Bank Marketing Essay -- essays research papers fc

I. IntroductionWithin our society, financial institutions are becoming more abundant. Along with this present growth, the field of marketing financial function has also grown in size and scope with new entrants everyday. The relatively stable banking environment is being altered with innovation, opportunism, and establishment intervention. This era, marked by the governments luminous hand of deregulation (defined as the act of removing regulations or restrictions from a specific entity), has expanded consumer options to the extent that commercial banking must now develop an aggressively competing member of the financial services industry. In this new era, important marketing areas such as regulation, environment, product, competition in the market, and delivery of product domiciliate no longer be overlooked.II. What is Marketing and Its Role in the Success of fiscal Institutions?What is marketing? According to the American Marketing Association, marketing is the performance of demarcation 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 customer-satisfying services as a profit to the bank or financial institution.(McMahon, 1986). With further examination of the previously stated definition, it can be seen that marketing is looked upon as 1) an active help (therefore, ongoing 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 mesh 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, meat that it is imperative to take into account whether customers are satisfied and their needs/wants are fulfilled by the products or services offered by the bank. (Reidenbach and Pitts, 1986).Marketing, like any early(a) 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 New York, pp. 100 150.Hodges, L.H. and Tillman, R. (1968). Bank Marketing Text and Cases. Addison-Wesley make Company Massachusetts.McMahon, Robert J. (1986). Bank Marketing Handbook How to compete in the Financial Services Industry. Bankers Publishing Company Boston.Reidenbach, E.R. and Pitts, R.E. (1986). Bank Marketing A Guide to Strategic Planning. Prentice Hall New Jersey.Works ReferencedDonnelly, J.H., Berry, L.L., and Thompson, T.W. (1985). Marketing Financial Services A Strategic Vision. Dow J ones-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.