Wednesday, February 22, 2006

Archive: Marketing

What Is Affecting Retail Banking Today?

Technology
- Internet banking is becoming more and more popular among UK citizens. Bank overcharges or have many hidden fees - turns down customer. Lower presense of retail outlet in rural areas - Banks are closing down branches in rural regions to save cost. Lack of differentiation - customers tend to stay with one bank and never change. A survey suggests that people are more likely to switch banks on divorce cases. (Ooo...) Credit cards bundling - anyone can apply for a credit card these days, with an increase in credit card fraud as well. Globalisation - bank are more and more nationalized based but the population isn't increasing with it hence arrising of competition between themselves.

How does bank markets themselves?

They want long term customers, so they keep them happy by giving gifts and higher interest. They turn down foreigners or short term customers because they don't bring long term benefit.

Of Stoves and Fridges:

Are you a stoves or a fridge? Stove is one who radiates others while fridge is cold and still, waiting to be told what to do.
The only stupid question is the one you didn't ask. (which means you are smart)

So, what is Marketing?
Sales = f ( product, price, competition, legality, distance, weather )
view 1 : Seller to Buyer
view 2 : Seller to and fro Buyer (relationships)

Company <-> Customer <-> Competitor <-> Company

www.bothams.co.uk
www.zope.co.uk

The Importance of Networking and its Complexity

- some people may feel betrayed
- it's a two way relationship, you'll always benefit from it in the case that your networker isn't doing what you want. But they may introduce you to other people through word of mouth.
- take and give, dosn't matter if you don't gain.
- competition and uniqueness.

Tags: Motivational, Business, Banks, Marketing, Globalisation, Stoves, Fridges, Networking,

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