Professional Documents
Culture Documents
Marketing of Financial Services.2020. Assignment
Marketing of Financial Services.2020. Assignment
Mid-Sem: 30%
Time Allowed:
Candidate’s Number:
1
For online submission: indicate the COURSE CODE AND COURSE NAME AS THE
SUBJECT. ALSO USE THE COURSE NAME AS YOUR FILE NAME. FAILURE TO
ABIDE BY THESE INSTRUCTIONS MAY LEAD TO THE REJECTION OF YOUR WORK
OR 10 MARKS PENALTY POINTS.
Advertising is a fundamental part of most successful marketing strategies in both financial and
non-financial services. It is the primary mechanism by which marketers create awareness among
consumers about their products and services. However, it has a special role in the marketing of
financial services since financial services are generally intangible. Several steps are essential for
successful execution of advertising campaigns in financial services. These steps are:
identification of advertising objectives; budget determination; the return on investment;
developing the contents of the ad; media selection, scheduling and campaign execution; and
measurement. As the newly appointed Brand Manager of MultiCredit Savings and Loans ltd, use
the aforementioned advertising steps to design an advertising campaign for the company.
MultiCredit Savings and Loans Ltd is in the transition to become a universal bank. As part of its
universal bank strategy is the establishment of various types of branches to serve different
purposes. At a management meeting held on 21st May 2020 at Aseda House, the following
branch strategies were discussed: a full service branch; specialty branch; corporate branch; high
networthy branch; branch location in shopping centres; and tele-banking. As the distribution
strategist of the company, you have been asked to design a distribution plan detailing how the
company can establish a full service branch, specialty branch, corporate branch, high networthy
branch, and branch location in shopping centres in Kumasi. As part of the report you are to
justify why you will want to establish a particular branch as a specific location in Kumasi. You
are to indicate the purpose of each branch to be established, the target market and the product or
services expected to be offered at that branch.
2
A3. EVIDENCE OF A QUICKLY CHANGING MARKET ENVIRONMENT. 20 MARKS
There is mounting evidence that suggests the environment in which financial services are
marketed is becoming more complex and challenging. Change and growth are continuously
throwing up new opportunities and challenges for the Ghana’s financial services sector. Banks
are starting to think like retailers; longer working hours, friendly tellers and a more casual,
trendy atmosphere: Television, lounge, coffee etc. In the liberalized era, competition between
financial institutions and pressure to maintain profitability has led to the marketing orientation,
which was never the case before. As a student of Financial Service Marketing, explain any four
(4) evidences of change in the financial service market in Ghana.
Nnamdi and Nwakanma (2011) defined financial services as those services essentially delivered
through the administration of designed financial products with the ultimate improvements in the
financial positions of the clients (customers) as well as the financial service providers
(institutions and persons) without necessarily resulting in the transfer of titles or ownership of
anything to either party. Financial services have unique characteristics that differentiate it from
the selling of physical goods. Explain any five (5) unique characteristics of a financial service in
Ghana.
Pricing is one of the most important decisions in the marketing of financial services. Price
serves multiple roles for the financial services organization as well as for the individuals who use
those services. Explain any five (5) common approaches to pricing financial services.
Examiner
K. O. Yeboah