Financial Services Marketing Final Exam Review Quiz
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Questions and Answers

What distinguishes services from goods?

  • Wider distribution network
  • Longer shelf life
  • High production cost
  • Intangibility (correct)

    • What does 'inseparability' in services mean?

  • Services can be stored for future use
  • Services have a longer duration of use
  • A service can only be provided if there is a customer willing to purchase and experience it (correct)
  • Services can be easily separated into different components

    • What does 'perishability' refer to in the context of services?

  • Services have a longer shelf life compared to goods
  • Services can be easily stored for future use
  • Services are produced and consumed simultaneously, making them perishable (correct)
  • Services have a constant demand regardless of consumer interest

    • What does 'macro environment' focus on?

    <p>Broad general trends within the company and the society</p> Signup and view all the answers

    What does 'fiduciary responsibility' refer to in the financial services industry?

    <p>Implicit responsibility of financial services providers in managing funds and providing financial advice</p> Signup and view all the answers

    Study Notes

    Distinctions between Services and Goods

    • Services are intangible, while goods are tangible and physical products
    • Services are often customized, whereas goods are standardized
    • Services are often produced and consumed simultaneously, whereas goods are produced first and then consumed

    Characteristics of Services

    Inseparability

    • Inseparability means that services are typically produced and consumed at the same time
    • This characteristic makes it difficult to separate the production and consumption of services

    Perishability

    • Perishability refers to the fact that services cannot be stored or inventoried
    • Services are highly perishable, meaning that if they are not used, they are lost forever

    Macro Environment

    • The macro environment focuses on external factors that affect an organization, including economic, social, technological, environmental, and political factors
    • These factors are beyond the control of an organization, but can still impact its operations and performance

    Fiduciary Responsibility

    • Fiduciary responsibility refers to the obligation of financial institutions to act in the best interests of their clients
    • This responsibility involves managing clients' assets and making decisions that prioritize their needs and goals

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    Description

    Test your knowledge of financial services marketing with this final exam reviewer. Explore key concepts such as marketing approaches, intangibility, and inseparability in the context of improving business performance and satisfying customer needs. Get ready to ace your exam with this comprehensive review.

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