MMPB 005 Solved Assignment 2023-24
Marketing of Financial Services
MMPB 005 Solved
Assignment 2023-24 : All assignments are in PDF format which would be send
on email/WhatsApp (9958676204) just after payment.
Assignment Code: ASST/ MMPB 005/2023-24
Marks: 100
Attempt all the questions.
Q1. Define services.
Discuss the service characteristics and the implications that they create for
marketers of financial services.
Services refer
to intangible offerings that provide value to customers through the performance
of actions, delivery of experiences, or provision of access to resources.
Unlike tangible goods, services are not physical and cannot be stored or owned.
They are often characterized by their intangibility, inseparability,
variability, and perishability. Let's explore these service characteristics and
their implications for marketers of financial services:
Intangibility:
Definition:
Services lack physical form and cannot be touched or felt before purchase.
Implications
for Marketers:
Marketers need
to find ways to make the intangible aspects of financial services tangible.
This can be achieved through the use of tangible cues such as brochures, online
tools, and physical locations (e.g., bank branches).
Emphasizing the
expertise of service providers and the positive outcomes of the financial
services can help in communicating value to customers.
Inseparability:
Definition:
Services are often produced and consumed simultaneously. The service provider
and the customer are typically present during the service delivery.
Implications
for Marketers:
Training and
empowering service personnel to provide excellent customer service become
crucial. Employees are a direct representation of the service and can influence
customer perceptions.
Building strong
customer relationships and creating a positive service environment are
essential for customer satisfaction and loyalty.
Variability:
Definition:
Services are subject to variation in quality and consistency due to their
reliance on human factors and the unique nature of each interaction.
Implications
for Marketers:
Standardization
of processes and the use of technology can help minimize variability and ensure
a consistent level of service quality.
Continuous
training and monitoring of service delivery can help address variability issues
and maintain service standards.
Perishability:
Definition:
Services cannot be stored for future use; they are perishable and must be
consumed at the time of production.
Implications
for Marketers:
Marketers must
manage demand and supply effectively to avoid underutilization or overloading
of service capacity.
Strategies such
as pricing, promotions, and incentives can be employed to manage demand
fluctuations and optimize resource utilization.
Heterogeneity:
Definition:
Services are heterogeneous or diverse because they are often tailored to meet
the specific needs of individual customers.
Understanding
the diverse needs of customers is crucial. Marketers may need to offer a range
of financial products and services to cater to different segments.
Customization
and personalization play a significant role in meeting customer expectations
and enhancing the overall service experience.
In the context
of financial services, these characteristics highlight the importance of
building trust, managing customer expectations, and delivering a consistent and
reliable experience. Effective communication, employee training, technology
integration, and customer relationship management are key elements for
marketers in the financial services sector to address the challenges posed by
these service characteristics.
Q2. Define the concept
of Product and Product Mix for banking services.
Q3. What is Merchant
Banking? Discuss the nature and scope of Merchant Banking Functions.
Q4. Discuss the
features of different types of Mutual fund schemes.
Q5. Explain how
effective marketing will be useful in enhancing insurance business and suggest
ways to expand insurance business in rural areas.
MMPB 005 Solved
Assignment 2023-24 : All assignments are in PDF format which would be send
on email/WhatsApp (9958676204) just after payment.
MMPB 005 Solved
Assignment 2023-24, MMPB 005 Solved Assignment 2023-24, MMPB 005 Solved Assignment
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