Specific Features of Financial Services Marketing

2461 WordsDec 26, 200310 Pages
1.Specific Features of Financial Services Marketing It has been suggested that there are two characteristics, which are specific for financial services marketing. The first one would be fiduciary responsibility and the second one is the two-way information flows. 1.1Fiduciary Responsibility Fiduciary responsibility is one of the most important features within the financial sector. It has been described through Arthur Meidan as "the responsibility of any financial services organisation to guard the interests of its customers". This feature is very vital because if customers wont have the confidence and the trust in financial institutions, then they wont come back. But once they have gained the trust from the customer it is likely that…show more content…
2.1Advantage of Marketing Segmentation Marketing segmentation has a number of advantages. Here I will list a few of them: ·It helps organisations to exploit its strengths and expertise. ·It enables companies to find gasps in the market for new product opportunities. ·Enhanced customer satisfaction. ·It reduces the costs of promotional activities and avoids resources being wasted. ·Improved customer retention. 2.2Why Company 's do a Market Segmentation 'Market segmentation has been defined as a means of guiding marketing strategy by distinguishing customer groups and needs and it 's about dividing the market into distinct sub-sets of customers, where any sub-set can be selected as a target to be reached with a particular marketing strategy '. In simpler words, companies try to divide the mass market into smaller groups or also so called segments and then meet the particular needs of these segments. 2.3.The Features of a Market Segment Before a company tries to target a segment, they must sure that this target has certain qualities, otherwise they would waist their money and time on it. Probably the most important feature would be that the segment must be identifiable and measurable. Secondly, the segment must be large enough to be worthwhile bothering about and the company needs to know if the segment

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