Service Marketing Management Term Paper Example | Topics and Well Written Essays - 3500 words

Service Marketing Management - Term Paper Example According to the Consumer Credit Act 1974, a lender is also held responsible along with the supplier of the goods for any type of breach of contract or the misrepresentation made. This also, therefore, means that the banks have probably failed to correctly anticipate the needs of their customers and then form strategic alliances with the firms offering the goods that consumers want to purchase through credit extended by the banks. According to the Consumer Credit Act 1974, a lender is also held responsible along with the supplier of the goods for any type of breach of contract or the misrepresentation made. This also, therefore, means that the banks have probably failed to correctly anticipate the needs of their customers and then form strategic alliances with the firms offering the goods that consumers want to purchase through credit extended by the banks. Most of the banks are willing to offer what they promise to their customers, however, due to other dimensions, they may not be a ctually delivering what they promise to do. Large Banks, however, seems to be too occupied with offering the services that are more profit-oriented and do not take into consideration what is actually required by the customers Smaller Banks and larger retailers fill that gap?   The above discussion indicates that there are two major gaps in the services offered by the large banks. These include reliability as well as the assurance and as such consumers seem to be most dissatisfied in these two areas. Reliability is often an issue in retail consumer credit wherein banks often tend to levy charges which are not either explicitly explained to the customers or presented in ambiguous and technical language. Since this is often done in order to make more out of unsecured relationships, many banks often engage themselves in such type of activities and result into the significant perceptions issues for the customers. Assurance is another critical gap because many consumers believe that the banks fail to deliver the required services with a given level of services. The issues related with the administration of the services clearly indicate towards the lack of required skills to basically administer the service and may indicate that the large banks are lacking behind in training and development of their employees.