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Essay / Research Paper Abstract
Financial services products are an intangible good and may often be a grudge purchase making them harder to sell. This 5 page paper considers the role of communications in marketing financial services and looks at how a financial services company can gain a competitive advantage. The bibliography cites 8 sources.
Page Count:
5 pages (~225 words per page)
File: TS14_TEfinancals.rtf
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Unformatted sample text from the term paper:
many products there is a high level of asymmetry of information between the company and the buyer which can lead to misunderstandings and make the buying decision more difficult (Howells
and Bain, 2003). There is also the use of a range of data that may opt always be relevant, emotional feelings over final services products are often used in marketing
commutations; however these are needed to overcome many of the barriers. For example, insurance products may be needed, but they are often seen as broadly comparable and it is also
likely that they will be a grudge purchase making the sale that much harder to achieve. There is also another different with financial products. Unlike a traditional purchase this is
an ongoing commitment often with the need for regular premiums, or in the case of a savings or investment product, the need to make regular investments or leave an investment
in place. The result is that the initial sale is only one part of the sale; the customer needs to remain committed and believing in the product in order for
them to carry on making the payments. It is where there is a lack of trust in a company or the products or something better is seen to come along
that the customer may lapse the product. As there are not the sales of an actual physical product then to achieve sales it is important that the financial services
companies try to seek out and use a competitive advantage in order to gain and retain market share. Michael Porter has considered the way in which firms compete, and defined
two types of competitive advantage. These are cost advantage and differentiation. These are two different ways a competitor may get the edge on its rivals. The development of a competitive
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