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Introduction to Marketing of Financial Services Description/Objective:

The objective of this course is to familiarize the applicants with the basic concepts of marketing, its scope and application in the corporate arena specifically in banks. Concepts of brand equity, marketing management and customer relationship management are discussed in detail. Also, information on developing the marketing mix, distribution of products and logistics management is covered. Primarily this course aims to provide an in-depth appreciation and understanding of the unique challenges inherent in managing and delivering quality services.

Learning Objectives/Outcomes:
After the successful completion of this course, participants will be able to: Have knowledge and understanding of: o Marketing, its philosophy and significance o The 4 Ps Product, Price, Place and Promotion o Concept of Services Marketing o Emerging trends and challenges of global markets o Social and ethical issues in Marketing Be able to understand the scope of and develop effective marketing strategies and programs for financial services Be well versed with the concept of brand equity and brand management Be able to effectively utilize the concepts of CRM for marketing success Have working knowledge of Marketing Research concepts, its application and importance Have thorough understanding and knowledge of the following: o Citizens and public action to regulate marketing o Business action towards socially responsible marketing o Principles of public policy towards marketing o PEMRA Rules and policies

Institute of Bankers Pakistan

Course Topics:
1. Introduction:
o o o o o Marketing - meaning and philosophy Types of Marketing Marketing Process Services Marketing Macro Trends and Opportunities of Pakistans financial marketing arena

2. Understanding the Market, Identifying Opportunities, and Developing the Marketing Strategy
2.1 Consumer Markets and Consumer Buying Behavior
o o o o Characteristics affecting consumer behavior Types of buying decision behavior The Buyer Decision Process The Buyer Decision Process for New Banking Products

2.2

Business and Corporate Markets and their Buying Behavior


o o o Business and Corporate Markets Business and Corporate Buying Behavior Institutional and Government markets

2.3

Marketing Research and Information Systems


o o o o o o o Marketing research meaning and key concepts Different methods and types of marketing research Application and significance in the financial industry The Marketing Information System concepts, uses, analysis, inferences and application Measuring and monitoring Service Quality Media Research Media planning and buying

2.4

The Domestic Market


o o Competitor Analysis / Competition scan Key features of the Pakistani Society market intelligence

2.5

Developing the Marketing Strategy


o o Identifying the Target Market Developing the Positioning Strategy

2.6

Competitive Strategies: Building Lifetime Customers


o o o Defining customer value and satisfaction Customer Relationship Management concept and strategies Delivering Customer Value and Satisfaction

Institute of Bankers Pakistan

3. Developing and Implementing the Marketing Program


3.1 Product and Services Strategy
o o o What is a product? Product classification Individual product decisions

3.2

Brand Management
o o o Brand management concepts Brand strategy Managing brand equity

3.3

Services Marketing
o o o o o o Nature and Characteristics of Services marketing Consumer Behavior towards Services sector Customer Expectation of the Services sector Customer Perception of the Service industry Strategies for influencing customer perceptions Service Leadership

3.4

New Product Development and Product Life Cycle Strategies


o o New Product Development Strategy Product Life Cycle Strategies

3.5

Pricing Products and Services


o o o Factors to consider when setting prices Pricing for financial services Fee Income and Interest income

3.6

Pricing Products and Services; Pricing Strategies


o o o o New Product pricing strategies Product-mix pricing strategies Price-adjustment pricing Price changes

3.7

Banks distribution network and Alternate delivery channels


o o o o o o The nature of distribution channels The nature of branch behavior and the Bank Channel design decisions Channel management decisions Physical distribution and logistics management Online Marketing and Electronic Commerce

3.8

Integrated Marketing Communication Strategy


o o The marketing communication mix and the communication process Setting the total promotional budget mix

Institute of Bankers Pakistan

The changing face of marketing communication

3.9

Advertising, Sales Promotion and Public Relation in Banks


o o o o o Major decisions in advertising Sales Promotion Public Relations Event management Brand activation

3.10

Personal Selling
o o o o Define Personal Selling Personal selling vs. advertising Personal selling process The Role of Personal Selling in a. Retail Banking b. Corporate Banking Managing the Sales Force Ethical issues in personal selling

o o

3.11

Direct/Indirect Marketing
o o What is Direct/Indirect marketing? Types of Direct and Indirect marketing communication

3.12

Marketing Audit
o o o Importance and need Four Characteristics Essential components

3.13

Strategic Marketing and marketing mix


o o o o Strategic marketing Concept of strategic marketing Marketing mix Components of Banks marketing mix

4. The Global Market


o o Marketing to Pakistani Nationals in Foreign Countries Global marketing trends challenges and opportunities

5. Social and Ethical Issues in Marketing


5.1 Social Criticism of Marketing
o o o o o Citizen and Public action to regulate Marketing Business Action towards Socially Responsible Marketing Principles for Public Policy towards Marketing What is PEMRA? Its role in the electronic media regulation? Pakistan Advertising Society (PAS)

Institute of Bankers Pakistan

Public Policy and Ethical Issues in direct marketing 1. Office of fair practices 2. Code of advertising practices 3. Competition ordinance

Institute of Bankers Pakistan