Chapter 1
Introduction to Marketing and Key Marketing Concepts
Introduction
The Definition of Marketing
Key Elements of the Definition
The Four Pillars of the Marketing Concept
Customer Orientation
Profit
Total Company Effort
Social Responsibility
Evolution of the Marketing Concept
Declining Sales or Market Share
Slow Growth
Changing Buying Behavior
Increased Competition
Increased Marketing Expenses
Stages in the Adoption of the Marketing Concept
The Importance of Market Definition
The Product Orientation
The Production Orientation
The Selling Orientation
The Customer Orientation
Summary
Points for Review
Chapter 2
Marketing Planning: The Basics
Introduction
The Microenvironment
Economic Environment
Demographic Environment
Social and Cultural Environment
Political, Legal, and Regulatory Environment
Technological Environment
The Natural Environment
The Microenvironment
Customers
Producers and Suppliers
Marketing Intermediaries
Competitors
Publics
Stages of Bank Planning Development
Strategic Marketing Planning
Summary
Points for Review
Chapter 3
The Strategic Marketing Process
Introduction
The Marketing Management Process
What Is Management?
What Is Marketing Management?
The Task of Marketing Management
The Marketing Planning Process
Conducting the Situation Analysis
Setting Marketing Objectives
Selecting the Target Market
Designing the Marketing Strategy
Implementing the Plan
Evaluating the Results
Why Plan? Some Specious Arguments
Prerequisites for Planning
Summary
Points for Review
Chapter 4
The Development of a Situation Analysis
Introduction
Why Formalize the Situation Analysis?
The Four Elements of Situation Analysis
Self-Analysis
Analysis of Macroenvironmental Factors
Analysis of Microenvironmental Factors
Analysis of Problems and Opportunities
Summary
Points for Review
Chapter 5
Setting Goals and Objectives and Identifying Strategies and
Tactics
Introduction
Setting Goals and Objectives
Importance of Setting Goals and Objectives
The Hierarchy of Goals in Business
Characteristics of Marketing Objectives
Developing a Strategy
Segmentation and Target Market Selection
Marketing Strategy and Tactics
The Eight-Step Process
Strategy Formulation in Action
Applying Strategy to a Bank Marketing Plan
Applying Strategy to a Product Marketing Plan
Summary
Points for Review
Chapter 6
Consumer and Organizational Buying Behavior
Introduction
Motivation and Consumer Behavior
Needs as Motivators of Behavior
Social Factors
Cultural Factors
Psychological Factors
Personal Factors
The Consumer Buying Process
Unsatisfied Needs
Bank versus Customer Needs
Pre-purchase Activity
Purchase Decision
Post-purchase Feelings
Organizational Buying Behavior
The Organizational Buying Process
Summary
Points for Review
Chapter 7
Marketing Research and Marketing Information Systems
Introduction
Definition of Marketing Research
Marketing Research or Market Research?
Marketing Research in Banking
Using Marketing Research to Understand the Market
Types of Market Data
Updating Market Data
Market Data Sources
The Marketing Research Process
Step 1: Defining the Problem
Step 2: Planning and Designing the Project
Step 3: Collecting the Data
Step 4: Analyzing the Data
Step 5: Reporting the Data
When and Why Results Are Used
Marketing Information Systems
MIS and Marketing Research
Summary
Points for Review
Chapter 8
Segmentation and Positioning Strategies
Introduction
Segmenting the Market
Segmentation Strategies
Segmenting the Commercial Banking Market
Target Market Selection
Undifferentiated Marketing
Differentiated Marketing
Concentrated Marketing
Positioning
Summary
Points for Review
Chapter 9
Product Strategy and New Product Development
Introduction
Importance of the Product
What Is a Product?
Product Item, Product Line, and Product Mix
Services vs. Products
Product Strategies
Product Mix Strategies
Product Life Cycle Strategies
Product Adopter Categories
Systems Selling
New Product Development
Types of New Products
New Product Development Stages
Product Management
Product Failures
Product Elimination
Benefits of Product Elimination
Industry Resistance to Product Elimination
Summary
Points for Review
Chapter 10
Pricing Strategy
Introduction
The Definition and Role of Price
Pricing and the Bank’s Profitability
How a Bank Earns a Profit
Price Elasticity of Demand
Pricing Decisions
Pricing Strategies for New Products
Changing the Price of Existing Products
Reactions to Pricing
Customers’ Reaction
Employees’ Reactions
Competitors’ Reactions
Regulation and the Pricing of Bank Services
Summary
Points for Review
Chapter 11
Distribution Strategy: Physical Distribution
Introduction
Marketing Channels
Distribution in a Service Industry
Challenges to the Distribution of Bank Services
Physical Channels of Distribution for Bank Services
The Branch Network
Making Banking Services Accessible to the Disabled
Beyond Brick and Mortar
Intermediaries in the Banking Industry
Summary
Points for Review
Chapter 12
Promotion Strategy: Personal Selling
Introduction
Differences between Selling and Marketing
Selling as an Element of Customer Service
The Importance of Selling in Banking
Characteristics of a Successful Salesperson
Personal Attributes
Managing the Selling Process
Recruiting
Training
Motivating
Monitoring Results
Evaluating the Sales Effort
Rewarding Results of the Sales Effort
Designing a Training Program
Training Program Content
Executing a Sales Training Program
Summary
Points for Review
Chapter 13
Promotion Strategy: Advertising and Sales Promotion
Introduction
The Communication Process
The Promotion Mix
Advertising
Sales Promotion
Public Relations
Personal Selling
Relative Use of the Promotion Mix Elements
The Communication Goal
Type of Product or Service
Nature of the Market
Product Life Cycle Stage
Advertising Expenditures
The Size of the Marketing Budget
Advertising’s Share of the Marketing Budget
How Advertising Dollars Are Spent
The Goals of Advertising
Excuting the Advertising Message
Measuring Advertising’s Effectiveness
The Advertising Agency
Bank Advertising Regulation
Sales Promotion
Point-of-Purchase Merchandising
Incentives
Seminars
Specialties
Contests
Premiums
The Promotional Campaign
Summary
Points for Review
Chapter 14
Public Relations and Communications
Introduction
What public Relations Is
What Public Relations Is Not
Public Relations Is Not Advertising
Public Relations Is Not Oriented to Specific Products
The position of Public Relations in the Organization
The Role of Public Relations
The Bank’s Publics
Public Relations Tasks
Benefits of a Broader Perspective for Public Relations
Summary
Points for Review
Chapter 15
Organization Implementation and Evaluation
Introduction
Organizing the Bank for Marketing
The Centralized Marketing Department
Decentralized Marketing
Organizing for Marketing in a Holding Company
Environment
Relationship of Marketing to Other Departments
Implementing the Marketing Plan
The Quality Movement and Implementation
Factors Affecting Implementation
Evaluation: Performance Monitoring and Control
Some Reasons for Deviations from Goals
The Reporting Process
Some Common Problems Encountered in the Planning
Process
Summary
Points for Review
Chapter 16
The Wholesale Side of Banking
Introduction
Business Banking
Identifying the Market and Assessing Its Needs
Adapting the Marketing Mix to the Business Banking
Market
Trust Marketing
Adapting the Marketing Mix to the Trust Market
Summary
Points for Review
Chapter 17
The Future of Bank Marketing
Introduction
The Changing Structure of the Banking Industry
The Next Stage in the Evolution of the Marketing Concept
The Impact of Technology
The Challenge Ahead for Bank Marketers
Summary
Points for Review