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Libf UNIT 4 > Topic septyni - Marketing materials and their effectiveness > Flashcards

Topic septyni - Marketing materials and their effectiveness Flashcards

1
Q

What does effective marketing do to a provider

A

More accounts opened, and more in them

Increased purchases of other products

Increases brand awareness

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2
Q

What was virgin money headline after the financial crash

A

It’s time for a better kind of bank

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3
Q

What is the first stage of the marketing process

A

To target a particular group of customers

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4
Q

State 2 aims of the financial provider when marketing the product

A

Get more people to buy the product they are selling

Get existing customers to buy more products

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5
Q

Examples of groups that can be segmented

A

age
gender
family status
income
occupation
leisure activities

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6
Q

Whats a mass market

A

Big segmentations of people - gender, age

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7
Q

Whats the advantage of segmenting customers

A

helps the provider to maximise its sales and to get the best profit from the budget they’re given

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8
Q

How do providers segment their products

A

Categorise their products into segments such as homeowners or motorists who would be looking for insurance on their products

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9
Q

What % of people would rather use a branch

A

11%

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10
Q

What do providers keep in mind while making marketing materials

A

Destined to the target audience

Phrased in a language the target group can relate too

Refer to a lifestyle the target have

Reflect their values

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11
Q

What bank had slogans “Embrace your full life” and “When your
life becomes about more than just you” on their premium account

A

HSBC

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12
Q

What are the 4 types of marketing

A

Online
text-based
Film
Photography

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13
Q

Examples of text-based materials

A

Leaflets
mail
text-based adverts
text message or banking apps pop ups

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14
Q

Limitations of leaflets

A

people will only pick it up if they know what it is

only people in branch will pick them up

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15
Q

Limitations of mail-shots

A

Have to send out a lot to reach sales targets

Outdated

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16
Q

When would a provider show an advert to reach the mass market

A

In peak holidays time

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17
Q

Where would a products TaCs be found

A

In the small print

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18
Q

What is included in legal and technical information

A

Application forms
terms conditions
Policy document for insurance policy
Particulars of an investment scheme

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19
Q

How to spot misleading information

A

is the promotion balanced
Does it cleary say how much you’re paying
Does it seem unrealistic
Are the risks clear
How long is the commitment
Are there penalty’s for withdrawals
Is it guaranteed
Any small print info

20
Q

What does the FCA require about promotion

A

must not hide any info and it must be clear

21
Q

Who gives a crystal mark and what is it

A

the plain english campaign

Given to providers with clear information

22
Q

Example of providers hiding info in small print

A

PPI was sold to self-employed people who then couldn’t claim because in the small print it said you couldn’t be self employed

23
Q

What are the main 4 banks

A

HSBC
Barclays
Lloyds Banking Group
NatWest Group

24
Q

Who don’t big banks change prices

A

As the other big banks will see it straight away and try to get an advantage by either a better or the same deal

25
Q

What do big firms compete on

A

Product quality and developments,
advertising and marketing
level of service they provide

26
Q

How many branches did barclays shut down between 2019-2022

A

453

27
Q

Whats the most expensive advertising

A

tele

28
Q

how are large banks and small banks going to market differently

A

big - tv and

small - local radio, billboard

29
Q

What is Nationwide’s slogan

A

On your side

30
Q

How did banks try to deleverage after the crisis

A

By promoting their savings product

31
Q

How must banks conform ethical principles

A

Must not discriminate against anyone

Provider should not accept illegal behaviour too

32
Q

Did payday loan adverts get banned on kids tv channels

A

No, the government said they didn’t take up enough of the ads to be important (0.6%)

33
Q

Who requires “all financial promotions must be
clear, fair and not misleading regardless of the media type”

A

FCA

34
Q

What should the materials state for a savings product

A

The interest rate
When the interest is paid
And fees
any limitations eg- time period
Any risks

35
Q

What is the ASA

A

Advertising standards authority

uk’s independent regulator of advertising, and rules via the advertising codes

36
Q

what are The three crucial factors in measuring a business’s societal impact

A

Environmental
Social
Governance

37
Q

What is barclays csr

A

building young futures

Helped disadvantaged children in 6 countries

38
Q

What is HSBC’s csr

A

Climate Solutions Partnership

Funding an agricultural project for farmers in the USA

39
Q

What is NATWEST’s sustainable policy

A

to deliver long-term sustainable performance and seeks to accelerate social value in areas where we can make a meaningful contribution

40
Q

pros, cons of multi-car insurance

A

pros - Young people being stuck at home

Cons - Environmentally unsustainable

41
Q

What is the key criteria in evaluating marketing

A

Consistency
Quality
Efficiency

42
Q

What are most financial services providers

A

Corporate whos aim is to make shareholders money

43
Q

What is the FSCB

A

Financial Services Culture Board

It publishes an annual report detailing bank successes and failures

Relies on memberships from firms, and it code of conduct isn’t statutoryw

44
Q

What is Handelsbanken’s (No British translation, sweedish bank) focus

A

Customer satisfaction

Saying they are decentralised to give a more personal experience

45
Q

What is a stakeholders approach

A

Not only focus on making profit but also satisfy the needs of other stakeholders

Libf UNIT 4 (18 decks)

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