Information and knowledge management in the function of marketing of financial institutions

Tutek, Natalia. (2018). Information and knowledge management in the function of marketing of financial institutions. PhD Thesis. Filozofski fakultet u Zagrebu, Department of Information Science.
(Poslijediplopmski doktorski studij informacijskih i komunikacijskih znanosti) [mentor Afrić, Vjekoslav and Palić, Mirko].

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Abstract

Marketing of financial institutions differs from the product marketing and requires a special approach and treatment. Challenges in the service marketing have been recognized, so different approaches have been developed that product marketing adapt to the special needs of service marketing. In financial institutions, services are even more specific because it is very sensitive area with strong regulations and laws. In order for the services to be more interesting to users, it is necessary to collect information about the market itself and the users and their wishes and preferences. The data should then be transformed into useful information that will result in proper management decision for the purpose of developing the right product or service that users will recognize as necessary. One of the biggest challenges in the area of strategic planning of marketing activities is new product development. Business intelligence acquires process of collecting available internal and external data and its conversion into the high quality information that will serve managers while making business and marketing decisions. Only with the well-organized information a manager can make the right business decision, hence can help institutions react to the market changes promptly. Successful information and knowledge management is extremely important for every organization, and here the focus will be especially under the marketing role. Financial institutions that wish to continue to operate successfully in such a competitive environment, have to put all their efforts to an important and not so easy task, to successfully manage knowledge and information. Furthermore, into the quality products, companies input more knowledge of their consumers, which adds to the final value of it. In order for financial institution to acquire knowledge of the consumers, they are required to collect as much data about them, as well as do a research of the market itself, use and manage all the gathered data in order to make the right decision. Consequently, successful corporations while working on their strategy, analyze and take into account elements which are important in creation of competitive advantage and long term development. In a dynamic and turbulent business environment characterized by a continuously growing competition, there is an increasing demand for more efficient management and excellence in decision making. For the companies to sustain in such an environment, it is not enough to be average, they have to strive for business excellence in order to be on the top and it is required from them to know how to sustain in such an environment, as well as how to make appropriate plans based on which they can make successful work decisions. Empirical research will develop and demonstrate a Model to explain the role and importance of organized information as a precondition for the successful realization of marketing strategies and market competitiveness. The scientific contribution of the dissertation is the Information and Knowledge Management Model developed as a recommendation for financial institutions, based on a successfully organized process of managing information for the purpose of a new product development with clearly defined and measurable goals. The fundamental recommendation refers to the pursuit of organized and planned activities of market research, since it is evident that the information obtained through such research is a basis to be organized and used as the main driver of its competitive advantage. The dissertation demonstrates the advantage of successful information and knowledge management in the process of new product development as one of the key marketing strategies that financial institutions apply more and more. The process of new product development results with the creation of new knowledge.

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