Financial Services Marketing
An international guide to principles and practiceBy
- Christine Ennew, Dean, Faculty of Law and Social Sciences, and Professor of Marketing, Nottingham University Business School
- Nigel Waite, Director of Financial Services Research Forum, Nottingham University Business School, where he is also Special Professor of Marketing.
Financial Services Marketing: an international guide to principles and practice contains the ideal balance of marketing theory and practice to appeal to advanced undergraduates and those on professional courses such as the Chartered Institute of Banking. Taking an international and strategic view of an increasingly important and competitive sector, Financial Services Marketing adopts a fresh approach in terms of structure, and is organised around the core marketing activities of marketing for acquisition and marketing for retention. Financial Services Marketing features:* Strong international focus: case studies and vignettes representing Asia-Pacific, Europe and the US.* Comprehensive coverage, focusing on both B2B and B2C marketing.* Expert insights into the latest innovations in the sector, from technological developments, CRM and customer loyalty to issues of social responsibility. Financial Services Marketing will help both the student and the practitioner to develop a firm grounding in the fundamentals of: financial services strategy, customer acquisition, and customer development. Reflecting the realities of financial services marketing in an increasingly complex sector, it provides the most up-to-date, international and practical guide to the subject available.
Predominantly a student audience but moderately specialist.Level 2: 2nd/3rd year undergraduates in business/management degrees with services marketing and financial services marketing modules; and broad financial services degrees.Some appeal to:masters level modules in management/marketingstudents of professional qualifications (e.g. Chartered Institute of Banking, Institute of Financial Services) - potentially a substantial market although many professional bodies have their own material.
Published: October 2006
Imprint: Butterworth Heinemann
- AcknowledgementsForewordIntroductionPART I: Context and strategy1 The role, contribution and context of financial services1.1 Introduction1.2 Economic development 1.3 Government welfare context1.4 Lifetime income smoothing 1.5 The management of risk1.6 Financial exclusion1.7 Mutual and proprietary supply1.8 Regulation of financial services1.9 Summary and conclusions2 Marketplace structures, products and participants 2.1 Introduction2.2 Some historical perspectives2.3 The geography of supply2.4 An outline of product variants2.5 Banking and money transmission 2.6 Lending and credit2.7 Saving and investing2.8 Life assurance2.9 General insurance2.10 Summary and conclusions3 Introduction to financial services marketing 3.1 Introduction3.2 Defining financial services3.3 The differences between goods and services3.4 The distinctive characteristics of financial services3.5 The marketing challenge3.6 Classifying services3.7 Summary and conclusions 4 Analysing the marketing environment 4.1 Introduction4.2 The marketing environment 4.3 The macro-environment4.4 The market environment4.5 The internal environment4.6 Evaluating developments in the marketing environment4.7 Conclusions5 Strategic development and marketing planning 5.1 Introduction 5.2 Strategic marketing5.3 Developing a strategic marketing plan5.4 Tools for strategy development5.5 Summary and conclusions6 Internationalisation strategies for financial services6.1 Introduction6.2 Internationalisation and the characteristics of financial services6.3 The drivers of internationalisation6.4 Globalisation strategies6.5 Strategy selection and implementation6.6 Summary and conclusions7 Understanding the financial services consumer 7.1 Introduction7.2 Consumer choice and financial service7.3 Consumer buying behaviour in financial services7.4 Industry responses7.5 Summary and conclusions8 Segmentation targeting and positioning 8.1 Introduction8.2 The benefits of segmentation8.3 Successful segmentation8.4 Approaches to segmenting consumer markets8.5 Approaches to segmenting business-to-business markets8.6 Targeting strategies8.7 Positioning products and companies8.8 Repositioning8.9 Summary and conclusionsPART II: Customer acquisition9 Customer acquisition strategies and the marketing mix 9.1 Introduction9.2 Short-term marketing planning9.3 The role of the financial services marketing mix9.4 The financial services marketing mix: key issues9.5 Customer acquisition and the financial services marketing mix9.6 Summary and conclusions10 Product-service design and delivery10.1 Introduction10.2 The concept of the service product10.3 Islamic financial instruments10.4 Influences on product management10.5 Managing existing product lines10.6 New product development10.7 Summary and conclusions11 Communication and promotion 11.1 Introduction11.2 Principles of communication11.3 Planning a promotional campaign 11.4 Forms of promotion11.5 Summary and conclusions12 Pricing and value management 12.1 Introduction 12.2 The role and characteristics of price12.3 Value and the challenges of pricing financial services12.4 Methods for determining price12.5 Price differentiation and discrimination12.6 Price determination12.7 Pricing strategy and promotional pricing12.8 Summary and conclusions13 Distribution channels: routes-to-market13.1 Introduction13.2 Distribution: distinguishing features13.3 Distribution methods and models13.4 Distribution channels13.5 Summary and conclusionsPART III: Customer development14 Customer relationship management strategies14.1 Introduction14.2 Drivers of Change14.3 Customer persistency â acquire the right customers14.4 Retaining the right customers14.5 Customer retention strategies14.6 The customer relationship chain14.7 Lifetime customer value14.8 Relationship marketing in specific contexts14.9 Customer data management14.10 Summary and conclusions15 Service delivery and service quality15.1 Introduction15.2 The service profit-chain15.3 Defining service quality15.4 Models of service quality15.5 The gap model of service delivery15.6 The outcomes of service quality15.7 Service failure and recovery 15.8 Summary and conclusions16 Customer satisfaction, customer value and treating customers fairly 16.1 Introduction 16.2 Understanding customer satisfaction16.3 Customer value16.4 Defining customer satisfaction16.5 Methodologies for obtaining satisfaction data16.6 Making appropriate using of satisfaction information 16.7 Treating customers fairly16.8 The satisfaction-advocacy relationship17 Putting customer development into practice 17.1 Introduction17.2 People and culture17.3 Product considerations17.4 Pricing and value17.5 Advertising and promotion17.6 Distribution and access17.7 Processes17.8 Evaluating marketing performance17.9 Corporate social responsibility17.10 Towards a sustainable future17.11 Summary and conclusionsBibliography