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IFS: Institute of Financial Services DIPLOMA IN FINANCIAL STUDIES Unit 2 Chapter 2 Developing Financial Services to meet customer needs – Part 2 Key words and essentials for the external assessment 1
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Product Promotion Before people will buy products they need to know that they are there. Promotion is the way in which providers get their message to a target audience that usually, but nor exclusively, represents the market to which they want to sell to There are various ways in which providers can go about this: ADVERTISING Advertising is the promotion of goods and services to people on a non- personal basis. A successful advertisement does more than simply give facts: it should be able to convey messages about the product and provider’s brand image, and where it is positioned in the marketplace The way advertising helps this to happen is often described as a certain set of stages: Customer is unaware of the product/provider Customer is aware/ has knowledge of the product/provider Customer understands the product/provider Customer appreciates the product/provider Customer is convinced to buy Customer buys All being well, customer keeps buying 2
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BRANDING People may recognise a well-known brand through: a single word or phrase (Barclay’s Fluent in Finance) an image (the Lloyds-TSB black horse) a colour (Barclay’s blue or Orange mobile phones) even a sound (plink plink fizz) Remember people buy products not just for what they think the product can do for them but also for what they think the product says about them The advantages of a strong brand include: product differentiation – customers see the product as different from its competitors simply because of the associations they have with its brand. Often they will choose one product over another purely for this reason advertising becomes more effective – people know what product provider the advert relates to brand loyalty - people may stay with a provider even if new and better products are being introduced by competitors relative price insensitivity - where a product has a strong brand, it has been shown that customers will often be content to stay with it even if prices are raised significantly brand extension - new product launches may have a better chance of success, because they will benefit from the ‘goodwill’ associated with the existing brand better target marketing – brands can be used to help market segmentation brands can become products in their own right - this tends to be a feature in the fashion market e.g. Armani
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