1. Characteristics of marketing
1.1. Services marketing
1.1.1. 7P
1.1.1.1. Product
1.1.1.2. Price
1.1.1.3. Place
1.1.1.4. Promotion
1.1.1.5. Process
1.1.1.6. Person
1.1.1.7. Physical evidence
1.2. Relationship marketing
1.2.1. Definition
1.2.1.1. Focus on building long-term, win-win relationship with customer
1.2.1.2. through 3 activities
1.2.1.2.1. Cross-selling
1.2.1.2.2. Customer relationship management
1.2.1.2.3. Creating customer experience
1.2.2. Roles
1.2.2.1. Reducing risk
1.2.2.2. Saving cost
1.2.2.3. Increase customer loyalty
1.2.2.4. Increase revenue and profit
2. Process
2.1. Analyzing marketing environment
2.2. Definiting the marketing objectives
2.3. Building S-T-P strategy (Segmentation-targeting-positioning)
2.4. Creating marketing mix
2.5. Implementing, assesing and adjusting
3. Roles
3.1. Attracting + maintaining customers
3.2. Differentiating + winning in the market
3.3. Achieve business's goals
4. Definition
4.1. Marketing is the science and art of exploring, creating, and delivering value to satisfy the need of a taret market at a profit
4.2. Financial services are the perceived benefits a customer receives from a product compared to its cost
5. Core concepts
5.1. Need
5.1.1. basic human requirements such as food, shelter, and clothing
5.2. Want
5.2.1. the form that needs take when shaped by culture and individual personality
5.3. Product
5.3.1. offered to a market to satisfy needs or wants (Banks have almost intangible products)
5.4. Exchange
5.4.1. the act of obtaining a desired product or service from someone by offering something in return
5.5. Market
5.5.1. a group of potential buyers (and sellers) who share a common need or want that can be satisfied through exchange
5.6. Value
5.6.1. the perceived benefits a customer receives from a product compared to its cost
6. Characteristics of financial services
6.1. Intangible
6.1.1. they lack a substantive physical form and so cannot be seen,touched, displayed, felt or tried in advance of purchase.
6.2. Inseparability
6.2.1. services are inseparable – they are produced and consumed simultaneously.
6.3. Heterogeneity
6.3.1. services are not standardized – different customers will want and will experience a dif- ferent service
6.3.2. the service experienced may vary from customer to customer (even given essentially similar needs), or may vary from time to time for a particular customer.
6.4. Perishability
6.4.1. Services can only be produced when consumers wish to buy them
6.5. Fiduciary responsibility
6.5.1. to the implicit responsibility which financial services providers have in relation to the management of funds and the financial advice they supply to their customers.
6.6. Contigen consumption
6.6.1. money spent on them does not yield a direct consumption benefit.
6.7. Duration of consumption
6.7.1. The majority of financial services are (or have the potential to be) long term