OPF:PEMNAMAF Marketing of Financial Service - Course Information

PEMNAMAF Marketing of Financial Services

Extent and Intensity

2/1/0. 4 credit(s). Type of Completion: zk (examination).

Teacher(s)

Ing. Kateřina Matušínská, Ph.D. (lecturer)
Ing. Kateřina Matušínská, Ph.D. (seminar tutor)

Guaranteed by

Ing. Kateřina Matušínská, Ph.D.
Department of Business Economics and Management – School of Business Administration in Karvina
Contact Person: Ing. Kateřina Matušínská, Ph.D.

Prerequisites

None

Course Enrolment Limitations

The course is also offered to the students of the fields other than those the course is directly associated with.

fields of study / plans the course is directly associated with

• Business Economics and Management (programme OPF, N_EKOMAN, specialization Marketing and Trade)

Course objectives

To acquaint students with specific problems of services marketing in the financial sector. The course explains the specifics of financial services and marketing mix in financial services-7P. Attention is also paid to customer behaviour, segmentation of financial markets, marketing research, marketing strategy creation and issue of building long-term and mutually beneficial relationships with customers - CRM.

Syllabus

• The role of marketing in financial services.
  The essence is the definition of financial marketing, financial market, marketing services, services characteristics and their classification. The different options of marketing mix in services are presented, but the attention is focused on the concept of the marketing mix 7Ps. The theory is applied to the examples of financial institutions, which are specified, these are banks, building societies and insurance companies. The financial market is very dynamic, it is important to point out to current trends in the offer of financial institutions and consumer behaviour in the process of financial services buying.
  The process STP in financial markets and consumer behaviour.
  The process STP includes the phase of segmentation, targeting and positioning. Within the definition of segmentation are given segmentation criteria and characteristics of the segment. The clients of retail banking and private banking are specified in detail. There is a description of different strategic approaches in the area of targeting. Positioning (repositioning) is the last stage of the process, a graphical view is illustrated within the positional map. Behaviour of customers in financial services is influenced by a number of internal and external factors that are included in the purchase decision process. Model hierarchy of financial needs points out to preferences when financial services are bought.
  Marketing mix of services I. Part.
  Product is explained in detail focusing on the concept of marketing total product, product strategies, product life cycle and marketing of credit cards. Price is explained on pricing strategy, focusing mainly on pricing goals, methods, various pricing models, cross-selling, up-selling and pricing specifics in financial market. Distribution strategy is based on understanding various types and methods of structuring distribution chain (tradition versus new types of branches). Marketing communication is explained through a marketing communication mix with focus on new (ambient) media.
  Marketing mix of service II. Part.
  Marketing mix in services is an extension of the other important elements - people (internal marketing, the importance of non-verbal communication, multilevel marketing), processes (objective and subjective processes, quality measuring the SERVQUAL method) and physical evidence (new trends, the use of sensory marketing, merchandising and POP displays).
  Marketing strategy in financial services.
  The aim is to define the strategic marketing planning. In particular, to explain and apply concepts such as mission, vision and objectives to practical examples. There are also discussed marketing strategies which are typical of the financial market. An essential part of the marketing plan is a marketing audit.
  Marketing research in financial services.
  The basic concepts of this field are explained, as well as the process (preparatory and implementation phase), methods and techniques of marketing research. The particular attention is paid to significant research method - mystery shopping.
  Active relationships with financial clients CRM.
  There is the great focus on proactive approaches to customers, win-win relationships, values, partnership and CRM software. It is necessary to define goals, benefits of CRM. Then to ensure well-prepared analytical and operational CRM. Defining the difference between transactional marketing and relationship marketing (v-CRM).

Literature

required literature
• KOTLER, P. and K. K. LANE. Marketing Management, 14th ed. 2012. ISBN 978-0-273-75336-0. info
• PALMER, A., 2011. Principles of Services Marketing. London. The McGraw-Hill, 2011. ISBN 978-0-07-712951-4. info

recommended literature
• LEVENS, M. Marketing: defined, explained, applied. 2nd ed. Boston: Pearson, 2012. ISBN 978-0132719896. info
• EHRLICH, E. and D. FANELLI. The Financial Services Marketing Handbook: Tactics and Techniques That Produce Results. New Jersey: John Wiley & Sons, 2012. ISBN 978-1-118-06571-6. info
• MALCOLM, M., F. PENNIE and A. PAYNE. Marketing Plans for Services: a complete guide. Chichester: John Wiley & Son, 2011. ISBN 978-0-470-97909-9. info
• HOFFMAN, K. D. and J. E. G. BATESON. Services Marketing: Concepts, Strategies and Cases, 5th ed. Boston: Cengage Learning, 2011. ISBN 978-1285-42978-6. info
• ENNEV, CH. T., WAITE, N. Financial services Marketing: an international guide to principles and practice. Amsterdam: Elsevier Butterworth-Heinemann, 2007. ISBN 0-7506-6997-7. info

Teaching methods

Lecture with presentation in Power-point

Assessment methods

Grade
Written exam

Language of instruction

English

Further comments (probably available only in Czech)

The course can also be completed outside the examination period.

Teacher's information

attendance in seminars 50 %, seminar paper, defence of seminar paper, final written exam

Activity	Difficulty [h]
Ostatní studijní zátěž	40
Přednáška	26
Seminář	13
Zkouška	40
Summary	119

• Enrolment Statistics (Summer 2019, recent)
  
• Permalink: https://is.slu.cz/course/opf/summer2019/PEMNAMAF