Marketing Domain: Services and Financial Services Marketing
Teacher
Dr Sabyasachi Dey
Category
Domain Courses
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Code(Credit) : CUMM2362 (2-1-1)/CUTM1235 (2-2-2)
Course Objectives
- To supplement basic marketing and marketing strategy courses by focusing on problems and strategies specific to marketing of services with special focus on financial services.
- To understand the problems commonly encountered in marketing services -- such as inability to inventory, difficulty in synchronizing demand and supply, difficulty in controlling quality -- will be addressed.
- To understand the financial services like banking, insurance, mutual funds, venture capitals and the digitization of financial services.
- To understand the strategies used by successful services marketers with reference financial services to overcome these difficulties will be discussed through case studies.
Course Outcomes
COS |
COURSE OUTCOMES |
MAPPING COS WITH POS (High-3; Medium-2; Low-1) |
| CO1 | Examine the unique challenges of services marketing, including the elements of product, price, place, promotion, processes, physical evidence, and people. | PO1(3), PO2(3) |
| CO2 | Evaluate the roles played by employees and customers during service delivery of financial services. | PO2(3), PO5(2), PO8(3) |
| CO3 | Explain service blueprinting and its application across various service sectors particularly the financial services. | PO3(3), PO5(3), PO10(2) |
| CO4 | Design service quality measurements to build customer loyalty and evaluate the effectiveness, efficiency of customer service offerings. | PO6(2), PO2(3) |
Course Syllabus
Course Contents:
Module-1:
Marketing of Services: Introduction - Growth of the Service Sector - The Concept of Service - Characteristics of Services, Classification of Services, Service Marketing Mix (Additional Dimensions in Services Marketing - People, Physical Evidence and Process), Internal Marketing of a Service - External versus Internal Orientation of Service Strategy, Service Encounter, Service Failure and Service Recovery, learning from customer feedback.
Module-II:
Delivering Quality Financial Services: Causes of Service-Quality Gaps, Key Factors and Strategies for closing all the Gaps, SERVQUAL and its application to financial services, Designing the Service – Blueprinting, Service blueprint of financial services like banking, insurance etc, Role of employees’ and customers’ in service delivery in the delivery of financial services.
Module-III:
Banking and Insurance Services:
Retail Financial Services: Retail banking, Meaning of banking business, introduction to various bank products, Selling bank products, concept of cross selling, Impact of technology on bank marketing (Internet banking, mobile banking and UPI) Insurance-Meaning, advantages various types of insurance, financial planning process, Risk management –Strategy to cover risk, introduction to IRDAI, selling of insurance plans, Banc assurance- Bank as a distribution channel for insurance services.
Module-IV:
Mutual Funds and Venture Capital:
Mutual funds-Meaning and Types of mutual funds, advantages and disadvantages. Debt funds and types of Debt schemes, Types of equity funds /Growth funds, concept of hybrid funds, Mutual funds Vs. Other investment like gold, equity etc. Mutual Fund Structure, sales and distribution channels. Introduction to Venture Capital Funds, Structure of Venture Capital Funds, Role of Venture Capital Funds in Start-ups and MSME, Merchant Banking.
Text Books Recommended:
1. Zeithaml, Bitner, Gremler & Pandit: SERVICES MARKETING, McGraw Hill.
2. V.A.Avdhani: Marketing of Financial services, HPH.
3. P.K. Gupta: Insurance and Risk Management, HPH.
Session Plan
Session 1
Introduction - Growth of the Service Sector - The Concept of Service - Characteristics of Services
Text Book:
Chapter 1 of Text Book 1.
SFSM Session-1 (Revised Presentation)
(PPT)
(Additional Readings)
https://www.youtube.com/watch?v=v1jrPiaP5UQ&t=247s
(YouTube video)
Session 2 (Practice)
Introduction - Growth of the Service Sector - The Concept of Service - Characteristics of Services
Text Book:
Chapter 1 of Text Book 1.
Case let: SpiceJet's Flight to Profit (The Strategist-Business Standard)
https://www.youtube.com/watch?v=04zsOllC4Oc
(Video on how to analyse a case)
Session 3
Service Marketing Mix (Additional Dimensions in Services Marketing - People, Physical Evidence and Process).
Project Announcement: Project to be allotted to the students. The project shall be allotted to the students in groups (5-6 per group). Students would be working in the following projects:
- Health care services
- Financial services
- Hospitality services
- Media and communication services
- Centurion Coffee Connect
- Education services
- Centurion Ayurveda wellness center
Students have to study the various aspects like entire Service blueprint, employees role in service delivery, customers role in service delivery, support services
Text Book:
Chapter 1 of Text Book 1.
(Presentation)
Service marketing mix
(Additional Readings)
Service marketing mix
(Blog)
Service marketing mix
https://www.youtube.com/watch?v=GhFpvXsmBXY
(Service Marketing Mix)
https://www.youtube.com/watch?v=Wb10HHLJWPo
(YouTube videos)
Session 4 (Practice)
Students shall present the service marketing mix in context to any financial service sector in this practice session.
Text Book:
Chapter 1 of Text Book 1.
Session 5 (Practice mode-Flip Class)
Internal Marketing of a Service - External versus Internal Orientation of Service Strategy (Services Marketing Triangle)
Text Book:
Chapter 11 of Text Book 1 pg (333-339)
Case 2: Columbia Asia
Internal Marketing of Services
(Presentation)
Internal marketing
(Additional Readings)
Services Marketing Triangle
(YouTube video)
https://www.youtube.com/watch?v=D38S9o_6qnc
(Powerful video)
Session 6
Service Encounter
Text Book: Chapter 4 of Text Book 1.
(Presentation)
Service Encounter
(Additional Reading)
Managing Service Encounters
(Additional Reading)
Service Encounter
(YouTube video)
Session 7
Service Failure and Service Recovery, learning from customer feedback
Text Book: Chapter 7 of Text Book 1
Service failure and recovery
(Presentation)
Customer feedback
(Additional Reading)
Managing service recovery
(YouTube video)
Learning from customer feedback
(YouTube video)
Session 8 (Practice)
[End of Module I]
Service Failure and Service Recovery, learning from customer feedback
Text Book: Chapter 7 of Text Book 1
Cox and Kings caselet
Service failure & recovery
(Blog)
Session 9
Classification of Services
(Presentation)
https://www.marketing91.com/classification-of-services/
(Additional Readings)
Session 10 (Practice) [End of Module-I]
Short and long questions from Module-I shall be discussed.
Session 11
Causes of Service-Quality Gaps, Key Factors and Strategies for closing all the Gaps
Text Book: Chapter 2 of Text Book 1
(Presentation)
Service Quality gap model
(Additional Reading)
https://www.youtube.com/watch?v=Mh_ZtS6LB44
(YouTube video on Service GAP Model)
Key Factors and Strategies for closing all the Gaps
(YouTube video)
Session 12 (Practice)
Session 13 (Project work)
Students to do their project related tasks.
Session 14
SERVQUAL and its application to financial services.
Text Book: Chapter 4 of Text Book 1
(PPT)
https://www.youtube.com/watch?v=rDGzz8SkgZU
(Video)
SERVQUAL
(Additional Reading)
SERVQUAL in Banking Industry
(Journal Article)
Session 15 (Practice)
Session 16
Designing the Service – Blueprinting, Service blueprint of financial services like banking, insurance etc.
Text Book: Chapter 8 of Text Book 1
Service Blueprinting (Revised)
(Presentation)
Service Blueprint
(Additional Reading)
Service Blueprinting
(YouTube video)
Session 17 (Practice)
Students have to prepare a blueprint of a financial service like bank, insurance etc and present it in the class.
Text Book: Chapter 8 of Text Book 1
Session 19 (Project Work)
Students to do their project related tasks.
Session 20
Role of Employees’ in Service Delivery in context to financial services.
Text Book: Chapter 11 of Text Book 1
Employees' role in Service Delivery
(Presentation)
http://www.youtube.com/watch?v=b7Jf1E_MZZo
(Video)
https://medium.com/madaboutgrowth/employees-roles-in-service-delivery-691e98f85cd6
(Additional Readings)
Session 21 (Practice)
Role of Employees’ in Service Delivery in context to financial services.
http://www.tandfonline.com/doi/full/10.1080/23311975.2016.1243504
(Case Study)
Session 22
Role of Customers’ in Service Delivery in context to financial services.
Text Book: Chapter 12 of Text Book 1
Customers' role in Service Delivery
(Presentation)
http://www.youtube.com/watch?v=chWBY2yP0C4&t=10s
(Video)
https://www.projectguru.in/role-of-customers-in-service-delivery
(Additional Reading)
Session 24 (Practice)
[End of Module-II]
Short and long questions from Module-I shall be discussed.
Session 25 (Practice-Flip Class)
Retail Financial Services: Retail banking, Meaning of banking business, introduction to various bank products (Flip Class)
Text Book: Chapter 8 of Text Book 2
(Presentation)
http://www.youtube.com/watch?v=J_K1TECpuFs
(Video)
https://marketbusinessnews.com/financial-glossary/retail-banking/
https://www.thebalance.com/what-is-a-retail-bank-315209
(Additional Readings)
Session 26
Selling of bank products, concept of cross selling.
Text Book: Chapter 9 of Text Book 2
(Presentation)
(Presentation)
https://www.youtube.com/watch?v=fiNx-aOatpE
https://www.youtube.com/watch?v=sIaZWztqqig
(Videos)
https://www.customer.com/blog/financial-marketing/4-tips-for-effective-cross-selling/
(Additional Reading)
Session 27 (Practice-Flip Class)
Impact of technology on bank marketing (Internet banking, mobile banking and UPI)
Text Book: Chapter 9 of Text Book 2
https://www.youtube.com/watch?v=i35xfEGAu-I
https://www.youtube.com/watch?v=jyxOl8hXqJg
https://www.youtube.com/watch?v=6qlpG4V8jdc
(Videos)
(Additional Readings)
Session 29
Insurance-Meaning, advantages various types of insurance.
Text Book: Chapter 4 of Text Book 3
(Presentation)
https://www.youtube.com/watch?v=GdIxMsyAM_c
(Video)
https://www.acko.com/articles/general-info/types-of-insurance/
(Additional Reading)
Session 30 (Practice-Flip Class)
Financial planning process.
Text Book: Chapter 13 of Text Book 2
(Presentation)
https://www.youtube.com/watch?v=zgTfYLvqVnw
https://www.youtube.com/watch?v=mXEWgVUZPn4
(Videos)
https://www.thebalance.com/the-6-steps-of-financial-planning-2466498
(Additional Reading)
Session 31
Risk management –Strategy to cover risk.
Text Book: Chapter 1&2 of Text Book 3.
(Presentation)
https://www.youtube.com/watch?v=-E-jfcoR2W0
https://www.youtube.com/watch?v=zcJrR-FTlmA
(Video)
https://quantumfbi.com/effective-risk-management-strategies/
(Additional Reading)
Session 32
Introduction to IRDAI
Text Book: Chapter 2 of Text Book 3.
(Presentation)
https://www.youtube.com/watch?v=tL0a7uWrmBs
(Video)
https://www.eindiainsurance.com/insurance/irda.asp
(Additional Reading)
Session 33 (Project Review Work-II)
Students have to prepare and give the second interim presentation of the project undertaken by them of the work done so far.
Session 34 (Practice)
| Selling of insurance plans.
Text Book: Chapter 37 of Text Book 3 (Presentation) https://www.youtube.com/watch?v=x6O-GUI4uwA (Video) https://www.thedubs.com/lemonade-ultimate-insurance-marketing-case-study/ (Case Study)
|
Session 35
Banc assurance- Bank as a distribution channel for insurance services.
Text Book: Chapter 39 of Text Book 3
(Presentation)
https://www.youtube.com/watch?v=dcmz82L89jk
(Video)
http://www.einsuranceprofessional.com/artsing.html
(Additional Reading)
Session 36 (Practice) [End of Module III]
Short and long questions from Module III shall be discussed.
Session 37
Mutual funds-Meaning, types, advantages and disadvantages
Text Book: Chapter 15 of Text Book 2
(Presentation)
https://www.youtube.com/watch?v=cCD8icUm9dA
https://www.youtube.com/watch?v=hBD_B4sK5ig
(Videos)
https://www.fincash.com/l/mutual-funds-india
(Additional Reading)
Session 38 (Practice-Flip Class)
Debt funds and types of Debt schemes, Types of equity funds /Growth funds, concept of hybrid funds
(Presentation)
(Presentation)
Text Book: Chapter 15 of Text Book 2
https://www.youtube.com/watch?v=V3GkyLaaBCA
https://www.youtube.com/watch?v=V5wn0oGe2Ss
(Videos)
https://www.fincash.com/l/mutual-funds-india
(Additional Reading)
Session 39 & 40
Mutual funds Vs. Other investment like gold, equity etc. Mutual Fund Structure
Text Book: Chapter 15 of Text Book 2
Presentation
https://www.youtube.com/watch?v=pQiq1fi1tnM
https://www.youtube.com/watch?v=9fDbocRLxmE
https://www.youtube.com/watch?v=gb1FhBDkSfI
(Videos)
Session 41
Sales & distribution channels of Mutual Funds.
Text Book: Chapter 15 of Text Book 2
https://slideplayer.com/slide/10290190/
(Presentation)
https://www.youtube.com/watch?v=sKzE7S2BL7M
(Video)
https://www.fisdom.com/resources/mutual-fund-distribution-2017/
(Additional Reading)
Session 42 (Practice)
Sales & distribution channels of Mutual Funds
Chapter 15 of Text Book 2
https://www.youtube.com/watch?v=gDHagVgMHqI
(Video)
Session 43
Introduction to Venture Capital Funds, Structure of Venture Capital Funds.
Text Book: Chapter 16 of Text Book 2
(Presentation)
https://www.youtube.com/watch?v=87sr4T6sjv8
https://www.youtube.com/watch?v=rmVQ9ZbgJcE
(Videos)
https://www.bankbazaar.com/mutual-fund/venture-capital-funds.html
(Additional Reading)
Session 44 (Practice-Flip Class)
Role of Venture Capital Funds in Start-ups and MSME (Flip class)
Text Book: Chapter 16 of Text Book 2
https://www.youtube.com/watch?v=Yi3DvguCGtM
(Video)
(Additional Reading)
Session 45
Merchant Banking
Text Book: Chapter 14 of Text Book 2
(Presentation)
https://www.youtube.com/watch?v=l89l6s3wyEY
(Video)
https://businessjargons.com/merchant-banking.html
(Additional Reading)
Session 46 & 47 (Project Evaluation)
All the students to present their project work which they have undertaken in groups.
Session 48 (Practice) [End of Module IV]
Short and long questions of Module IV to be discussed.
Project
Project Announcement: Project to be allotted to the students. The project shall be allotted to the students in groups (5-6 per group). Students would be working in the following projects:
- Health care services
- Financial services
- Hospitality services
- Media and communication services
- Centurion Coffee Connect
- Education services
- Centurion Ayurveda wellness center
Students have to study the various aspects like entire Service blueprint, employees role in service delivery, customers role in service delivery, support services
List of Cases (Some of them shall be used as Practice Assignments)
- SpiceJet's Flight to Profit
- Columbia Asia
- Cox and Kings case let
- GAP Model of Banking Industry Case Study
- SERVQUAL Model of Axis Bank
- Service Blueprint of Commonwealth Bank
- Customer behaviour toward online insurance services in India
- ICICI Bank-Technology disruption
- A Case Study on Reliance Mutual Fund
Our Main Teachers
Qualification: MBA (Marketing & Finance), UGC-NET Qualified in Management twice (2012 & 2014), Ph.D (Utkal University) Experience: 7.5 years in teaching with more than 2 years post Ph.D experience Publications: 11 (9 journal articles + 2 chapters in edited books) Dr Sabyasachi Dey is an Assistant professor in the area of marketing. His areas of […]