reaping culture strategy
Concept of pecuniary expediency output
The monetary re maturement returns atomic number 18 different types of service that are provided by the fiscal institutions to the customers. For example; depositary work, loan services, securities services, certificate of deposit, condom services, remittance services, card services, agency services, guaranty services, advisory services etc are the financial services products. Financial products are contractual services provided to customers that enhance business of the financial institutions and satisfy customers needs. The financial service products are intangible, so these products are called the service products. The customers homecoming such(prenominal) services as a sensitive product because financial services have much more concern on the wealth position of the customers. In the case of service products it is difficult task to satisfy customers need because customers take these services in more competitive ways. The banking products are measured by customers in terms of quality and prompt delivery services. So, financial products are such products that are designed by financial institutions to attract target business of specific areas.
Product Development Process
The financial marketing services require product ontogenesis time to time for enhancing market coverage of financial institutions. Product development refers identification of customers needs and providing financial services as per their requirement to achieve institution goal. Such product development ideas rump generate from making communication with customers as rise as managerial predictability. Furthermore the product development ideas washbasin drawn from the competitive institutions services. The innovative product has more obtain to get supernormal profit among competitors. The product development can be new to the financial institutions or new to the customers. The product development can be done in such ways;
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