Question

Objectives & importance of bank marketing

Answer 1

Advertising is the best way to communicate to the customers. Advertising helps informs the customers about the brands available in the market and the variety of products useful to them. Advertising is for everybody including kids, young and old. It is done using various media types, with different techniques and methods most suited.

Let us take a look on the main objectives and importance of advertising.

Objectives of Advertising

Four main Objectives of advertising are:

TrialContinuityBrand switchSwitching back

Let’s take a look on these various types of objectives.

Trial: the companies which are in their introduction stage generally work for this objective. The trial objective is the one which involves convincing the customers to buy the new product introduced in the market. Here, the advertisers use flashy and attractive ads to make customers take a look on the products and purchase for trials.

Continuity: this objective is concerned about keeping the existing customers to stick on to the product. The advertisers here generally keep on bringing something new in the product and the advertisement so that the existing customers keep buying their products.

Brand switch: this objective is basically for those companies who want to attract the customers of the competitors. Here, the advertisers try to convince the customers to switch from the existing brand they are using to their product.

Switching back: this objective is for the companies who want their previous customers back, who have switched to their competitors. The advertisers use different ways to attract the customers back like discount sale, new advertise, some reworking done on packaging, etc.

Basically, advertising is a very artistic way of communicating with the customers. The main characteristics one should have to get on their objectives are great communication skills and very good convincing power.

Importance of Advertising

Advertising plays a very important role in today’s age of competition. Advertising is one thing which has become a necessity for everybody in today’s day to day life, be it the producer, the traders, or the customer. Advertising is an important part. Lets have a look on how and where is advertising important:

Advertising is important for the customers

Just imagine television or a newspaper or a radio channel without an advertisement! No, no one can any day imagine this. Advertising plays a very important role in customers life. Customers are the people who buy the product only after they are made aware of the products available in the market. If the product is not advertised, no customer will come to know what products are available and will not buy the product even if the product was for their benefit. One more thing is that advertising helps people find the best products for themselves, their kids, and their family. When they come to know about the range of products, they are able to compare the products and buy so that they get what they desire after spending their valuable money. Thus, advertising is important for the customers.

Advertising is important for the seller and companies producing the products

Yes, advertising plays very important role for the producers and the sellers of the products, because

Advertising helps increasing salesAdvertising helps producers or the companies to know their competitors and plan accordingly to meet up the level of competition.If any company wants to introduce or launch a new product in the market, advertising will make a ground for the product. Advertising helps making people aware of the new product so that the consumers come and try the product.Advertising helps creating goodwill for the company and gains customer loyalty after reaching a mature age.The demand for the product keeps on coming with the help of advertising and demand and supply become a never ending process.

Advertising is important for the society

Advertising helps educating people. There are some social issues also which advertising deals with like child labour, liquor consumption, girl child killing, smoking, family planning education, etc. thus, advertising plays a very important role in society.

Answer 2

Answer:

The banking sector plays a key role in the development of the economy. Banks are now giving importance to the marketing activities to create awareness regarding their services to the public. ... Customer satisfaction is important so that banks are introducing new instruments and ways to attract the customers.