Critically Analyse the Marketing Strategy and Marketing Mix of a Recent Successful Marketing Innovation in the Financial Services Industry.

Service innovation happens when a company changes and improves their customer service methods. This makes the company’s product more desirable to customers because they are offered better customer service. This also gives the company the opportunity to build a better relationship with their customers. Often service innovation involves getting customer feedback on how to better their customer service. Better customer service creates more customers and; therefore, more cash flow and profits are experienced by the company.

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.

Attitudes about spending changed drastically. At this point, more people had access to credit cards because credit card companies stopped limiting their customer base to the wealthy, and began issuing cards to people with moderate to low incomes (Garon, 2012, CNN World). This gave Americans a way to purchase goods and services immediately, even if they didn’t have the cash on hand. The seven to eight percent savings rate maintained in the United States from the 1960s to the 1980s plummeted to less than two percent, and remained so until the first decade of the 21st century (Melicher & Norton, 2014, p. 168).

Five years post the Great Recession of 2008, Jennifer still makes out a weekly budget. She calculates her paycheck and expenses and leaves 50$ for gas and groceries and avoids frivolous spending. “It’s worth the wait for things. I consider whether I really need or I really want something” says Jennifer, 35, who lost her job, her car, her house and filed for bankruptcy in the last four years. These stories are common among many Americans who continue to practicing these money saving habits to keep financially afloat since the collapse of the housing market. Two trillion dollars of Americans’ retirement savings gone, 16.4 trillion of American household net worth vanished, global economies

The Federal Reserve statistics indicate that the average U.S. household has a credit card balance of $7,283 while the average indebted household has an outstanding balance of $15,611 (Bricker, et al., 2014). Only home mortgages and student loans exceed credit card balances. If consumers hope to create an appropriate level of wealth to support themselves in the latter years of life and avoid counting on government programs as their primary source of income, consumers will need to save more of their income. Servicing credit card debt required approximately 13.9% of consumer’s disposable income in the fourth quarter of 2008 (Wilcox, Block, & Eisenstein, 2011). If these dollars were available as contributions into a retirement account on behalf of the consumer, countless people would be confident about their ability to save for an appropriate lifestyle in retirement. The abuse of credit card usage may be caused by a lack of spending discipline, lack of information or a lack of financial literacy, or a combination of the three. These shortfalls are examined to determine if policy makers can intervene to motivate consumers to generate improved decisions regarding the use of credit cards. The first step in this process is having a basic understanding or knowledge of financial matters. The need for improving financial literacy in America continues to grow as financial products and services continue to become evolve in complexity. The Great Recession has recently proved that financial literacy in this country has room for improvement at all economic levels. The CARD Act required The Secretary of Education and the Director of the Office of Financial Education of the Department of the Treasury to coordinate with the President’s Advisory Council on Financial Literacy to develop a strategic plan to improve, expand and support financial

This book is an eye opener that teaches people with ordinary incomes that they can afford to save for the future. It even addresses and speaks to those whom might be living paycheck to paycheck. This book lays the groundwork for not only our lives, but the lives of our children and families.

At Bank of America we are looking to deliver what the customer wants. We believe that there are five pillars. They are easy to use, clear, and straight forward banking, friendly and knowledgeable associates in the community, reliable products and services, security and accessibility. These tools will help our customers feel in control of their financial decisions. To make sure that this commitment is communicated we will market through mass media, associates, print ads, and radio. We have also switched the way we will target the customers. The customer will fall into three segments. They are Mass Market, Mass Affluent, and Small business. This will assure that we are delivering the

Our California Institute of Advanced Management consulting team (BECK Consulting) looked into many different areas to gain helpful insight and information for Song & Meng, P.C. Our BECK Consulting group focused on four key areas: online marketing strategies, offline marketing strategies (specifically

Finance stability has been a problem since “big business”, the Gilded Age in the 1870s, the Stock Market Crash in 1929, and even with the sixteenth amendment in 1913. Living is becoming expensive in the 21st century automobile expenses, house payments, food, clothing, and so on are ways an individuals income can be tampered with. That’s why America should learn to budget themselves to keep money in their pockets. When it comes to making decisions on purchases one should, "Wait overnight, put some time between your emotions and the transaction." (Rachel Cruze). Saving money will not only build your income but the savings act as a ‘life line”; this prepares you for a life time enjoyment after retirement, provide a safety net in case of an emergency and aid in being financially

Main Idea: This article discusses the transformations of strategic marketing. Marketing is not what one initially assumes it is, and with the technological changes and innovations coming about, marketing has faced several barriers and future impact.

“Marketing strategies can have a broad impact on the business in terms of instilling a marketing orientation among all those in the firm: the way of thinking or philosophy of the whole organization. However, marketing strategies can alternatively be seen as dealing only with the development of competitive advantages directly associated with the marketing function such as customer loyalty and distribution channel control. In the latter case, the domain is sometimes even further restricted by sole attention to the various element of the marketing mix rather than the more general issues of customer and channel relationships. There are two key

Having an electronic banking card is great, if one is ever in a difficult situation it is easily accessible and a reliable ally. However, this tool should not be used every day. Simply by carrying around cash it will be much easier to monitor the amount of money that is being spent on a daily basis. This leads to less money being spent over longer periods of time. Carrying around a twenty dollar bill forces a person

The term "product" refers to tangible, physical products as well as services. A product is everything one receives in an exchange,

Marketing is selling the product goods and service by knowing the needs and wants of the customer and consumer (Kotler P, 2009). Marketing Management expertise has capable of knowing the change of an organisation to manage both the internal and external challenges of environment (Cant M C, et al, 2009). A company needs to classify the customer needs and identifies the demand of the supplying

The success of any business very much depends on the business understanding its target market. Likewise, Sun Life’s presence in Malaysia required them to grasp their target market and for this purpose, the Marketing Mix 7 P’s in the context of their business is applied.