Project
The Peculiarities of Promotional Activity in the Sphere of Financial Services
Completed by: Stefan Dimitrijevic
, 2015
Table of Contents
Chapter I. General Promotion
1.1 Notion of Promotion
1.2 The Purpose of Promotion
1.3 DRIP Model
1.4 Promotional Mix
Chapter II. Promotion in the Sphere of Financial Services
2.1 Overview and the Unique Aspects of Financial Services Industry
2.2 Financial Services
2.3 Financial Promotion
2.4 Promotional Activity
2.5 Customer Trust
2.6 Customer Loyalty
2.7 Relationship Building
Conclusion
References
Introduction
has been quite difficult to make a choice when it came to establishing a proper topic, especially in the financial services sphere. Nonetheless, there are still many areas that are worthy of proper exploration; I have chosen to examine the peculiarities of promotional activity in the context of financial service.topic itself covers several points together and is relevant in its own right, independently. Marketing and promotion is often overlooked in financial services industry, and little has been published and brought up as an issue on the very matter. That is exactly the reason why it has been chosen to delve deeper into marketing activities and explore the degree of its importance for financial services companies, which heavily rely on relationship building and trust. Here we can state that it is questionably appropriate to apply such concepts as the Marketing Mix, including 4Ps, and even the 7Ps concept, regardless of the fact that it is a service industry. It is not a regular service industry, but one that is primarily about reciprocal interaction of service providers and their respective clients.first chapter of the course project will be devoted to the theory of general promotion, with basic and general concepts examined. The nature of promotion and its objectives will be examined, as well as the DRIP model, which is a communicational process of promotion, along with the promotional mix and its key elements. The second chapter of the project will be devoted to the analysis of the promotional aspects that relate to the financial services sphere specifically. The specificities of the industry itself will be analyzed, with some characteristics that are unique to the sphere. Financial promotion, trust, loyalty and the relationship process will be examined in the second chapter as well. Afterwards, the conclusion will be drawn that will make an attempt to summarize the overall work.
Chapter I. General Promotion
1.1 Notion of Promotion
exploring the nature of promotion in financial services, the term promotion must be analyzed as well, since financial promotion and promotion in financial services is a derivative, a type of general promotion.is an element of the marketing mix, being one of the 4Ps. The basic notion of promotion refers to the activity of increasing the existing level of customers awareness, or actually building their awareness from the ground-up, in case it is non-existent for a specific product or service. Companies primarily engage in promotion because it generates sales, because of delivering the message to a target market and can even create a sentimental bond with a brand, company or a product known as brand loyalty.is also considered to be a device to communicate the outstanding properties of different mixes to the customers and clients with the intention to influence them. Promotion, therefore, can be well defined as a managerial process to inform, sense, sensitize, persuade and transform the potential customers to actual, existing and habitual (repeat) clients and customers.
1.2 The Purpose of Promotion
as a process has three key objectives, and they can be defined as follows:
1. To present (deliver) the information (message) to customers, clients, or consumers in generalfirst stage is about communicating the promotional message about a product or service typically to the target market. It can be done with the help of various means, being print, television, radio, direct mail or personal selling.
. To increase the level of demandobjective is about boosting sales because of the recently-developed brand awareness in the minds of customers.
. To differentiate a product or se...
