course outline (mfs)

8/11/2019 Course Outline (MFS)

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UNIVERSITY OF PROFESSIONAL STUDIES (UPSA)

DEPARTMENT OF MARKETING

COURSE NAME: Marketing of Financial services

COURSE CODE: LEVEL:

LECTURER:Dr. Godwin Ansah

CONTACT: [email protected]

COURSE DESCRIPTION:

This course builds on the key principles learned in marketing and places them in the context of the

financial sector. As traditional distinctions among types of financial institutions continue to blur,

competing in this marketplace will require strategic not just tactical marketing. Financial Services

Marketing gives students the opportunity to examine the contribution that marketing can make to the

success of an organization that operates in this industry. The focus is on learning how to solve

marketing problems and applying marketing theory to real life situations. Key topics include: the

revisiting of marketing definition and concepts, environmental factors that impact marketing in the

financial services industry; product development; pricing; distribution channels, promotion, and the

service marketing mix with special emphasis on the people in service delivery and physical evidence

The course will also look at the impact of technology on marketing in the financial services sector;

strategic planning; branch distribution network system; service delivery and customer care as well as

the need for integrated marketing towards a common goal.

Course outcomes

Upon successful completion of this course the students will have reliably demonstrated the ability to:

1. Review marketing and the marketing concept

2. Analyse the environmental forces that shape the financial services marketplace

3. Determine effective strategies and tactics for managing the marketing function within a

financial institution.

4. Apply the marketing mix strategies to gain competitive advantage

5. Appreciate the need for integrated marketing towards achieving a common organizational

goal.

6. Appreciate the importance of the human factor in the provision of financial services

LECTURE ONE

WHAT IS MARKETING?


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Definition of marketing and key elements of definition

The Marketing Concept

An Overview of Services

LECTURE TWO

THE MARKETING ENVIRONMENT

Melamine Case Study

Macro financial environment

o Political

o Economic

o Social

o Technological

o Ecological

Micro financial environment

o Customers

o

Marketing intermediaries

o Competitors

o Publics

o Producers and suppliers

o Resources

LECTURE THREE

SERVICES MARKETING MIX

Traditional marketing mix and financial services mix (Extended Marketing Mix (7Ps)

The distinctive characteristics of services and dealing with these unique characteristics

Servicescapes and Physical Evidence


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LECTURE FOUR

- OVERVIEW OF FINANCIAL SERVICES

LECTURE FIVE

STRATEGIC MARKETING PLANNING DEVELOPMENT

Marketing planning process

o Establishing corporate mission

o Conducting situational analysis

SWOT analysis

o

Determining objectives

o Formulation of marketing strategies and marketing mix decisions

Ansoffs matrix, Porters generic strategies

o Implementing marketing plan

LECTURE SIX

PRODUCT DECISIONS IN THE FINANCIAL SERVICES SECTOR

Concept of the service product (Components of a service product)

Product Strategies (Product mix strategies and Product life cycle strategy)

New product development

New product failures

LECTURE SEVEN

PRICING FINANCIAL SERVICES

Definition and Role of pricing

Pricing and Banks profitability

Pricing strategies

Process of pricing


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LECTURE EIGHT

PROMOTION OF FINANCIAL SERVICES

Overview of Communications

Communication process

Planning and designing a promotional campaign

Promotional mix decisions

o Advertising

o Public relations

o Direct marketing

o Publicity

o

Sales promotion

o Personal Selling

LECTURE NINE

BUILDING CUSTOMER RELATIONSHIPS

Concept of relationship marketing

Benefits of long-term relationship to customers and firms

Customer lifetime values

Customer profitability segments

o Profitability tiers

Relationship development strategies

o

Delivering the core service

o Building relational bonds

LECTURE TEN

DISTRIBUTION IN FINANCIAL SERVICES


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Distribution in a financial service industry

Physical channels of distribution for bank services

o Branch networks

Beyond brick and Mortar

o Technology

Managing the selling process

o Recruiting

Personal selling attributes

Selling skills

o Training

o Motivating

o

Monitoring results

o Evaluating sales efforts

o Rewarding sales efforts

Guide to final examination and assessments

The final exams shall be a three hour paper with five questions out of which students will be

required to answer two or three questions.

There shall also be a mid-semester group/individual assignment which will account for 30% of

the final score.

Allocation of marks

Class assignments 30%

Final exams 70%

Teaching method

Mainly lectures requiring active student participation.

Teaching materials

Teaching materials shall be mainly lecture notes and handouts.

References


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Ennew, C., Watkins, T., and Wright, M., (1995), Marketing Financial Services, Butterworth-

Heineman Ltd. Oxford.

Mettle, D.C., (2007), Marketing of Financial Services: Bankers Work Book Series. Chartered

Institute of Banking, Ghana.

Other relevant materials relating to Marketing, Marketing Financial Services and Services

Marketing

Articles on marketing financial services.

course outline (mfs)

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