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Strategic marketing practices: the case of the financial institutions in the Philippines

Author: 
Jennifer B. Cabaron
Subject Area: 
Physical Sciences and Engineering
Abstract: 

Financial institutions go through some steps to create compelling and well-organized strategies for sustainable business success. This paper aimed to determine the strategic marketing practices of financial institutions mainly in Region IX, in the Philippines. The descriptive survey method was used aided with the standardized questionnaire by Jaakkola et al. (2010). Market orientation, innovation orientation, and marketing assets and capabilities were variables used to determine the strategic marketing of selected financial institutions. There were ninety (90) respondents of the study. Frequency count, percentage, and weighted mean used as a statistical tool. Results of the study showed that rural banks employ strategic marketing to an extreme extent on market orientation and has a definite advantage on innovation orientation. It also showed that rural banks had power in marketing inside-out capabilities while having a particular edge in marketing outside-in capabilities. The researchers’ recommendations are highlighted in the paper which is helpful to rural banks to meet their clients adequately. Additionally, there should be future studies on other important aspects of bank services such as deposit interest rate, loan interest rate, and accessibility of responding to the questionnaires.

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