TAILIEUCHUNG - The Challenges of Marketing Financial Services

Then work backwards on the overall margins to see what the range will need to be for your product to be competitive in the end market and pay for all the value chain functions between you and the consumer. Price margin examples have been provided for handicraft items, but note that other product lines – food, personal care products, etc. many have different margins. Shipping and warehouse costs tend to be consistent across products, since space is space for these functions. The exception is when climate controlled (. refrigeration) are required during shipping and storage. Some fair trade labels. | CHAPTER ONE The Challenges of Marketing Financial Services The marketing of financial services is a unique and highly specialized branch of marketing. The practice of advertising promoting and selling financial products and services is in many ways far more complex than the selling of consumer packaged goods automobiles electronics or other forms of goods or services. The environment in which financial services are marketed is becoming more competitive making the task of marketing financial services increasingly challenging and specialized. Financial services marketers are challenged every day by the unique characteristics of the products they market. For example often financial services cannot be visually communicated in advertisements as easily as consumer goods can. Furthermore the relatively unexciting nature of financial services makes the task of attracting consumer attention and inspiring consumer desire a difficult one. However the study of financial services marketing is in many ways far more fascinating than other areas of marketing. There are many predictable behaviors that consumers often exhibit in their dealings with financial services providers. The predictability of these behaviors and the abundance of data on existing and potential customers enable a uniquely scientific approach to developing and executing successful strategies for the marketing of financial services much more so than in other markets. EVIDENCE OF A QUICKLY CHANGING MARKET ENVIRONMENT There is mounting evidence that suggests the environment in which financial services are marketed is becoming more complex and challenging. In the early 1930s a series of bank failures resulted in the heavy regulation of the financial services sector in the United States. These bank failures forced legislators to implement stringent regulations that prohibited commercial banks from participating in investment banking activities. Regulations such as the Glass-Steagall Act of 1933 and the Bank Holding .

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