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 that uses a system to identify the needs of a customer and find ways to satisfy these needs to produce a profit. When people think of marketing they think of sale but there is actually a lot more that goes in to marketing that just sales and I will be expanding on this in greater detail throughout this essay.
Marketing philosophy is one of the three core philosophies of marketing. The marketing philosophy focuses on the needs and wants of the customer and convinces the customer that this is the best product for them on the market. Accountancy firms can use this philosophy to convince customers that they are the best choice and will manage their money in the most effective way.
Internal marketing is the communicating, motivating and training of service staff to cause them to work effectively in providing customer service and satisfaction. Recently the term has been expanded to all staff with the aim of achieving the acceptance of marketing ideas and plans. The financial service sector can use this to attract customers. For example, banks can train their employees to be polite and also provide them with the knowledge needed to answer customer questions/complaints.
Strategic Marketing is the approach a firm takes to securing relationships with its customers, it usually involves segmentation, targeting and positioning as well as the adaptation of a suitable marketing mix. Insurance companies can use this to allocate the best price to each segmentation of customers
Marketing Planning is the process by which businesses analyse the environment, decide upon the courses of action and implement those decisions. Stockbrokers can use this to find the best possible way to advertise their service.
Tactical Marketing is marketing a product or service in a certain place or at a certain time when/where you know you target market will be. Banks can do this by advertising low interest rates on student loans Mid July/August just before students go to college.
Marketing Environment is the factors and forces that affect a company’s capability to operate effectively in providing products and services to its customers. For accounting firms, the tax time of the year is the busiest time and because of this they mightn’t be able to get other work done.
Buyer Behaviour is the reasons why customers buy, their choice criteria, when, how and where they buy. For example, just before Christmas, customers might decide to take out a loan to pay for Christmas presents. Banks might use this knowledge and compete with other banks on the...