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In order that the quality of services which they offer should be known to the customers the companies should advertise their products and services.
Due to strong and intense competition the advertising and other promotional strategies assumes a significant role as far as the promotion of these financial products and services are concerned.
Within our society, financial institutions are becoming more abundant.
Due to the privatization of financial sector the competition among the different Financial Institutions has increased tremendously, as each institute is trying to build its market share by offering variety of financial products designed for their targets markets.
In this scenario, every institution claims uniqueness of its products and tries to impress upon the consumer that these products are best suitable for his needs.
Advertising is a mass communication involving an identified sponsor, the advertiser, who normally pays a media organization, such as television network, to run an advertisement that has usually been created by an advertising agency.
The basic task of advertising is to communicate information efficiently to groups of individuals that could number in the hundreds or millions. Many advertisements are designed to generate increased consumption of those products and services through the creation and reinvention of the “brand image”.
The relatively stable banking environment is being altered with innovation, opportunism, and government intervention.
Increasing knowledge among societies is forcing the financial institutions to adopt international best practices to remain in business.
Buyer’s attitude towards the products may be determined not merely by the products as manufactured in factories, but also by what added in the form of packaging, services, advertising, customer advice and other things that people value.
Thus, the advertising plays an important economic role in the introduction of new products in the markets.(Sidhu, 2003 ).