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Financial services certainly have their hands full in the lightof the novel coronavirus outbreak (COVID-19). Banks must alsomanage direct impact of COVID-19, put plans in place to protect itsemployees and customers from its spread. As the two months oldnewly appointed head of marketing for KANS Kenya Bank ( a localbank) critically discuss Five (5) out of the seven extendedmarketing mix strategies the bank can undertake in order to achievemedium to long term positioning and gain competitive advantageamidst COVID-19 pandemic.
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The American Marketing Association defines services as -“Activities, benefits and satisfactions which are offered for saleor are provided in connection with the sale of goods.” It is theaction of doing something for someone or something largelyintangible tends to be an experience that is consumed at the pointwhere it is purchased and cannot be owned. A person could go to abank one day and have excellent service, and then return the nextday and have a poor experience. This part discusses the specialissues concerning the marketing of services. Explain the Fourunique characteristics of services and give Four strategies toovercome each characteristic.