Hostname: page-component-78c5997874-j824f Total loading time: 0 Render date: 2024-10-31T04:51:19.054Z Has data issue: false hasContentIssue false
  • English
  • Français

Marketing of Retail Financial Services

Published online by Cambridge University Press:  03 October 2014

M Iqbal
Get access

Extract

1.1 In recent years insurance companies have begun to employ marketing techniques in search of greater success in an increasingly competitive market place. Several companies have Marketing Departments. However, those who have used marketing techniques most efficiently are not necessarily those with the largest departments.

1.2 Too often marketing is confused with promotion which is but one facet of a multi-faceted discipline. Another common mistake is to regard marketing as a subset of selling. This is understandable because most senior marketing appointments in the insurance industry have gone to people with a sales background. Levitt in his classic article Marketing Myopia in Harvard Business Review said:

“Selling focuses on the needs of the seller; marketing on the needs of the buyer. Selling is preoccupied with the seller's need to convert his product into cash; marketing with the idea of satisfying the needs of the customer by means of the product and the whole cluster of things associated with creating, delivering and finally consuming it.

The selling concept starts with the company's existing products and calls for heavy promotion and selling to achieve profitable sales. The marketing concept is a customers' needs and wants orientation backed by integrated marketing effort aimed at generating customer satisfaction as a key to satisfying customer goals.

The determination of what is to be produced should not be in the hands of the companies but in the hands of the customers. The companies produce what the consumers want and in this way maximize consumer welfare and earn their profits.”

Type
Research Article
Information
Transactions of the Faculty of Actuaries , Volume 41 , 1987 , pp. 444 - 541
Copyright
Copyright © Institute and Faculty of Actuaries 1987

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

1.Anderson, R. & Dyer, N. (eds) Marketing Insurance. City Financial/Kluwer.Google Scholar
2.Ansoff, H. I.Corporate Strategy. Penguin Books.Google Scholar
3.Bunch, T. S.The Valuation of With Profits Business and the Estate. Institute of Actuaries Students Society Paper.CrossRefGoogle Scholar
4.Cannon, T.Basic Marketing. Principles and Practices. Holt, Rinehart & Winston.Google Scholar
5.Chisnall, P. F.Marketing, A Behavioural Analysis. McGraw Hill.Google Scholar
6.Cowell, D.The Marketing of Services. William Heinemann.CrossRefGoogle Scholar
7.Davidson, H.Offensive Marketing. Penguin Books.CrossRefGoogle Scholar
8.Drucker, P. F.Management, Tasks, Responsibilities, Practices. Harper & Row.Google Scholar
9.Drucker, P. F.The Practice of Management. William Heinemann.CrossRefGoogle Scholar
10.Engel, J. F., Blackwell, R. D. & Miniard, P. W.Consumer Behaviour. Dryden Press.Google Scholar
11.Forrest, P.Sold on Service. Carlson Marketing Group International.Google Scholar
12.Hardy, L.Successful Business Strategy. Kogan Page.Google Scholar
13.Iqbal, M.Actuarial Management of a Unit Linked Office. Institute of Actuaries Students Society Paper.CrossRefGoogle Scholar
14.Iqbal, M. & Short, E.Promises Promises. Institute of Actuaries Students Society Paper.Google Scholar
15.Johnson, G. & Scholes, K.Exploring Corporate Strategy. Prentice Hall International.Google Scholar
16.Kotler, P.Principles of Marketing. Prentice Hall International.Google Scholar
17.Kotler, P.Marketing Management, Analysis, Planning and Control. Prentice Hall International.Google Scholar
18.Lessem, R.The Roots of Excellence. Fontana/Collins.CrossRefGoogle Scholar
19.Levitt, T.The Marketing Imagination. The Free Press.Google Scholar
20.Limra. Marketing for Actuaries. Education Examination Committee of the Society of Actuaries.Google Scholar
21.Mcburnie, T. & Clutterbuck, D.The Marketing Edge. Weindenfeld & Nicolson.Google Scholar
22.Morita, A. (with Reingold, E. M. & Shimomura, M.). Made in Japan. Collins.Google Scholar
23.Ogilvy, D.Ogilvy on Advertising. Pan Books.Google Scholar
24.Ollins, W.The Corporate Personality (out of print). The Design Council.Google Scholar
25.Ohmae, K.The Mind of the Strategist. Penguin Books.Google Scholar
26.P. A. Consultancy Group. Innovative Success in the Retail Financial Market. Lafferty Publications Ltd.Google Scholar
27.Pascale, F. T. & Athos, A. G.The Art of Japanese Management. Allen Lane.CrossRefGoogle Scholar
28.Peters, T. J. & Waterman, R. H.In Search of Excellence. Harper & Row.CrossRefGoogle Scholar
29.Porter, M. E.Competitive Strategy. Free Press.Google Scholar
30.Sasser, W. Earl., Olsen, R. Paul. & Wyckoff, D. Darly.Management of Service Operations. Allen & Bacon.CrossRefGoogle Scholar
31.Stone, M.Product Planning. MacMillan.CrossRefGoogle Scholar
32.Tregoe, B. & Zimmerman, J.Top Management Strategy. Copyright Kepner Tregoe Inc.Google Scholar
33.Watkins, T. & Wright, M.Marketing Financial Services. Butterworths & Co.Google Scholar
34.Winkler, J.Pricing for Results. William Heinemann.Google Scholar
35.Winkler, J.Winkler on Marketing Planning. Associated Business Programmes.Google Scholar
36. Occupational Pension Schemes 1983. Seventh Survey by the Government Actuary.Google Scholar