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Rock Street, San Francisco

The financial service industry is mainly composed of investment funds, banks, insurance suppliers, credit unions, credit card companies, consumer finance, online investing companies among others. The major purpose of the financial service industry is to deal with the management of money. As of today, the financial service industry is one of the highly audited and regulated industries around the United States (Coleman, 2016). As a result, most of the organizations operating in this industry have to carry intensive research to get sufficient insights into market trends and marketing strategies.
In the recent past, as the global financial service industry has been experiencing constant growth, the American financial service industry has as well been experiencing a similar growth. The major reason for this growth is because of the increasing personal incomes, liberalization in the most of the financial sectors, the growth of credit-oriented and consumer-oriented culture. The industry is expected to experience a constantly increasing demand for financial products, pension, and insurance products. Therefore, due to the nature of the financial market and its environment, there is a need for conducting frequent internal and external environmental analysis. In this paper, I will provide a comprehensive SWOT analysis as well as Porter’s five forces analysis to offer the young demographics with sufficient insights about this service industry. Also, this analysis will play an imperative role in helping me to understand the industry better as I plan to make a marketing plan for it.

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