Topic septyni - Marketing materials and their effectiveness Flashcards
(45 cards)
What does effective marketing do to a provider
More accounts opened, and more in them
Increased purchases of other products
Increases brand awareness
What was virgin money headline after the financial crash
It’s time for a better kind of bank
What is the first stage of the marketing process
To target a particular group of customers
State 2 aims of the financial provider when marketing the product
Get more people to buy the product they are selling
Get existing customers to buy more products
Examples of groups that can be segmented
age
gender
family status
income
occupation
leisure activities
Whats a mass market
Big segmentations of people - gender, age
Whats the advantage of segmenting customers
helps the provider to maximise its sales and to get the best profit from the budget they’re given
How do providers segment their products
Categorise their products into segments such as homeowners or motorists who would be looking for insurance on their products
What % of people would rather use a branch
11%
What do providers keep in mind while making marketing materials
Destined to the target audience
Phrased in a language the target group can relate too
Refer to a lifestyle the target have
Reflect their values
What bank had slogans “Embrace your full life” and “When your
life becomes about more than just you” on their premium account
HSBC
What are the 4 types of marketing
Online
text-based
Film
Photography
Examples of text-based materials
Leaflets
mail
text-based adverts
text message or banking apps pop ups
Limitations of leaflets
people will only pick it up if they know what it is
only people in branch will pick them up
Limitations of mail-shots
Have to send out a lot to reach sales targets
Outdated
When would a provider show an advert to reach the mass market
In peak holidays time
Where would a products TaCs be found
In the small print
What is included in legal and technical information
Application forms
terms conditions
Policy document for insurance policy
Particulars of an investment scheme
How to spot misleading information
is the promotion balanced
Does it cleary say how much you’re paying
Does it seem unrealistic
Are the risks clear
How long is the commitment
Are there penalty’s for withdrawals
Is it guaranteed
Any small print info
What does the FCA require about promotion
must not hide any info and it must be clear
Who gives a crystal mark and what is it
the plain english campaign
Given to providers with clear information
Example of providers hiding info in small print
PPI was sold to self-employed people who then couldn’t claim because in the small print it said you couldn’t be self employed
What are the main 4 banks
HSBC
Barclays
Lloyds Banking Group
NatWest Group
Who don’t big banks change prices
As the other big banks will see it straight away and try to get an advantage by either a better or the same deal
