Successful new-to-the-market versus ‘me-too’ retail financial services: the influential role of marketing, sales, EDP/systems and operations

Paulina Papastathopoulou, Spiros Gounaris, George Avlonitis

Research output: Contribution to journalArticle

8 Citations (Scopus)

Abstract

The purpose of this paper is to explore the role of marketing, sales, EDP/systems and operations in the ultimate success of new-to-the-market vs “me-too” retail financial services.

To collect the data, the “dropping off” method was followed using a self-administered questionnaire. Respondents were new service development project leaders. The unit of analysis was the service innovation project. After two follow-up contacts, 114 usable questionnaires were returned from 64 companies, yielding a company response rate of 76 per cent and a project response rate of 68 per cent.

There are significant differences in the involvement of marketing in the stages of business analysis and marketing strategy, technical development, testing and launching, and the involvement of EDP/systems during technical development between “me-too” and new-to-the-market retail financial services. Further, in the case of new-to-the-market projects, the involvement of marketing and sales positively influences performance. By contrast, the performance of “me-too” retail financial services is positively affected by the involvement of the technical-related functions, namely EDP/systems and operations.

The study offers only indirect evidence of a strong link between market orientation adoption and performance of innovative retail financial services. Future research attempts should incorporate a measurement of market orientation and examine directly its relation with the performance of major innovations. Also, the development process is only one of the many factors, which may explain variations in the performance of different new services. Future research is again needed in order incorporate in the analysis measures of such factors and refine the links that this study has revealed.

On the basis of the study's findings, middle and top management may reconsider their new service development process and possibly reassess their practices regarding the different roles that various functions hold during the development process.
LanguageEnglish
Pages53-70
Number of pages17
JournalInternational Journal of Bank Marketing
Volume24
Issue number1
DOIs
Publication statusPublished - 2006

Fingerprint

Financial services
Marketing
Retail
Development process
Response rate
Factors
New service development
Market orientation
Questionnaire
Innovation
Service innovation
Testing
Middle management
Business marketing
Top management
Business analysis
Marketing strategy
Unit of analysis
Retail market
New services

Keywords

  • new-to-the-market
  • me-too
  • retail financial services
  • marketing
  • operations
  • EDP/systems
  • sales

Cite this

@article{c2b3cec95ee2404fb6e29bc31e7e5f89,
title = "Successful new-to-the-market versus ‘me-too’ retail financial services: the influential role of marketing, sales, EDP/systems and operations",
abstract = "The purpose of this paper is to explore the role of marketing, sales, EDP/systems and operations in the ultimate success of new-to-the-market vs “me-too” retail financial services. To collect the data, the “dropping off” method was followed using a self-administered questionnaire. Respondents were new service development project leaders. The unit of analysis was the service innovation project. After two follow-up contacts, 114 usable questionnaires were returned from 64 companies, yielding a company response rate of 76 per cent and a project response rate of 68 per cent. There are significant differences in the involvement of marketing in the stages of business analysis and marketing strategy, technical development, testing and launching, and the involvement of EDP/systems during technical development between “me-too” and new-to-the-market retail financial services. Further, in the case of new-to-the-market projects, the involvement of marketing and sales positively influences performance. By contrast, the performance of “me-too” retail financial services is positively affected by the involvement of the technical-related functions, namely EDP/systems and operations. The study offers only indirect evidence of a strong link between market orientation adoption and performance of innovative retail financial services. Future research attempts should incorporate a measurement of market orientation and examine directly its relation with the performance of major innovations. Also, the development process is only one of the many factors, which may explain variations in the performance of different new services. Future research is again needed in order incorporate in the analysis measures of such factors and refine the links that this study has revealed. On the basis of the study's findings, middle and top management may reconsider their new service development process and possibly reassess their practices regarding the different roles that various functions hold during the development process.",
keywords = "new-to-the-market, me-too , retail financial services, marketing, operations, EDP/systems , sales",
author = "Paulina Papastathopoulou and Spiros Gounaris and George Avlonitis",
year = "2006",
doi = "10.1108/02652320610642344",
language = "English",
volume = "24",
pages = "53--70",
journal = "International Journal of Bank Marketing",
issn = "0265-2323",
publisher = "Emerald Publishing Limited",
number = "1",

}

Successful new-to-the-market versus ‘me-too’ retail financial services : the influential role of marketing, sales, EDP/systems and operations. / Papastathopoulou, Paulina; Gounaris, Spiros; Avlonitis, George.

In: International Journal of Bank Marketing, Vol. 24, No. 1, 2006, p. 53-70.

Research output: Contribution to journalArticle

TY - JOUR

T1 - Successful new-to-the-market versus ‘me-too’ retail financial services

T2 - International Journal of Bank Marketing

AU - Papastathopoulou, Paulina

AU - Gounaris, Spiros

AU - Avlonitis, George

PY - 2006

Y1 - 2006

N2 - The purpose of this paper is to explore the role of marketing, sales, EDP/systems and operations in the ultimate success of new-to-the-market vs “me-too” retail financial services. To collect the data, the “dropping off” method was followed using a self-administered questionnaire. Respondents were new service development project leaders. The unit of analysis was the service innovation project. After two follow-up contacts, 114 usable questionnaires were returned from 64 companies, yielding a company response rate of 76 per cent and a project response rate of 68 per cent. There are significant differences in the involvement of marketing in the stages of business analysis and marketing strategy, technical development, testing and launching, and the involvement of EDP/systems during technical development between “me-too” and new-to-the-market retail financial services. Further, in the case of new-to-the-market projects, the involvement of marketing and sales positively influences performance. By contrast, the performance of “me-too” retail financial services is positively affected by the involvement of the technical-related functions, namely EDP/systems and operations. The study offers only indirect evidence of a strong link between market orientation adoption and performance of innovative retail financial services. Future research attempts should incorporate a measurement of market orientation and examine directly its relation with the performance of major innovations. Also, the development process is only one of the many factors, which may explain variations in the performance of different new services. Future research is again needed in order incorporate in the analysis measures of such factors and refine the links that this study has revealed. On the basis of the study's findings, middle and top management may reconsider their new service development process and possibly reassess their practices regarding the different roles that various functions hold during the development process.

AB - The purpose of this paper is to explore the role of marketing, sales, EDP/systems and operations in the ultimate success of new-to-the-market vs “me-too” retail financial services. To collect the data, the “dropping off” method was followed using a self-administered questionnaire. Respondents were new service development project leaders. The unit of analysis was the service innovation project. After two follow-up contacts, 114 usable questionnaires were returned from 64 companies, yielding a company response rate of 76 per cent and a project response rate of 68 per cent. There are significant differences in the involvement of marketing in the stages of business analysis and marketing strategy, technical development, testing and launching, and the involvement of EDP/systems during technical development between “me-too” and new-to-the-market retail financial services. Further, in the case of new-to-the-market projects, the involvement of marketing and sales positively influences performance. By contrast, the performance of “me-too” retail financial services is positively affected by the involvement of the technical-related functions, namely EDP/systems and operations. The study offers only indirect evidence of a strong link between market orientation adoption and performance of innovative retail financial services. Future research attempts should incorporate a measurement of market orientation and examine directly its relation with the performance of major innovations. Also, the development process is only one of the many factors, which may explain variations in the performance of different new services. Future research is again needed in order incorporate in the analysis measures of such factors and refine the links that this study has revealed. On the basis of the study's findings, middle and top management may reconsider their new service development process and possibly reassess their practices regarding the different roles that various functions hold during the development process.

KW - new-to-the-market

KW - me-too

KW - retail financial services

KW - marketing

KW - operations

KW - EDP/systems

KW - sales

U2 - 10.1108/02652320610642344

DO - 10.1108/02652320610642344

M3 - Article

VL - 24

SP - 53

EP - 70

JO - International Journal of Bank Marketing

JF - International Journal of Bank Marketing

SN - 0265-2323

IS - 1

ER -