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PESTEL Analysis-Based Evaluation of Marketing Strategies in the European Banking Sector: An Application With IT2 Fuzzy DEMATEL

PESTEL Analysis-Based Evaluation of Marketing Strategies in the European Banking Sector: An Application With IT2 Fuzzy DEMATEL

Hasan Dinçer, Fatih Pınarbaşı
Copyright: © 2020 |Pages: 20
ISBN13: 9781799825593|ISBN10: 1799825590|EISBN13: 9781799825609
DOI: 10.4018/978-1-7998-2559-3.ch020
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MLA

Dinçer, Hasan, and Fatih Pınarbaşı. "PESTEL Analysis-Based Evaluation of Marketing Strategies in the European Banking Sector: An Application With IT2 Fuzzy DEMATEL." Handbook of Research on Decision-Making Techniques in Financial Marketing, edited by Hasan Dinçer and Serhat Yüksel, IGI Global, 2020, pp. 429-448. https://doi.org/10.4018/978-1-7998-2559-3.ch020

APA

Dinçer, H. & Pınarbaşı, F. (2020). PESTEL Analysis-Based Evaluation of Marketing Strategies in the European Banking Sector: An Application With IT2 Fuzzy DEMATEL. In H. Dinçer & S. Yüksel (Eds.), Handbook of Research on Decision-Making Techniques in Financial Marketing (pp. 429-448). IGI Global. https://doi.org/10.4018/978-1-7998-2559-3.ch020

Chicago

Dinçer, Hasan, and Fatih Pınarbaşı. "PESTEL Analysis-Based Evaluation of Marketing Strategies in the European Banking Sector: An Application With IT2 Fuzzy DEMATEL." In Handbook of Research on Decision-Making Techniques in Financial Marketing, edited by Hasan Dinçer and Serhat Yüksel, 429-448. Hershey, PA: IGI Global, 2020. https://doi.org/10.4018/978-1-7998-2559-3.ch020

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Abstract

This chapter evaluates the marketing strategies in European banking sector. In this context, six dimensions of PESTEL analysis (politic, economic, sociological, technologic, environmental, and legal) are taken into the consideration. On the other side, interval type-2 fuzzy DEMATEL approach is used to weight the importance of these dimensions. The findings show that technological and political factors have the highest importance. Therefore, it is recommended that technological innovations in the banking sector should be followed by European banks. Within this framework, these banks should design a market research department to follow these developments in the market so that new products and services can be identified. Therefore, technological development should be adopted in the strategy development process. In addition, interest rates defined by the central bank should also be considered by these banks. Hence, adopting marketing strategies according to the interest rate policy of the central banks provides a competitive advantage to the European banks.

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