American Politics Reading Response Guidelines 022329

American Politics Reading Response Guidelineslength500 Words Minimum

Pick one of the following services: A doctor’s office, an airline, an employment agency, or a bank. First – outline the target market for the organization you selected, based on applicable segmentation characteristics. Justify why you picked these criteria to identify your target market. Then - Discuss the service’s special nature and how you would apply the four service characteristics, outlined in Figure 7.3, to the organization you selected.

On your cover page, include your name, date, and the organization you are analyzing. The final product will be a paper that is 2 pages double-spaced, with 2-3 references, APA formatted. Do not count the text as one of your references, although you should list it if you quote from it. Students: Be sure to read the criteria, by which your paper/project will be evaluated, before you write, and again after you write.

Paper For Above instruction

The service industry is a pivotal aspect of the contemporary economy, encompassing a vast range of organizations such as healthcare providers, airlines, employment agencies, and banks. For this paper, I have chosen a bank as the organization to analyze. Banks play a crucial role in financial stability and economic development, serving diverse consumer and business needs. To understand how marketing principles apply to this service, it is essential to identify the target market using appropriate segmentation criteria, and to analyze the unique characteristics of services that influence marketing strategies.

Target Market Segmentation and Justification

The target market for a bank can be segmented based on demographic, geographic, psychographic, and behavioral characteristics. Demographically, the bank’s primary target includes middle-income adults aged 25 to 55 who are employed or self-employed, as they are most likely to require checking and savings accounts, loans, and investment products. This age group is economically active and has the financial capacity to engage with banking services regularly. Additionally, this group often seeks convenience, digital banking options, and personalized financial advice, aligning with the bank’s marketing offerings.

Geographically, the target encompasses urban and suburban residents within the bank’s branch network, as proximity influences customer preference for in-person services. Psychographically, the target market values financial security, stability, and trust. They are often cautious financial decision-makers who prefer established, reputable banks over newer or lesser-known institutions. Behaviorally, customers who frequently use banking services, such as online bill payments, mobile deposits, and lending, are prioritized, as they demonstrate a high level of engagement and loyalty potential.

The justification for choosing these criteria stems from the understanding that banks succeed by building long-term relationships with financially active and loyal customers. Demographic details such as age, income, and occupation inform the bank’s product offerings and communication strategies, ensuring relevance and resonance. Geographic segmentation is crucial in accessibility and convenience, which are vital for service satisfaction. Psychographic segmentation reflects the importance of trust in financial institutions, influencing brand positioning and customer retention strategies. Behavioral segmentation targets the most engaged customers, enabling tailored service delivery.

Application of the Four Service Characteristics

The four key service characteristics outlined in Figure 7.3—intangibility, heterogeneity, perishability, and inseparability—are particularly influential in marketing banking services.

Intangibility refers to the fact that banking services cannot be touched or seen prior to consumption. To market these effectively, banks emphasize building trust through branding, reputation, and by highlighting security features. They employ testimonials, certifications, and guarantees to reduce perceived risk, which is crucial for attracting risk-averse customers.

Heterogeneity means that services are variable in quality depending on who provides them and when. To counteract this, banks standardize procedures, train employees thoroughly, and implement quality assurance programs. Consistency in service quality fosters customer trust and loyalty.

Perishability indicates that banking services cannot be stored for future use. To manage this, banks use capacity management strategies such as appointment scheduling and digital channels, allowing them to accommodate fluctuating demand without sacrificing service quality.

Inseparability implies that the service is produced and consumed simultaneously. Banks often involve the customer in service delivery, such as during consultations and in-person transactions. Therefore, employee behavior and service environment significantly impact customer perceptions.

Conclusion

Applying segmentation criteria effectively helps banks target appropriate customer groups, fostering tailored marketing efforts that enhance customer experience and loyalty. Recognizing and managing the unique characteristics of banking services—intangibility, heterogeneity, perishability, and inseparability—are vital for developing effective marketing strategies. As banking continues to evolve with digital transformation, understanding these concepts remains essential for service success, influencing how banks innovate and compete in increasingly crowded financial markets.

References

• Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson.
• Zeithaml, V. A., Bitner, M. J., & Gremler, D. D. (2018). Services Marketing: Integrating Customer Focus Across the Firm (7th ed.). McGraw-Hill Education.
• Grönroos, C. (2007). Service Management and Marketing: Customer Management in Service Competition. Wiley.
• Lovelock, C., & Wirtz, J. (2016). Services Marketing: People, Technology, Strategy (8th ed.). Pearson.
• Berry, L. L. (1983). Relationship Marketing. In L. L. Berry, G. L. Shostack, & G. Upah (Eds.), Emerging Perspectives on Services Marketing (pp. 25-28). American Marketing Association.
• Shostack, G. L. (1977). Breaking Free from Product Marketing. Journal of Marketing, 41(2), 73-80.
• Vargo, S. L., & Lusch, R. F. (2004). Evolving to a New Dominant Logic for Marketing. Journal of Marketing, 68(1), 1-17.
• Parasuraman, A., Zeithaml, V. A., & Berry, L. L. (1985). A Restatement of Service Quality Concepts. Journal of Marketing, 49(3), 41-50.
• Carnevale, P. (1993). Managing Services as a Competitive Weapon. Harvard Business Review, 71(4), 37-44.
• Bloomberg, L., & Volpe, M. (2018). Completing Your Qualitative Research Report. Sage Publications.