Marketing Domain: Services and Financial Services Marketing

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Dr Sabyasachi Dey

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Course Name: Services and Financial Services Marketing

Code(Credit) : CUMM2362 (2-1-1)

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.
  •  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.

Learning Outcomes

  • Explain the unique challenges of services marketing, including the elements of product, price, place, promotion, processes, physical evidence, and people.
  • Evaluate the roles played by employees and customers during service delivery of financial services.
  • Explain service blueprinting and its application across various service sectors particularly the financial services.
  • Design service quality measurements to build customer loyalty and evaluate the effectiveness, efficiency of customer service offerings.

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.

Introduction to Services-Session 1 SFSM

(Presentation)

Service sector in India

Characteristics of services

(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 in groups (two in one). The title of the project would be "Customer Perception towards different Investment Avenues" in which the students shall collect the data through a questionnaire regarding their  perception towards different investment options. 'Customers' here mainly refers to the retail investors.
Text Book:
Chapter 1 of Text Book 1.

Service Marketing Mix

(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.

Service Encounter

(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

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

GAP Model

(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

servqual

(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 18 (Practice)

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 23 (Practice)

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

Banking (Fundamentals)

(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

Marketing of Banking Products

(Presentation)

Cross Selling in Banks

(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 28 (Practice)

Session 29

Insurance-Meaning, advantages various types of insurance.

Text Book: Chapter 4 of Text Book 3

Types of Insurance

(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

Financial Planning

(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.

Risk Management

(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.

IRDAI

(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

Insurance Marketing

(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

Bancassurance

(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

Mutual Fund

(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

Debt Fund schemes

(Presentation)

Hybrid funds

(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 to be shared by the instructor

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)

reliance-mutual-fund-case-study

Session 43

Introduction to Venture Capital Funds, Structure of Venture Capital Funds.

Text Book: Chapter 16 of Text Book 2

Venture Capital

(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)

https://timesofindia.indiatimes.com/business/india-business/pe-vc-firms-eye-msme-fund-of-funds/articleshow/75726915.cms

(Additional Reading)

Session 45

Merchant Banking

Text Book: Chapter 14 of Text Book 2

Merchant Banking

(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

 

A project shall be allotted to the students in groups (two in one). The title of the project would be "Customer Perception towards different Investment Avenues" in which the students shall collect the data through a questionnaire regarding their  perception towards different investment options. 'Customers' here mainly refers to the retail investors. This project shall be executed in three stages:-

Stage-1: Students shall be divided into groups of two (per group). Each group shall prepare a questionnaire in which several questions in context to investor's perception shall be asked to the respondents. This project shall run the entire semester.

Stage-2: As per the session plan students have to prepare the interim presentations and they have to give two interim presentations before they give the final presentation. The purpose of interim presentation is to monitor the students' progress in the project and their subsequent preparedness towards their final presentation.

Stage-3: Final presentation shall be made by the students followed by viva-voice. Report also has to be submitted by each student group and their work has to be on original one and must be submitted in both hard and soft form on or before the due date which shall be given by the instructor. It is mandatory that each student must give all the presentations. Any deviation if found shall result in loss of marks.

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    Dr Sabyasachi Dey

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    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 […]