Service Marketing On Bank Of America

Decent Essays
Jaquelle, Silam, Silas, and Trang
Service Marketing on Bank of America
Based on service Intangibility
Unlike goods, services are typically produced and consumed simultaneously. The service and provider are always linked together. Banking is one of industries need much more services. Employees, Email, ATM, Online banking are the vehicles that the bank uses to deliver their services to the customers. “Products are tangible while services are intangible in nature. Intangibility of services is derived from the fact you cannot see or touch service. A service is made and delivered on spot and hence it cannot be measured as easily as a tangible product as you know.”
Intangibility of services can be explained by a clear comparison between those
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Marketing an intangible product becomes even more difficult in the Bank of America. The ability to a branch to render quality services is very impossible to market. How can you grade one branch against the other, because there are thousands of branches of Bank of America out there and the success of banking also depends on the ability of the customers to corporate. Thus, in such a case, you need to market customers results to bring attention to Bank of America and the employees. You need to show the excellent results which the employees has given because the service in itself is intangible service. Another problem due to intangibility of service is that services cannot be stored. The intangibility of services is the dominant characteristics of services and biggest challenge for marketers as well as service product owners. There are five main characteristics of intangibility of services:
• Service cannot be touched
• There is no precise standardization method for service
• Services cannot be patented
• There are no inventories in service
• The consumer is part of the service process because he consumes the service. Thus, either the service must go to the customer or the customer has come to the service e.g. Bank of America
Overall, intangibility of service is a challenged being faced by many marketers, and marketers, being smart as they are, have always countered this problem by being more innovative so that they can
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