Marketing Essay Example | Topics and Well Written Essays - 2000 words - 12

Marketing - Essay ExampleBut as I learnt more about the financial services presidential terms, I was equal to var. out that the perception that I had regarding such institution was just a mere image. I was fitted to learn that financial institutions be not just limited to banks but include a variety of players in the market. Some of the most prominent financial services organizations that I was able to figure out includes banks (retail, corporate, investment and private) mutual funds and trusts credit card issuers stock exchanges leasing companies and government and saving institutions. Thus it is one of the most important discipline outcomes from this course. Communication in the Marketing of Financial Services Before study about the financial services marketing, I considered communication the least important setting in financial services marketing. But with constant and continuous study I have made, it has made me realize that communication in the marketing of financial se rvices is regarded as the backbone of financial services. As communication is the interchange of information between two parties, I was able to learn that financial institutions to a great extent rely on the use of marketing communication i.e. advertisement, public relations and direct mail. With the help of such communication, the financial services aim to attract and lure the consumers towards the use of financial services. Such study has also helped me to understand that communication not only helps the financial services to attract customers but it also helps the organization to change their perception in the minds of the consumer. Moreover, I was able to identify that financial services ar intangible due to which these services are often colonial and quite risky but with the help of marketing communication, financial organizations substantively reduce the risks associated with the services and helps the organization to de-complex the products and services offered by the or ganization. I was also able to identify that financial organizations have shifted marketing communication to whole new level and media. Due to the increase in customer traffic on loving websites (i.e. Facebook and Twitter) financial organization have shifted their focus from traditional media to such media where the customer traffic is ten times higher. Marketing Mix and Financial Services I was well aware of the 4Ps of marketing but the study of financial services marketing I was able to extract the services mix that plays significant role in the success of financial services organizations. In addition to 4Ps (i.e. product, price, place and promotion) the services mix includes process, people and physical evidence which are the other 3Ps of service marketing mix. I was able to identify that marketing mix plays significant role in financial services and with the help of such mix, banks are able to accept deposits and lend money to the customers. But in order to effectively do that financial institutions are constantly in convey to understand the desires of the customers through which their trust could be won. This is where financial institutions rely on services mix. With continuous learning of financial services marketing, I was able to figure out that product mix helps the financial institutions to differentiate them from others in the market. The products offered by such institutions are c