Principles of Marketing Week 7 Services
Your post must be composed of at least 150 words.
Select any service with which you have experience, such as banking, insurance, legal services, health care services, etc., and explain how the service provider is marketing its service differently than if it were marketing a tangible product. What are the ways the service provider tries to make the service tangible to the consumer and how does it try to differentiate its service from those of its competitor?
The banking service has certain similarities with tangible products, one of the main reasons for this being that banking services are well known among people. This also means that their only unique selling point are the numerous rates on deposit schemes, banking convenience, security, and exclusivity which they use to approach the market to attract customers. Furthermore, banks also try to upsell their products and services to existing customers, which is not usually done by companies that sell tangible products.
With regards to marketing channels, the banks are aware of the relationship between the customer and the banks being strictly professional. Due to this, they often use methods like corporate banking, small and medium industries banking, etc. to acquire new customers.
As far as differentiation is concerned, the banks provide certain products and services with additional benefits such as Credit cards with lounge access, Loan with overdraft facility, etc. Apart from this, their core banking function is mostly market-driven.