Review Questions 121.docx
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Review Questions 121.docx
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ReviewQuestions121
FIN2108ReviewQuestions12.1
Reviewquestions12.1
1.Pleaseattemptquestions1,2,3,5,6onp.477ofSathyeetal.
2.Bankmarketingcouldbedescribedastheactivitywhichdirectstheflowofbankingservicesprofitablytoselectedcustomers.Sathyeidentifies6stepsinvolvedinachievingthisgoal.Listthese.
3.Writenotesondatamininginthecontextofthebankingsector
4.WriteshortnotesonSWOTanalysisinthecontextofthebanksector.
5.Writenotesoncustomerrelationshipmanagement(CRM)systemsandtheirapplicationtothebankingsector.
6.Writenotesoncustomerprofitabilityanalysis.
7.OutlinesthepricingstrategiesdiscussedbySathyeonpages463-4.
8.Pleaseattemptquestions6and12onpp.202-3ofKochandMacDonald.
Chapter15
Marketingofloans
Solutionstodiscussionquestions
Q1.Whatistheimportanceofthemarketingofloansintheoverallloansportfoliostrategyofafinancialinstitution?
A.Loanportfoliostrategyisdecidedonthebasisofseveralconsiderationslikefinancialandhumanresources,risk-returntradeoff,overallcompetitivestrategyetc.Oncetheloanportfoliocompositionisdecided,itisnecessarytoachievethegoalssettherein.Amarketingplanhelpsafinancialinstitutiontorealisethesegoals.Thegoalofanyfinancialservicesmarketingplanistoidentifythecustomer’sfinancialneedsandwants,developappropriatebankingproductsandservicestomeetcustomer’sneeds,determinethepricesatwhichtheproductsandserviceswillbesold,advertiseandpromotetheproductsandservices,arrangeforappropriatedistributionchannelsandlastlyforecastandresearchfuturefinancialneeds.Themarketingpolicyandplanthushelpsafinancialinstitutioninrealisingitsgoals.
Q2.Whatisamarketingplan?
Whydofinancialinstitutionsneedtoprepareone?
A.Allorganisationswhetherfinancialornon-financial,operateinacompetitiveenvironmentandneedtoprepareamarketingplan.Themarketingplanisadocumentthatgivesinformationaboutaspectslikethetargetmarket,competitors,howdoestheorganisationintendtoadvertiseandpromoteitselfatthemarketplace,howproductsandservicesshouldbepriced,whatarethechannelsofdistributionofproductsorservices,whatarethestrengths,weaknesses,opportunitiesandthreatsthatanorganisationneedstotakeintoconsideration.
Afinancialinstitutionlikeanyorganisationoperatesinacompetitiveenvironmentandneedstoconsidertheseaspectsifithastosucceed.Henceitisimportantforittoprepareamarketingplan.
Q3.Whatiscompetitoranalysis?
Howisitcarriedout?
A.Competitoranalysisisalsoknownasmarketanalysis.Itinvolvesdefiningthemarket,identifyingcompetitors,identifyingproducts/servicesinwhichtocompete,identifyingstrengthsandweaknessesofcompetitor’sproductsandservicesetc.Marketsinfinancialservicesindustryareeitherretailorwholesale.Inretailmarketsclientsareindividualswhileinwholesalemarketclientsarecorporatebodies.Suchananalysisbasicallyinvolvestwosteps:
screeningofwholesaleandretailmarketandSWOTanalysis.Screeningofthewholesalemarketinvolvesdeterminingthemarketsize,determininggeographicalclusters,etc.Screeningtheretailmarketinvolvesidentifyingvariousmarketsegments,understandingcustomers,definingtheirneeds,analysingopportunities,analysingindustry/marketcharacteristicsandsuchotherissues.SWOTanalysisisaboutdeterminingthestrengths,weaknesses,opportunitiesandthreatsofcompetitorsvis-à-visourown.
Q5.Whatfactorsneedtobetakenintoaccountinthedevelopmentandpromotionofnewfinancialproducts?
A.AsstatedbyEnnew(1991),thevariousfactors(framedasquestions)thatneedtobetakenintoaccountwhiledevelopingandpromotingnewfinancialproductsarethefollowing:
∙Cantheservicebemarketedthroughtheexistingdeliverysystem?
∙Istheservicehardtoimitate?
∙Willtheserviceassistinbuildinggoodcustomerrelationships?
∙Istheservicecompatiblewithcorporateimage?
∙Isservicequalityeasilymaintained?
∙Istheservicecompatiblewithexistingskills?
∙Istheservicecompatiblewithresourceavailabilities?
∙Istheretheopportunitytobuildastrongbaseintherelevantmarketsegment?
∙Istheservicesimpletounderstand?
∙Aretheincome-generatingopportunitiesgood?
Note:
thesequestionsaretakenfromFigure15.4onp.459ofyourtext.Theyarecalleda‘first-phasescreen’fordevelopmentofanewproduct.
Q6.Whatarethethreekeydeterminantsofthepricingstrategyofabank?
A.Anypricingstrategyneedstotakeintoconsiderationthefollowingobjectives:
∙Willithelpachievemaximisationofprofits?
Apricingstrategyshouldhelpmaximiseprofits.Pricesneedtobefixedkeepinginviewwhatthemarketcanbearandwhatthecompetitorsarecharging.
∙Willithelpincreasemarketshare?
Pricingstrategyshouldhelpinbuildingmarketsharesoastoestablishthepositionofthefinancialinstitutionasamarketleader.
∙Willitprovideleadershipinproductquality?
Theintentionistodemonstratethatthecustomerispayingforhigherquality.
∙Willitmaintainexistingcapacity?
Financialinstitutionswithalreadyestablishedmarketsmayliketochargelowerpricestoincreaseturnover.
AdditionalQuestions:
2-8
2.Bankmarketingcouldbedescribedastheactivitywhichdirectstheflowofbankingservicesprofitablytoselectedcustomers.Sathyeidentifies6stepsinvolvedinachievingthisgoal.Listthese.
1.Identifycustomers’financialneedsandwants
2.Developappropriatebankingproductsandservicestomeetcustomer’sneeds
3.Determinepricesforproducts/servicesbeingdeveloped
4.Advertiseandpromotetheproducts/services
5.Setupsuitabledistributionchannels
6.Forecastandresearchfutureneedsandwants
3.Writenotesondatamininginthecontextofthebankingsector.
Dataminingistheprocessofdiscoveringstrategicinformationinlargedatabasesthroughtheuseofspecificalgorithms.Itisadiscovery-basedformofanalysis.Ratherthanaquery,theuserappliesavarietyofalgorithmstoseekoutunderlying(hidden)patternsandrelationshipsinthedata.
Datamininginvolvesfourclassesoftasks:
1.Clustering-discoveringgroupsandstructuresinthedatathatareinsomeway"similar",withoutusingknownstructuresinthedata.Forexample,isolatinggroupswithinacustomerdataset.
2.Classification–thisinvolvesgeneralizingaknownstructuretoapplytonewdata.Forexample,anemailprogramthatdecideswhetheranewemailbelongstothegroup‘spam’,orwhetheranewborrowerbelongstothegroup‘good’.
3.Regression–thisinvolvesfindingamathematicalfunctionthatmodelsthedatawiththeleasterror.Abankmightanalysethekeyvariablesaffectingcustomerdemandforaproduct.
4.Associationrulelearning(ormarket-basedanalysis)–thisinvolvesfindingrelationshipsbetweenvariables.Forexample,abankmightanalyseseparatecustomerclusterstofindoutwhichproductsarefrequentlyboughttogetherbymembersoftheclusterandusethisinformationformarketingpurposes.
Anotherexampleofmarket-basedanalysisisthestudyofAlphaConsumers.Theseconsumersplaykeyrolesinconnectingwiththeconceptbehindanewproduct,thenadoptingthatproduct,andfinallyvalidatingitfortherestofsociety.
4.WriteshortnotesonSWOTanalysisinthecontextofthebanksector.
∙SWOTanalysisistheanalysisofstrengths,weaknesses,opportunitiesandthreats.
∙SWOTanalysisisextremelyusefulinidentifyingandassessingthestrategicsituationfacedbythebank.Bankexecutivesmaybeaskedtoprioritizewhattheyconsidertobethebank’skeystrengthsandweaknesses.Analysisofopportunitiescanhelpidentifywaysinwhichtorealizetheseopportunities.Similarly,strategiescanbeidentifiedtocombatthekeythreats.
∙SWOTanalysisdoesnotsimplyrequirecategorizationofinformation;italsorequiressomeevaluationoftherelativeimportanceofvariousfactorsunderconsideration.
SomeexampleSWOTquestions,adaptedfromtheWestpacBankingsite(.au/SWOT-Analysis.html)are:
Strengths
∙Whatadvantagesdoyouhave?
∙Whatdoyoudowell?
∙Whatrelevantresourcesdoyouhaveaccessto?
∙Whatdopeopleseeasyourstrengths?
∙Thinkaboutyourstrengthsinrelationtoyourcompetitors.Ifallyourcompetitorsprovidehigh-qualitybankingproducts/services,ahigh-qualityprocess/offeringisnotastrengthinthemarket,itisanecessity.
Weaknesses
∙Whatcouldyouimprove?
∙Whatdoyoudobadly?
∙Whatshouldyouavoid?
∙Consideryourweaknessesfromaninternalandexternalbasis.Doothersperceiveweaknessesthatyoudonotsee?
Areyourcompetitorsdoinganybetterthanyou?
Berealisticandfaceanyunpleasanttruthsassoonaspossible.
Opportunities
∙Wherearetheregoodopportunitiesfacingyou?
∙Arethereanyinterestingtrendsyou’venoticed–changesintechnologyandmarketsonbothabroadandnarrowscale;changesingovernmentpolicythataffectbankingactivities;changesinsocialpatterns,populationprofilesorlifestylechangesthataffectdemandforbankingproducts?
∙Lookatyourstrengthsandaskyourselfwhethertheseopenupanyopportunities.Lookatyourweaknessesandaskyourselfwhetheryoucouldopenupopportunitiesbyeliminatingthem.
Threats
∙Whatobstaclesdoyouface?
∙Whatisyourcompetitiondoing?
∙Ischangingtechnologythreateningyourposition?
∙Aretherequiredspecificationsforyourjob,productsorserviceschanging?
∙Doyouhavebaddebtorcashflowproblems?
∙Couldanyofyourweaknes
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