Essay about Marketing Financial Services

2536 Words11 Pages
Marketing Financial Services INTRODUCTION SECTION 1: Identify and review some of the strategies that the company uses to deal with the difficulties presented by the specific features of financial services marketing. SECTION 2: What market segmentation approaches does the company use and how effective do you think these are? SECTION 3: In what ways do the forces within the Macro OR the Micro marketing environment affect the company's ability to market its products successfully? SECTION 4: Select 2 components of the marketing mix and review the ways in which the company addresses these and incorporates them into its marketing approach. REFERENCES ---------- Note: I…show more content…
This also makes the marketing process more manageable. SECTION 1 Marketing is very important, especially in financial services. Deregulation and technological developments (such as the telephone and Internet) have helped make entering the market easier. Subsequently there are many new entrants capitalising on this and intensifying competition. Marketing is an ongoing process that companies must do. Marketing of financial services is slightly different to that of soft drinks products for example. The main differentiating features are: · Fiduciary Responsibly. This is an important feature of the financial service sector. Mckechnie (1992) regarded fiduciary Responsibility as being peculiar to financial service marketing. "The implicit responsibility of financial service orgainisations for the management of their customer funds and the nature of the financial advice supplied to their customers" (Mckechnie, 1992) People expect to be able to trust financial service providers. They expect their funds to be safe and managed reliably. If providers do not provide this then they will not attract and retain customers. If they are successful at this then customers will remain with them and also tell friends about them, the importance of word-of-mouth. This is
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