HEADQUATERS- 135 East 57th Street, NewYork, NY 10022, United States. Phone: 646-521-4300 Fax: 212-826-2803 Web Site: http://www.etrade.com The Company was founded in 1992, which deals inproviding brokerage services for many US stockexchange markets, option markets, futuremarkets, mutual funds markets, currency tradingand bonds trading. It also provides researches andreports related to these markets; and advisory andasset management services to retail clients.
The company has two main issues1. Customer Satisfaction2. Meeting Customer Expectation The customers were facing problem withthe banking service provided by thecompany.
Some customers had a very high standard ofexpectation that neither the company nor themarket competitors could provide with the recentavailable technology used. Many customers especially the older ones, havedifficulties in using some of the advancedservices and incurred losses during trading. Some customers were concerned about thebrokerage services price, and they wereconsidering the another brokerage firms thatprovided same services with lower prices.
Redesign the companys services to beconvenient to as much customers. Design a big promotional advertisingcampaign, and to be lunched throughbusiness related TV channels and financialweb sites. Training the employees to the new servicesand on customer relationship marketing. Give the authority, the tools and empowerthe employee for optimum customer servicesatisfaction.
Educate the customers on the services in aneasy and convenient way sp that they knowwhat to do. Taking part in seminars and events aboutfinancial services. This will have good impacton the company’s image and brand loyalty. A well organized and highly skilled teamshould be formed to direct this action planstep by step, evaluating its effectiveness andupdating it to meet new changes in theindustry.
Service A Service is an act or performance one party can offerto another that is definitely intangible and does notresult in ownership of anything. Its production may ormay not be tied to the physical product.
Service is an intangible offering with little or notransfer of physical products to the customer. Service is one part of product-service mix being offeredto customers The main offering is the product but the supplier alsoprovides some services.
Services impact customers more directly than productsdo. Marketing of services has to be more deliberate. Positioning must be razor sharp. Promotion more challenging due to intangible nature ofservices. Same service can be delivered in various ways.
Intangibility Service can’t be owned Inseparability Perishability
Health Care Professional Services Financial Services Hospitality Travel Others Some other examples of service industries canbe hair styling, pest control, plumbing, lawnmaintenance, counselling services, health club etc.
It is very important to understand and meet thecustomer expectations Consumers of services value not only the outcome ofthe service encounter but also the experience of takingpart in it. Reliability:- Service provider should be able to deliverthe promised service each time the customer decides toavail of it.
Credibility:- Can customers trust the servicecompanys and its staff? Security:- Can the services be used without risk? Responsiveness:- How quickly do service staffrespond to customer problems and requests? Behavior of employees:- Do services staff act in afriendly and polite manner? Communication:- Is the service described clearly andaccurately.
Internal marketing External marketing Interactive marketingFM K
◦ Marketing conducted by a service firm to train and effectivelymotivate its customer contact employees and all the supportingservice people to work as a team to provide customersatisfaction.
◦ Traditional marketing incorporating the 7Ps Price Product/service Place Promotion People Processes Physical evidence of the services marketing mix.
◦ Marketing that recognises that the perceived service qualitydepends heavily on the buyer-seller interaction.◦ Emphasis on relationship marketing.
Service Pure services are tangible Higher perceived risk in decision making process. Provide service trials where ever possible.Promotion Intangible elements of services may be difficult tocommunicate
Word of mouth is critical to success Persuade satisfied customers to inform others of theirsatisfaction. Encourage potential customers to encourage currentcustomers.Price An indicator of perceived quality. Important in matching demand and supply.
Place Distribution channels for services are more direct New technologies permit service companies to provideservices without customers coming to their facility.People Service quality is inseparable from quality of servicesproviders
Employees of service organizations have to be adept inmultiple roles. Examine the role played by customers in serviceenvironment. Seek to eliminate harmful interactions.
Physical evidence The environment in which the service is delivered. Includes any tangible goods that facilitate theperformance and communication of the service.Process Procedures, mechanisms and flow of activities bywhich a service is delivered to customers.
Process and its visibility are both important forcustomers Process should be employed only when it is required toprovide a service and not because customers have cometo expect it.
SERVICE QUALITY Mgmt
Gap between consumer expectation and management perception:Management does not always correctly perceive what customers want.Hospital administration may think patients want better food, but patientsmay be more concerned with nurse responsiveness. Gap between management perception and service-qualityspecification:Management might correctly perceive customers’ wants but not set aperformance standard. Hospital administrative my tell the nurses to give“fast” service without specifying it in minutes
Gap between service-quality specifications and service delivery:Personnel might be poorly trained , or incapable of or unwilling to meetthe standard; or they may be held to conflicting standards, such as takingtime to listen to customers an serving them fast. Gap between survive delivery and external communications:Consumer expectations are affected by statements made by companyrepresentatives and ads. If a hospital brochure shows a beautiful room, butthe patient arrives and finds the room to be cheap and tackylooking, external communications have distorted the customersexpectations. Gap between perceived service and expected service:This gap occurs when the consumer misperceives the service quality. Thephysician may keep visiting the patient to show care, but the patient mayinterpret this as an indication that something really wrong.