Unique aspects of financial services marketing essay

Search goodExperience goodand Credence good There are many ways to classify services. One classification considers who or what is being processed and identifies three classes of services:

Unique aspects of financial services marketing essay

While each industry will evolve in a unique way, an examination of the forces influencing industry structure indicates that the deployment of Internet technology will likely continue to put pressure on the profitability of many industries. If traditional marketing is about creating exchanges that simultaneously satisfy the firm and the customer, what is Internet marketing?

Internet marketing is the process of building and maintaining customer relationships through online activities to facilitate the exchange of ideas, products and services that satisfy the goals of both parties.

Like a traditional marketing programme, an Internet-marketing programme involves a process. The seven stages of the Internet-marketing programme process are setting corporate and business-unit strategy, framing the market opportunity, formulating the marketing strategy, designing the customer experience, designing the marketing programme.

Service Marketing: 5 Unique Characteristics of Services

These seven stages must be coordinated and must be internally consistent. While the process can be described in a simple linear fashion, the marketing strategist often has to loop back and forth during the seven stages. Building and maintaining customer relationships: The goal of marketing is to build and create lasting customer relationships.

Hence, the focal point shifts from finding customer to nurturing a sufficient number of committed, loyal customers. Successful marketing programmes move target customers through three stages of relationship building: It is important to stress that the goal of Internet marketing is not simply building relationships with online customers.

Rather, the goal is to build offline as relevant as well as online relationships. The Internet-marketing programme may well be part of a broader campaign to satisfy customers who use both online and offline services, which can be devised in two as described below: Setting corporate and business-unit strategy: Corporate strategy addresses the interrelationship between the various business units in a firm, including decisions about which units should be kept, sold or augmented.

Business- unit strategy focuses on how a particular unit in the company attacks a market to gain competitive advantage. Phase two entails an analysis of market opportunities and an initial first pass of the business concept, that is, collecting sufficient online and offline data to establish the burden of proof of opportunity assessment.

A simple six-step methodology helps evaluate the attractiveness of the opportunity. However, it is important to stress that marketing plays a critical role in the opportunity assessment phase. Internet marketing strategy is based upon corporate, business-unit and overall marketing strategies of the firm.

The marketing strategy goals, resources and sequencing of actions must be tightly aligned with the business-unit strategy. Finally, the overall marketing strategy comprises both offline and online marketing activities.

Firms must understand the type of customer experience that needs to be delivered to meet the market opportunity.

Unique aspects of financial services marketing essay

Thus, the design of the customer experience constitutes a bridge between high-level marketing strategy and marketing programme tactics. When customers have some basic information, knowledge or attitudes about a firm or its offerings but have not initiated any communications with the firm, they are in the awareness stage.This slide show includes all the course contents for the subject of Services Marketing.

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Toyota Marketing Strategy Marketing Essay Toyota is a worldwide Japanese automotive corporation headquartered in Aichi, Japan. Toyota was founded in August 28 by founder Kiichiro Toyoda. Services marketing is a specialised branch of marketing.

Services marketing emerged as a separate field of study in the early s, following the recognition that the unique characteristics of services required different strategies compared with the marketing of physical goods..

Unique aspects of financial services marketing essay

Services marketing typically refers to both business to consumer (B2C) and business-to-business (B2B) services, and. Image: Financial Services Meaning & Importance Financial service is part of financial system that provides different types of finance through various credit instruments, financial products and services.

These unique natures of financial services are owing to the fact that they do not possess physical form and they cannot be stocked up and instead have to be created and used simultaneously.

Here several different aspects of the company like, marketing tools used by the company, the issues faced in terms of the customers, control system. Marketing is a planned that mix of the controllable elements of a product's marketing plan commonly termed as 4Ps: product, price, place, and promotion.

These four elements are adjusted until the right combination is found that serves the needs of the product's customers, while generating optimum income.

Financial Services | Meaning | Importance