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Marketing of Financial Services (Managing the Marketing Mix (The financial…
Marketing of Financial Services
Elements of Market Research
Marketing research
marketing intelligence
market research
The market research process
Establishing purpose of research
Designing research process
Sources and types of data
primary data
secondary data
source
official
commercial
other
methods of data collection
exprimentation
observation
Surveys/interviews
implementing investigation
analysing data
present findings
Managing the Marketing Mix
The role of the financial services marketing mix
The financial services Marketing mix : key issues
intangibility
inseparability
heterogeneity
People
Physical evidence
peripheral evidence
essential evidence
Process
Product policies
The concept of the service product
what customers want
what organisations can provide
core
tangible
augmented
potential
Islamic financial Instruments
al-murabahah
al-musyarakah
al-mudharabah
al-ijarah
qard hasan
amanah and al-wadiah
al-kafalah
takaful
Factors influencing product management
Managing existing product lines
product attributes
product modification/product development
New product development
major innovations
new services lines
pricing decisions
Influences on pricing
Internal influences
objectives
maximising return on investment, profit or margin
maintaining or increasing market share or sales
costs
marketing mix
internal stakeholders
External factors
consumers
competition
intermediaries
shareholders
policy and regulation
Challenges associated with pricing financial services
internal issues
costs
risk
external issues
complexity and transparency
uncertainty
variability
Approaches to pricing for financial services
forms of pricing
explicit or overt pricing
implicit or covert pricing
spread pricing
pricing strategies
fixed fee
transactions charges
two-part tariffs
Promotion
Principles of communications
Planning a promotional campaign
objectives
target audience
formulate message
budget
The affordable method
sales revenue method
the incremental method
the competitive parity approach
the objective/task method
promotional mix
implementation and monitoring
Approaches to pricing for financial services
advertising
personal selling
publicity/public relations
sales promotion
Distribution
Direct or indirect distribution
Choosing distribution channels
Types of distribution channels
Services quality and customer care
what is service quality
the gap model of service quality
the outcomes of service quality