Financial Services Marketing Interview Questions & Answers

  1. Question 1. Define Service Economy?

    Answer :

    Service economy can refer to one or both of two recent economic developments: The increased importance of the service sector in industrialized economies. The current list of Fortune 500 companies contains more service companies and fewer manufacturers than in previous decades.

  2. Question 2. What Are The Characteristics Of Services?

    Answer :

    There are five characteristics to a service which will be discussed below.
    1.Lack of ownership
    2.Intangibility
    3.Inseparability
    4.Perishibility
    5.Heterogeneity

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  4. Question 3. What Is Meant By Market Targeting?

    Answer :

    A target market is a group of customers a business has decided to aim its marketing efforts and ultimately its merchandise towards. A well-defined target market is the first element of a marketing strategy. A target market is a group of people considered likely to buy a product or service.

  5. Question 4. How Will You Fulfill Customer Expectations?

    Answer :

    Customers expect certain things when they walk into a business, and those with the highest level of service will know how to identify those expectations and meet them to the customer’s satisfaction.

    However, this process is not as easy as it sounds – customer expectations are a dynamic feature that ebbs and flows regularly in accordance with a wide range of factors. However, when expectations are not met by the performance of your customer service representatives, customer dissatisfaction is the result. Customer Expectations + Service Performance = Customer Satisfaction

  6. Question 5. What Do Mean By Service Blueprinting?

    Answer :

    A service blueprint is an operational planning tool that provides guidance on how a service will be provided, specifying the physical evidence, staff actions, and support systems / infrastructure needed to deliver the service across its different channels.

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  8. Question 6. Comment On Price On Services?

    Answer :

    5 Stress-Free Steps for Pricing Your Services
    1: Perform research and determine your hourly rate
    2: Estimate how many hours the project will take
    3: Multiply your hourly rate by the number of hours, then add padding
    4: Communicate the price clearly to the client
    5: Track your hours and adjust future pricing accordingly

  9. Question 7. Explain The Impact Of The Information Technology On Service Marketing?

    Answer :

    •Alongside pretty much every facet of business, marketing has been substantially impacted by various evolving technological factors.
    •Organizations have access to more data than ever before. Obtaining, organizing, and utilizing this data is a key effort of modern organizations.
    •The wide variety of marketing channels available, spanning from social networks to distribution platforms like YouTube, offers more options than ever to reach consumers.
    •Consumers are also impacted by technological changes in marketing. Most notably, consumers are targeted by more ads than ever before, often with higher relevance to their interests due to the huge amount of data they share.
    •This has resulted in ad blindness (particularly banner ads) along with a number of concerns revolving around data sharing and privacy.

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  11. Question 8. Define Green Marketing?

    Answer :

    Green marketing is the marketing of products that are presumed to be environmentally safe.Thus green marketing incorporates a broad range of activities, including product modification, changes to the production process, sustainable packaging, as well as modifying advertising.

  12. Question 9. What Is Tourism Marketing?

    Answer :

    You are a visitor, and what you do while visiting is tourism. Individuals and organizations at your destination promoted those activities through advertising or other forms of marketing.

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  14. Question 10. What Do You Mean By Services Of Marketing?

    Answer :

    The promotion of economic activities offered by a business to its clients. Service marketing might include the process of selling telecommunications, health treatment, financial, hospitality, car rental, air travel, and professional services.

  15. Question 11. What Are The Basic Steps In Market Segmentation?

    Answer :

    •Step One – Define the market.
    •Step Two – Create market segments.
    •Step Three – Evaluate the proposed market segments for viability.
    •Step Four – Construct segment profiles.
    •Step Five – Evaluate the attractiveness of each segment.
    •Step Six – Select target market/s.

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  17. Question 12. What Are The Factors Affecting Pricing Policy Of Services?

    Answer :

    Those factors include the offering’s costs, the demand, the customers whose needs it is designed to meet, the external environment—such as the competition, the economy, and government regulations—and other aspects of the marketing mix, such as the nature of the offering, the current stage of its product life cycle, and its promotion and distribution.

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  19. Question 13. What Do You Mean By Service Recovery?

    Answer :

    By including also customer satisfaction into the definition, service recovery is a thought-out, planned, process of returning aggrieved/dissatisfied customers to a state of satisfaction with a company/service recovery differs from complaint management in its focus on service failures and the company’s immediate reaction to it.