Updating Marketing Concepts in the Financial Services Industry (Part 1)

Personal Financial Planning: Strategies For Professional Advisors, 1991

7 Pages Posted: 8 Jan 2009

Date Written: July 1, 1991

Abstract

Academicians have been debating the concept of marketing for the past forty years. Sometimes the question has been whether marketing is a science, sometimes the issue has been the appropriate domain of marketing, and sometimes the issue has been whether marketing has a theory that can help explain market events or predict future market behavior.

In the past fifteen years, a consensus has slowly formed that marketing theory has a central focus on economic "exchanges," or "transactions" that occur between participants in the economy. This slowly developing consensus provides a convenient theoretical hopping-off place for the financial services sector, generally, and financial planners, specifically.

Not only is a focus on economic exchanges misleading from a theoretical perspective, but it would generate impractical advice for real-world financial sector managers, such as financial planners, attempting to make decisions about their own marketing strategies.

Part 2 will focus on the "nuts and bolts" applications of these theories for financial planners.

Keywords: marketing theory, investment advice

JEL Classification: marketing theory

Suggested Citation

Vass, Laurie Thomas, Updating Marketing Concepts in the Financial Services Industry (Part 1) (July 1, 1991). Personal Financial Planning: Strategies For Professional Advisors, 1991, Available at SSRN: https://ssrn.com/abstract=1324363

Laurie Thomas Vass (Contact Author)

Gabby Press ( email )

620 Kingfisher Ln
Sunset Beach, NC 28468
United States
9199754856 (Phone)

HOME PAGE: http://www.gabbypress.com

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