17-04-2012, 03:12 PM
MARKETING OF FINANCIAL SERVICES
POWER POINT PRESENTATION ON. MARKETING OF FINANCIAL SERVICES.pptx (Size: 371.01 KB / Downloads: 55)
MARKETING CONCEPT
A situation where buyers and sellers of a commodity interact.
Coming together of buyers and sellers of the same or similar commodities.
Marketing is the process of determining consumer demand for a product or service , motivating its sale and distributing it in to ultimate consumption at a profit.
CHARACTERISTICS OF SERVICES
Intangibility
Inseparability
Heterogeneity
Perishability
SERVICE
A service is any act or performance that one party can offer to another that is essentially intangible and does not result in the ownership of anything. It’s production may or may not be tied to physical product.
MAREKTING OF FINANCIAL SERVICES
Intangibility, inseparability and heterogeneity are manifested at both strategic and tactible levels in services marketing.
Marketing strategy provides the organisation with a sustainable competitive advantage in the markets it operates.
Organization should understand consumer needs and identifies how those consumers should be grouped into different market segments.
Product attributes, pricing decisions, methods of distribution and communication should all seek to reflect the chosen position.
Unique Aspects of Financial Services
Subjective Perceptions of Quality: A unique aspect of financial services marketing which differentiates it from other marketing practices is the illusive notion of quality.
Price Complexity: The prices of financial services are intrinsically complex. For example, the lease price of an automobile might consist of monthly payments, the number of payments and a down payment, rather than the single sticker price used when purchasing the vehicle with cash.