7 Plus 7: New Dimensions in Value Communication and Creation Process. Expanding the Marketing Mix in the Banking Industry
7 Plus 7: New Dimensions in Value Communication and Creation Process. Expanding the Marketing Mix in the Banking Industry

Author(s): Mariya Dinova, Peter Kirov
Subject(s): Economy, Business Economy / Management, Marketing / Advertising, ICT Information and Communications Technologies
Published by: Икономически университет - Варна
Keywords: marketing mix; communication; value; banking industry
Summary/Abstract: In the context of the contemporary market challenges there is a strong need of reconsidering the Value creation and communication process. In order to keep customers satisfied and establish a long-lasting and reliable relationship with them companies need to add additional Value to the classical marketing offering. In a highly competitive industry like the banking one this need is even more evident. Acknowledging thе importance of the traditional marketing mix elements for the service industry, the authors of the report suggest theoretically and empirically grounded extension of the marketing mix by adding seven additional elements. Prediction, Personalization, Perception, Partnership, Proximity, Presence and Participation are proposed to be the new dimensions in Value Creation and Communication Process, particularly in the Banking Industry.

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