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MFS UNIT II.pptx

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MFS UNIT II.pptx

  1. 1. UNIT II
  2. 2. Marketing as a Function
  3. 3. Marketing Process
  4. 4. Marketing Overview
  5. 5. Marketing Information System • A marketing information system consists of a structured, interacting complex of persons, machines, and procedures designed to generate an orderly flow of pertinent information, collected from both internal and external firm sources, for use as the basis for decision-making in specified responsibility areas of marketing management. • A marketing information system can be defined as a process in which data from the market environment is collected systematically and comprehensively, evaluated in terms of its relevancy and accuracy, transformed to make it useful and usable by the managers, and conveniently stored or expeditiously transmitted to the managers.
  6. 6. `
  7. 7. • Most financial services organisations have two types of objective: • Flexible goals, for example increasing (or decreasing) deposits of certain kinds, increasing (or decreasing) loans of certain types, directing customers to certain types of product or services • Fixed objectives, for example profitability, a high return on investment, achieving certain market shares and growth rates, development of certain images achieving a spread of customer types in order to minimise risks and business fluctuations, and so on.
  8. 8. The financial institution management system
  9. 9. • The financial services marketing function is one of five subsets of management controllable variables. • The financial institutions management system comprises four major sets of variables: (1) organisational objectives, (2) external environment (or non-controllable) variables, (3) controllable (or management) variable sets, and (4) organisational and control variables. • The four sets (or facets) of variables are interrelated and operate together as a system
  10. 10. • Non-controllable variables are factors that cannot be effectively controlled by the financial organisation's management, but they affect the attainment of organisational objectives and the way the institution has to make use of its various marketing tools and its organisation and control techniques. • Non- controllable variables include foreign exchange regulation (determined by the government or market forces), inflation, government economic policy, competition from other financial institutions, legal systems and regulations, political factors, and similar additional factors that might influence a financial institution's management operations. • The controllable set o f management variables are factors under the control of individual financial institutions that can be used to influence the organisation's business activity. These factors are also called management tools and can be split into five activity areas.
  11. 11. The financial services marketing function focuses its attention on the following activities: • Customer behaviour, attitudes and segmentation. • Marketing research that attempts to collect, investigate, analyse and • interpret customers' attitudes and market developments, in each of the areas mentioned here, in order to contribute to the maximum attainment of objectives in the light of existing non-controllable factors, and in consonance with the other four major functions. • Product/service development and introduction. • Branch management; location and distribution of financial services. • Advertising, communication, promotions and publicity. • Pricing of financial services. • Defining marketing strategies, administering and controlling the marketing • programme.
  12. 12. Target marketing

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