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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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