Published on March 17, 2014
1 Marketing of Financial Products Lecture – 4 Parveen Sharma 1 MoFP for TKW’s
2 Contents Marketing Mix The concept Marketing Mix - Product Defining Product Product Mix Product Life Cycle The Boston Matrix Product Strategy for FI’s Product Development Process MoFP for TKW’s 2
3 It is the set of tools that the firm uses to pursue its marketing objectives in the target market Levers marketers adjusts to satisfy customers Marketing mix is composed of a large battery of advices which might be employed to induce customers to buy a product. Marketing Mix = Controllable Variables(4P’s) NN Marketing Mix MoFP for TKW’s
4 NN Market Segmentation – The concept MoFP for TKW’s Traditional Marketing Mix Modified Marketing Mix
5 NN Market Segmentation – The concept MoFP for TKW’s Consumer: Life stage solution by Money Back plans Consumer convenience Consumer Cost as Price
6 It is appropriate to reconsider the traditional marketing mix in concept of services. As the challenges encountered by service marketers – like inseparability & perishability necessitate the extension of marketing mix to include People, Process & Physical evidence. The Extended Marketing Mix(7P’s) NN Market Segmentation – The concept MoFP for TKW’s 1. Product 2. Price 3. Place 4. Promotion 5. People 6. Process 7. Physical Evidence
NN The additional P’s in Service Marketing 7 Simultaneity or inseparability of service provider from customer (People) Inability to hold inventory marking it critical for the service process to flow smoothly to match demand & supply(Process). The need to make highly intangible service offering appear tangible (Physical Evidence). MoFP for TKW’s
NN 8 MoFP for TKW’s Kotler opines ‘A product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need’. A Glance at Banking Products Marketing Mix - Product
NN Marketing Mix - Product 9 MoFP for TKW’s Do not just sell Products instead sell solution that customer needs.
NN 10 MoFP for TKW’s Marketing Mix - Product Product Mix Set of all products offered for sale/investment It consists of various Product Lines Dimensions of Product Mix Width Depth Length Product Mapping: to show the position of a companies products against competitors products
NN 11 Marketing Mix - Product A Look at the broad Product Mix of DSP Blackrock AMC MoFP for TKW’s Product Mix Road Block advertisement by Chase
NN 12 MoFP for TKW’s Marketing Mix - Product Product Life Cycle No product can get a consistent positive response for longtime, hence if FI’s are aware of PLC stage of their products necessary steps can be taken to overcome the adverse condition. PLC helps marketers in making possible optimal development of marketing resources. PLC is not applicable to generic banking services like Current A/c, Saving A/c…
NN 13 MoFP for TKW’s Marketing Mix - Product Product Innovation Product innovation & modification is very crucial to increase the sales of a saturated /matured products. Reliance Any Time Money Card collects Rs. 1,500 crore. The fund house has issued over 3 lakh ATM cards to investors so far(as on Jan 2012). Reliance ATM Money Card was launched in 2006 and modified Nov 2011. Source: Café Mutual
NN 14 MoFP for TKW’s Marketing Mix - Product The Boston Matrix
NN 15 MoFP for TKW’s Marketing Mix - Product Product Strategy for FI’s Sound Product Mix Blend of Core & Peripheral services Identify emerging opportunities Continuous product innovation & development Sound product focus and management Declare your product obsolete much easier than others Product Association & Tie ups Equal focus on the other P’s, C’s.
NN 16 MoFP for TKW’s Marketing Mix - Product Product Development Process IdeaGeneration Internal - Product Function - Sales Requirement - Other Employees External - Distributor - Competitors - Suppliers - Technological & regulatory developments Screening Ascertaining whether the proposed product is in sink with the organization objective BusinessAnalysis Analyzing chances of success by formal research Quantitative parameters - Demand forecast - Cost projections - Competitive activity Development Turning the product concept in reality Includes: - Filing --Launching
17 MoFP for TKW’s NN ? ueriesQ 17 Contact me @ +91-9050050288 or Email to firstname.lastname@example.org
18 NN Term for the Lecture 18 MoFP for TKW’s RBI key policy rates Repo Reverse Repo CRR SLR
19 Thank You MoFP for TKW’s 19
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