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Competition Between Banks and Building Societies in the Retailing of Financial Services

McGoldrick, Peter J. and Greenland, Steven J. (1992). Competition Between Banks and Building Societies in the Retailing of Financial Services. British Journal of Management,3(3):169-179.

Document type: Journal Article
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Title Competition Between Banks and Building Societies in the Retailing of Financial Services
Author McGoldrick, Peter J.
Greenland, Steven J.
Journal Name British Journal of Management
Publication Date 1992
Volume Number 3
Issue Number 3
eISSN 1467-8551
Start Page 169
End Page 179
Total Pages 11
Place of Publication United Kingdom
Publisher Wiley-Blackwell Publishing Ltd.
Field of Research COMMERCE, MANAGEMENT, TOURISM AND SERVICES
Abstract Within the financial services sector there has been diversification on a vast scale, with varying degrees of success. Financial services are increasingly viewed as products, the various branch networks as channels of distribution. The competition between banks and building societies has become a major battleground in the war for consumers' financial services expenditure. Both types of organization have a strong presence in the high street and have become major users of media advertising and other marketing weaponry. Historically, they have both enjoyed strong but different forms of relationship with their customers; these differences are rapidly diminishing as each invades the other's trading territory. This paper presents results from a study of bank-building society competition, illustrating the attributes and dimensions upon which consumers tend to base their choices. Financial services retailers are urged to base their marketing strategies upon a clear understanding of consumer needs and motives, not upon ‘me-too’ responses to competitors' moves. As many product retailers have discovered to their cost, heavy marketing expenditure cannot be a substitute for a well founded retail marketing strategy.
DOI http://dx.doi.org/10.1111/j.1467-8551.1992.tb00043.x   (check subscription with CDU E-Gateway service for CDU Staff and Students  check subscription with CDU E-Gateway in new window)
 
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Created: Tue, 06 Jun 2017, 11:29:12 CST by Marion Farram