The role and importance of product in the marketing concept of bank

  • Jelena Veličković Akademija strukovnih studija Južna Srbija, Odsek za poslovne studije Blace, Srbija
  • Jasminka Đuričanin Akademija strukovnih studija Južna Srbija, Odsek za poslovne studije Blace, Blace
Keywords: bank, banking product, product range

Abstract

Strategic manoeuvring of the product, price, distribution, and promotion, as elements of supply, is the essence of the marketing conception of modern banking. Occurrence and development of the global network has radically changed all elements of the marketing mix. By establishing a product range and with dynamic management of the changes in its structure, banks are consolidating their possibilities with clients’ needs. They are trying to offer as rich and readily available product range as can be achieved. They are aiming to adapt the supply in relation to the demands of existing and potential users as much as possible. The supply often exceeds the demand. Therefore, they try to never make decisions regarding the adjustment of the product without cooperating with the clients. Availability of different adjustable and competitive banking products established by the usage of information technologies is becoming the foundation of banking. Focusing on the client, well-rounded high-quality product supply, as well as constant innovations, represent the key factors of banks’ business success.

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Published
2020-12-28
How to Cite
Veličković, J., & Đuričanin, J. (2020). The role and importance of product in the marketing concept of bank. BizInfo (Blace) Journal of Economics, Management and Informatics, 11(2), 93-103. https://doi.org/10.5937/bizinfo2002093V