5. MARKETING OF FINANCIAL SERVICES

What is meant by Marketing?

There are some definitions of marketing –

“Marketing is the performance of business activities that directs the flow fo goods and service from producer to consumer or users” – American Marketing Association.

“Marketing is the performance for business activities which direct the flow of goods and services from producer to consumer or user in order to best satisfy the consumer and accomplish the company objectives”- E. J McCarthy

“Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.  – Philip Kotler & Gary Armstrong

From the above definition of marketing  we can say that  Marketing is the systematic management process of communicating the value of a product or service to customers, for the purpose of selling that product or service. It includes the coordination of four elements called the 4 P’s of marketing:

(1) Identification, selection and development of a product,

(2) Determination of its price,

(3) Selection of a distribution channel to reach the customer’s place, and

(4) Development and implementation of a promotional strategy.

Finally,

  • Marketing process of being organized
  • Marketing the products, services and concepts of the facility is to be exchanged
  • With achieving customer satisfaction by the exchange process is to establish long-term relationships
  • Marketing activity is the latest target of consumer satisfaction
  •  Marketing is one of the activities that discover the customer needs and demands then supply the products of its customers

……………………More………………………

 

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