Peculiarities of marketing of services.
A service is the action of doing something for someone or something. It is largely intangible (i.e. not material). Inseparable - from the point where it is consumed, and from the provider of the service. Intangible - and cannot have a real, physical presence as does a product. Perishable - in that once it has occurred it cannot be repeated in exactly the same way. Variability- since the human involvement of service provision means that no two services will be completely identical. Right of ownership - is not taken to the service, since you merely experience it.
Peculiarities of electronic commerce and e-marketing
Internet marketing, also known as web marketing, online marketing, or e-marketing, is referred to as the marketing (generally promotion) of products or services over the Internet. One of the challenges that internet markets face (as does the general public) is that many internet products are outright scams or promoted with deception making it difficult to know what one is buying. Marketer will not be able to use the x-factor/personal touch factor/human touch factor to influence the audience as the marketing is completely based on the advertisement and the information that the advertisement might lead to [websites, blogs and other channels]. Another consumer e-commerce concern is whether or not they will receive exactly what they purchase.
Tools: search engine marketing (SEM), search engine optimization (SEO), banner ads on specific websites, email marketing, mobile advertising, social networks, e-commerce, Affiliate Marketing, etc.
Advantages: Internet marketing is inexpensive when examining the ratio of cost to the reach of the target audience. Internet marketers also have the advantage of measuring statistics easily and inexpensively.
Effect on industries: Online banking appeals to customers because it is often faster and considered more convenient than visiting bank branches. Information security is important both to companies and consumers that participate in online business.
The role of marketing in the financial institutions
For the selling purpose of the financial products and services, financial institutions often take the assistance of various advertising firms. They provide valuable marketing advices and techniques to numerous banks, credit unions, and various other financial services providers. Various techniques that are implemented for enhancing sales of financial products and services include the following:
Cross selling of equity and debt capital market products, such as stocks, bonds, and CDOs (Collateralized Debt Obligations)
Formulation of marketing plans and market research
Assessment of client financing and other facilities and recommendation of suitable action
Supervision of the functions of the relationship managers
Keep informed and cover capital market activities and corporate finance
Advising and training staff
Usually, a common trend is seen in the marketing of financial products which is a product launched by a company is immediately followed by another company. However, this is not beneficial all the time.
Not-for-profit marketing
The concept of marketing has been increasingly broadened over the last three decades to include not only profit-making organizations, but also the nonprofit sector of society. During the past decade, financial pressures have prompted many nonprofit organizations to pursue more of a marketing orientation. Indeed, many nonprofit organizations have turned to marketing as a means to ensure their survival.
Additionally, social mediums enable nonprofit organizations to create relationships and engage with their consituents. And the costs associated with this marketing effort are often less expensive with better return-on-investment than traditional marketing efforts. The realm of social media helps equip individuals with an outlet and tool to help in growing their own nonprofit organizations, as well as enabling individuals who have a specific interest in a charitable organization and who want to share it broadly.