Bank Marketing Essay -- essays research papers fc

I. IntroductionWithin our society, financial institutions ar proper more abundant. Along with this present growth, the field of merchandising financial operate has also grown in size and scope with new entrants everyday. The comparatively stable banking environment is being altered with innovation, opportunism, and government intervention. This era, marked by the governments luminous hand of deregulation ( be as the work out of removing regulations or restrictions from a specific entity), has expanded consumer options to the extent that commercial banking moldiness now become an aggressively competing member of the financial operate industry. In this new era, important marketing areas such as regulation, environment, product, competition in the market, and delivery of product can no longer be overlooked.II. What is marketing and Its Role in the Success of Financial Institutions?What is marketing? According to the American Marketing Association, marketing is the performance of business activities that direct the flow of goods and services from producer to consumer or user. In the context of the financial institution, marketing is defined as the creation and delivery of node-satisfying services as a gelt to the bank or financial institution.(McMahon, 1986). With further examination of the previously state definition, it can be seen that marketing is looked upon as 1) an active process (therefore, current with endless possibilities), with 2) a direct focus on the customer or consumer. Initially, it can be seen that marketing plans that result in efficient returns and earnings do not appear out of thin year, but are created. (McMahon, 1986). Once created, these plans must be delivered properly to the consumer. For example, a teller at a bank, with poor delivery and selling, can ultimately destroy a thoroughly thought out creation aimed at providing superior customer service. Also, marketing is customer-oriented, meaning that it is imperative to take int o account whether customers are squelched and their needs/wants are fulfilled by the products or services offered by the bank. (Reidenbach and Pitts, 1986).Marketing, like any other activity associated with business, is goal-directed. To meet specific goals, individuals in management of these financial institutions create a marketing strategy. A marketing strategy consists... ...esent.ReferencesWorks CitedBenn, Alec (1986). Advertising Financial Products and Services. Quorum Books brand-new York, pp. 100 150.Hodges, L.H. and Tillman, R. (1968). situate Marketing Text and Cases. Addison-Wesley Publishing Company Massachusetts.McMahon, Robert J. (1986). coin bank Marketing handbook How to compete in the Financial Services Industry. curseers Publishing Company Boston.Reidenbach, E.R. and Pitts, R.E. (1986). Bank Marketing A Guide to strategical Planning. Prentice Hall New Jersey.Works ReferencedDonnelly, J.H., Berry, L.L., and Thompson, T.W. (1985). Marketing Financial Services A Strategic Vision. Dow Jones-Irwin Illinois.Kinnear, T.C. and Bernhardt, K.L. (1986). Principles of Marketing. Scott, Foresman & Company Illinois.Larreche, Jean-Claude and Strong, E.C. (1982). Readings in Marketing Strategy. Scientific Press Palo Alto.Sinkey, J.F. (1986). Commercial Bank Financial Management, 5th edition. South-Western Publishing Company New York.