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| Marketing strategies banking service |
Marketing strategies banking service through the stages of her life
First: marketing strategy in the rendering stage
Marketing management can in the case of banking services to formulate a new high or low level of each variable marketing , price , promotion and distribution , if we take into account the price , promotion , only it can be in the process of differentiation between the four alternative strategies . It is
1 - high price strategy and intensive promotion
This strategy is based on the basis of the new service to the market at a high price and intensive promotional efforts in order to maximize total profit and to convince customers of the importance of service and assume this strategy:
- Lack of knowledge of a large segment of the public the new banking service
- Be interested in the service are willing to pay a high price
- The presence of intense competition in the service market
2 - Strategy high price and low promotion :
This strategy is based on the basis of the introduction of new banking service to the market at a high price and low promotional efforts in order to achieve the maximum possible profits and reduction in the promotional effort . This strategy assumes that :
- The small size of the target market this new service
- Having full knowledge of the service by the public
- The lack of stiff competition
3 - Strategy low price and high promotion
This strategy is based on the introduction of new banking service to the market at a low price with intensive promotional efforts , which helps to achieve faster process of being able to enter the market . This strategy assumes
- Be a big market
- Increasing the price sensitivity of the market to
- The presence of stiff competition in the banking market
4 - Market penetration strategy
It is the strategy adopted by most banks , which is based on the introduction of new banking service at a low price at the lowest possible promotional efforts . This strategy assumes
- Widening the potential market for banking service
- Thorough knowledge of banking service by the public
- The high degree of price sensitivity of the market to
- There is a degree of competition in the market
Second: marketing strategy in the growth phase
This strategy focuses on increasing the size of the deal to the banking service ( sales ) and thus increase profits and to maintain the Bank 's competitive position in the market. And strengthen this position , the bank's management can adopt several strategies , most notably :
1 - Strategy improves quality
2 - a strategic orientation to serve new customer segments
3 - price strategy
Third: Strategic Marketing at maturity
The best way to manage the bank to defend its competitive position at this stage to take into account the following marketing strategies :
1 - Market adjustment strategy
Where the bank's administration resorted to increase the number of clients who deal the current banking services
2 - Strategy amendment in banking service
This means making the necessary adjustments in the banking services produced by the Bank , under this approach , the management of the bank you can apply one of the following strategies , or both :
A - Development Strategy in banking service quality
And by increasing the level of performance in terms of service performed style and speed to complete or improve the conditions obtained
B - Strategy development properties banking service by adding new features that will generate additional benefits for customers, " " safety and convenience "
Fourth: the regression phase strategy
Witness this phase out a lot of banks out of the market early , and if it decides not to withdraw early or delete the service it can apply some strategy to adapt to the changes and remember them by :
1 - hold strategy
2 - a strategy to focus on markets with high demand for the service
3 - Strategy termination
First: marketing strategy in the rendering stage
Marketing management can in the case of banking services to formulate a new high or low level of each variable marketing , price , promotion and distribution , if we take into account the price , promotion , only it can be in the process of differentiation between the four alternative strategies . It is
1 - high price strategy and intensive promotion
This strategy is based on the basis of the new service to the market at a high price and intensive promotional efforts in order to maximize total profit and to convince customers of the importance of service and assume this strategy:
- Lack of knowledge of a large segment of the public the new banking service
- Be interested in the service are willing to pay a high price
- The presence of intense competition in the service market
2 - Strategy high price and low promotion :
This strategy is based on the basis of the introduction of new banking service to the market at a high price and low promotional efforts in order to achieve the maximum possible profits and reduction in the promotional effort . This strategy assumes that :
- The small size of the target market this new service
- Having full knowledge of the service by the public
- The lack of stiff competition
3 - Strategy low price and high promotion
This strategy is based on the introduction of new banking service to the market at a low price with intensive promotional efforts , which helps to achieve faster process of being able to enter the market . This strategy assumes
- Be a big market
- Increasing the price sensitivity of the market to
- The presence of stiff competition in the banking market
4 - Market penetration strategy
It is the strategy adopted by most banks , which is based on the introduction of new banking service at a low price at the lowest possible promotional efforts . This strategy assumes
- Widening the potential market for banking service
- Thorough knowledge of banking service by the public
- The high degree of price sensitivity of the market to
- There is a degree of competition in the market
Second: marketing strategy in the growth phase
This strategy focuses on increasing the size of the deal to the banking service ( sales ) and thus increase profits and to maintain the Bank 's competitive position in the market. And strengthen this position , the bank's management can adopt several strategies , most notably :
1 - Strategy improves quality
2 - a strategic orientation to serve new customer segments
3 - price strategy
Third: Strategic Marketing at maturity
The best way to manage the bank to defend its competitive position at this stage to take into account the following marketing strategies :
1 - Market adjustment strategy
Where the bank's administration resorted to increase the number of clients who deal the current banking services
2 - Strategy amendment in banking service
This means making the necessary adjustments in the banking services produced by the Bank , under this approach , the management of the bank you can apply one of the following strategies , or both :
A - Development Strategy in banking service quality
And by increasing the level of performance in terms of service performed style and speed to complete or improve the conditions obtained
B - Strategy development properties banking service by adding new features that will generate additional benefits for customers, " " safety and convenience "
Fourth: the regression phase strategy
Witness this phase out a lot of banks out of the market early , and if it decides not to withdraw early or delete the service it can apply some strategy to adapt to the changes and remember them by :
1 - hold strategy
2 - a strategy to focus on markets with high demand for the service
3 - Strategy termination
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