Product placement in the financial services: realities and perspectives

  • Maya Popova Kyiv National University of Trade and Economics
Keywords: Financial literacy, financial services, financial market, consumers of financial services, financial products, marketing of financial services, marketing communications, product placement, hidden advertising

Abstract

The subject of the study is Product Placement as a marketing communication tool, which, in the author's opinion, is aimed at to effectively communicate information about the financial institutions services to the end users. By organically introducing Product Placement in a TV or movie, the hero of a particular story demonstrates the benefits of using this particular financial service in real life. The Product Placemen has a good history in the soviet cinema and TV industry. At the same time, today it is rare to see the Product Placement for the promotion of financial services. We need to fill the gap on this tool, to finally solve the problem of insufficient population financial literacy. The purpose of the article is to investigate the prospects of Product Placement in the financial services market in order to solve the problem of insufficient financial literacy of the population and, as a result, to become one of the effective tool to support financial system of Ukraine. The leading foreign and domestic scientists works – devoted to overcome multinational financial crisis, to improve the financial literacy of the population, the basic communication theory, the integrated marketing complex, financial marketing, Product Placement as an effective marketing communication tool, etc. – was the methodological and theoretical basis of the research. The study implied the use of the scientific methods: analysis and synthesis, the historical method, methods of induction and deduction, comparison and generalization. The study showed despite promotion of the financial products is at rest, Product Placement as a harmonious combination of image advertising and product advertising in the plot of the artwork has become a significant communication segment that has penetrated the sphere of cinema and television. For marketers, this is one of the ideal promotion tools that shapes the image of a company or brand in the minds of consumers, including when placing products of financial companies. Conclusion. Solving the problem of insufficient level of financial literacy of the population is one of the tasks on the way to achieve a dynamic development of the financial services market, which, in turn, is a guarantee of economic security and welfare of the state. The Product Placement technology provides more elegant form of information delivery, providing unlimited opportunities for creative, non-standard and effective ideas. However, this requires that the spread of financial services has reached a new level, becoming a necessary and obvious component of the way of life of an ordinary citizen.

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Author Biography

Maya Popova, Kyiv National University of Trade and Economics

Maya Popova, Director of the Center for Postgraduate Education and Master's programs The Institute of Higher Qualification

Published
2017-05-18
How to Cite
Popova, M. (2017). Product placement in the financial services: realities and perspectives. University Economic Bulletin, (34/1), 283-292. Retrieved from https://economic-bulletin.com/index.php/journal/article/view/184
Section
Finance, Monetary Circulation and Credit