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THE CONCEPT OF MARKETING COMMUNICATION (MC) IN FINANCIAL SERVICES
DELIVERY: A REVIEW OF THE LITERATURE
FRANCIS KOFI SOBRE FRIMPONG
Lecturer, Accra Institute of Technology, Accra-North, Ghana

ABSTRACT
The integrated marketing communication process plays a significant role in developing and managing
customer-organisation relationships in the delivery of financial services. This paper provides a theoretical review of
literature on the application of marketing communication tools in the delivery of financial services. The paper seeks to add
to the relatively scant theoretical literature available on the productivity of marketing communication tools in the delivery
of financial services. The study employs qualitative content analysis by examining and fine-tuning the contents of
academic papers to the productive application of tools of integrated marketing communication in service delivery.
Effective financial service delivery is driven by the strategic application of each element of the marketing communication
mix in the organization, namely advertising, personal selling, sales promotion and public relations.
Marketing communication is a platform for the financial service provider to send messages to customers and to
receive communication from them in a goal to savour and maximise value from customers in the organisation. In financial
service delivery, the organisation must productively adapt each tool of marketing communication in generating new
customers, satisfying new customers and growing value made from customers in the face of effective
organisation-customer relationship management.
KEYWORDS: Marketing, Integrated Marketing Communication, Marketing Communication Mix, Customer
Relationships, Financial Services
INTRODUCTION
Service quality is rooted in effective service delivery (Zeithaml, Parasuraman & Berry, 1990). Moreover, the
effectiveness of service delivery is significantly influenced by how well the organisation uses relationship marketing to
serve and interrelate with customers and potential customers (Wellman & Molander, 2008; Lifebvre, 2000). Tools and
strategies of Integrated Marketing Communication (IMC) are therefore often useful in an organisations technical
endeavour to deliver services to the satisfaction of customers (Kondracki & Amundson, 2002).
Research has shown that an effective application of tools and strategies of integrated marketing communication
impacts service delivery and customer satisfaction (Manisha, 2012; Mahyari, 2010). The research of Manisha (2012) gives
clear distinctions between the impacts of tools of marketing communication under different classifications of suitability to
tasks of service delivery and organisation-customer relationship. Invariably, the productivity of marketing communication
tools depends on how suitable they are to service delivery and tasks of communication with customers in the organisation.
This same viewpoint is supported and acknowledged by Fill & Jamieson (2011). As a result, IMC is said to be relevant to
the maximum productivity of service companies (Manisha, 2012; Fill & Jamieson, 2011), especially financial service
companies (Manisha, 2012)
International Journal of Business
Management & Research (IJBMR)
ISSN(P): 2249-6920; ISSN(E): 2249-8036
Vol. 4, Issue 3, Jun 2014, 111-126
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112 Francis Kofi Sobre Frimpong

Impact Factor (JCC): 4.9926 Index Copernicus Value (ICV): 3.0
In most economies like the Ghanaian economy, the service industry makes the highest contribution to DGP
growth. In 2013, for instance, the service industry of Ghana makes 50.6% contribution to GDP
(Ghana Statistical Service, 2013). Moreover, the financial service sector is one of the greatest boosters of the service
industry in Ghana (Ghana Statistical Service, 2013; UN World Economic Situation and Prospects, 2013). It is therefore
worth saying that the financial service sector deserves priority attention by economists, financial institutions and
researchers to maximise its potential through effective service delivery.
Though established by Manisha (2012) and other few researchers, the productivity of marketing communication
tools and their impact on financial service delivery is not sufficiently justified empirically. The body of researches
available on this subject must therefore be enlarged to popularise the effective application of tools of IMC in financial
service delivery in Ghana. This paper provides a platform for further research by identifying and reviewing theories and
models that underpin the productive application of marketing communication tools in financial service delivery. This is
expected to encourage researchers to undertake studies in this subject.
PROBLEM STATEMENT
Integrated Marketing Communication (IMC) has not received much of the attention of researchers
(Akerlund, 2004; Ekhlassi, Maghsoodi & Mehrmanesh, 2012), though other individual marketing subjects such as
marketing mix, relationship marketing, direct marketing, online marketing and transactional marketing have been much
more examined and explained from different standpoints in research (Ekhlassi, Maghsoodi & Mehrmanesh, 2012).
Researches have hardly related IMC to marketing promotions, relationship marketing, direct marketing and other similar
subfields of marketing. A careful examination of published scholarly papers in international marketing-based journals
indicated that out of every 15 researches carried out on advertising, only one is based on IMC (Mahyari, 2010).
This phenomenon does not only apply to academic papers (Mahyari, 2010); it permeates organisation-sponsored research
and dissertations or thesis (Mahyari, 2010; Akerlund, 2004). As a result, there is a shortfall in the number of reliable
researches needed in the subject area of IMC. Logically therefore, public knowledge about the credible application of
IMC tools and strategies in business is minimal.
IMC is recognised as a key marketing tool for maximising business growth (Manisha, 2012; Owen &
Humphrey, n.d.). Nonetheless, the fact that the publics knowledge about its dynamics in terms of application and
functions is minimal is a problem. This is owing to the fact that the situation undermines IMC as a basic marketing tool for
integrating an organisation to its customers. Meanwhile, the fact remains that customer patronage exists insignificantly
without an integration of an organisation to its customers or consumers (Schultz et al. 2007). In essence, a good knowledge
of the appropriate IMC strategy is a precursor to relationship marketing, direct marketing, promotions and other marketing
processes. The situation of limited research on IMC and its underlying principles is a delicate missing link to sustainable
marketing practice within the organisation.
Considering the market competition and prospects in the financial sector, a mutual platform is needed for firms
and their customers to commune (Manisha, 2012). This is relevant to leveraging strategies of IMC in quality service
delivery. The absence of appropriate and sufficient researches in the marketing subject area of IMC and its principles is
therefore likely to blindfold organisations to credible strategies needed for developing the needed interactive mediums with
customers. This situation would practically impede organisation-customer relationship; thereby bringing about stunted
customer patronage and organisational growth.
The Concept of Marketing Communication (MC) in Financial Services Delivery: A Review of the Literature 113

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A good research is the one whose findings reflect a strong link with related literature (Randolph, 2009).
Research is rendered incredible without a strong and accurate harmony between its findings and related literature
(Onwuegbuzie, Leech & Collins, 2012). More often than not, valid research conclusions take their strength from models
and theories related to the variables of the research (Randolph, 2009). Availability of relevant and related theories and
models is consequently the basic source of permission for a research to be carried out (Randolph, 2009; Onwuegbuzie,
Leech & Collins, 2012). Thus in the absence of related theories or models, an academic research cannot be reliably carried
out. The limited number of researches available on IMC and its accompanying principles is twin to a lack of well-known
related theories and models.
Future researches on the application of IMC in financial services delivery are needed, but the absence of
well-known theories and models would be a discouragement to researchers in carrying out these researches. This paper is
therefore needed to throw light on theories and models of IMC and its tools and strategies from the viewpoint of the service
sector, precisely the financial service sector.
OBJECTIVE OF THIS STUDY
This paper provides a theoretical review of literature on the application of marketing communication tools in the
delivery of financial services. The paper seeks to add to the relatively scant theoretical literature available on marketing
communication tools in the delivery of financial services.
METHOD
This study employs a qualitative content analysis technique. Content analysis is a method of analysing written,
verbal or visual communication messages (Elo & Kyngas, 2008; Cole 1988). It was first used as a method for analysing
hymns, newspaper and magazines, and has been recognized in history as a reliable research technique
(Kondracki et al. 2002). This study focuses on qualitative content analysis by examining and fine-tuning academically
written papers to the productive application of IMC and its tools and strategies in service delivery. The researcher uses as
many reliable academically written papers as possible to make a coherent review of literature available on the concepts,
tools and strategies of IMC in the field of service delivery, precisely financial service delivery. This technique is relevant
when there is the need to share knowledge by exploring the essences of suitable literature (Kondracki et al. 2002;
Elo & Kyngas, 2008).
MARKETING AND THE MARKETING PROCESS MODEL
There are various definitions of marketing. These definitions are influenced by historical changes in marketing
practice (Kotler & Armstrong, 2010). Marketing is defined as the establishment of mutually satisfying exchange
(Barker, 2001, p. 1). It is about managing profitable customer relationships (Kotler & Armstrong, 2006, p. 4). Later, this
definition was reviewed to become the process by which companies create value for customers and build strong customer
relationships in order to capture value from customers in return (Kotler & Armstrong, 2010, p. 29). Marketing has two
basic goals. The first is to attract new customers by promising superior value, while the second goal is to keep and grow
current customers by delivering satisfaction (Kotler & Armstrong, 2010). Consequently, the function of marketing is to
identify customer needs, and to provide products or services that meet some or all of those needs accessibly and at an
acceptable price to the target market (Stapleton & Ali, 2007).

The above definitions share some common features. Firstly, they focus on the identification and satisfaction of
customers needs to yield organisational benefits. Moreover, they strongly uphold the need for a strong and mutual
relationship between customers and the organisation. This second commonality is the basis of marketing communication
within the organisation (Andersen, 2001; Akerlund, 2004). This applies to the financial industry as well, where service
delivery is worked out in the rigor of receptive customer-organisation relationship using principles and tools of integrated
marketing communication (Manisha, 2012; Fill & Yeshin, 2001). Service delivery in the financial industry largely employs
customer-organisation relationship management (Manisha, 2012), and the management of customer-organisation
relationship is facilitated with tools and principles of integrated marketing communication (Mahyari, 2010), where
integrated marketing communication forms part of the Marketing Process Model (Kotler & Armstrong, 2006).
The Marketing Process Model is an adaptation from Kotler & Armstrong (2006). It comes with five distinct
features. The first element of this model requires an understanding of the market place and customer needs and wants.
The second element of the model touches on the relevance of a customer-driven marketing strategy. Within the third
element of the model, the need to construct a marketing program that delivers superior value is projected, and this makes a
link to building profitable relationships and creating customer satisfaction in the fourth stage. In the final stage of the
model, the organisation is expected to capture value from customers to create profits and customer quality. It is worth
noting that the second, third and fourth attributes of the model constitute marketing communication
(Kotler & Armstrong, 2006; Wellman & Molander, 2008). The following is a diagrammatic representation of the
Marketing Process Model.

Source: Adapted From Kotler & Armstrong (2006)
Figure 1: The Marketing Process Model
In Figure 1, it becomes evident that marketing communication is embedded in the marketing process, as argued by
Fill & Yeshin (2001) and Manisha (2012). Marketing communication is therefore a strategic part of processes employed by
service firms (Wellman & Molander, 2008), especially financial institutions in financial service delivery
(Manisha, 2012; Schultz et al. 2007; Ekhlassi, Maghsoodi & Mehrmanesh, 2012). As a result, financial institutions ought
to give priority to how to match the individual tools of MC to key activities of service delivery (Manisha, 2012; Wellman
& Molander, 2008). In a nutshell, MC is an inherent part of the marketing process model and a precursor to making value
from customers through generated profits; the organisation cannot generate profits or capture value from customers without
a productive use of MC tools.
MARKETING COMMUNICATION
Effective communication is basic to strategies to result-oriented marketing (Mahyari, 2010; Lifebvre, 2000).
To communicate effectively, however, marketers need to understand how communication works. Communication involves

the nine elements shown in Figure 2 (Kotler & Armstrong, 2010; Schultz et al. 2007). Two of these elements are the major
parties in a communication: the sender and receiver (Kotler & Armstrong, 2010; Wellman & Molander, 2008).
Another two are the major communication tools: the message and the media (Kotler & Armstrong, 2010). There are four
more in communication functions: encoding, decoding, response, and feedback (Kotler & Armstrong, 2010; Wellman &
Molander, 2008). The last element is noise in the system (Kotler & Armstrong, 2010; Akerlund, 2004).
In the communication process, the sender is the party sending the message to another party, the receiver
(Kotler & Armstrong, 2010). Encoding is the process of putting thoughts into symbolic forms in the communication
process (Akerlund, 2004; Ekhlassi et al. 2012), where a message is a set of symbols that the sender transmits
(Kotler & Armstrong, 2010). The media makes the communication channels through which the message moves from
sender to receiver (Akerlund, 2004; Ekhlassi et al. 2012). Decoding is the process by which the receiver assigns meaning to
the symbols encoded by the sender (Kotler & Armstrong, 2010). Decoding leads to a response, which is the reaction of the
receiver after being exposed to the message (Akerlund, 2004; Ekhlassi et al. 2012). Feedback is the part of the receivers
response communicated back to the sender (Akerlund, 2004; Ekhlassi et al. 2012). Noise is the unplanned static or
distortion during the communication process, which results in the receivers getting a different message than the one the
sender sent (Akerlund, 2004; Kotler & Armstrong, 2010; Ekhlassi et al. 2012).

Source: Adapted From Kotler & Armstrong (2010); Akerlund, (2004) And Ekhlassi Et Al. (2012)
Figure 2: The Communication Model
This model points out several key factors in good communication. Senders need to know what audiences they
wish to reach and what responses they want. They must be good at encoding messages that take into account how the target
audience decodes them. They must send messages through media that reach target audiences, and they must develop
feedback channels so that they can assess the audiences response to the message. For a message to be effective, the
senders encoding process must mesh with the receivers decoding process (Kotler & Armstrong, 2010). Therefore, the
best messages consist of words and other symbols that are familiar to the receiver. The more the senders field of
experience overlaps with that of the receiver, the more effective the message is likely to be (Ekhlassi et al. 2012).
Marketing communication (MC) constitutes all the promotional elements of the marketing mix that involves
communication between an organisation and its target audiences on all matters that would affect its marketing performance
(Akerlund, 2004, Picton & Broderick, 2001). The term target audience is defined as individuals or groups that are

identified as having a direct or indirect effect on business performance and have been therefore selected to receive
marketing communication (Akerlund, 2004, p. 25). Schultz et al. (2007) also defines IMC as a process through which
companies accelerate returns by aligning communication objectives with corporate goals (p. 7). Porcu et al. (2012) defines
it as a concept that directs and coordinates the process of planning, implementing and supervising brand messages by
which brand-customer relationship is build. Observably, the definitions of Akerlund (2004), Picton & Broderick (2001)
and Porcu et al. (2012) project IMC as a process used to integrate the organization, its customers and stakeholders who
would influence customer patronage. The concept of Integrated Marketing Communication (IMC) bears the merits of
different marketing communication disciplines and the value of using a combination of these disciplines to maximize the
effects of the organizations communications that customers encounter through clarity and consistency
(Belch & Belch, 2009, p. 11). Originally, IMC was developed to manage outgoing organizational communications; but it
currently involves the co-ordination of incoming communication as well (Schultz et al. 2007). IMC has evolved to include
communication that integrates customers and the organization (Kotler & Armstrong, 2006), rendering it a more
customer-focused marketing management process (Rawal, 2013).
IMC embraces identifying the target audience and designing a well-coordinated promotional program to elicit the
desired audience response (Kotler & Armstrong, 2010; Fill & Jamieson, 2011). Marketing communications focus on
overcoming immediate awareness, image, or preference problems in the target market (Kotler & Armstrong, 2010).
However, this approach to communication has limitations; thus it is too short term and too costly, and most messages of
this type fall on deaf ears (Kotler & Armstrong, 2010; Fill & Jamieson, 2011). Marketers are moving toward viewing
communications as managing the customer relationship over time, during the preselling, selling, consuming, and
post-consumption stages. Owing to the fact that customers differ, communications programs need to be developed for
specific segments, niches, and even individuals (Rawal, 2013; Kotler & Armstrong, 2010). Given the new interactive
communications technologies, companies ought to ask not only how can we reach our customers? but also how can we
find ways to let our customers reach us? (Kotler & Armstrong, 2010).
Kotler & Armstrong (2010) therefore recommended that the communications process should start with an audit of
all the potential interactions that target customers may have with the product and company. In view of this
recommendation, they gave this example: someone purchasing a new computer may talk with others, see television
commercials, read articles and ads in newspapers and magazines, and try out computers in the store (p. 547). Marketers
must assess the influence that each of these communications experiences will have at different stages of the customer
patronage process. This understanding will help them allocate their communication budgets more efficiently and
effectively.
IMC is driven by three forces (Schultz & Schultz, 2004). They include (Schultz & Schultz, 2004):
(1) technological advancements that have influenced all operations of the organization; (2) greater emphasis on brands for
competitive differentiation; and (3) effects of globalization across geographic boundaries. For IMC to be effective, it must
embrace the entire operational behavior of the organization (Schultz & Schultz, 2004; Kotler & Armstrong, 2010).
This way, IMC becomes a productive tool in integrating marketing and non-marketing activities in the organization
(Schultz et al. 2007).
Eight (8) guiding principles have been developed by Schultz & Schultz (2004) for implementing value-oriented
IMC. The first principle requires that the organization becomes customer-centric. Thus the customer must become the main

focus of the entire organization. This makes a parallel with the argument of Kotler & Armstrong (2006) that it is better to
satisfy existing customers than to strive to win new ones. The second guiding principle stands for using outside-in
planning, which acknowledges that not all customers of the organization have equal value to the organization
(Schultz & Schultz, 2004). The IMC approach in financial service delivery is to satisfy and keep customers to cultivate
future growth (Manisha, 2012). Thirdly, the guiding principle in value-laden IMC is to focus on total customer experience
(Schultz & Scultz, 2004). This requires that IMC is carried out to recognize every experience of the customer with the
organization and its financial services; the organization must not address only marketing communication activities to which
the customer is exposed. Additionally, the fifth principle stipulates that customer goals are matched with those of the
organization (Schultz & Schultz, 2004). Thus, the organization must align market communication objectives to corporate
goals. It is also critical within the organization to establish customer behavior targets (Schultz & Schultz, 2004;
Schultz et al. 2007). In this vein, Schultz & Schultz (2004) argued that customer behavior is influenced to gain new
customers; retain current customers; seek growth from existing customers; and migrate customers through the
organizations portfolio of offerings. As a central part of the sixth guiding principle, Schultz & Schultz (2004) advocated
that customers must be treated as assets. This is owing to the fact that revenue or profits are made from customers; hence
customers must be treated as assets from which financial growth is derived. The seventh guiding principle of
value-oriented IMC requires the streamlining of functional activities, which involves the mirror consumers perception of
marketing communication, namely all activities into two deliverables: messages and incentives (Schultz & Schultz, 2004).
The final guiding principle of value-laden IMC by Schultz & Schultz (2004) requires the convergence of marketing
communication activities. Thus, the organization must incorporate digital communication activities into traditional
marketing communication activities.
Based on an adaptation of the eight guiding principles of value-laden IMC, Schultz & Schultz (2004) developed a
five-stage model that makes up the IMC process. Figure 3 comes with an illustration of this model.

Source: Schultz & Schultz (2004, P. 64)
Figure 3: A Model of the IMC Process

The splitting of marketing communication into messages and incentives improves strategic focus with the
deployment of communication through suitable delivery methods (Schultz & Schultz, 2004). The suitable communication
delivery methods are embedded in Schultz & Schultzs (2004) IMC model of brand contact delivery systems. According to
this model, the creation of customer/prospects exposure is driven by the deployment of messages and incentives, which
must both be relevant and receptive to the customer. As to whether messages and incentives are relevant and receptive to
the customer depends on components of the delivery system. The delivery system is basically made up of the product and
its use, channel, traditional media, electronic media and special events. As part of this model, a product must be well
packaged to warrant its use by customers, where the channel of delivery of a product can be directed by the marketer or
undirected by any other stakeholder/member in the organization. The traditional access media uses radio, TV and
magazines in the deployment of messages, outdoor signage and direct marketing. The electronic media includes wireless
network (i.e. phones) and wired network (i.e. internet search engines and website). In the model, special events are
considered as natural (i.e. holidays) or sponsored (i.e. sports, cultural and trade). The productivity of IMC is said to be
driven by how Schultz & Schultzs (2004) IMC model of brand contact delivery systems is implemented
(Schultz et al. 2007).
There are four basic reasons why a marketer would like to employ IMC. These involve to inform customers and
stakeholders of a service or any situation within the organization (Akerlund, 2004; Rawal, 2013); to persuade customers
and potential customers about the efficacy and credibility of a service or policy (Rawal, 2013); to create an image of the
organization (Akerlund, 2004) and to reinforce the transmission of a message to target audiences (Akerlund, 2004). In the
face of an effective marketing communication process, the organization is advantaged in creating customer awareness on
products, services and policies towards improved patronage, customer satisfaction or/and customer loyalty
(Rawal, 2013; Fill & Yeshin, 2001). An effective marketing communication process is the one in which each IMC tool is
appropriately and suitably applied to produce expected results in serve delivery (Porku et al. 2012. Manisha, 2012).
To better understand the productivity of each tool of IMC in financial service delivery, there is the need to review the
marketing communication mix and the extent to which each tool of IMC becomes applicable in service delivery in the
context of the above communication models.
THE MARKETING COMMUNICATION MIX
According to Kotler & Armstrong (2010), the organisations total marketing communications mix consists of the
specific blend of advertising, personal selling, sales promotion, and public relations tools that it uses to pursue its
advertising and marketing objectives. Advertising deals with any paid form of non-personal presentation and promotion of
ideas, goods, or services by an identified sponsor (Kotler & Armstrong, 2010). The organisation has various options of
advertising, but it must endeavour to use of the most cost-effective and customer-cantered option
(Kotler & Armstrong, 2010; Schultz et al. 2007) in the marketing of services (Manisha, 2012; Fill & Wellman, 2008).
Another element of the IMC mix is personal selling, which is the personal presentation by the firms sales force to make
sales and build customer relationships (Porcu et al. 2012; Kotler & Armstrong, 2010; Rawal, 2013; Owen & Humphrey,
n.d.). According to Manisha (2012), personal selling is suitable to winning new customers, though it is equally suitable for
delivering services to the expectation of existing customers (Tawal, 2013). Sales promotion is a short-term incentive to
encourage the purchase or sale of a product or service (Kotler & Armstrong, 2012). Sales promotion offers an opportunity
for the organisation to reward existing customers and to attract new customers (Kotler & Armstrong, 2010; Fill &

Rawal, 2013). Public relations embraces building good relations with the companys publics by obtaining favourable
publicity, building up a good corporate image, and handling or heading off unfavourable rumours, stories, and events
(Kotler & Armstrong, 2010; Rawal, 2013). According to Porcu et al. (2012), direct marketing touches on direct
communications with carefully targeted individual consumers to obtain an immediate response; the use of mail, telephone,
fax, e-mail, and other non-personal tools to communicate directly with specific consumers or to solicit a direct response.
Advertising includes print, broadcast, outdoor, and other alternatives (Kotler & Armstrong, 2010). Personal
selling includes sales presentations, trade shows, and incentive programs (Kotler & Armstrong, 2010; Rawal, 2013; Owen
& Humphrey, n.d.), where sales promotion includes point-of-purchase displays, premiums, discounts, coupons, specialty
advertising, and demonstrations (Kotler & Armstrong, 2010; Rawal, 2013). Direct marketing includes catalogues,
telemarketing, fax transmissions, and the Internet (Schultz et al. 2007). Improved technology has made it possible for
organizations to communicate through traditional media (i.e. newspapers, radio, telephone, and television), as well as its
newer forms (fax machines, cellular phones, pagers, and computers) (Kotler & Armstrong, 2010). Moreover, emerging
technologies have encouraged more companies to move from mass communication to more targeted communication and
one-on-one dialogue (Kotler & Armstrong, 2010; Rawal, 2013).
In modern times, market communication goes beyond these specific IMC mix tools (Kotler & Armstrong, 2010;
Ekhlassi et al. 2012). The products design, its price, shape and packaging, and the stores that sell it communicate
something to customers (Mahyari, 2010; Ekhlassi et al. 2012). Invariably, although the promotion mix is the companys
primary communication activity, the entire marketing mix of promotion and product, price, and place must be coordinated
for greatest communication impact.
THE PLACE OF MARKETING COMMUNICATION IN RELATIONSHIP MARKETING
The relationship marketing process is usually described as one of establishing, developing and maintaining
successful relational exchanges (Rawal, 2013; Schultz et al. 2007). The goal of these activities is to decrease exchange
uncertainty and to create customer collaboration and commitment through gradual development and on-going adjustment
of mutual norms and shared routines (Kotler & Armstrong, 2006; Rawal, 2013). When customers are retained over several
transactions, both buyers and sellers may profit from the experience gained through previous transactions. The primary
objective is to increase profits by attaining a rising proportion of specific customers' lifetime spending rather than to
maximize profits from individual transactions (Schultz & Schultz, 2004). In other words, the development of
customer-supplier relationships may be described as a set of cumulative phases during which the trustworthiness of
suppliers and buyers is tested and mutual norms governing exchange activities are developed.
In relationship marketing, communication is centred on coordinating behaviour in any organizational setting
(Rawal, 2013) and marketing relationships are built and grown through communication (Picton & Broderick, 2001;
Wellman & Molander, 2008). Communication is said to be the glue that gives life and meaning to customer-organization
relationship (Kotler & Armstrong, 2006). It is an effective tool in reacting or responding to customer needs and demands in
service marketing (Wellman & Molander, 2008). In marketing relationships, communication plays a central role in
providing an understanding of the exchange partners' intentions and capabilities, thus forming the groundwork for
relationship development. Communication is a prerequisite for building trust among exchange partners
(Kotler &Armstrong, 2010). The quality and sharing of information influence the success of relationships
(Ekhlassi et al. 2004; Porcu et al. 2012) and are a central part of the relationship atmosphere of the organization

(Fill & Yeshin, 2001). Moreover, communication informs the exchange actors when they develop their conception of the
prospective partner's exchange intentions (Andersen 2001). Hence, careful design of communication means and forms may
play a decisive role in the relationship marketing process.
In creating and growing customer relationships in the organisation, each tool of marketing communication must
be appropriately implemented (Manisha, 2012; Mahyari, 2010). Kotler & Armstrong (2010) stressed that each tool of the
marketing communication mix of advertising, personal selling, sales promotion, and public relations could be adapted in
developing relationships with customers. In service marketing, tools of marketing communication are used to create and
manage relationships (Manisha, 2012; Fill & Wellman, 2007). In this vein, each tool of the marketing communication mix
must be well oriented and applied to key functions of organisation-customer relationship management
(Kotler & Armstrong, 2010; Schultz et al. 2007).
EVENTS MARKETING: A MEGA TOOL IN THE MARKET COMMUNICATION MIX
Events have become part and parcel of the communication process of markers in all sectors (Thomas, Hermes &
Loos, 2008); including the financial sector (Manisha, 2012). Different terms and definitions for event have evolved in
various sectors and subjects. In marketing, events are associated with communication (Thomas et al. 2008;
Martensen, 2007). An event has be said to be temporary occurrences, either planned or unplanned (Getz, 1997, p. 4).
To emphasize the difference between planned and unplanned occurrences, the term special is added to event
(Thomas et al. 2008). A special event is understood to be a one-time or infrequently occurring event outside a normal
program (Getz, 1997, p. 4).
From marketers viewpoint, events classification is critical for the understanding of how these events work and
function. Thus for example, a one-dimensional classification in Hallmark events and Mega events is possible
(Getz, 1997, pp. 3-4). A differentiated, multi-dimensional classification of events can be carried out using the categories
target group, concept and staging of the event (Nufer, 2002). The first category focuses on the differentiation of
events according to their target groups. In this regard, one can differentiate between public events (i.e. company-external)
and corporate events (i.e. company-internal), whereby exhibition events (mixed forms) comprising of trade fairs and
exhibitions, are also possible. One can also classify events according to the second dimension: in work-oriented and
leisure-oriented activities or the way an event is staged, whereby infotainment events
(infotainment = information + entertainment) are classified between both characteristics (Thomas et al. 2008, p. 38-40).
The third classification touches on the concept upon which the event is based. In this case, the school of thought is
whether the event marketing is carried out brand or occasion-oriented, or whether both aspects hold (Thomas et al. 2008;
Martensen et al. 2007). The activities connected with the planning and control of events is generally summarized under the
terms event marketing or event management (Thomas et al. 2008). In differentiating between these terms,
Thomas et al. (2008) argue that event marketing deals with the marketing-theoretical foundations of the phenomenon
event and in doing so, observes aspects such as visitor motivation and perception or effects on image (p. 39).
On the other hand, event management focuses on questions of planning, as well as the quality, personnel and risk
management for the event (Hede, Jago & Deery, 2002).
According to Martensen et al. (2007), the conceptual model for the effectiveness of an event has been developed
with inspiration from the literature about sponsorship and advertising effectiveness as well as the latest research on

emotional responses within consumer behavior and neuropsychological theory. The model links the response variables of
brand attitude and buying intention to the following drivers (Martensen et al. 2007; Crowther, 2011): event attitude, brand
emotions, and event emotions (i.e. positive as well as negative emotions). These are in turn linked to brand involvement,
event involvement, and the fit between brand and event (Martensen et al. 2007). The model proposes two routes for
creating buying intention, namely a central brand-related route and a peripheral event-related route, as well as links
between these routes (Martensen et al. 2007).
Research has shown that an organizations engagement in events promotes customer and potential customers
awareness, organizational goodwill and customers service quality perceptions (Manisha, 2012; Crowther, 2011;
Thomas et al. 2008). For events to make impact on customers and potential customers, they must be given the right
planning, budget and management (Thomas et al. 2008). As part of the market communication mix, events are to be given
good timing in a businesss financial year, while ensuring that events are not set apart from some other market
communication processes such as personal selling, direct marketing, sales promotion and advertising
(Manisha, 2012; Kotler & Armstrong, 2010).
IMC AND FINANCIAL SERVICE DELIVERY: SERVICE QUALITY PERSPECTIVE
The most fundamental arms of marketing have been recognised to be service marketing or transactional (product)
marketing (Graham, 1993; Kotler & Armstrong, 2006). Kotler & Armstrong (2010) argue that marketing communication is
largely employable in both services marketing and transactional marketing. In practice, marketing communication has been
productive in both aspects of marketing (Manisha, 2012; Schultz & Schultz, 2004). Yet, MC has effective large-scale
application in service marketing and delivery (Manisha, 2012; Fill & Jamieson, 2011), especially financial service delivery
(Manisha, 2012). Fill & Jamieson (2011) argued that if financial services are to meet their quality expectations, marketing
communication must play its basic role. This agrees with the argument that service quality in the financial services industry
in mainly influenced by integrated marketing communication (Kotler & Armstrong, 2006; Andersen, 2001). In practice
therefore, the acknowledgement of MC-based models in financial services delivery must be done in the context of service
quality models.
Service quality is the comparison of expectations with performance (Lewis & Booms, 1983). Service quality is
also defined by Harvey (1998, p. 587) as the degree to which services meet the expectations of customers. Based on the
above two definitions, service quality can be said to be a measure of how close service delivery is to what customers,
clients or consumers expect. The basic purpose of service quality measures within the organization is to meet customer
demands and needs at the highest level of their satisfaction (Cronin, 2003). Also, service quality assurance is driven by
management motives against competition. To this end, service quality is for meeting customer demands basically to avoid
loss of customers to better services (Lewis & Booms, 1983). This brings to light the fact that service quality drives
customer loyalty and retention.
Service quality is said to be operationally driven by factors such as service reliability, timeliness, appropriateness,
credibility, adequacy and sustainability (Cronin, 2003; Harvey, 1998; Asplund, 2001). Additionally, these factors are more
suitable for service organisations such as financial institutions, insurance firms and business process outsourcing (BPO).
In this vein, financial institutions have applied a model of these factors in promoting service quality (Cronin, 2003).

Theories on service quality have spanned from 1970s till recent times (Harvey, 1998). Models like the technical
and functional quality model, the gap model, the EPNQ model and many others had viewed and argued on what
dimensions should be considered as important in service quality. The consistently growing body of literature on service
quality suggests that two schools of thought dominate the argument on service quality; the English school of thought based
on Gronroos (1984) two-dimensional model and the North American school of thought based on Parasuraman et al.
(1988) ve-dimensional model, the SERVQUAL. Considering other signicant conceptual and empirical works in the area,
it generally appears service quality encompasses (1) customers experiences with the tangibles, reliability, responsiveness,
assurance, and empathy aspects of the services delivered by a rm (Parasuraman et al., 1988); (2) technical and functional
quality (Gronroos, 1984); (3) service product, service environment, and service delivery (Rust & Oliver, 1994); and
(4) interaction quality, physical environment quality, and outcome quality (Cronin, 2003) and many more.
However, some services are produced and consumed instantly than others; for example financial services are
consumed instantly and have a close interface in terms of staff and customer interactions than telecommunications
(Manisha, 2012). In view of this the integration of relationship management and marketing communication in financial
service delivery is fundamental to success (Manisha, 2012; Fill & Jamieson, 2011). A popular argument is that effective
relationships management is imperative for service quality and subject to a good strategy of marketing communication in
the financial organisation (Paliwoda, 2010; Birmingham 2002; Manisha, 2012). In essence, achieving the goal of service
quality is primary to the marketing spend of banks (Manisha, 2012); yet service quality assurances are embedded in the
marketing communication mix that intersects with the Morgan & Hunt (1994) relationship marketing strategy
(Kotler & Armstrong, 2006; Manisha, 2012).
CONCLUSIONS
The expectation of financial service providers is to meet or exceed customer satisfaction towards maximising
value from customers (Fill & Jamieson, 2011; Kotler & Armstrong, 2006). Moreover, the financial service provider is of
the belief that ensuring customer satisfaction is a viable way to attract new customers (Manisha, 2012; Kotler &
Armstrong, 2006). To be able to achieve these goals, the financial organisation is required to be able to deliver quality
financial services; thus services that meet the standard expectations of customers (Manisha, 2012). According to
Manisha (2012) and Fill & Jamieson (2011), providing quality financial services to meet customer demands is best
achieved in the practice of sound and mutual customer-organisation relationship. Integrated marketing communication
comes as a model that forms a framework of opportunities for the financial service provider to provide quality services to
existing customers, publicise these services to attract new customers and receive and respond to feedbacks and requests
from customers and potential customers (Kotler & Armstrong, 2010; Akerlund, 2004; Fill & Jamieson, 2011).
It is therefore worth saying that MC is central to the maximisation of customer value in the financial organisation.
For financial firms to be able make and maximise customer value, they must be able to practice MC and use it tools
credibly. The credible use of IMC tools requires that financial service providers carry out advertising, personal selling,
sales promotion, and public relations in the light of appropriate communication, relationship management and service
delivery models (Schultz et al. 2007; Porcu et al. 2012). This is necessary owing to the fact that there is a strong harmony
among service delivery, relationship marketing and marketing communication (Kotler & Armstrong, 2006).


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