Learning outcomes
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At 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
At the end of this chapter, the reader will be able to:
- Comprehend the key external influences in the marketing of financial services
- Appreciate the importance of environmental scanning in the marketing of financial services
- Integrate a stakeholder perspective into environmental scanning
At the end of this chapter, the reader will be able to:
- Understand the importance of integration of consumer behaviour into marketing strategies
- Evaluate customer behaviour theories, both business to customer (B2C) and business to business (B2B), with reference to financial services
- Appreciate how important theories of customer satisfaction, dissatisfaction, inertia, loyalty, switching, word of mouth, risk and trust affect financial services marketing
- Develop arguments for strategies built around customer behaviour (demand-side) in the marketing of financial services
At the end of this chapter, the reader will be able to:
- Distinguish between different approaches to segmentation in consumer and business markets
- Appreciate the contributions of multisegment marketing to targeting strategies
- Develop rationales for outline segmentation strategies and subsequent targeting
- Understand and articulate the key aspects of the positioning of financial services
At the end of this chapter, the reader will be able to:
- Appreciate different types and sources of data that underpin decision-making in the marketing of financial services
- Describe the processes in customer relationship management
- Provide an outline of the main considerations of managing customer information for marketing decisions
At the end of this chapter, the reader will be able to:
- Appreciate the role of relationships in financial services marketing
- Embed relationship marketing within the strategies for economies of scale and scope
- Understand the key marketing actions that contribute to the creation of customer loyalty
At the end of this chapter, the reader will be able to:
- Appreciate how branding theory applies to the marketing of financial services
- Contribute to developing branding strategies in financial services
- Describe the key branding issues that apply to financial services, such as corporate branding and corporate communications
At the end of this chapter, the reader will be able to:
- Understand the nature of the financial services product and the difficulties of achieving differentiation
- Suggest how value is created in financial services products
- Comprehend the key issues of product development in financial services
- Appreciate service bundling, the role of service quality, service failure, service recovery and affinity marketing as part of managing the service offering
At the end of this chapter, the reader will be able to:
- Comprehend key pricing considerations in the marketing of financial services
- Evaluate pricing strategies, including cross-selling, product bundling, relationship pricing and customer value
- Critically consider pricing strategies in financial services for different segments
- Appreciate the role of value in the marketing of financial services
At the end of this chapter, the reader will be able to:
- Understand the relationship between the channel of distribution and the financial services offering
- Appreciate the range and drivers of channels in the distribution of financial services
- Propose strategies for managing multiple channels in financial services distribution
- Articulate the key principles for successful multichannel marketing to retail and business markets
- Appreciate the marketing impact of remote channels on banking and customer satisfaction
At the end of this chapter, the reader will be able to:
- Appreciate the interaction between the sender and recipient of marketing messages
- Define marketing communications objectives
- Provide an overview of major communication strategies in the marketing of financial services
- Appraise the key strengths of marketing communication channels in terms of strategic objectives, particularly new communications channels
At the end of this chapter, the reader will be able to:
- Provide an overview of the principal components of marketing strategy and planning
- Outline key aspects of financial services marketing strategy and planning
- Review arguments for evaluating marketing practices and strategies
- Discuss marketing approaches for financial institutions (FIs) post-credit crunch
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