Marketing Essay Example | Topics and Well Written Essays - 2000 words - 12

Marketing - Essay Example But as I learnt more about the financial services organizations, I was able to figure out that the perception that I had regarding such institution was just a mere image. I was able to learn that financial institutions are not just limited to banks but include a variety of players in the market. Some of the most prominent financial services organizations that I was able to figure out includes banks (retail, corporate, investment and private); mutual funds and trusts; credit card issuers; stock exchanges; leasing companies and government and saving institutions. Thus it is one of the most important learning outcomes from this course. Communication in the Marketing of Financial Services Before study about the financial services marketing, I considered communication the least important aspect in financial services marketing. But with constant and continuous study I have made, it has made me realize that communication in the marketing of financial services is regarded as the backbone of financial services. As communication is the interchange of information between two parties, I was able to learn that financial institutions heavily rely on the use of marketing communication i.e. advertisement, public relations and direct mail. With the help of such communication, the financial services aim to attract and influence the consumers towards the use of financial services. Such study has also helped me to understand that communication not only helps the financial services to attract customers but it also helps the organization to change their perception in the minds of the consumer. Moreover, I was able to identify that financial services are intangible due to which these services are often complex and quite risky but with the help of marketing communication, financial organizations significantly reduce the risks associated with the services and helps the organization to de-complex the products and services offered by the organization. I was also able to identify that fin ancial organizations have shifted marketing communication to whole new level and media. Due to the increase in customer traffic on social websites (i.e. Facebook and Twitter) financial organization have shifted their focus from traditional media to such media where the customer traffic is ten times higher. Marketing Mix and Financial Services I was well aware of the 4P’s of marketing but the study of financial services marketing; I was able to extract the services mix that plays significant role in the success of financial services organizations. In addition to 4P’s (i.e. product, price, place and promotion) the services mix includes process, people and physical evidence which are the other 3Ps of service marketing mix. I was able to identify that marketing mix plays significant role in financial services and with the help of such mix, banks are able to accept deposits and lend money to the customers. But in order to effectively do that financial institutions are const antly in need to understand the desires of the customers through which their trust could be won. This is where financial institutions rely on services mix. With continuous learning of financial services marketing, I was able to figure out that product mix helps the financial institutions to differentiate them from others in the market. The products offered by such institutions are c