MARKETING STRATEGIES OF FINANCIAL SERVICES: A TACTICAL APPROCH TO FACE ISSUES AND CHALLENGES

The Indian consumers have undergone a remarkable transformation. The Indian consumers saved most of their income purchased the bare necessities and rarely indulged themselves. Consumer wants good quality of product at reasonable price which is challenge for producer to produce goods at asked price. Technological advances, global competition, re-alignment of organizational processes with the markets they serve, new rules of corporate strategy and outsourcing to access or to extend organizational capabilities are influencing the nature of the client/organizational interface and are changing the nature of competition in today's market place. How marketing strategy is evolving within the context of this new competitive and organizational environment. Specifically, it explains how those responsible for marketing activities in the firm view marketing strategy and how they approach strategy development. Rapid changes in the environment in which financial services firms operated forced many organizations to develop a much more proactive approach to their marketing efforts. The marketing strategies played a key role in the cut throat competition to capture the market. The present era of liberalization and globalization make the organization to focus more on marketing research and development. This led to the concept of Consumer First in the contemporary customer oriented market This paper is mainly focused on the contemporary issues and challenges associated with the marketing strategies of financial services sector and an attempt is made to find the solution to the market, for more neo- marketing strategies which would be more consumers friendly