Market
1
Marketing and financial services: an overview
Contents
• Learning outcomes
6
• Introduction
7
• The financial services industry
12
• Marketing
13
• Marketing services
16
• Financial services
20
• Technology
22
• Corporate social responsibility
22
• After the credit crunch
22
• Summary
23
• References
24
• Further reading
24
• Exercises
25
• Case study: Long live mutuality! The friendly society
25
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6 d MARKETING FINANCIAL SERVICES
Learning outcomes
By the end of this chapter, the reader will be able to:
• Understand how marketing theory underpins the marketing of financial services
• Appreciate how recent thinking in marketing and services marketing applies to financial services
• Be able to identify key issues for marketers of financial services
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MARKETING AND FINANCIAL SERVICES: AN OVERVIEW
d7
Introduction services: an offering in which the dominant part is intangible, which is the case in most financial services value: the aim of marketing is to create/deliver an offering that allows the consumer/stakeholder to derive benefits particular to their needs/wants
Services are products that we purchase and consume in ever-growing quantities; they range from restaurant meals to university education. In business markets, services include such things as cleaning and IT. The businesses that provide these services understand that delivering value and customer satisfaction are key to ensuring their businesses survive and flourish. Such is the importance and pervasiveness of services provision that it is argued that services now dominate marketing (see Vargo and
Lusch 2004), whereas goods used to have the upper hand.
What are financial services?
Financial services are any service or product of a financial
Marketing and financial services: an overview
Contents
• Learning outcomes
6
• Introduction
7
• The financial services industry
12
• Marketing
13
• Marketing services
16
• Financial services
20
• Technology
22
• Corporate social responsibility
22
• After the credit crunch
22
• Summary
23
• References
24
• Further reading
24
• Exercises
25
• Case study: Long live mutuality! The friendly society
25
March 17, 2010 17:26
MAC/FARQ
Page-5
9780230_201187_03_cha01
6 d MARKETING FINANCIAL SERVICES
Learning outcomes
By the end of this chapter, the reader will be able to:
• Understand how marketing theory underpins the marketing of financial services
• Appreciate how recent thinking in marketing and services marketing applies to financial services
• Be able to identify key issues for marketers of financial services
March 17, 2010 17:26
MAC/FARQ
Page-6
9780230_201187_03_cha01
MARKETING AND FINANCIAL SERVICES: AN OVERVIEW
d7
Introduction services: an offering in which the dominant part is intangible, which is the case in most financial services value: the aim of marketing is to create/deliver an offering that allows the consumer/stakeholder to derive benefits particular to their needs/wants
Services are products that we purchase and consume in ever-growing quantities; they range from restaurant meals to university education. In business markets, services include such things as cleaning and IT. The businesses that provide these services understand that delivering value and customer satisfaction are key to ensuring their businesses survive and flourish. Such is the importance and pervasiveness of services provision that it is argued that services now dominate marketing (see Vargo and
Lusch 2004), whereas goods used to have the upper hand.
What are financial services?
Financial services are any service or product of a financial
References: Carbo, S., Gardener, E., Molyneux, P. and Williams, J. (2000) ‘Adaptive Strategies by European Savings Banks: A Case Study of Spain’, in E March 17, 2010 17:26 MAC/FARQ