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Development and Creation of Competitive Advantages in the Function of Marketing Services in Financial Institutions

Fatos Ukaj ()

Expert Journal of Marketing, 2016, vol. 4, issue 2, 39-45

Abstract: The marketing of the financial services by financial institution is regarded as an easier job. This is due to the fact that, in most cases, when a client is gained, he/she remains loyal to the institution on a long term. Nowadays, taking into consideration the needs of the consumers - clients who are undergoing a constant change - financial institutions are faced with a necessity to have the required knowledge and information regarding what and how to meet the needs of their clients. Financial institutions have reached a stage of adapting their daily activities with the demands of their clients. Thus, this is due to the available information which deals with the needs of the clients, opportunities of financial institution themselves, structural changes in the services provided, and the changes in the market which includes competition. This paper will strive to present the stages of the marketing development in financial institutions through the acquisition of knowledge regarding the finances and marketing of these services. It also involves the current concept and approach towards marketing by financial institutions in Kosovo. Adopting new approaches would satisfy the client and would strengthen the position of financial institution. In addition, through this analysis, we will try to show the importance of including the concept of marketing in the operations and strategies of financial institutions for a successful business.

Keywords: financial institutions; information; communication; client; marketing (search for similar items in EconPapers)
JEL-codes: M30 M3 (search for similar items in EconPapers)
Date: 2016
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Handle: RePEc:exp:mkting:v:4:y:2016:i:2:p:39-45