Polish Journal of Management Studies
 ISSN 2081-7452
Go to content

Main menu:


Abstracts > Vol 4


Hasan Hanic, Ivana Domazet


The paper points out the key market changes in the first decades of the twenty-first century and their implications on business philosophy, concepts, principles and techniques of relationship marketing from the point  of making strategic marketing decisions within financial organizations. In this context points are made to the important role of information and communication technologies (ICT) in accomplishing executive and creative marketing activities, highlighting  the analysis of the process of customer relationship management (CRM) in financial organizations and providing rational insight in CRM potential for improving business results, in order to identify useful tools in this complex area, and offer appropriate  solutions, which confirms the benefits of its application in financial services

Keywords: Marketing, CRM concept, Financial organization, Information and communication technologies, Value chain


In the last decades of past and the first years of this century there have been dramatic changes in the market environment of financial organizations, which impose a need to review  existing business practices, business management philosophy, concepts, principles and techniques of marketing management. Instead of organizing as per product and/or sales territories, successful organizations are organized in compliance with market segments.  Successful organizations have adopted the maxim that they should retain the basic activities that constitute their core business, while some minor activities, which other individuals/organizations can perform better and cheaper, shall be procured from  third parties (outsourcing). Successful organizations have also learned a valuable message by David Packard from HewlettPackard, who once said that marketing is too important to be left to the organizational unit (sector/service/department) for marketing.  Consequently, these organizations have accepted the thesis that creating, communicating and delivering value to consumers, is not the responsibility of the personnel of the marketing organizational unit only, but of all other employees as well (organizational  units of production, R&D, Accounting, Finance, HR Human Resource, IT Information Technologies, etc..). In particular, those from other organizational units who have more intense contact with customers /consumers/users.

...more in full version


The financial services sector, along with the information technology, is the fastest growing field of activity nowadays. This fact is undoubtedly confirmed in Serbia. The establishment of Information Society, that is aimed to increase accessibility  to knowledge, information and services through various networks and the convergence of different media, causes significant changes in the business. The processes of globalization are increasingly present in the theoretical and business considerations.  Financial organizations with global operations and the way of thinking now tailor economic and political map of the world. Their interest and desire for global influence transcend the limits that had previously characterized a successful company. It is  not enough to have a good product or service and development programs. The concept of product has been changed in the last decade and thus shook the previous vision of the global economy. Financial support, quality management and technology infrastructure  are becoming increasingly important for the success of the company on a world scale. Information and communication infrastructure is of particular importance for business improvement, because it allows access to distant markets, helps speed up business  transactions, significantly reduces operating costs, contact with customers, and personalization services. Transport of products and services that can be digitized, such as the news, software, financial services, airline tickets or hotel reservations,  takes place almost instantly and at a minimal cost.


1.   Bendic Z., CRM i merenje vrednosti klijenta u osiguranju, Faculty of Organizational Sciences, Belgrade, 2005.
2.   Buttle F., The CRM Value Chain, Marketing Business, 2001, available on
3.   Cheverton P. et al, Key Account Management in Financial Services, Kogan Page, London 2008.
4.   Domazet I., Zubovic J. and Jelocnik M., Development of Long-term Relationship with Clients in Financial Sector Companies as a Source of Competitive Advantage, Bulletin, Economic Sciences Series, Vol. 62, No. 2/2010, Bucuresti, Romania 2010.
5.   Domazet I., Zubovic J., CRM (Customer Relationship Management): A factor of global competitiveness improvement, In Rakita B, et al, ed. 2007,  Management and marketing under globalization, Faculty of Economics, Belgrade 2007.
6.   Domazet I., Integrisane marketing komunikacije, PhD thesis, Belgrade banking academy, Belgrade 2010.
7.   Egan Ph., Relationship marketing, 2nd edition, Pearson Education, UK 2004.
8.   Ennew C., Nigel W., Financial services marketing, Butterworth-Heinemann, Oxford 2007.
9.   Gordon I., Relationship Marketing, Jon Wiley&Sons, Canada 1999.
10.   Hanic H., Domazet I., CRM as an element of banking marketing, In Hanic H. and Vukovic V., ed. 2008,  The market of banking products and services in Serbia and neighboring countries, Institute of Economic Sciences and Belgrade banking academy, Belgrade  2008.
11.   Hanic H., (2010) Upravljanje marketingom, Belgrade Banking Academy - Faculty for banking, insurance and finance, Belgrade 2010.
12.   Kotler Ph., et al., Marketing Concepts, School of Economics and Management, Mate, Zagreb 2006.
13.   Little E., Marandi E., Relationship Marketing Management, Thomson Learning, London 2003.
14.   Lovreta S., et al., Menadzment odnosa sa kupcima, Data Status, Belgrade 2010.
15.   Payne A., Frow P., A Strategic Framework for Customer Relationship Management, Journal of Marketing, Vol.69, October 2005.
16.   Payne A., Developing a Strategic Approach to CRM, Cranfield School of Management, England, 2004.
17.   Salls M., Strategic Role of Marketing, Harvard Business School Working Knowledge 2003.
18.   Soldi-Aleksic J., Chroneos Krasavac, B., Savremeni aspekti primene IT u upravljanju odnosima sa kupcima, Marketing, Vol. 39, Issue 4, Belgrade 2008.
19.   Stone M., Mathias P., CRM in Financial Services, Kogan Page Publishers, London 2002.
20.   Zubovic J., Domazet I., Bradic-Martinovic A., Educational and Training Model for Implementation of E-CRM Strategy, In Radovic-Markovic M., et al, ed. 2011, Serbia and European Union: Economic Lessons from the New Member States, University of Coimbra  - Faculty of Economics, Coimbra, Portugal, 2011.



Niniejszy artykulwskazuje kluczowe zmiany, jakie zaszly na rynku w pierwszej dekadzie dwudziestego wieku oraz ich wplyw na filozofie biznesu, idee, zasady i techniki marketingu partnerskiego z punktu widzenia podejmowania strategicznych marketingowo  decyzji w ramach organizacji finansowych. W celu zidentyfikowania przydatnych narzedzi i zaoferowania odpowiednich rozwiazan, ktorych zastosowanie bedzie korzystne w przypadku uslug finansowych, przedstawiono istotna role teleinformatyki (ang. ICT, Information  and Communication Technologies) w osiaganiu wykonawczych oraz kreatywnych dzialan marketingowych, podkreslono analize procesu zarzadzania relacjami z klientami (ang. CRM, Customer Relationship Management) oraz przedstawiono racjonalny wglad w potencjal  CRMu w udoskonalanie wynikow biznesowych.

Back to content | Back to main menu