Promotional Tactics

2352 words - 9 pages of many media and tools to inform, persuade, remind and reinforce consumer's knowledge of a product or service. These include: mass communication such as advertising on television and radio, targeted communication like hosting a special event, in-store communication like brochures or posters and one-to-one communication such as direct mail. IMC has been shown to be a very effective marketing strategy, particularly for the services industry, as it

Holistic Marketing Essay

662 words - 3 pages heart of the business from the inside. The employees and how they view and embrace marketing is very important. This is especially important in the higher echelons of the company. (Kotler and Keller, pg 21) Performance marketing is the study of those factors that affect the financial and social responsibilities of the organization. These aren’t traditionally thought of as marketing issues. Today’s consumers are concerned with what the company does to

The Concept Of Financial Inclusion Essay

571 words - 3 pages , payment services, money transfer and insurance. Stephen P. Sinclair (2001) Financial exclusion means the inability to access necessary financial services in an appropriate form. Exclusion can come about as a result of problems with access, conditions, prices, marketing or self-exclusion in response to negative experiences or perceptions. Basic banking services for money transmission, credit, insurance, debt and debt assistance, long-term savings