Challenges in Service Marketing

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

Most new entrants are technology firms of all sizes that are looking revolutionize the banking industry as they revolutionized almost all major industries in the past 15 years. These firms apply concepts such as artificial intelligence and 24/7 connectivity to create innovative ways of performing tailored banking operations at lower cost and with greater convenience for the consumer. Retail banks however have an opportunity to maintain relevancy over the upcoming decade, but in order to do so they must harness technology either through in house innovation or partnerships to accentuate they’re current competitive advantages such as personalized

At the time where competition became a reality for banks, Jyske Bank decided to make a major personality transformation from a traditional bank to a unique and different one. The new concept emerged from the values of society and the changing economy, and its main goal was to make banking more fun and less pretentious. This report will discuss the case study of “People, Service & Profit at JYSKE Bank” and will provide a detailed analysis of their marketing mix and how they modernized the 7 P’s to suit the changing customer needs.

3. (TCO H) Marketers recognize that the marketing of services is different than the marketing of a product because of the different characteristics that distinguish them from physical products. How do marketers communicate the value of services to consumers? How do they make these intangible services appear tangible to the consumer? What are some marketing strategies that might be employed with services to

There has to be an understanding of the complexity of services before one can begin to determine what challenges face the service industry and the most efficient means of facing those challenges to maintain success. A service organization provides intangible services for a monetary value as perceived by the consumer (Lovelock & Wirtz, 2011). A simple definition is that there are no physical items exchanged in a service transaction as opposed to retail where an item is given in exchange for a predetermined price point. This paper will provide

The service industry interacts with our lives on a daily basis. Services can be defined as deeds, processes and performances. When considering the differences between products and services, intangibility and the fact that a service cannot be touched, tasted, viewed or tried on are terms often used (McColl-Kennedy & Kiel 2000). Services differ from goods in essentially four ways: (1) intangibility; (2) inseparability; (3) heterogeneity; (4) perishability (Kotler, Brown, Adam, Burton, Armstrong 2006). To deliver a quality service, managers also pay attention to the importance of tangibles that support service delivery as well as service delivery blueprinting. Managers must also accept that service failures occur and be able to

Extensive research has determined that the banking industry is in an unstable state. The industry’s profits have

In the current global order, where the world has become a big village, consumers take a global look at the products and services in terms of price, quality, delivery and after-sale services. This trend has sown the seeds of competition in every sector of economy and banking sector is no exception to this event.

The banking industry is highly competitive. The financial services industry has beenaround for hundreds of years and just about everyone who needs banking servicesalready has them. Because of this, banks must attempt to lure clients away fromcompetitor banks. They do this by offering lower financing, preferred rates andinvestment services. The banking sector is in a race to see who can offer both the

Service firms are increasingly using customer service to develop sustainable competitive advantage – through value generation as well as differentiation. This

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

Qns: Discuss the 4 major characteristics of services and the marketing strategies available for the service organization.

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.

In an ideal situation, customers would not have to wait for the delivery of products and services. However, in the real world, organizations cannot always match exact capability and demand; therefore, waiting is frequently inevitable while purchasing, especially in service marketing, as service firms can barely inventory their “stock” for sale at a later date (Lovelock, 1992, p.154). In general, waiting in lines – known as “queuing”, happens when the number of customers arrive at a facility exceeds the capability of the system to serve them (Lovelock & Wirtz, 2011, p.260). Basically, this essay will state the relationship between queuing and customer satisfaction, as well as relationship between customer satisfaction and

Services are economic activities offered by one party to another. Often time-based, performances bring about desired results to recipients, objects, or other assets for which purchasers have responsibility. In exchange for money, time, and effort, service customers expect value from access to goods, labor, professional skills, facilities, networks, and systems; but they do not normally take ownership of any of the physical elements involved.