A critical analysis of marketing strategy in the UK financial services sector. An empirical study - Essay Example

According to Lazer (1971:209), “Given good intelligence, executives should eventually be able to scan markets, call for additional information through consoles, assess marketing alternatives more adequately, and adjust to dynamic market condition more readily”. It then requires that marketing strategies are structured to come abreast with the vicissitude of the time, for it to be successful and effective. THE United Kingdom financial services sector have in recent times adopted marketing strategies that are aligned with the information technology driven age.

The conducting of business are embarked through e-marketing and to a great extent the UK financial institutions have adopted strategic alliance as an option of jointly pulling of their resources with organizations that share the same business orientation and prospects with them. “Markets face daunting challenges in an increasingly complex markets place. Market research information technologies have provided new tools to guide marketing resource allocation, but these technologies have added complexity to the marketer’s worldview.

Compounding the challenge is the range of stakeholders that must be addressed: prospects, customers, shareholders, channels partners, market alliance partners, and vendors” (Cook & Talluri, 2005:244). In recent years the spate of strategic alliance in UK financial institutions are on the increase. According to Gup & Marino (2003), the United Kingdom financial institution recorded 401 alliances in Europe. Almost half of these strategies alliances occurred in 1998 and 1999. As a substitute to outright merger financial institution have prefer strategic alliance.

In the same view, Proctor (2000), argues that the 21st century is seeing the development of strategic alliances and networks where firms work together towards shared goals and collaborate in their operations. The financial services sector plays a significant