Failure Management. Marketing the Future in Our Industry

Research Paper (undergraduate) from the year 2018 in the subject Business economics - Offline Marketing and Online Marketing, grade: 1,7, University of applied sciences Frankfurt a. M., language: English, abstract: This assignment is intended to demonstrate particular challenges for the banking industry in marketing with regard to failure and failure management. The aim is to highlight what the marketing trends for the banking industry can be in the future. Those marketing trends should be used to develop specific strategies to compensate for the challenges. In addition, the author provides recommendations on how to invent a professional dealing with failure management in marketing.

Innovative and entrepreneurial action always involves that the result is uncertain and associated with the risk of failure. The information available is always limited. This inevitably results in errors sooner or later, what means that failure cannot be avoided but is likely to happen. These uncertainties about the future and the results have to be overcome by every company in order to remain competitive in the market.

The digitisation forces the banking industry to change their strategies and business models as they are called into question through competitors like fintech companies, the speed of technological change and the large number of innovation in financial processes. The faster the industry the more errors and failure will happen. The future changes are substantial, but how will the banks deal with them in terms of marketing and the resulting corporate strategy and will the banks be able to meet these challenges?