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Various factors influence consumer behavior in purchasing financial products. A situational approach can be adopted to understand buyer behavior. Specifically, Beckett's matrix classifies consumers of financial products on the basis of level of involvement and consumer confidence (which depends on the perceived uncertainty). Marketing has to be viewed from the perspective of three levels in an organization -- corporate level, business unit level, and functional level.
It should be noted that positioning in financial products marketing differs from that of other products and services in that organizational positioning is given more importance than product level positioning. The corporate brand can be positioned based on various factors such as price, relationship or service benefit, security benefit, user type, accessibility benefit, and perceived quality.
Customer service is an important factor that differentiates the product offerings in the service industry. Service quality can be improved along the dimensions of tangibles, reliability, responsiveness, assurance, and empathy. Financial product marketers need to imbibe in them the philosophy of providing quality customer service in order to increase their profitability. Good customer service and proper handling of customer complaints pave the way for building lasting relationships.
Factors Affecting Financial Services Buyer Behavior
Consumer Behavior: A Situational Approach
Marketing and Strategy
Marketing at the Corporate Level
Marketing at Business Unit/ SBU Level
Marketing at Functional/ Operating Level
The Role of Marketing Research
Information Needs for Decision Making
Need for Segmentation
Target Market Selection
Organizational Positioning in Financial Markets
The Customer Service Imperative
Need for Customer Service
Ways of Improving Customer Service
Dimensions of Service Quality