Bank Marketing

I- Bank and all of the surrounding banks have a homogeneous product established by similar functions; a homogeneous product is one that cannot be distinguished from competing products and has essentially the same physical characteristics (Alizon, Shooter & Simpson, 2010). There is a lot of competition in the Memphis banking arena, in the beginning I- bank was not in a position to dictate the price of products sold. However, they still must remain competitive in order to attract customers (Hymans, 1966). Again, being the 35th bank to open in Shelby County proves the field has room for another financial institution, but there are no barriers to the entry of a perfectly competitive market and no limitations on the exit of resources from a perfectly competitive market (Tailan & Liu,

The banking industry has undergone major upheaval in recent years, largely due to the lingering recessionary environment and increased regulatory environment. Many banks have failed in the face of such tough environmental conditions. These conditions

A marketing strategy is important for all company because it gives the opportunity to make them a products or services, which it will generate a profit. A marketing strategy combines all the business goals together and helps to focus on selling activities, and helps to determine the price of each product. It also helps to determine possible target clients. Therefore, it’s a combination of the four Ps: product, price, promotion, and place. Throughout this paper, I will explain the elements that makes PNC Bank successful and what are the areas that need improvement.

Despite stiff competition in banks, Metrobank do not engaged in television advertisement and celebrity ambassadors just what the competitors are doing. Metrobank believes that offering the products and services with commitment and dedication; honesty and integrity; high sense of prudence, responsibility, and efficiency in duties and to provide the services and product needed by the customers are two of the best marketing strategy to generate

There are various categories of banking; these include retail banking, directly dealing with small businesses and persons. Commercial and Corporate banking which offers services to medium and large businesses (Koch & MacDonald 2010). Private banking, deals with individuals, offering them one on one service. The last category is investment banking. These help clients to raise capital and often invest in financial markets. Most global banking institutions provide all these services combined. With all these institutions in existence within the same localities and offering similar services, there is a need to regulate the industry so as to protect the consumer and provide fair working environment for all banks (Du & Girma, 2011).

Ally Bank has become more of a well-known name over the last few years. Being the “product” of a bailout hasn’t been easy for them, but they are finding unique ways to brand themselves. Ally Bank should use marketing and advertising to continue to promote their brand name and what they stand for, along with education about the bailout. Ally will continue to grow their market over the years if they remain innovative. Ally Bank faces some tough competition but has been able to out-do them with their fantastic offerings.

‘ in markets with concentrated banking, potential entrants face greater difficulty gaining access to credit than in markets in which banking is more competitive.' ( journal) this is because if the banking industry is competitive they would try different ways in order to attract different customers, moreover they would be in favour of consumers as they do not want to lose them to competitors.

Of all the companies in my area there are many that don’t seem to implement the marketing concept to its fullest potential. Among these companies are Chase Bank, Big Lots, Pulse Yoga and Fitness Studio, and Tecknowlogic. On the other hand are the companies that use the marketing concept to the fullest extent. These companies include Huntington Bank, Meijer’s, The YMCA, and eGreen Computers, Inc. When looking at Huntington Bank everything they market and everything they set out to do is to satisfy their customers’ needs. Their marketing is everywhere from pens at the store, radio ads, television ads, billboards, etc. They make their banking and marketing out to be all about the customer and coordinate it between corporate, branches, employees, and take it as far as coordinating between bank accounts. Huntington is good at implementing the 4 C’s of customer value, cost, convenience, and communication. When looking at the marketing for Chase bank there is little marketing and it isn’t always geared to the customer. They lack in promoting their banking to customers and this is essential to maintain those customers. Chase is unable to show how valuable their company is in their marketing and should take measures to coordinate their efforts accordingly.

Bringing consumer and commezrcial banking branches and capabilities to more places in the United States

Thus, each bank needs to differentiate their product offers to customer, strengthen their portfolio, and improve services, etc depending on its strategies.

1. Personal Promotion: The bank marketer gets opportunity to tangibilise the product through personal selling; persuasion is more effective with direct contact. It helps in creating impulse buying.

Strategic marketing is the way a firm (bank) effectively differentiates itself from its competitors by capitalising on its strengths (both current and potential) to provide consistently better value to customers than its competitors. The marketing or promotion strategy that Affin bank strategizes can be considered as weak as compared to other financial institutions. The issue on promotional efforts are only too focusing on advertising through their official website and the placing of bunting at Affin bank’s various branches. Thus, the communications of such promotions are not made in large scale. Furthermore, the web design is also an important tool in marketing Affin bank brand awareness. The issue that lies in its web design are too simple and dull. Besides that, Affin bank does not provide loyalty programs or rewards especially for debit card users.

In 1996, Citibank was an emergent banking institution attempting to increase its market share in the competitive Los Angeles area. In order to do so, the bank’s strategy was to focus slightly less on their financial growth, and much more on providing “a high level of service to its customers”. Management viewed this paradigm shift as “critical to the long term success of the franchise”.

Private banking industry has changed in a very basic way, driven by many key factors such as: free competition systems, modern developments in information technology (in particular, developments of the internet), and changing demographics. Private banks now operate in an environment shaped by increasing and shifting regulations, and in markets influenced by the uncontrolled situations of the world economy and geopolitical issues.

The purpose of this research paper is to examine the service marketing triangle and how it relates to the role of service employees in banks and financial institutions. Using academic journals and articles, this paper addresses the different aspects of the service triangle, including external marketing, internal marketing, and interactive marketing and the significance of adapting this strategy for bank service employees. By using this strategic framework, bank management will be able to monitor and understand the service employee’s role in the overall success of the bank.