Product and market context exert a significant influence on the nature and practice of marketing. Marketing activities that are effective for fast-moving consumer goods may be wholly inappropriate when marketing fine art. What works in Canada may be ineffective in China. Accordingly, an appreciation of context is essential in order to understand the practice of marketing. Nowhere is this more evident than in the financial services sector. Social, political, economic and institutional factors create a complex context in which financial services organizations (FSOs) and their customers interact, and, of course, these in turn may vary considerably across countries. All too often, discussions of marketing practice fail to recognize the importance of explaining and understanding these contextual influences. The purpose of this current chapter is to provide an overview of the context in which financial services are
By the end of this chapter you will be able to: ● understand the economic and social significance of the financial services
sector ● recognize the diverse ways in which financial services can impact on key
aspects of everyday life.