Marketing of financial services Assignment

Marketing of financial services Assignment Words: 677

Introduction It is an obvious statement that customers are not all the same. As customers have different tastes, characteristics, needs, attitudes, expectations and educational background, it is impossible to satisfy them with the same offering. If the companies ignored the differing customer needs, another company likely would enter the market with a product that serves a specific group, and the market share will loss. It is important that we should be looking at and assessing every single consumer and try o understand these differences involved and respond to them appropriately.

However, a situation that would be time-consuming and costly and, in most cases are unnecessary. The solution to this issue is market segmentation, it is the way to overcome customers are not all the same with the same demands and needs. Market segmentation enabling an organization to serve better a more homogeneous and tightly defined set of customers, identify opportunities, improve customer satisfaction levels, compete more effectively and utilize resources in an efficient manner.

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In uncial services, with the number of alternative providers and the difficulties of differentiation, it seems extremely important that everything possible is done to ensure customer needs are met as effectively as possible. Focusing close attention on groups of customers should ensure greater understanding of their needs. A useful segmentation process must meet three conditions: The characteristics used to categorize customers must be measurable and the data obtainable.

The segment itself must be accessible through existing marketing institutions with a minimum of cost and waste. A segment must be large enough to generate profitable sales volume. Consumer markets are commonly further segmented on the basis of: Geographic segmentation, Demographic segmentation, Chirography’s segmentation, Behavioral segmentation. Review the strategy of Wing Hang Bank Wing Hang Bank is the holding company and the principal operating company of the Group.

It provides a comprehensive range of banking and related financial services through a network of 43 branches in Hong Kong. Its wholly owned absurdity, Wing Hang Bank (China) Limited, was established in June 2007 with a network of branches in Sheehan, Guanos, Shanghai, Beijing and Aisha. In addition, through its other subsidiaries and affiliated companies the Group provides nominee, deposit taking, offshore banking, hire purchase, consumer financing, insurance and share brokerage services.

Wing Hang Bank Limited – One of major banker in Hong Kong and Great China region, a review of the further segmentation is essential into various group of consumers reaching related appropriate approaches, which should be four kinds of market segmentation for the company, Geography segmentation, demographics segmentation, chirography’s segmentation and buying behavior segmentation. Geographic segmentation used to be a popular method of segmentation within banking although it often appeared to be done for administrative reasons as much as to focus on different customer needs.

It was useful to have some sort of general management representation presence distributed around the country. It certainly is the case that consumers in rural areas eave different financial needs from consumers in conurbations but this can be complicated by the fact that, in many of the geographic divisions, both categories of customers are present, thereby reducing the value of the segmentation exercise.

Consequently, the answer is that, while not necessarily a waste of time, geographic segmentation is perhaps not as important as other bases. However, it is important to be aware of the differences which exist in customer needs across different geographic areas. China, including Hong Kong and Macaw would be the major cuisines center that Wing Hang Bank concentrated in such business and established a clear segment in geography section.

Except Hong Kong and Macaw region, Sheehan Branch, Guanos Branch, Shanghai Branch etc. Different branch had been set up in major target city in China gradually. Wing Hang Bank is the first bank set branch in Shunned where is within the Gudgeon province. Shunned have abundant capital from the residents and potential financing requirements from local private enterprise and business enterprise both gathered.

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Marketing of financial services Assignment. (2021, Dec 24). Retrieved May 18, 2024, from