| What we now call "marketing" began long
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| | equilibrium and obtain the opportunity to
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| before the name was coined. In the
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| | accomplish even limited
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| mid-1800s, traveling salesmen dressed
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| | objectives.Focusing on the CustomerPeter
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| "snake oil" and other tonics in fancy
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| | Drucker, a sage of the financial
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| packaging and extolled their virtues to a
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| | marketing discipline, discussed customer
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| gullible public. New marketing
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| | defined value almost 50 years ago. During
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| applications soon proliferated in the
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| | the last decade his concept of a
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| belief that marketing could make many new
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| | customer-centric focus has become part of
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| things possible in virtually any business
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| | popular marketing literature and is now
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| situation. For more than a century,
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| | the guiding principle of financial
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| implementation, experience and ultimately
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| | marketing. Drucker's fundamental mandate
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| strategy have helped marketing evolve
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| | that 'the customer's interests must come
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| from crude beginnings into today's
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| | first' can be summarized by the following
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| sophisticated practices.Consumer product
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| | statements paraphrased from his extensive
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| firms have been the pioneers in the
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| | writings:The only valid definition of
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| marketing field and have taken the
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| | business purpose is to create a
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| undisputed lead as the creators of
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| | customer.What the business thinks it is
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| marketing's best practices. While
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| | producing is not as important as what
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| sophisticated marketing techniques have
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| | customers think they are buying; what
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| spawned consumer giants, most financial
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| | customers consider to be value is
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| services firms had to be dragged, kicking
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| | decisive.Every business has only two
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| and screaming, into the era of
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| | basic functions: marketing and
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| sophisticated marketing.The Advancing
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| | innovation.Marketing is your whole
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| State of Financial Services
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| | business as seen from the customer's
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| MarketingFinancial services marketing
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| | point of view.While easy to articulate,
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| has, however, evolved rapidly over the
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| | customer-centric practices are difficult
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| last decade. As a result, the very nature
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| | to implement in most financial services
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| of the marketing function in financial
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| | organizations. Obstacles include a
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| services firms is undergoing a dramatic
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| | prevailing product-push mentality, a
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| modification as more attention is paid to
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| | focus on short-term profitability,
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| marketing-driven processes that impact
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| | under-investment in financial marketing
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| the entire firm. Our observations suggest
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| | activities, and the lack of solid market
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| that the more progressive financial
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| | intelligence about the needs and wants of
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| services organizations are currently
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| | target markets.We believe, however, that
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| going through an intellectual and
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| | in the future the most successful
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| practical transition that is forcing the
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| | financial services marketing
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| reexamination of the role of marketing
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| | organizations will be those that make
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| within their firms. Many have begun to
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| | Drucker's principles their own through
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| realize that financial marketing
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| | extrapolation, adaptation and creative
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| responsibilities include not only
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| | application. As effective financial
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| developing the firm's mission statement
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| | marketing evolves to a cross-functional,
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| and key messages, but also defining its
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| | multi-disciplinary activity, successful
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| business focus, relevant differentiation,
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| | firms will create a culture of customer
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| competitive advantages and value
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| | orientation throughout the organization
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| proposition.At the same time, however, a
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| | and incorporate advocacy for customer
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| number of financial services marketing
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| | welfare in all corporate
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| directors must engage in long-term turf
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| | decision-making.With the financial
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| battles with other departments before
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| | services industry currently going through
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| they can implement worthy financial
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| | a transformation, management's challenge
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| marketing initiatives that will help
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| | is to provide the leadership to displace
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| accelerate the achievement of corporate
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| | the status quo and create a culture of
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| goals. In many financial organizations,
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| | opportunity. Early adaptors who apply the
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| the persistent problem of differentiating
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| | concept of "integrated marketing" on an
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| financial marketing from sales still
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| | organization-wide basis will not only
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| remains largely unresolved. In addition,
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| | develop a customer-orientated culture,
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| some financial services marketing
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| | but also create opportunities for
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| directors must still enlist substantial
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| | innovation, improved performance and
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| management support just to maintain
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| | incremental profitability.
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