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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
...
... middle of paper ...
...t of view. The consumer
has to be able to afford it, they may think price is an indication of
quality. It is up to the bank to concinve the consumer that the price
is worth paying, done through customer service and good marketing.
Price is arguably one solution to the problem if product
differentiation mentioned earlier. Allot of people will seek out the
cheapest price, Especially in motor insurance, mortgages etc. However,
other arguments suggest that ongoing high quality of products and
service can persuade customers to stay with the bank and buy from it.
So price is probably a temporary advantage over good, reliable
products and service.
References
· T, HARRISON. FIANICAL SERVICES MARKETING (2000)
· WWW.BANKOFSCOTLAND.CO.UK
· WWW.MICROSTRATEGY.COM
· S, FALCONER. MARKETING FINANCAIL SERVVICES,
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