Bank Marketing - 2517 Words

I. Introduction Within our society, financial institutions are becoming more abundant. Along with this present growth, the field of marketing financial services has also grown in size and scope with new entrants everyday. The relatively stable banking environment is being altered with innovation, opportunism, and government intervention. This era, marked by the government s luminous hand of deregulation (defined as the act of removing regulations or restrictions from a specific entity), has expanded consumer options to the extent that commercial banking must now become an aggressively competing member of the financial services industry. In this new era, important marketing areas such as regulation, environment, product,†¦show more content†¦In making decisions concerning a bank s strategy, the institution must take into account several initial areas that may formulate a restraint in implementation. They are the economic and cultural environment, the competitive banking atmosphere (extremely competitive), the marketing strategy to be implemented, and the pricing/promotion that goes into the marketing function. (McMahon, 1986). III. Environment The foundation of a successful bank marketing scheme lies with a strong understanding of the environment in which the institution is located. The most important environmental variables are those operating outside the bank, known as the external environment and those within the organization, known as the internal environment. (McMahon, 1986). The external environment includes components such as legislation, prime rate, competition in the market, local business practices, and technology. Most importantly, the external environment must look and examine the effect of the national and regional economy as it pertains to the marketing situation. First, bank managers need to examine certain forms of legislation, such as the government s present deregulation process. (Hodges and Tillman, 1968). Due to stiff pressure from customers and the business community alike, bank regulators, federal and state, are releasing their tight grip over the previously controlled industry. The government s lasses-faire approach to the situation has enabled states toShow MoreRelated Bank Marketing Essay2444 Words   |  10 Pages I. Introduction nbsp;nbsp;nbsp;nbsp;nbsp; Within our society, financial institutions are becoming more abundant. Along with this present growth, the field of marketing financial services has also grown in size and scope with new entrants everyday. The relatively stable banking environment is being altered with innovation, opportunism, and government intervention. This era, marked by the government’s luminous hand of deregulation (defined as the act of removing regulations or restrictions fromRead MoreAlly Bank : Marketing And Advertising1197 Words   |  5 PagesAlly Bank has become more of a well-known name over the last few years. Being the â€Å"product† of a bailout hasn’t been easy for them, but they are finding unique ways to brand themselves. Ally Bank should use marketing and advertising to continue to promote their brand name and what they stand for, along with education about the bailout. Ally will continue to grow their market over the years if they remain innovative. Ally Bank faces some tou gh competition but has been able to out-do them with theirRead MoreTesco Bank Marketing Essay2806 Words   |  12 PagesCredit Card Poster Executive summary This assignment is commissioned to examine why Tesco Bank will be suitable to boost sales and why it is necessary to focus on this area for improvement. 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