MS- 423: Marketing of Financial Services

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MS- 423: Marketing of Financial Services

ASSIGNMENT

Course Code                                                      :                                               MS-423
Course Title                                                       :                                               Marketing of Financial Services
Assignment Code                                            :                                               MS-423/TMA/SEM-I/2015
Coverage                                                             :                                               All Blocks

Note: Attempt all the questions and submit this assignment on or before 30th April, 2015 to the coordinator of your study center.

1. Explain the marketing mix concept for financial services. Discuss in detail the four factor classification of the marketing mix tools as given by McCarthy.

Answer:The marketing mix is a business tool used in marketing and by marketers. The marketing mix is often crucial when determining a product or brand's offer, and is often associated with the four P's: price, product, promotion, and place. In service marketing, however, the four Ps are expanded to the seven P's or Seven P's to address the different nature of services.

In the 1990s, the concept of four C's was introduced as a more customer-driven replacement of four P's. There are two theories based on four Cs: Lauterborn's four Cs (consumer, cost, communication, convenience), and Shimizu's four Cs (commodity, cost, communication, channel).In 2012, a new four P's theory was proposed with people, processes



2. What is Product Life Cycle? Explain the application of product life cycle concept to marketing of bank products.

Answer:In industry, product lifecycle management (PLM) is the process of managing the entire lifecycle of a product from inception, through engineering design and manufacture, to service and disposal of manufactured products. PLM integrates people, data, processes and business systems and provides a product information backbone for companies and their extended enterprise.

The product life cycle is an important concept in






3. How are investors benefited by investing in mutual funds? Explain the working mechanism of an Asset Management Company (AMC). Distinguish between open –ended schemes and close-ended schemes of mutual funds.

Answer:As an investor, you would like to get maximum returns on your investments, but you may not have the time to continuously study the stock market to keep track of them. You need a lot of time and knowledge to decide what to buy or when to sell. A lot of people take a chance and speculate, some get lucky, most don t. This is where mutual funds come in. Mutual funds offer you the following advantages:

·         Professional management. Qualified



4. Describe different types of Non-Life Insurance products and describe the strategies used for marketing of life insurance products.

Answer:Non-life Insurance includes products which, on the one hand, protect you against costs associated with the damage or loss of non-life, but on the other hand secure the interests of persons who may suffer damage as a result of an accident.

There are many types of non-life insurance policies, but three main types can be distinguished:

1. Accident and Sickness Insurance: It covers the risk of an accident, including that of an accident at work and occupational disease. Depending on the type of coverage, the insured is eligible to a one-off or regular benefits.     




5. Internet poses enormous opportunities for banks, thrifts and other financial services institutions to fundamentally reshape their organisations’. Discuss these opportunities given by Internet Banking.

Answer:The Opportunity for Internet Banking:The Internet poses enormous opportunities for banks, thrifts and other financial services institutions to fundamentally reshape their organizations. The benefits of the Internet permeate an organizationfrom marketing and sales to back office and operational functions. Some of the most relevant benefits of Internet banking follow:

Increase Customer Satisfaction: Internet banking allows customers to access banking services 24 hours a day, 7 days a week. Like ATMs, Internet banking empowers customers to choose when and where they conduct their banking.


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