MARKETING MANAGEMENT SHORT TERM PROJECT“How is it possible to manage quality of service of afirm, which has wider and deeper service mix. Takethe case of a multiple service provider like ICICIbank and explain various service level.”Topic:Submitted By,CHINCHU P. THOMASS2 MBAMACFASTTHIRUVALLA
Service:-A service is an act of performance that one party canoffer to another that is essentially intangible and doesnot result in the ownership of anything. Its productionmay or may not be tied to a physical product.
MANAGING SERVICE QUALITY The way for a service ﬁrm to succeed is by deliveringconsistently higher-quality service than that of itscompetitors and by exceeding customers expectations. These expectations are formed by the ﬁrm’s pastexperiences, word of mouth, and advertising. After receiving the service, customers compare theperceived service with the expected service. If the perceived service falls below the expected service,customers lose interest in the provider. If the perceived service meets or exceeds their expectations,they are apt to use the provider again.
Parasuraman, Zeithaml, and Berry formulated aservice-quality model that high-lights the mainrequirements for delivering high service quality. The model identiﬁes ﬁve gaps that cause unsuccessfulservice delivery:1. Gap between consumer expectation andmanagement perception: Management does not always perceive correctly whatcustomers want.2. Gap between management perception and service-quality specification: Management might correctly perceive the customers’ wantsbut not set a specified performance standard.
3. Gap between service-quality specifications andservice delivery: Service personnel might be poorly trained, or incapable orunwilling to meet the standard.4. Gap between service delivery and externalcommunications: Customer expectations are affected by statements made bycompany representatives and advertisement.5. Gap between perceived service and expected service: This gap occurs when the consumer misperceives the servicequality.
Five determinants of service quality Reliability Responsiveness Assurance Empathy Tangibles
Best Practices of Service Quality ManagementStrategic conceptTop management commitmentHigh standardsSelf service technologyMonitoring systemSatisfying customer and employee need
ICICI BANK ICICI (The Industrial Credit and InvestmentCorporation of India Ltd) Bank is Indias second-largest bank with total assets of Rs. 4,736.47 billionand profit after tax Rs. 64.65 billion for the year endedMarch 31, 2012. The Bank has a network of 3,128 branches and 10,486ATMs in India, and has a presence in 19countries, including India. ICICI Banks equity shares are listed in India onBombay Stock Exchange and the National StockExchange of India Limited and its AmericanDepositary Receipts (ADRs) are listed on the New YorkStock Exchange (NYSE).
Personal BankingICICI provides the following products and services inPersonal bankingAccounts and deposits i wish- Flexible Recurring Deposits Dream deposits Fixed deposits Recurring Deposits Savings Account Silver savings Account Professional Savings Account Salary Account b2 Savings Account
Loans Home Loans Car Loans Personal Loans Commercial Vehicle Loans Loan against securities Loan against properties Gold loan Construction Equipment Loans Flexicash
Cards Credit Cards Debit Cards Prepaid Cards Corporate CardsInsurance General Insurance Life Insurance Card Protection Plan
Investments Mutual funds Fixed Deposits ICICI Bank Bonds Initial Public Offerings GOI Bonds ICICI bank pure gold Public Provident FundInternet bankingMobile bankingATM
ICICI Bank Demat Services boasts of an ever-growing customer base ofover 18.49 lacs customer base as on January 31st, 2013. In continuousendeavor to offer best of the class services to customers , bank offer thefollowing features: e-Instructions: Helps to transfer securities 24 hours a day, 7 days a weekthrough Internet & Interactive Voice Response (IVR) at a lower cost. Nowwith "Speak to transfer", helps to transfer or pledge instructions throughour customer care officer. Digitally Signed Statement: Receive account statement and bill byemail. Corporate Benefit Tracking: Tracking dividend, interest, bonus throughaccount statement. Mobile Request: Access demat account by sending SMS to enquire aboutHoldings, Transactions, Bill & ISIN details. Mobile Alerts: Receive SMS alerts for all debits/credits as well as for anyrequest which cannot be processed.Demat Services
Rural, Micro & Agri businessForex and derivativesAgri investment banking solutionsWorking capital loansLoan against ware house recieptsMicro creditMicro savingsSelf help groupsTractor loansFarmer finance
Privilege Banking Privilege Banking products and services are designedto meet all banking and financial needs of selectedcustomers such as deposits, accounts, credit and debitcards, loans, insurance etc. Provides services for all life stages in both personaland business aspects and special privileges also.
Wealth Management In Wealth Management ICICI provides productsand services such as funds and investment, insuranceand risk protection, investment advice , managing ofinvestments, tracking of shipment and other bankingservices for growing ,managing, protecting wealth inpersonal wealth management Business Loans and Insurance are provided inearly and growing stage of business.
Private BankingIn private banking ICICI provides an additional service,Real estate service. The following services are providedin this areao Residential Real Estateo Commercial Real Estateo Joint Venture Structuringo Real Estate Consultancy Serviceso Funding
In NRI banking, banking services such as accounts,money transfer,loans,investments and insurance areprovided. In Corporate Banking commercial Banking servicessuch as general banking, cash management services,global trade services ,corporate internet banking servicesare provided.• ICICI Bank offers innovative FX services and products to itsclients, based on its clients unique requirements by notonly incorporating the best practices followed globally butalso by leveraging technology to deliver bespoke solutionsand user- friendly experience.
Mergers and Acquisitions Advisory Group (MAAG)MAAG Provides end-to-end advisory services to the client in themergers and acquisitions involving target search, analysis of the targetand potential synergies for the client, value analysis, pricingstrategy, review of the transaction documents, negotiationsupport, documentation and closure of the transaction. ICICI Bank services the financial sector for the entire set of bankingrequirements and provides a complete range of solutions. The Financial Institutions and Syndication Group (FISG) is responsiblefor ICICI Banks relationship with the financial sector. ICICI Bank is an active capital market intermediary. It is one of the promoters of several leading institutions in the countryincluding NSE, NCDEX, Central Depository Services (India) Limited(CDSL).
Custodial ServicesICICI Bank is a one stop shop offering end-to-endcustodial solutions for: Equities and Fixed income Instruments Exchange Traded Derivatives GDR/ ADR/ Euro Issues and Arbitrage Government Securities and Treasury Bills Fund Accounting
Project Finance Project Finance is one of the key focus areas for ICICIBank Major sectors ICICI financed was power, roads, portsand airports, manufacturing and mining, oil and gasetc. The project finance team of ICICI Bank has also playeda key role in assisting the Government of India informulating policies relating to various segments ofthe infrastructure sector.
The Technology Finance Group (TFG) of ICICI Bankimplements various programmes for international agenciessuch as World Bank and USAID. The programmes currently running are designed to helpthe industry and institutions undertake collaborative R&Dand technology development projects.These programmes focus on the following sectors: Biotechnology/ Healthcare Electrical Electronics & communication Energy Environment Materials Manufacturing/ Control technologies Financial/ Security services
Business BankingProvides services :- Current accounts and services such as roaming, prepaidand cluster current accounts. Business loans Trade servicesOther online services such asMoney ManagerFund transferBill PaymentQuick PayPrepaid mobile recharge
Service Quality Management in ICICI BankReliability ICICI Bank has always harnessed technology tointroduce safe, reliable and convenient banking services.Responsiveness 24 hours customer care services is an example forresponsiveness of firm Customers are fully informed of their rights to alternativeremedy if they are not fully satisfied with the response of theBank to their complaint. The bank will work continuously towards providing qualityservice to its customers ICICI Bank won "Most Customer Responsive Company” award in 2007
AssuranceAny complaints raised by customers are dealt withcourtesy and on time All customers are treated fairly at all times.Proper training is given to development of employees.EmpathyRelationship between the employees and customersshows caring and individual attention to customers.Customer Relationship Management is maintained.
TangiblesFacilities and services made by the bank.Forums to review customer grievances and enhancethe quality of customer service Branch level customer service committee (MILAP) Standing committee on customer service Customer service committee of the Board