The Importance of 'Place' and 'Promotion.' (Marketing Management)

By Willax, Paul A. | American Banker, October 9, 1985 | Go to article overview

The Importance of 'Place' and 'Promotion.' (Marketing Management)

Willax, Paul A., American Banker

MY LAST ARTICLE expressed the belief that too many financial institutions are placing too much emphasis on the "price" and "product" elements in the sales and marketing formula for success, and relegating the "promotion" and "place" components to an unwarranted secondary status. Such misdirected prioritization has been accentuated lately because the price and product elements of any business generally are impacted most significantly -- in the short run -- during a period of regulatory decompression. I concluded that piece by exhorting managers to focus more time, attention, energy, and resources on the "promotion" and "place" aspects of their sales and marketing strategies, if they wish to enhance the long-term competitive postures of their organizations.

Given the fervency of my admonition, it would seem wise to devote this article to a definition of "place" and "promomotion" and to an exposition of their importance in the "Four P" formula for success.

"Promotion" refers to artful endeavors designed to convey an inviting image to target consumers. Such promotional activities must be potent enough in their design and execution to incite object consumers to action. Moreover, they should involve other operational functions in the organization in a manner that helps them to elicit favorable customer responses with the kind of service that reinforces the image and, most importantly, with the types of substantive economic utilities and psychological benefits that "bond" the customer to the institution.

In an industry that deals in easily replicated intangibles, and does it in an environment that is complex and confusing, the most unique feature that an institution can develop vis-a-vis its marketplace is its image. A corporate image is, in essence, a one-of-a-kind, personalized perception that actually is built, over time, in the psyche of the object consumer, and reinforced and refined over more time with additional cues and performance rewards that are extended in the process of doing business "as usual" with that customer.

A consumer's perceptions are, admittedly, difficult to create, change, or control, because both the sender and the receiver simultaneously contribute to, and condition, this image-creating process. Also, external "static" frequently causes distortions. An image, as it evolves, is the mirror reflection of the personality of an organization. It is a perception of that institution that is built by the customer with the assistance of the organization. It is his customer-perceived persona, therefore, that will stimulate, stunt, or stymie the interfaces between the organization and its intended customers.

Despite all the technological advances, product development, marketing savvy, and sophisticated systems design that firms can bring to bear on their markets, consumers still rely on their natural instincts. They are, in the final analysis, still people, and they gravitate to, and seek gratification from, other people -- or, at the very least, organizations of people that have a collective personality that appeals to them as satisfaction-seeking customers. The "personal" features of an organization, even if conveyed mechanically through machines or communications media, remain determinative in a customer service relationship.

The challenge for every market-oriented financial services firm is to organize, educate, and motivate a team of customer-oriented people; and to communicate the personality facets of this aggregation to preferred customer segments in a manner that favorably differentiates the organization from its competition and reinforces the customer's image of it with every interface that occurs.

This is "sales" -- the essence of marketing -- and it is this kind of sales approach that should be consuming more of a financial service organization's resources and more of its top management's time and talent.

The other, too-frequently neglected "P" that must be addressed symbolizes "place" -- the point at which needsatisfactions actually are conveyed to the customer -- that special, spatial "moment of truth" at which an institution and its customers actually interface. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Cite this article

Cited article

Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25,

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

The Importance of 'Place' and 'Promotion.' (Marketing Management)


Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25,

    New feature

    It is estimated that 1 in 10 people have dyslexia, and in an effort to make Questia easier to use for those people, we have added a new choice of font to the Reader. That font is called OpenDyslexic, and has been designed to help with some of the symptoms of dyslexia. For more information on this font, please visit

    To use OpenDyslexic, choose it from the Typeface list in Font settings.

    OK, got it!

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search


    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.