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Marketing in banking industry
Marketing of financial services 7ps lecture notes
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I. Introduction
Within our society, financial institutions are becoming more abundant. Along with this present growth, the field of marketing financial services has also grown in size and scope with new entrants everyday. The relatively stable banking environment is being altered with innovation, opportunism, and government intervention. This era, marked by the government’s luminous hand of deregulation (defined as the act of removing regulations or restrictions from a specific entity), has expanded consumer options to the extent that commercial banking must now become an aggressively competing member of the financial services industry. In this new era, important marketing areas such as regulation, environment, product, competition in the market, and delivery of product can no longer be overlooked.
II. What is Marketing and Its Role in the Success of Financial Institutions?
What is marketing? According to the American Marketing Association, marketing is the “performance of business activities that direct the flow of goods and services from producer to consumer or user.” In the context of the financial institution, marketing is defined as the “creation and delivery of customer-satisfying services as a profit to the bank or financial institution.”(McMahon, 1986). With further examination of the previously stated definition, it can be seen that marketing is looked upon as 1) an active process (therefore, ongoing with endless possibilities), with 2) a direct focus on the customer or consumer. Initially, it can be seen that marketing plans that result in efficient returns and profits do not appear out of thin year, but are created. (McMahon, 1986). Once created, these plans must be delivered properly to the consumer. For example, a teller at a bank, with poor delivery and selling, can ultimately destroy a thoroughly thought out creation aimed at providing superior customer service. Also, marketing is customer-oriented, meaning that it is imperative to take into account whether customers are satisfied and their needs/wants are fulfilled by the products or services offered by the bank. (Reidenbach and Pitts, 1986).
Marketing, like any other activity associated with business, is goal-directed. To meet specific goals, individuals in management of these financial institutions create a marketing strategy. A marketing strategy “consists...
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References
Works Cited
Benn, Alec (1986). Advertising Financial Products and Services. Quorum Books: New York, pp. 100 – 150.
Hodges, L.H. and Tillman, R. (1968). Bank Marketing: Text and Cases. Addison-Wesley Publishing Company: Massachusetts.
McMahon, Robert J. (1986). Bank Marketing Handbook: How to compete in the Financial Services Industry. Bankers Publishing Company: Boston.
Reidenbach, E.R. and Pitts, R.E. (1986). Bank Marketing: A Guide to Strategic Planning. Prentice Hall: New Jersey.
Works Referenced
Donnelly, J.H., Berry, L.L., and Thompson, T.W. (1985). Marketing Financial Services: A Strategic Vision. Dow Jones-Irwin: Illinois.
Kinnear, T.C. and Bernhardt, K.L. (1986). Principles of Marketing. Scott, Foresman & Company: Illinois.
Larreche, Jean-Claude and Strong, E.C. (1982). Readings in Marketing Strategy. Scientific Press: Palo Alto.
Sinkey, J.F. (1986). Commercial Bank Financial Management, 5th edition. South-Western Publishing Company: New York.
Armstrong, Gary, and Philip Kotler. Marketing: an introduction. 11th ed. Upper Saddle River, NJ: Pearson Prentice Hall, 2013. Print.
Pride, W & Ferrell, O.C. 2000, Marketing Concepts and Strategies, Boston: Houghton Mifflin, p. 103.
Marketing at the Vanguard Group. In light of an evolving market, faced with new competitors, and after a careful analysis of their current customers, the Vanguard Group (hereinafter referred to as “Vanguard”) realizes it must rethink its entire marketing strategy. However, in order to protect and leverage their competitive advantage, which is their low management fees, and to optimize the loyalty that their customers continuously demonstrate toward their organization, they must now target the most profitable segment for them, and develop the best way to serve and delight these customers. SITUATION ANALYSIS Highlighted SWOT Strengths Low fees strategy - a good idea.
This paper will analyze the mission and vision statements of JPMorgan Chase & Co against the performance of the organization. An evaluation of how well the company lives out its mission and vision statement will be provided. The organization’s strategic goals link to the company’s mission and vision will be assessed. An analysis of the company’s financial performance to determine the link between the company’s strategic goals, strategy, and its financial performance. A competitive and marketing analysis of JPMorgan Chase & Co will be conducted to determine its strengths and opportunities.
Through Imperialism, Britain oppressed many countries, including India. British influence stripped Indian culture and in some way, civil rights. As a result, a civil rights activist by the name of Mahatma Gandhi refused to replace his culture with that of the British. He also refused to accept that violence was the only way to gain independence. Throughout his philosophical journey, Gandhi went through trial and error to accomplish his ambitious goal. Conversely, Gandhi successfully approached India’s oppressors, inspired his followers, and built a loyal community through nonviolent protests.
Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.
Tragically, Gandhi was assassinated on January 30th, 1948 at the age of 78. The killer was a radical Hindu named Nathuram Godse, who believed that his support of peace with the Muslims was traitorous. Through his long and loving life, Gandhi proved that the most powerful instigator of change doesn’t have to be bloodshed. He accomplished much more than any of history’s most violent revolutionaries, and he didn’t need to throw a single punch to do it. Although Gandhi himself drew inspiration from other famous spreaders of peace like Jesus and the Buddha, people hundreds of years from now will still probably know about his remarkable existence, just as they’ll still remember the lives of his own influences.
Kotler, P. & Keller, K.L., (2009), A Framework for Marketing Management. 4th edition, Pearson Prentice Hall: USA
Etzel, Michael J., Stanton, Bruce J., Stanton, William J. (2004). Marketing. (13th ed.). Boston: McGraw-Hill.
Cravens, D. W., & Piercy, N. F. (2009). Strategic marketing (9th ed.). New York, NY: McGraw-Hill.
Initially the bank’s core banking system was product oriented, but the need of the hour was to develop a customer oriented system, because the challenge is to build customer loyalty, cross sell, and enhance repeat business.
Armstrong G. & Kotler P. (2007) Marketing: An Introduction 8E Upper Saddle River, NJ Pearson Prentice Hall Publishers
Petty Ross D. Editor's Introduction: The What and Why of Marketing; American Business Journal, Vol. 36, 1999
In 1914 he returned as a hero to all Indian people and was considered a holly man, because of this he was often referred to as Mahatma which means great soul. Wile in India the British started to take Indian civil liberties after world war one, hence Gandhi protested fallowing his own nonviolent ways when the Amritsar massacre occurred and both he and India came to the realization that India needed to be a self governed people.
“The strongest physical force bends before moral force when used in the defense of truth.” - Mahatma Gandhi (Bondurant). Mahatma Gandhi was the main leader in helping India become independent through the principles of non violence, self-rule, and the unity of Hindus and Muslims. His full name was Mohandas Karamchand Gandhi, but he was given the name Mahatma later on in his life. He wanted to see an united India without the rule of the British Empire. He accomplished this with passive resistance or resistance by non violence because he wanted to show that violence is not always the best answer.