Course

Financial Services Marketing

Important Notice

This course is not active. Please contact Department Chair for more information.

Faculty
Commerce & Business Administration
Department
Marketing
Course code
MARK 5500
Credits
3.00
Semester length
15 weeks
Max class size
30
Method(s) of instruction
Lecture
Seminar
Typically offered
To be determined

Overview

Course description
Marketing in the financial services sector has experienced significant growth and change in recent years, fuelled by new technologies, increased competition, changing consumer attitudes, and product development. Marketers in this field are constantly challenged, require a broad skill set and a variety of approaches to execute their marketing activities successfully. This course will explore how financial institutions develop an understanding of their target consumers to enable them to design appropriate products and services, and then how they market their products and services effectively. The marketing mix for financial services will be covered, along with the concepts of marketing as they apply to the unique nature of services. Relationship marketing, attracting and retaining customers, marketing tools and techniques, and strategy development will all be emphasized.
Course content
  1. The concept of services marketing, and services marketing as it applies to financial institutions
  2. Understanding and valuing the financial services customer as a key to organizational success
  3. Designing products and services tailored to specific customer segments, respecting needs and risk profile
  4. Integrating advertising, sales promotions, public relations and personal selling for effective marketing
  5. Regulations, regulatory bodies, ethics and social responsibilities that impact financial services marketing
  6. Managing, defining and measuring customer satisfaction
  7. Understanding  the role CRM plays in comprehending, evaluating and managing customer relations
  8. Understanding the complexity and variety of sales channels involved in delivering financial products
  9. The importance of website and technology design in delivering financial products
  10.  People issues:  managing financial institution marketing and sales staff
  11.  Communication and service issues and remedial strategies
  12.  Customer acquisition and retention strategies:  exceeding customer expectations
  13. Financial services marketing planning:  putting all of the elements together for seamless service
Learning activities

The course will involve a blend of lectures, discussions, videos, cases, on-line activities, and seminars.  Students will undertake external industry related research. Group activities and presentations by students are an integral part of the course.

Means of assessment

Projects, Cases & Presentations (2-4)        50%

Midterm examination                               20%

Final examination                                    20%

Course participation                                10%

                                                          100%

 

STUDENTS MUST COMPLETE ALL COMPONENTS OF THE COURSE TO OBTAIN CREDIT FOR THE COURSE.

Learning outcomes

At the end of the course, the successful student should be able to:

1.  demonstrate an understanding of the key concepts and the nature of financial services marketing

2.  explain the importance and  the challenges involved in marketing financial products and services

3.  demonstrate an understanding of the role consumer lifestyle and lifestage play in the development and marketing of financial products and services

4.  design marketing research, customer analysis, loyalty, acquisition and retention, and promotion initiatives for the financial services sector

5.  create a set of relevant metrics for measuring marketing and corporate progress

6.  utilize industry standard software to analyze marketing data and produce reports and presentations

7.  develop strategies and tactics for effective marketing in the financial services industry

Textbook materials

Textbooks and Materials to be Purchased by Students:

 

Ehrlich, Evelyn  The Financial Services Marketing Handbook, Bloomberg Press – latest edition or equivalent

Requisites

Prerequisites

MARK 5120 and MARK 5150

Corequisites

No corequisite courses.

Equivalencies

No equivalent courses.

Course Guidelines

Course Guidelines for previous years are viewable by selecting the version desired. If you took this course and do not see a listing for the starting semester / year of the course, consider the previous version as the applicable version.

(Current)

Course Transfers

These are for current course guidelines only. For a full list of archived courses please see https://www.bctransferguide.ca

Institution Transfer details for MARK 5500
There are no applicable transfer credits for this course.

Course Offerings

There are no course offerings this semester.