7, No. As a Role of service quality in offensive and defensive marketing Get the answers you need, now! The authors also show that defensive marketing (e.g., complaint management) can lower the total marketing expenditure by substantially reducing the cost of offensive marketing (e.g., advertising). Marketing is the process of letting consumers know why they should choose your product or service over those of your competitors. If you're not doing that, you're not marketing – it's really that simple. Offensive strategies attempt to penetrate new areas, expand geographically, seize market opportunities and adopt innovations in order to make the financial service organisation a leader in … The model does not apply to products. Marketing . Defensive strategy is defined as a marketing tool that helps companies to retain valuable customers that can be taken away by competitors. The key is to find the right method and to define the right message to educate and influence your consumers. 11, No. The Services Marketing Triangle (or Services Triangle) shows the key actors involved in marketing a service business. Journal of Marketing Channels, Vol. 5. It also shows the key marketing activities that occur between those actors. There are three broad categories of bank marketing strategy: defensive, offensive and rationalisation strategies. Competitors can be defined as other firms that are located in the same market category or sell similar products to the same segment of people. Defensive marketing strategies refer to the actions of a market leader to protect its market share, profitability, product positioning, and mind share against an emerging competitor. Malaysia is opening parts of its services to greater foreign participation due to globalisation. The Roles of Price, Quality and Value-Added in Industrial Distributor Purchasing Decisions. Local banks have since consolidated a decade ago and foreign banks expanding their businesses in local markets have intensified the competition. Defensive strategies are only used by market leaders in strategic management. Defensive Strategies in Strategic Management. International Journal of Service Industry Management, Vol. Using service quality data for competitive marketing decisions. In the service industry, definitions of service quality tend to focus on meeting customers needs and requirements and how well the service delivered meets their expectations (Lewis and Booms 1983). Before we look at the model it is important to note that we are only concerned with the marketing of services. If your small-business has reached a market-leading position, you may need to use such strategies.
2020 role of service quality in offensive and defensive marketing