TODOS LOS TEMAS JUNTOS

What is Philip Kotler's definition of Marketing?

Satisfying needs and wants through an exchange process.

What are the functions of the Marketing process?

Research, Plan, Organize, Execute, Review

What does 'Research' involve in the financial marketing process?

Gathering data and insights about the market, customers, and competitors.

What does 'Plan' refer to in the financial marketing process?

Strategizing based on research findings, setting objectives, and segmenting the market.

What does 'Organize' involve in the financial marketing process?

Arranging resources and setting up structures for the execution of the plan.

What does 'Execute' indicate in the financial marketing process?

Carrying out the planned strategies, such as launching campaigns and delivering services.

What does 'Review' represent in the financial marketing process?

Evaluating the outcomes and feedback of the execution and identifying areas for improvement.

According to the 1987 example, what factors drove Differentiation?

Coverage and Brand

According to the 1993 example, what was the MKT Role?

Important & Separate, to communicate competitive advantage

According to the 2000 example, what factors drove Differentiation?

Price and Service

What is a main change from a marketing perspective in terms of Distribution?

New channels (e-banking, telephone, ATMs).

What are some main changes from a marketing perspective regarding Products?

Name, brand, bundles, and packaging.

What's a main change from a marketing perspective regarding Prices?

Increase in funds and insurance fees.

What is a main change from a marketing perspective regarding Communication?

Service quality.

After the Crisis, what happened to Regulation?

Re-capitalization & Provisioning

After the Crisis, what happened to Margin?

Fees increase

After the Crisis, what factor drove Differentiation?

Price wars

After the Crisis, what was the MKT Role?

Important & Integrated

Name a main change regarding Distribution based on the perspective given.

Fewer branches/new channels consolidation (mobile)/targets by age

Name a main change regarding Products, based on the perspective given.

Saving products vs. Credits & Mortgages/Insurance (jobless &payment) /technological gifts

Name a main change regarding Prices, based on the perspective given.

Increase in margins (risk)/Increase of all fees

Name a main change regarding Communication, based on the perspective given.

Both global corporate image & selective/ international (Sant/BBVA)

What are the special features of financial institutions?

Dual relationship, High regulation, High risk, Stable relationship with the customer, No industrial property

How do Financial companies establish a Dual Relationship?

Act as both buyers and sellers of financial products and services.

What types of risks do financial companies face?

Credit risk, market risk, operational risk, liquidity risk, and reputational risk.

What are the key characteristics of Services?

Intangibility, Inseparability, Heterogeneity, Perishability.

What are some Financial marketing mix strategies?

Corporate culture, Market positioning, Institution goals, Competitors positioning, Planning commercial activity

What are the key elements of a commercial strategy?

Strategic plan (long term), Marketing plan(annual)

What items does the Marketing mix focus on regarding clients?

People, Process, Physical Evidence

What are the Marketing department’s functions?

Market research, Customer DB, Segment management, New channels, Promotion, Competitors, Customer Care

What are Processes in the context of service marketing?

Mechanisms through which the service is provided, including procedures, degree of mechanization, and digitalization.

What are the three characteristics of services that highlight the importance of processes?

Heterogeneity, Inseparability, and Intangibility.

What does Heterogeneity mean in the context of service processes?

The services provided by each entity are different.

What does Inseparability imply regarding service processes?

The processes used in the provision of the service are customer-oriented.

What does Intangibility mean regarding service quality and customer perception?

The service provision process will be associated by the customer with the quality of the service itself.

Why is digitalization of processes essential in a financial institution?

To optimize costs, reduce time, and ultimately, be more efficient and improve customer experience.

Give examples of simple and more complex processes in financial institutions?

Money Transfers and Financial Advice.

Why are service design methodologies important in a changing environment?

To introduce methodologies that place the user at the center and develop projects at an agile pace.

What characterizes businesses that are able to adapt to change quickly?

Learning and improving is part of their DNA, and they constantly reinvent themselves.

What is the key to learning from mistakes in service design?

Fail fast, fail cheaply, and fail by experimenting!

List the main methodologies in service design.

Challenge, Idea, Concept, Prototype, MVP, Pilot, Local Deployment, Global Deployment.

Which methodology helps to empathize, define, ideate, prototype, and test in the early stages of innovation?

Design Thinking.

What techniques are alternated in Design Thinking according to what is required at any given time?

Divergence and convergence.

What are the stages of Design Thinking discussed?

Challenge, Idea, Concept, Prototype.

Where does Design Thinking start?

A challenge or area of opportunity to be discovered, where the customer and their associated problem or need are located.

Why is an idea transformed into a concept in Design Thinking?

To ensure that an idea makes sense in the market, it is transformed into a concept or value proposition.

Provide an example of design thinking applied to financial services.

Designing a new mobile app that offers an easier and more personalized user experience.

Which methodology comprises the Prototype, Minimum Viable Product (MVP), and Pilot phases?

Lean Startup.

What cycle does Lean Startup use to identify hypotheses and design experiments?

Build-measure-learn cycle.

How does Lean Startup validate the value proposition?

Prototypes are designed that are taken to potential customers, and serve to validate or invalidate hypotheses.

What is the product with enough features to be saleable and satisfy initial customers called in Lean Startup?

Minimum Viable Product (MVP).

What accompanies the MVP phase in Lean Startup?

A Pilot Plan is designed with objectives and metrics, accompanied by a business case.

What happens in the Pilot phase of Lean Startup?

The MVP built in a limited and controlled environment is tested to validate if the solution works in the market.

Which methodology can be used to build iterative and incremental versions in the form of Sprints?

Agile Methodology.

What is a Sprint in Agile Methodology?

A short, fixed period of time in which a team works to complete a set amount of work.

Which agile principle do sprints help teams follow?

Responding to change over following through on a plan.

What are the phases where agile methodology is applied?

MVP, Pilot, Local deployment, Global Deployment.

Why might a development team use Agile in tandem with other departments?

To receive feedback on the mobile app and adapt it by building new incremental versions based on customer needs.

What type of environment demands agile project development?

The changing and exponential environment

Name two main topics discussed in the context of the other Ps of marketing.

Processes, Service Design Methodologies

What should service provision processes be in relation to the customer?

Customer-oriented

Understanding the ___ of the service is important for the customer.

The value proposition

__ is a process used in service design methodologies

Lean startup

With agile methodology: is used to iterate and increment during productions

Sprints

In the early stages of innovation using design thinking, answers to the challenge are sought in a process that is

Iterative

Fail faster, fail cheaper, and fail by _

Experimenting

Customer associates the process with the _ of itself

Quality

The digitalization process usually

Improve customer experience

During the MVP phase, this product is built, a is designed.

Pilot Plan

The MVP is built is a and tested to validate.

A limited and controlled environment

A business always needs to learn in order to be able to adapt to change. For that reason, it is important to develop _

Service Design Methodologies

Which method is used to empathize?

Design Thinking

Divergence and convergence techniques are alternated according to what is required at any given time: focus broadens without restrictions or prejudices when researching _

Understanding

_ methodology can be used with sprints.

Agile

The changing and environment in which we live is accelerating the way users consume and their way of relating to companies.

Exponential

___ implies that the services provided by each entity are different, the importance of the quality of management and control increases.

Heterogeneity

What is the motto for learning through mistakes?

Fail fast, fail cheaply, and fail by experimenting!

What is the correct order of the main design methodologies?

Challenge, Idea, Concept, Prototype, MVP, Pilot, Local deployment, Global deployment

In which methodology is the Build-Measure-Learn cycle used?

Lean Startup

What would a mobile app developed using Lean Startup allow customers to do?

To control their spending more effectively

What does a development team adapt the mobile app by building, when using Agile in tandem with other departments?

Incremental versions based on customer needs

In the case of services, what has been questioned regarding the marketing mix?

The composition of the marketing mix for services has been widely discussed and the traditional 4 Ps questioned.

Besides the traditional 4 Ps, what other 3 Ps do some authors propose to include in the marketing mix for services?

People, Processes, and Physical Evidence.

What is truly important in the marketing mix for services?

The service offered fits the needs of the customer as much as possible and is consistent with the company's strategy.

How should the elements of the marketing mix be viewed in relation to each other?

The elements of the marketing mix should be viewed as a whole in constant relationship, not in isolation.

What is a 'moment of truth' in the context of service marketing?

A brief meeting between staff and the customer, or a small physical detail.

The perception of service quality can be divided into what two parts?

Technical quality and functional quality.

What does 'technical quality' refer to in the context of service quality?

What the customer receives during the service provision or that remains afterward.

What does 'functional quality' refer to in the context of service quality?

How the service is delivered.

What affects the purchase decision due to the intangibility of financial services?

The consumer's degree of trust with the organization and its staff.

What does customer loyalty depend on in the financial services sector?

Personal relationships cultivated over time.

What must a financial institution be concerned with, to build customer loyalty?

Improving the attitude and aptitude of employees towards the customer.

What is used to improve the attitude and aptitude of employees towards the customer?

Internal marketing programs.

What is the role of 'people' in services marketing, where product characteristics can be easily copied?

A clear differentiator that cannot be easily replicated.

In an intangible service, what is the role of people?

The role of people is key in customer satisfaction.

Who is the 'first customer' to serve?

The company's staff.

What does Internal Marketing consist of?

Training, continuous interaction with management, internal mass communication, marketing research, and other HR activities.

What are the typical components of an internal marketing campaign?

Research on employee and industry needs, internal communication, managing attitudes, and employee training.

What are the two main types of employee training in internal marketing?

Technical (how to do your job) and Culture of the entity.

What is the main function of internal marketing?

To enable satisfactory relationships with consumers.