Service Marketing On Bank Of America

In the manufacturing company of Wrangler Jeans (manufacturing environment), the output is better described as goods. These goods have a tangible sense to them. These goods to a consumer can be felt, seen, touched and manipulated as desired. However, with the services environment consumers are more of an intangible product offered. Plainly put these explanations give us the distinct difference between these two environments with regards to how the consumer is able to see these products. As an example with these companies Wrangler Jeans manufacturers pants that are worn by a consumer, whereas Verizon provides services for consumers including television and cell service.

Tangible goods, or rather manufactured goods, have been the dominant medium of exchange for centuries. However, recent decades have proved that it is no longer the case as there has been a prevalence of being service oriented (Vargo and Lusch, 2004:1-2). Services, as defined by Vargo and Lusch (2004), are  “the application of specialized competences (knowledge and skills) through deeds, processes, and performances for the benefit of another entity or the entity itself (p.2).” Utilizing services gives businesses an edge, a competitive advantage, particularly in an evolving competitive market, something which Metalfrio is definitely part of (Vargo and Lusch, 2004:9).  Those businesses that learn to adapt tend to do well. In addition, Vargo and Lusch (2004) write this shift to services is also a shift from producer perspective to a customer perspective (p.2). Thus, it leads to more of a collaborative effort where co-creation leads to adding value to the service rather than a product having value (Vargo and Lusch, 2004:6). Also, customers rather develop relationships with those that can provide a range of related services over an extended period of time, thus allowing businesses retain their clients for the long term (Vargo and Lusch, 2004:13). Overall, service oriented marketing is a direction that businesses should be headed towards to ensure that they can remain relevant and competitive in the

Some people wonder why we as a species get fascinated with the allure of fear and the way it frightens us. It could be the imagination our brain creates to scare itself, or possibly the strange unknown… What we don’t understand that makes the phobia come up to the surface and controls our body and mind. In social media, and the content we consume, there are artists and creators that develop it that’s supposed to scare the skeleton out of our skin. How they do it is from transformations.

The advertising media often stereotypes gender roles either for added effects or for humor. Repeated use of these role-plays reinforces the public’s perception about how men and women should behave. This also shapes the expectations that society has towards them. The manipulation of these stereotypes by the media is an unconscious byproduct of the thinking of most men and women about what roles each gender should play. Deterministic theories emphasize that men and women evolve differently and they play distinct roles. This paper will dissect the issue of the influence of the advertising media on gender perceptions and representation of stereotypes.

Lusch et al. (2007) describe as marketing emerged in the beginning of the 20th century, it embraced the goods-dominant (G-D) logic. The concept of the Four Ps of marketing mix – product, price, place and promotion became treated as the basic model at that time. (Grönroos, 1989) Today, this paradigm is beginning to lose its position. Service marketing is one leading new approach to marketing. Four main characteristics of services defined by Kotler et al. (2009) are intangible, perishable, variability and inseparability (see Appendix A). Thus, Booms and Bitner (1982) turn services marketing into 7Ps by adding people, physical evidence and process.

Victorino et al. (2005) consider service innovation as an essential element in the marketing concept because it creates an opportunity for the firm to stay

Qns. Using a service example of your choice, explain how the service company can deal with intangibility, inseparability, variability and perishability.

phenomenally in recent years due to the sharp increase in the number of primary co-

As a result, a new service “Tawasul” launched in the market and the reason why the Bank choose it as their competitive advantage because it provide all the differences a competitive advantage should hold and as will it met the banks objectives. As a service that is different “Tawasul” have it all. It is Important to the customer, distinctive as no other bank in the same market provide the same, superior .communicable, pre-emptive as it’s not easy to be cloned, affordable to customers and finally profitable to the Bank.

While some innovations come about as a response to customer needs or demands, often the most valuable innovations are those for which the customer is not yet aware of the need. After all, if the need is known to the customer, then it will be known to not only your company but your competitors as well. If, however, a company can fill a need before that need has been identified, then it will be in an excellent competitive position. Fostering innovation in services is often in direct response to a customer need, but there are strategies that firms can undertake to innovate even before the customers are aware of what they need.

The process by which the intangible offering is transferred from the provider of service to the seeker of service. Several tenets of the product marketing apply to services marketing especially in B2B environment. So much so that in certain scenarios product is actually replaced or used interchangeably with Services. We already saw the overlapping use of 3 P’s of

Services marketing are crucial compared to product marketing because services are generally produced while serving the prospect and consumed on the spot and it cannot be stored.

Recently there has been a shift away from the traditional product-orientated marketing perspective to a more service-orientated one which focuses on “intangible resources, the co-creation of value and relationships” (Vargo and Lusch, 2004). Merz, He & Vargo (2009) commented that goods were a “vehicle for service”, and whilst the provision of goods was still an important part of a transaction, there will always be some element of intangible service attached to each product, which develops relationships and delivers value to the consumer (Ballantyne & Varey, 2008).

Within our society, financial institutions are becoming more abundant. Along with this present growth, the field of marketing financial services has also grown in size and scope with new entrants everyday. The relatively stable banking environment is being altered with innovation, opportunism, and government intervention. This era, marked by the government 's luminous hand of deregulation (defined as the act of removing regulations or restrictions from a specific entity), has expanded consumer options to the extent that commercial banking must now become an aggressively competing member of the financial services industry. In this new era, important marketing areas such as regulation, environment, product,

Our focus and marketing message will be the services offered. We will develop our message, communicate it, and fulfill our commitment to excellence.