265 Chapter 11 Selling the Bank Marketing professionals develop a plan that will help the bank meet customer needs while making a profi t. Each marketing plan is developed around the four P’s of marketing: product, place, price, and promotion. : Figure 11-4 illustrates these. Product What products or services meet the needs of consumers in the target segment? ? Examples: certificate of deposit, savings account, mortgage, or mobile banking app. How much will the product cost the consumer? Examples: fees and interest rates are paid as well as charged. Place How will the product be available to to customers? c us to me rs ? Examples: online, at a bank branch, from an ATM or smartphone regionally, nationally, or internationally. Promotion How will the product be announced? an no un ce d? Examples: through television advertisements, billboards, the Internet, social media, or a combination of these. The Four P’s Price Source: Shutterstock (bannosuke) Source: Shutterstock (Lisa S.) Source: Shutterstock (June Marie Sobrito) Source: Shutterstock (Jorge Salcedo) Figure 11-4. Four P’s of Marketing
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