Marketing of financial products Marketing Mix - Product and Product Mix

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Information about Marketing of financial products Marketing Mix - Product and Product Mix
Marketing

Published on March 17, 2014

Author: ProfParveen9

Source: slideshare.net

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Marketing of financial products Marketing Mix - Product and Product Mix

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 parveen_72@yahoo.in

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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