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FINA25444 Selling Financial Services

Sheridan college

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FINA25444 Selling Financial Services
  • Subject Code :  

    FINA25444

  • Country :  

    CA

  • University :  

    Sheridan college

Answers:

Industry Knowledge

The first thing that must be done in order to create the business is to create a bank account for the business. In order to have a bank account for the business it helps to keep the business money and the personal money completely separated from each other which makes it very easy to maintain the track record of the business finances (Nangoy, et al., 2018). Then it helps to protect the personal finances whenever the business finances face various challenges and thus it helps to save the time while preparing for tar return. Additionally, the it helps to have a knowledge regarding the business. In order to simplify the records of the business in this case opening a business account helps in providing legal requirements that helps to create a limited liability company or the corporations.

It helps to create a step while accepting the non-cash payments. It also provides additional advantages for the businesses. In case of the small business the owners must be able to learn regarding the banking services that might help in the business operations (Liu, et al., 2017). In case of small business, the owners will be useful in order to get an overview on the types of the accounts, the services and need to compare the different types of the accounts that helps to open the bank account of the business. The financial institutional that offers various services to the business by opening the bank accounts that might offered business loan, credit cards or credit loans whenever required. These types of the credits might help the managers in order to manage the business’s finances.

The business must be always very much cautious whenever they are borrowing money. The business must always be very cautious and must have an accurate plan by following which they must effectively use the acquired capital and they must be capable to repay the debt amount before aggreging to take out the loan (Haridasan  & Fernando, 2018). The financial institutional that helps the business by providing business loans through their bank accounts. If business have the bank accounts, they help the customers to get the cards accepted. This is helpful in comparing the various options that might be used to compare the options in order to determine the providers of the merchant services that might charged lowest fees.

The various political factors that affect the banking services are the involvement of the regulations by the government dual banking system, interdependent relation among the various banking sectors, developing economies, having impact due to the socio-cultural trends (Leung, 2021). The legal factors are referred to as the external factors it refers to the various laws that affect the business operations and the behaviour of the customers. The profit margins of the banking services, product transformation and the viability of markets are some of the impacts of the legal factors.

Through various studies it has been observed that the profitability, bank sizes, capital adequacy and the cost of the funding, rate of inflation are all the macroeconomic factors that needs to be considered and have an impact on the banking services (Jeon & An, 2019). The recent trends that have been affecting the banking industry is their shift towards the digitalisation, particularly the online and the mobile banking. In today’s busy schedule customers want hassle free services and do not want to physically visits bank branches to handle the transactions.

Company Knowledge 

The banking financial services is a very new type of industry but the insurance department of the banking sectors is an ancient part of the financial services. J.P. Morgan Chase. Is that financial services providing firm that has been built on the formation of more than 1,200 predecessor those who have their institutions that have been merged together throughout the years to form present company (Waluya,  Iqbal & Indradewa, 2019). The most historic event of the banking sectors that used to allow the banks to offer for investment, insurance services and the commercial banking. The financial deregulations within the international markets leads towards the automatic quotation system used for the stock exchange. This type of the deregulations may help to create a multi service financial details which consists of the various services to the customers. In the late 1990s the banking sectors offer adjustable rates mortgages (Hashem, et al., 2018).

The financial service. JPMorgan Chase has been ranked by the S&P Global as one of the largest banks in the United States and have been considered as the seventh largest bank in the whole world with total assets of having US$3.213 trillion. It is also considered as the world's most valuable bank for their market capitalization. J. P. Morgan has been knowing for recognising businesses in order to make stable, profitable by gaining control over the businesses. The company organised several magnate powerful railroads and major railroads. They also take in charge of the finance the industrial consolidations. From the annual reports of 2019 majority of the company’s derivatives have entered for the purpose of market making.

Various clients use these derivatives in order to mitigate the interest rate, they also modify it. They take into consideration the foreign exchange rate, the equity and the commodity risks as well as the credit rate. Actually, the firm manages the related risks from the exposure of the derivatives by penetrating other derivatives or by selling and purchasing various other financial instruments fully or partially by offsetting the exposure from the derivatives of the clients (Deepak & Jeyakumar, 2019).  The company manages particular markets and their exposure towards the credit risk by using various derivatives instruments that consists of the derivative that leads to hedging accounting contracts and various other derivatives that have been used in order to control the risks that have been associated along with the particular assets and the liabilities (Iyer, et al., 2020).

Product Knowledge 

  1. P Morgan Chase is well known for their contribution as the cream on the crop as they can perform all types of the task. They are considered as the Swiss army knife of the banks. They provide some of the best technology that helps in the financials and the advanced mobile banking facilities. They are being considered as one of the elites and most trusted investment banks in the world. They are one of the best commercial banks that have paved their way in major countries and metro cities are among their favourite customers. The banks equity bond as well their achievements from all over the world is the driving factor of this financial industry. This financial service sectors are outperforming in all their departments while the other banks are not performing that much well (Wojciechowska-Solis & Soroka, 2017).

J.P Morgan Chase have been offering various products and this products in return posses’ certain advantages and disadvantages depending among the customers how they are using these products and for what purpose. It has been really busy in the fall for the various advantages within the industry especially for the retirement, benefits solutions, like (Hussain, et al., 2018).

United healthcare – this brand has been offering their family engagement centre as the most integral part that have special needs as their initiative. Their advisors have an objective to create a customised care plans that helps to resolve their unique issues regarding their claims, address their gaps which are related to the social determinants of the health, and it provides various resources in order to support their family members, their mental health and physical health. The Symetra Life Insurance Company have introduced a deductible savings category because of the corona virus situation (Melovic, et al., 2020).

This is a no cost endorsement that have being offered with various types of the loss policies that has been introduced with effective from the 1st January till 31st March 2021 in all the approved states. The products offered various types of disadvantages like the credit risk, the market risk, the option risk, collateral, leverage risk and the non-transferability and the non-marketability risk. The customers of the company argue on the fact that their competitive position cannot be way better as the company have their top management team and various attractive business proposals that also includes the retail, investment banking processing and the asset management were considered during the downturn. One more disappointed for this company is that their investors has been lacking the meaningful increase of the dividends by the major banks that have been citing a soft economy as well as uncertainty regarding new rules on the capita of the banks (Xiao, 2018).

Competitive Knowledge

Citi is considered as JP Morgan Chase’s top most competitor, the headquarter of Citi is in New York and it was founded in the year of 1812. Like JP Morgan Chase this Citi was functions and operates in Banks field where it manages to generate almost 62% of the JP Morgan’s revenues (Shan, Chen & Lin, 2020).  This fi service sectors have many lines of business as well as many competitors. By keeping a track of the various financial service that have been conducted by the competitors of the company like the Bank of America, Goldman Sachs, Morgan Stanley. Now Morgan Stanley is being considered as the biggest competitor in terms of the consumers and the community banking, other financial services and the asset management.

From the annual reports of the company, they achieved the best every year in all respects and generally they are being compared with their relevant competitors for the best – in – class peers. Below mentioned chart portrays the performance by the business versus the performance done by the competitors in terms of the returns and the efficiency. The financial services help to make the most important influence on the economy of the company and is being considered as one of the most influential sectors. It has a wider prospect based on specific activities like the investing, banking and the insurance (Evangelista, Low & Nguyen,2019). Financial services have very limited activity in terms of the financial products which are considered as the actual goods, investments or accounts (Alemu & Olsen, 2019).

Management of JP Morgan Chase uses certain non-GAAP financial measures in the business segments as there are certain other GAAP financial measurements that provide valuable information to their investors regarding their operational performance and the trends within the firm. The company has the retail banking that takes into consideration the deposits and the investment banks that do not have the business. The deposit from the company has one of the lowest costs of capital source and there are lot of the competitors. It is very much easy to make up their money as the lowest cost of capital (Martenson, 2018).

Customer Knowledge

The pride and the prestige are the pride of the consumers that is the moist strongest and common emotional purchasing motive, the imitation and the emulation that is the desirable nature of the imitating others is considered as one of the most important emotional motive of the purchasing. The affection of the purchasing power and the desiring and the comfort for comfortable purchasing (Baudry,et al., 2017). The buying motive is the biggest urge in order to satisfy the need and the requirement that helps to make the people in order to buy the goods and the services.

Now behind each and every purchase that must be a buying motive. Referring to the feelings, emotions and the feelings that arouse within the buyers in order to have the desirable motive in order to buy the product. The buyer does not buy as they have been persuaded by the salesman as they have the motive of buying the products or the services. The motivation must be distinguished from the instincts. All the consumers have the motive that is the simple reason for carrying out a specific behaviour and this may not be very much automatic in their response to a particular stimulus (Widyastuti, 2018). The instincts are already before hand very much pre programmed reasons that are inborn in the voluntary and the individuals. The hunger for buying is the only instinct that have the desirable nature in order to buy a product that happens to have a buying motive. The buying motives are the only influential factors or the considerations that provides numerous impulses in order to induce actions, buy and then determination of the choice while purchasing the goods or the services. The buying motives are being divided into

The product purchasing motive must be referring the reasons and the influences the prompt that buyer in order to choose the specific product in the preferences of other products. They must include the physical attention based on the product they must have the psychological attraction based on the product they must have the desertion of removing or reducing the danger or damaging the body or life of the possessor, the company refers the characteristics of the product which takes into consideration the buying nature in preference to any other products. The purchasing nature must have the purchasing motive of pride is considered as the most common feature of the purchasing motive. The buyers must be proud of the possessing some of the products. If the products are behind sold by the sellers that helps in appealing to enhance the prestige and pride of the buyers (Petljak, Naletina & Bilogrević, 2019).

Anticipated Objections

Promotional product buying motive - whenever any of the purchasers try to purchase of the products or the services without any logical thinking then this type of purchasing is being termed as the purchase has been on the basis of emotional overflow and in a practical sense.

Rational product buying motive – whenever the buyer decides to buy the certain thing after being careful the consideration that is after the certain thing after the various consideration on the matter consciously and the logically that have been influenced by the rational product having the motivation of buying. The rationale product that has the buying motive which includes the following

The safety and the security that have an important that have the rational having the buying motive that have been influenced by the purchases.

Patronage Buying Motives – the patronage buying motives are being referred to such considerations that prompt the buyer in order to buy the product they want to buy from the particular financial stores according to their preference. In short, these types of the purchase considerations are the only reason that makes the buyers, patronize reading the particular store that have the preferences from other shops while purchasing the products.

Rational patronage buying motives - wherever the buyer patronizes the shop after considering it carefully that is after much logical presentation, the convenient location that have the proximity of the shop is considered as one of the influencing factors that leads to the purchases of the buyers from the shops.  Many of the buyers, that usually, the requirements from the ventures, as it is being very convenient in order to make their purchases.

Suitability – the products that has been required for rational motives buying. The intelligent buyers need to consider that needs to be suitable for the products before they need to buy. For example, the buyer needs a small room that needs to get fits well with the small purchasing factors. The versatility of the utility of the product refers to the quality of the product, that is suitable on the various of users. The utility of the required product has been considered as one of the best buying motives. People often change the purchasing factors that have utility that needs to but for varied uses.

References

Alemu, M. H., & Olsen, S. B. (2019). Linking consumers’ food choice motives to their preferences for insect‐based food products: An application of integrated choice and latent variable model in an African context. Journal of Agricultural Economics, 70(1), 241-258.

Baudry, J., Péneau, S., Allès, B., Touvier, M., Hercberg, S., Galan, P., ... & Kesse-Guyot, E. (2017). Food choice motives when purchasing in organic and conventional consumer clusters: Focus on sustainable concerns (The NutriNet-Santé Cohort Study). Nutrients, 9(2), 88.

Deepak, R. K. A., & Jeyakumar, S. (2019). Marketing management. Educreation Publishing.

Evangelista, F., Low, B. K., & Nguyen, M. T. (2019). How shopping motives, store attributes and demographic factors influence store format choice in Vietnam: A logistic regression analysis. Asia Pacific Journal of Marketing and Logistics.

Haridasan, A. C., & Fernando, A. G. (2018). Online or in-store: unravelling consumer’s channel choice motives. Journal of Research in Interactive Marketing.

Hashem, S., Migliore, G., Schifani, G., Schimmenti, E., & Padel, S. (2018). Motives for buying local, organic food through English box schemes. British Food Journal.

Hussain, S., Guangju, W., Jafar, R. M. S., Ilyas, Z., Mustafa, G., & Jianzhou, Y. (2018). Consumers' online information adoption behavior: Motives and antecedents of electronic word of mouth communications. Computers in Human Behavior, 80, 22-32.

Iyer, G. R., Blut, M., Xiao, S. H., & Grewal, D. (2020). Impulse buying: a meta-analytic review. Journal of the Academy of Marketing Science, 48(3), 384-404.

Jeon, M. A., & An, D. (2019). A study on the relationship between perceived CSR motives, authenticity and company attitudes: a comparative analysis of cause promotion and cause-related marketing. Asian Journal of Sustainability and Social Responsibility, 4(1), 1-14.

Leung, D. (2021). Tourists’ motives and perceptions of destination card consumption. Tourism Recreation Research, 46(1), 39-51.

Liu, G., Fu, Y., Chen, G., Xiong, H., & Chen, C. (2017). Modeling buying motives for personalized product bundle recommendation. ACM Transactions on Knowledge Discovery from Data (TKDD), 11(3), 1-26.

Martenson, R. (2018). When is green a purchase motive? Different answers from different selves. International journal of retail & distribution management.

Melovic, B., Cirovic, D., Dudic, B., Vulic, T. B., & Gregus, M. (2020). The analysis of marketing factors influencing consumers’ preferences and acceptance of organic food products—Recommendations for the optimization of the offer in a developing market. Foods, 9(3), 259.

Nangoy, C. L., & Tumbuan, W. A. (2018). The Effect of Advertising and Sales Promotion on Consumer Buying Decision of Indovision TV Cable Provider. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi, 6(3).

Petljak, K., Naletina, D., & Bilogrević, K. (2019). Considering ecologically sustainable packaging during decision-making while buying food products. Економика пољопривреде, 66(1).

Shan, Y., Chen, K. J., & Lin, J. S. (2020). When social media influencers endorse brands: the effects of self-influencer congruence, parasocial identification, and perceived endorser motive. International Journal of Advertising, 39(5), 590-610.

Waluya, A. I., Iqbal, M. A., & Indradewa, R. (2019). How product quality, brand image, and customer satisfaction affect the purchase decisions of Indonesian automotive customers. International Journal of Services, Economics and Management, 10(2), 177-193.

Widyastuti, P. (2018). Does visual merchandising, store atmosphere and private label product influence impulse buying? Evidence in Jakarta. Journal of Business and Retail Management Research, 12(3).

Wojciechowska-Solis, J., & Soroka, A. (2017). Motives and barriers of organic food demand among Polish consumers: A profile of the purchasers. British Food Journal.

Xiao, L. (2018). Analyzing consumer online group buying motivations: An interpretive structural modeling approach. Telematics and Informatics, 35(4), 629-642.

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