Marketing Essay Example | Topics and Well Written Essays - 2000 words - 13

Marketing - Essay Example My understanding of insurance and reinsurance companies, pension, stock exchanges, leasing and lending companies was also increased. In addition, marketing knowledge enable me to know different ways that I can use to create value, and not just products. In addition to the above lessons, at the end of the chapter I appreciated the role of technology which has shaped marketing and in the end, affected the financial service delivery positively. This happened because the marketers identified essential issues like the product element, place and time, process and productivity and quality. I also learned on the financial service environment. I learnt three main lessons; first I developed knowledge on essential external influences that affect the financial services. These include global financial crisis like high risk lending and US led systematic disaster (Madura, 2010, 31). Second, I learnt to appreciate the roles of the environment scanning in the marketing of financial services. The majo r roles include, encouraging the competitors, avoiding credit crisis, to address the externalities and protecting the investor. I learnt that these can easily be done through systematic methods that are used in the analysis of the macro environment for financial investments. The analysis can only be done on political, socio-cultural, economic and technological variables. Lastly, I gained knowledge on how to integrate a stakeholder perspective into environment scanning. This is because markets are only concerned with coming up with strategies that can ensure success in financial services. Therefore, environmental scanning is essential in establishing the most suitable place for financial investments. These lessons have enabled me to developing coping strategies and skills. For sure, I can now face predicaments and challenges wholeheartedly because I know a change in tactics will be enough to propel me through the course. I can now analyse different situations and give judgment based on the context. Lessons on the market mix and financial services were equally necessary. This is because I gained insight on the management of the customer relationship. This I realized can only be undertaken by managing people, price, product promotion and place. Thus, to the service mix, I got to know that other 4ps of process, people and physical evidence must form part. This knowledge further increased my understanding of the way financial institutions like banks win the trust of their customers. Indeed I learnt that it is only through market mix that they can promote their core and augmented services like internet banking and loans. I have increased my management and leadership skills (Madura, 2010, 35). I now know that, as a good leader, I must be a manager of myself, and a leader of people around me. I have developed strong understanding skills, and now I accept ideas and view of the significant others provided that they are consistent with my standards and values. Indeed I h ad knowledge on branding. However, I did not know how I can build and sustain financial branding. Thus, lectures on the same subject were necessary as part of my course plan. Certainly, I know appreciate how branding theory applies to the marketing of financial services. Secondly, I now appreciate the way branding contributes to the promotion of the financial service