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Service marketing

Services marketing is a form of marketing which focuses on selling services. Services can be
tricky to sell and the marketing approach for them is much different than the approach for
products. Some companies offer both products and services and must use a mixture of styles;
for example, a store which sells computers also tends to offer services such as helping people
select computers and providing computer repair. Such a store must market both its products
and the supporting s When people market services, the goal is not to get customers to buy a
product, but to get people to do business with a particular company, often in a specific location.
For example, a restaurant offers a service: It provides food to customers, both on-site and in to-
go form in many cases. When the restaurant markets itself, it must convince people that it is
preferable to other restaurants and that its facility is worth the trip.

As with the marketing of products, the marketing of services covers issues like what is being
offered, what the price points, how it compares to similar things, and why people should
choose that particular iteration over other options. With services, which are often intangible in
nature, consumers must also be convinced through services marketing that the service is
something they need which will have some sort of benefit.

There are different approaches which can be taken in services marketing, depending on how
people want the position the company and what kind of messages they want people to take
away from the marketing. A company might want to project itself as reliable and trustworthy if
it offers a service like security, or fun loving and adventurous for services like travel planning.
In all cases, people must be shown why it is that they would want to pay for services the
company offer services it offers to appeal to customers

Service marketing Mix or 7p’s

Marketing for financial services pose distinctive challenges to marketers because services are
intangible, inseparable and cannot be inventoried. An expanded marketing mix is required to fully
answer the differences between product marketing and marketing for financial services. The expanded
marketing mix aims to capture the distinctive nature of financial services .
Name of the 7p’s or marketing mixes of the HSBC are as follows:

1. Product
2. Price
3. Place
4. Promotion
5. People
6. Physical evidence
7. Process

1. Product

The product is the heart of the firm’s marketing strategy. Poorly designed service products that
do not create value for customers are destined to fail regardless of how well the other 6 Ps are executed.
The goal of the product element is to create a service concept that would offer more value to a market
segment than competitors. Working to transform this concept into reality involves designing a cluster of
different but mutually reinforcing elements.
The product must be a means to solve a problem or satisfy a want in the market. To date, overspending
is a major issue in the Western world. This is the reason why the new HSBC prepaid card is included in
the new current account package as a means to ensure that customers do not overspend by ensuring
prudential budgeting of financial resources.
Unique Features:

Prepaid Card:
HSBC will launch two prepaid cards, namely, the HSBC’s Financial Manager and the HSBC’s
Budget Manager prepaid card. Both prepaid cards come preloaded with £10 after the customer pays the
initial card issue fee. The Financial Manager is a way to manage a monthly budget by transferring your
spending money from your bank account onto the card. It has an annual load limit of £15,000. The
Budget Manager on the other hand has a smaller annual load limit of £2,000.
The new HSBC prepaid cards would be fee-free while offering the same flexibility as a credit or debit
card. The prepaid card however, would need to be loaded up with cash first before allowing its users to
purchase products and services. The prepaid cards can also be used to withdraw money from cash

Real Time Balance Alerts:

Real time balance alerts will be sent to the customer’s mobile device every time a HSBC
prepaid card user purchases something. This balance update will notify the prepaid card user on the
amount of money spent and the amount of money left for free. HSBC may need to team up with
companies like Vodafone to provide this service.

Online Banking:
Another unique element of the HSBC prepaid cards are their flexibility in managing the
customer’s financial resources. Bank customers can access the HSBC website and set standing orders
on how much money to load onto the budget manager every month as long as the funds are available in
their current account.
Optional Savings Account:
Bank customers that pay more than £500 into their current account every month would qualify
for the HSBC’s Current Account Advance. Regular payments can be made through the internet or by
direct standing order from the customer’s current account to save a specific amount every month. This
feature is ideal for customers with a fixed monthly income.

 Personal Secured Loan:

A Personal Secured Loan is a fixed loan secured by your time deposit held with HSBC.
The loan will provide you with the flexibility to meet any emergency cash needs you may
Have, so you don't have to encash your high yield investments.
-Loan amount is up to 90% of the value of your taka time deposit or WEDBs or
80% of the value of your foreign currency time deposit or USDBs with minimum
Loan amount of BDT90,000
-Competitive interest rates
-Processing fee - BDT1,000

▪Savings Plus:
With this saving account the customers get to earn
the interest rate income monthly basis, rather than at the end of six
months basis.

Phone Banking:
: With this fast, convenient and secure service, the banking is just
a phone call away. Phone banking service lets the customer to get access
to their accounts anytime of the day or night to:

Check the account balance

Transfer funds between accounts
Order statements / new cheque books
Report a lost or stolen card
Open or renew a time deposit
Enquire about foreign exchange rates
Make third party payments
Hear details of one’ slats five transactions
Pay bills to pre-designated third parties in local currency

ATM Cards:
One can perform a wide range of transactions through our
Automatic Teller Machines (ATM) at any time that is convenient to one, day or night.
Other product of the HSBC

2. Price:
The pricing component plays twin roles for HSBC in the sense that it must be able to first
attract customers to purchase the service and also generate revenue for HSBC .According to Adrian
Palmer (2008), there are five main factors that influence pricing decisions, namely, profit maximization,
market-share maximization, survival, social considerations and personal objectives. [7]
While pricing strategy is highly dynamic for other products and services, pricing for current account
services have become rather static in recent years. Most banks do not require any fees to set up a current
account. Banks instead rely on the money that floats in the interval when they are deposited to when
they are spent in order to profit from current accounts.
It is unlikely that any increases in interest rates would be able to attract customers to open up new
current accounts with HSBC. The base lending rate that is now at 0.5% provides little room to
maneuver for banks and other financial institutions. Adding to that is the credit crunch and declining
asset prices that makes borrowing at a higher rate unattractive at the moment. The initial prepaid card
issue fee should be around £10. This is in line with what competitors are charging at the moment.
The catch with the prepaid card scheme is that it encourages bank customers to save. Any money that is
saved is held within the customer’s current account and remains available for banks to provide further
lending. This may prove to be highly beneficial to HSBC during times when raising new capital is
extremely difficult.

3. Place:
The place element involves delivering the product element to customers through appropriate
methods and delivery channels. Delivery may involve both physical and electronic channels. Failure to
make a service product readily available to customers would guarantee its failure regardless of how
good the service product is. The new current account package would be made readily available
throughout HSBC’s 1,492 branch network and also through the internet.
4. Promotion:
The promotion element relies on effective communications to bring awareness in the market of
the service products offered by HSBC. The three objectives of the promotion element are to gain the
attention of customers, provide additional information and persuade customers to purchase the product.
Advertising is mass, paid communication that is used to transmit information, develop attitudes and
induce some form of response on the part of the audience .
The choice of media that would be utilized includes newspapers, magazines, outdoor advertising and
the internet. A sales promotion will also be carried during the first three weeks after the launch date to
help stimulate customer purchase and the effectiveness of intermediaries .Other promotional materials
include press releases, posters and brochures.

5. People:
Despite technological advances, many financial services still require direct interaction between
customers and bank employees. The nature of these interactions strongly influences how customers
perceive service quality .[8] This is particularly true for financial services as employees are often the
first line of contact with the customer.
Due to the importance of this element in the marketing mix, special attention needs to be given to the
training of employees concerning the new current account package. The prepaid card concept also
requires some serious attention as its aim is to show HSBC’s change of stance concerning the
psychology of spending.
Training should only be given to bank staffs that are directly involved in the new current
account package. However, back office staff must also be formally notified concerning this new current
account package to ensure that the entire organization have a coherent understanding on the bank’s
products and services. Besides that, training of IT personnel must also be stressed as new information
systems may have to be put in place before the launch of the new product.

6. Physical Evidence:
It is generally recognized that physical evidence can be subsidized into two components :
peripheral evidence which can be possessed by the consumer but has little independent value and
essential evidence, which cannot be possessed by the consumer but has independent value. The
peripheral evidence is the prepaid card itself while the essential evidence includes: branches
2. cash machines
3. posters and brochures.
4. ATM booth
5. internet facility
6.other tangibles for use in providing service and communication. Such as
cheque books, credit card, telephone etc
7. Process:
The process element focuses on the mechanisms by which the service is delivered, including
business policies for service provision, procedures, degree of mechanization etc. It is imperative that the
policies and procedures are written and tested before the launch of the new current account package.
Bank personnel are to conduct a test to determine how efficient and effective frontline staffs are at
explaining the new current account package and setting up new current accounts. A step by step guide
on how to set up a new current account and prepaid card system is to be issued to all front line staff to
ensure that no confusion is to occur during the critical launch date.
Besides that, front line staff should also be constantly monitored to ensure that the delivery of
services occur smoothly. Customer feedback and complaints should be welcomed as they would
provide the input needed to continuously improve service delivery and customer satisfaction.

The achievements in communication techniques and e-trade gave rise to many results For
marketing practices and perceptions. But, one of them is especially important that
Occurred in banking sector in marketing. Today, marketing services are of great emphasis on
Both customer and bank. The quality and quantity of banking products increased and a result
Of this, recent developments in marketing thoughts in services such as internal marketing,
network marketing, data base marketing and relationship marketing became more favorable