Published on March 12, 2014
1 Marketing of Financial Products Credits: 4 Lecture -1 Parveen Sharma 1 MoFP for TKW’s
2 MoFP for TKW’s 2 Syllabus Marketing of Financial Products Market Segmentation & Consumer Behavior Marketing Communication Distribution & Pricing Sales Force Management Evaluation Written Examination: 70 Marks Project Work: 20 Marks Internal Assessment: 10 Marks
3 MoFP for TKW’s 3 Study References “Marketing Financial Services” by Hooman Estelami “The Financial Services Marketing Handbook” by Evelen Ehrlich and Duke Fanelli “Developing New Financial Products” by Gary H Raddon “Bank Marketing” By SM Jha, Himalaya Publication “Managing and Marketing of Financial Services”, Taxmann Publication
4 The marketing concept holds that the key to achieving organizational goals consists in determining the needs and wants of target markets and delivering the desires satisfaction more effectively and efficiently than competitors.(by John B Mckitterick) Organizational goals Need & wants Satisfaction Effectively and efficiently than competitors NN The Concept of Marketing MoFP for TKW’s
NN The Gamut of Financial Services 5 Financial services are any service or product of a financial nature that is traded in financial markets. We can also say services related to financial instruments are financial services. MoFP for TKW’s
6 NN Marketing & Financial Products 6 MoFP for TKW’s Banks/FI’s no longer remain in their tradition service and have become very dynamic with the rapidly changing macro environment. Why is this happening? Customer expectations & increasing focus on Customer Satisfaction Globalization Competition & Shrinking profit margins Technological Advancements FI’s are becoming ‘One Stop Financial Service Centre’.
NN Changing landscape of Financial Products & Services 7 MoFP for TKW’s
NN Changing landscape of Financial Products & Services 8 MoFP for TKW’s
NN Justification for MoFP 9 MoFP for TKW’s Understanding the customers Satisfying the customers Excelling competition Formulating & Innovating the Mixes Social orientation Just Selling is not Marketing
MoFP for TKW’s Physical Goods Services 1. Tangible Intangible 2. Homogeneous Heterogeneous 3. Product and distribution separated from consumption Production, distribution and consumption re simultaneous process 4. A thing An activity 5. Core value produced in factory Core value produced in buyer-seller interaction 6. Customers do not participate in the production process Customers participate in production 7. Can be kept in stock Cannot be kept in stock 8. Transfer of ownership No transfer of ownership NN Marketing Goods vs Service 10
11 NN 11 MoFP for TKW’s Marketing Objective General Objectives Increasing Market Share Maximizing Profitability Expanding Business Formation of Marketing Strategy Operational Objective Branch Efficiency Increasing Awareness Customer Relation & Services S Marketing & Financial Products
12 NN Understanding MoFP from FI’s Communications 12 MoFP for TKW’s
13 NN Marketing & Financial Products 13 MoFP for TKW’s It is now clear that… Financial institutions(FI’s) does proper planning & formulate proper strategy before moving ahead with their marketing plans to stay ahead in the competitive business environment.
14 NN 14 MoFP for TKW’s Marketing Objective General Objectives Increasing Market Share Maximizing Profitability Expanding Business Formation of Marketing Strategy Operational Objective Branch Efficiency Increasing Awareness Customer Relation & Services Marketing & Financial Products
15 MoFP for TKW’s NN ? ueriesQ 15 Contact me @ +91-9050050288 or Email to firstname.lastname@example.org
16 NN Term for the Lecture 16 MoFP for TKW’s CORE Banking: Centralized Online Real-time Electronic banking
17 Thank You MoFP for TKW’s 17
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