This assignment is intended to demonstrate particular challenges for the banking industry in marketing with regard to failure and failure management. The aim is to highlight what the marketing trends for the banking industry can be in the future. Those marketing trends should be used to develop specific strategies to compensate for the challenges. In addition, the author provides recommendations on how to invent a professional dealing with failure management in marketing.
Innovative and entrepreneurial action always involves that the result is uncertain and associated with the risk of failure. The information available is always limited. This inevitably results in errors sooner or later, what means that failure cannot be avoided but is likely to happen. These uncertainties about the future and the results have to be overcome by every company in order to remain competitive in the market.
The digitisation forces the banking industry to change their strategies and business models as they are called into question through competitors like fintech companies, the speed of technological change and the large number of innovation in financial processes. The faster the industry the more errors and failure will happen. The future changes are substantial, but how will the banks deal with them in terms of marketing and the resulting corporate strategy and will the banks be able to meet these challenges?
Inhaltsverzeichnis (Table of Contents)
- Introduction
- Objectives
- Failure Management and current marketing challenges
- Definition and strategies of failure management
- Industry 4.0 in the banking industry
- Current trends in marketing for the banking industry
- Practical example Paydirekt
- Recommended action for marketing of the future in banks
- Failure management in the marketing strategy
- Cooperation with fintech companies
- Conclusion and future outlook
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This assignment aims to explore the specific marketing challenges faced by the banking industry with regard to failure and failure management. It aims to highlight potential future marketing trends for the banking industry and how these trends can be used to develop strategies that address these challenges. Additionally, the author provides recommendations for a professional approach to failure management in marketing.
- Marketing challenges in the banking industry due to digitization and competition from fintech companies
- Importance of failure management in the context of innovation and risk in the banking industry
- Future marketing trends for the banking industry
- Strategies for dealing with failure in the marketing strategy
- The role of cooperation with fintech companies
Zusammenfassung der Kapitel (Chapter Summaries)
The introduction highlights the inherent uncertainty associated with innovation and entrepreneurial action, emphasizing that failure is inevitable in a rapidly changing environment. The banking industry, faced with digitization and competition from fintech companies, must adapt its strategies and business models to remain competitive. The objectives section outlines the assignment's focus on addressing the challenges of failure management in banking marketing and exploring future trends in the industry.
Chapter 3 delves into the definition and strategies of failure management, distinguishing between errors and failures. It discusses the impact of Industry 4.0 on the banking industry, examining current trends in marketing and providing a practical example with Paydirekt. The final chapter explores recommended actions for the future of banking marketing, focusing on integrating failure management into the marketing strategy and the potential benefits of cooperation with fintech companies.
Schlüsselwörter (Keywords)
The primary focus of this assignment lies in the challenges of failure management in the banking industry's marketing context. Key terms include Industry 4.0, fintech companies, digitization, marketing trends, failure management, and the development of strategies to address these challenges. This work explores the importance of adapting to change and integrating a forward-looking approach to failure management in the banking industry's marketing efforts.
- Quote paper
- Iris Bösser (Author), 2018, Failure Management. Marketing the Future in Our Industry, Munich, GRIN Verlag, https://www.grin.com/document/916888
