Marketing of financial services Assignment

Marketing of financial services Assignment Words: 1021

Introduction Financial services are concerned with individuals, organizations and their finances. Mainline, as Insurance services, are inseparability, it cannot be separated from their provider. It is defined as a contract that provides the policyholder with pre-defined benefits in cases of specified losses. Content Advertising is a form of communication intended to convince an audience. Almost every one grows up in the world which is flooded with the mass media e. G. Elevation, advertising, films, videos, billboards, magazines, movies, music, newspapers, and internet. At now, there are two advertisements below by Mainline to promote their product. 1. Television Mammalian’s television video Of all marketing weapons, Mammalian’s advertising is renowned for its long lasting impact on viewer’s mind, as its exposure is much broader. Advertising is a subset of promotion mix which is one of the ups in the marketing mix I. E. Product, price, place and promotion.

As a promotional strategy, advertising serve as a major tool in creating product awareness in the mind of a potential consumer to take eventual purchase decision. Advertising, sales promotion and public relations are mass- immunization tools available to marketers. Advertising through all mediums influence audiences, but television is one of the strongest medium of advertising and due to its mass reach; it can influence not only the individual’s attitude, behavior, life style, exposure and in the long run, even the culture of the country. . To show the extraordinary agent on newspaper A company cannot make dream to be a well known brand until they invests in their promotional activities, for which consumer market have been dominating through advertisements. As the primary mission of advertiser is to reach prospective customers and influence their awareness, attitudes and buying behavior. They spend a lot of money to keep individual’s interest in their products. They need to understand what makes potential customers behave the way they would like.

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It also appears that advertising may have the potential to contribute to brand choice among consumers. The major aim of advertising is to impact on buying behavior; however, this impact about brand is changed or strengthened frequently in people’s memories. Memories about the brand consist of those associations that are related to brand name in consumer mind. These brand cognition influence consideration, evaluation, and finally purchases. The principal aim of consumer behavior analysis is to explain why consumers act in particular ways under certain circumstances.

It tries to determine the factors that influence consumer behavior, especially the economic, social and psychological aspects. When people choose advertising information and characters as their role models, they may not only identify with them but also intend to have a financial planning for themselves by the extraordinary insurance agent. Advertising and consumer behavior Advertiser’s primary objective is to reach Prospective customers and influence their awareness, attitudes and buying behavior.

They spend a lot of money to keep individuals (markets) Interested in their products. To succeed, they need to understand what makes potential customers behave the way they do. The advertisers Goals is to get enough relevant market data to Develop accurate profiles of buyers-to- find the common group (and symbols) for communications This involves the study of consumers behavior: The mental and emotional processes and the Physical activities of people who purchase and Use goods and services to satisfy particular deeds And wants. Proctor et al. 1982) noted that the principal aim of consumer behavior analysis is to explain why consumers act in particular ways under certain circumstances. It tries to determine the factors that influence consumer behavior, especially the economic, social and psychological aspects that can indicate the most favored marketing mix that management should select. Consumer behavior analysis helps to determine the direction that consumer behavior is likely to make and to give preferred trends in product development, and attributes of alternatives communication method etc.

Consumer behaviors analysis views the consumer as another variable in the marketing sequence, a variable that cannot be-controlled and that will interpret the product or service not only in terms of the physical characteristics, but in the context of this image according to the social and psychological makeup of that individual consumer (or group of Consumers). Economic theory has sought to establish relationships between selling prices, sales achieved and consumer’s income; similarly, advertising expenditure is frequently compared with sales. On other occasions financial accounting principles maybe applied to analyze profit and loss.

Management ratios, net profit before tax, liquidity and solvency ratios can all be investigated. Under the situations the importance of the consumer’s motivations, perceptions, attitudes and beliefs are largely ignored. The consumer is assumed to be “rational” that is, to react in the direction that would be suggested by economic theory and financial principles. However, it is often apparent that consumer behaviors do not fall neatly into these expected patterns. It is for these reason that consumer behavior analysis is conducted as yet another tool o assess the complexities of marketing operations.

Result and discussion GECKO led all insurance providers in top-of-mind awareness for auto insurance, likely as a result of spending nearly xx more on TV advertising compared to its competitors. State Farm and Allocate led companies for top-of-mind awareness among providers of homeowner’s insurance, with each company’s awareness exceeding its market share. The gap between awareness and market share suggests an inefficiency in spending among insurance advertisers. Modeling results indicate major broadcast network ND digital spend are by far the most effective at raising top-of-mind awareness, with digital display investment yielding 3. X the return of cable TV ad spending. Most digital display ads for insurance advertisers are not currently optimized for driving awareness, indicating additional efficiency to be gained through digital display advertising Conclusion In fact, it can be argued that no industry has done a better Job winning over the hearts minds of consumers in different buying behavior than insurance. The basic objectives of this research are to assess the influence of emotional advertising wrought attitudinal buying behavior consumer and analyze the influence of environmental advertising through attitudinal buying behavior consumer.

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