Brand positioning in financial services: BRAND POSITIONING

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A brand’s ‘position’ is how it is perceived in the minds of consumers, relative to competitor brands according to Stanton (1978)/ The act of positioning a brand is thought to be a key marketing objective, with the premise that not all positions are equally good for brand performance. The characteristics of a good position for the brand are thought to be (perceived) uniqueness (ie different from competitors), strength and prevalence.

With this assumption that some specific positions are better than others, managers have sought to identify the ‘best’ position for their brand. A substantial amount of money is then spent on identifying, developing, reinforcing and monitoring that chosen position. One of the commonly cited motivations behind this marketing activity is the belief that greater customer loyalty will be the reward for the ‘right’ or ‘best’ position. , Indeed, usually the success or failure of a positioning strategy is determined via sales figures.

 

Representative APR 391%

Let's say you want to borrow $100 for two week. Lender can charge you $15 for borrowing $100 for two weeks. You will need to return $115 to the lender at the end of 2 weeks. The cost of the $100 loan is a $15 finance charge and an annual percentage rate of 391 percent. If you decide to roll over the loan for another two weeks, lender can charge you another $15. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.

Implications of Non-payment: Some lenders in our network may automatically roll over your existing loan for another two weeks if you don't pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies. Non-payment of a payday loan might negatively effect your credit history.

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