Marketing Financial Services Assignment Example | Topics and Well Written Essays - 2500 words

Marketing Financial Services - Assignment Example Al, 1995). Marketing of the financial service is quite a recent phenomenon even in developed nations of the world. The financial services industry plays a vital role in safeguarding the prospects of economic development around the globe (Ennew & Waite, 2006). The banking sector is increasingly faced with issue of service quality. Since it is quite difficult to differentiate between money and the financial services, banks are therefore continually working to enhance the service quality so that the competitive edge can be maintained. However, the most critical factor associated with improvement of service quality is determination of the service quality characteristics that are considered as important by consumers. It also becomes important to consider the elements of the service quality that are important for different group of consumers (Stafford, 1996). It has been found that the service has increased worldwide significantly in general terms. However, the financial services have expe rienced a less encouraging future. The reason behind this has been the market saturation that has led to search for the growth opportunities. To enhance the growth opportunities two approaches seem to be viable. ... The most important thing to be considered is that M&S lends the consumers’ savings to other M&S customers in the UK. The money is lent in the form of personal loans or through M&S Credit Card (Marks and Spencer, n.d.). It was in the year 2004, when M&S Money became part of the HSBC Group; however it continued to operate under M&S Money brand. The company has around 1500 employees. It is headquartered at Chester where the group actively supports its local community. It endeavors to focus its effort both voluntarily and financially on schools and charities. The company has wide range of products catering to wider group of people all around the globe. The insurance products of the company have won many awards. Other products include loans and saving products. Its mission is to cater to the needs of various groups of people by providing them financial solutions that are both simple and underpinned by the core values of Marks and Spencer which are quality, value, innovation, servic e and trust. The company’s most attractive product has been the credit card which allows the customers to shop for 15 months with no interest to pay. Travel money is another product of M&S where 0% commission is levied on foreign currency and on foreign travelers’ cheque. Loans such as personal loans and car buying loans are also few of the other products of the company. SWOT Analysis The company is the best loan provider in the UK and provides several other products. It is the top choice of most of the customers in the country (Docstoc, 2010). M&S Money has received various awards. Recently in the year 2011, the company received award for the best travel insurance providers and the best pet insurance provider. It also received Defaqto 5 Star Rating in