This document discusses bank marketing strategies and concepts. It begins by outlining the evolution of bank marketing from a focus on public relations to advertising to developing a sales culture. It then defines key aspects of bank marketing including having clear target customers and developing a marketing mix to satisfy customers profitably. The document also discusses how banks must be oriented towards both attracting funds and lending funds. It emphasizes that all bank employees should have a customer-oriented mindset. Overall, the document provides an overview of traditional and modern concepts and approaches for marketing in the banking sector.
This document summarizes marketing strategies for effective banking. It discusses how customer satisfaction is key for banks and marketing helps attract customers. The four aspects of the marketing mix - product, price, place, and promotion - are important for banks. Segmentation of customers and developing tailored products and programs for each segment is discussed. Relationship management is also covered as a strategy to learn about customer behavior and create long-term relationships. The advantages of marketing for banks include increased deposits, variety of services, and competitive positioning. Overall, the document emphasizes that marketing is essential for banks to understand customer needs, attract new customers, and maintain relationships with existing customers in today's competitive environment.
Chapter 1. An Introduction to Integrated Marketing Communications.pdfSamarElsarky1
This document provides an overview of integrated marketing communications (IMC) and related concepts. It discusses the role of marketing in exchange and value creation. It defines the marketing mix and promotional mix, including various communication tools like advertising, direct marketing, sales promotion, publicity, and personal selling. The document also examines IMC planning and audience contact tools. It explores the roles of advertising agencies, media organizations, and other specialized services in IMC. Finally, it analyzes consumer behavior concepts like problem recognition, information search, alternative evaluation, and purchase decision-making.
This document defines marketing and discusses its key concepts. Marketing is defined as identifying and meeting needs profitably through exchange and relationships. The scope of marketing has expanded beyond traditional goods and now includes services, ideas, places and more. Fundamental concepts discussed include segmentation, targeting, positioning, the marketing mix of product, place, price and promotion. Modern marketing emphasizes a holistic approach through relationships, integration across departments and a focus on performance, value and customer satisfaction. Successful marketing management requires understanding customers, designing and delivering value, effective communication and sustaining long-term growth.
Definition and Scope of Retailing;
Retailing Scenario – Global;
Retailing Scenario-India;
Prospects of Retailing in India;
Trends in Retailing;
Retailing formats;
Retail Strategies.
Characteristics of Retailing, Scope of Retailing, Functions of Retailing, History of Retailing In India, Trends in Retailing, Emerging Trends In Retail, Retailing Formats
Steps involved in developing a retail strategy,
This document discusses marketing of financial services. It defines marketing and financial services, and explains key differences between goods and services. Marketing financial services requires understanding intangible aspects like customer participation. An effective marketing strategy considers customer segmentation and the marketing mix of product, price, place, promotion, people, physical environment and processes. For financial services specifically, the marketing mix involves factors like convenient account access and fund transfers, competitive pricing, accessible branch locations, and promoting through various advertising avenues. The future of marketing financial services lies in utilizing technology like automated branches and core banking, while maintaining high-quality customer service.
Marketing management involves influencing demand to meet organizational objectives. There are 8 states of demand that marketers must consider. The core concepts of marketing include market segmentation, understanding customer needs and wants, developing products of value, facilitating exchange and transactions, relationship marketing, and utilizing the marketing mix. The marketing concept holds that customer satisfaction should be the primary goal through creating value, while the societal marketing concept aims to enhance customer and societal well-being. Building customer satisfaction requires understanding customer value and managing customer costs, monitoring satisfaction levels, and focusing business processes and resources to achieve customer value and satisfaction goals.
This document provides information on recent trends in marketing, including e-business, e-commerce, mobile marketing, and telemarketing. It discusses e-business and e-commerce, describing the differences between them. It also outlines the characteristics, factors, infrastructure, benefits and limitations of e-commerce. Models of e-business like B2B, B2C, C2B and C2C are defined. The document also discusses event management as a marketing tool and provides definitions and uses of mobile marketing and telemarketing.
Bank marketing aims to provide financial services to customers in a more effective and efficient way than competitors, while meeting the bank's objectives. It involves identifying profitable markets and customer needs, setting business goals, promoting services and products, and adapting to changes. The marketing mix for banks includes product variety, competitive pricing strategies, personal selling and advertising promotions, convenient branch locations, quality human resources, and addressing problems like low service quality and inadequate promotion. Effective bank marketing requires identifying customer needs, developing products to meet those needs, communicating with target customers, reaching customers through appropriate channels, and obtaining feedback.
This document summarizes marketing strategies for effective banking. It discusses how customer satisfaction is key for banks and marketing helps attract customers. The four aspects of the marketing mix - product, price, place, and promotion - are important for banks. Segmentation of customers and developing tailored products and programs for each segment is discussed. Relationship management is also covered as a strategy to learn about customer behavior and create long-term relationships. The advantages of marketing for banks include increased deposits, variety of services, and competitive positioning. Overall, the document emphasizes that marketing is essential for banks to understand customer needs, attract new customers, and maintain relationships with existing customers in today's competitive environment.
Chapter 1. An Introduction to Integrated Marketing Communications.pdfSamarElsarky1
This document provides an overview of integrated marketing communications (IMC) and related concepts. It discusses the role of marketing in exchange and value creation. It defines the marketing mix and promotional mix, including various communication tools like advertising, direct marketing, sales promotion, publicity, and personal selling. The document also examines IMC planning and audience contact tools. It explores the roles of advertising agencies, media organizations, and other specialized services in IMC. Finally, it analyzes consumer behavior concepts like problem recognition, information search, alternative evaluation, and purchase decision-making.
This document defines marketing and discusses its key concepts. Marketing is defined as identifying and meeting needs profitably through exchange and relationships. The scope of marketing has expanded beyond traditional goods and now includes services, ideas, places and more. Fundamental concepts discussed include segmentation, targeting, positioning, the marketing mix of product, place, price and promotion. Modern marketing emphasizes a holistic approach through relationships, integration across departments and a focus on performance, value and customer satisfaction. Successful marketing management requires understanding customers, designing and delivering value, effective communication and sustaining long-term growth.
Definition and Scope of Retailing;
Retailing Scenario – Global;
Retailing Scenario-India;
Prospects of Retailing in India;
Trends in Retailing;
Retailing formats;
Retail Strategies.
Characteristics of Retailing, Scope of Retailing, Functions of Retailing, History of Retailing In India, Trends in Retailing, Emerging Trends In Retail, Retailing Formats
Steps involved in developing a retail strategy,
This document discusses marketing of financial services. It defines marketing and financial services, and explains key differences between goods and services. Marketing financial services requires understanding intangible aspects like customer participation. An effective marketing strategy considers customer segmentation and the marketing mix of product, price, place, promotion, people, physical environment and processes. For financial services specifically, the marketing mix involves factors like convenient account access and fund transfers, competitive pricing, accessible branch locations, and promoting through various advertising avenues. The future of marketing financial services lies in utilizing technology like automated branches and core banking, while maintaining high-quality customer service.
Marketing management involves influencing demand to meet organizational objectives. There are 8 states of demand that marketers must consider. The core concepts of marketing include market segmentation, understanding customer needs and wants, developing products of value, facilitating exchange and transactions, relationship marketing, and utilizing the marketing mix. The marketing concept holds that customer satisfaction should be the primary goal through creating value, while the societal marketing concept aims to enhance customer and societal well-being. Building customer satisfaction requires understanding customer value and managing customer costs, monitoring satisfaction levels, and focusing business processes and resources to achieve customer value and satisfaction goals.
This document provides information on recent trends in marketing, including e-business, e-commerce, mobile marketing, and telemarketing. It discusses e-business and e-commerce, describing the differences between them. It also outlines the characteristics, factors, infrastructure, benefits and limitations of e-commerce. Models of e-business like B2B, B2C, C2B and C2C are defined. The document also discusses event management as a marketing tool and provides definitions and uses of mobile marketing and telemarketing.
Bank marketing aims to provide financial services to customers in a more effective and efficient way than competitors, while meeting the bank's objectives. It involves identifying profitable markets and customer needs, setting business goals, promoting services and products, and adapting to changes. The marketing mix for banks includes product variety, competitive pricing strategies, personal selling and advertising promotions, convenient branch locations, quality human resources, and addressing problems like low service quality and inadequate promotion. Effective bank marketing requires identifying customer needs, developing products to meet those needs, communicating with target customers, reaching customers through appropriate channels, and obtaining feedback.
Basics of marekting, core concept, marketing nature , scope and objective, ma...PROF.JITENDRA PATEL
This presentation contain Basics of marketing, core concept, marketing, nature , scope and objective, marketing orientation and recent trends in marketing
The document discusses various aspects of marketing such as marketing decisions, strategies, consumer and business markets, and the marketing mix. It also covers topics like consumer behavior, different marketing concepts, research, and the importance of having customer focus and core competencies. The overall focus is on outlining important considerations for developing and implementing effective marketing approaches for businesses.
7Ps’ of Service marketing-Major Research ProjectKULDEEP MATHUR
This document is a research project submitted by Kuldeep Mathur to fulfill requirements for a Master of Business Administration degree from Jiwaji University in Gwalior, India. The project examines the relationship between the 7Ps of the services marketing mix (product, price, place, promotion, people, physical evidence, and process) and customer outcomes in the banking sector in India. The introduction provides background on changes in the Indian banking industry and importance of an effective services marketing mix. The literature review explores previous research on customers, the 7Ps framework, and need to examine the 7Ps strategy in the Indian banking context. The study aims to determine the most important 7Ps factors for creating an appropriate marketing mix strategy from the Indian customer
This chapter introduces marketing and outlines the marketing process. It defines marketing as managing profitable customer relationships by creating value for and building relationships with customers. The marketing process involves understanding customer needs, designing a customer-driven strategy to satisfy those needs, implementing an integrated marketing program, building customer relationships, and capturing value from customers. It discusses different marketing management orientations such as production, product, and marketing concepts, and how a customer-driven strategy is developed by selecting target customer segments and creating a value proposition.
The document discusses the four factors that influence consumer buying behavior: cultural factors, social factors, personal factors, and psychological factors. It provides examples for each factor. Cultural factors include values and culture. Social factors are outside influences from groups, family, and roles. Personal factors are attributes of the individual like age, income, and lifestyle. Psychological factors are internal influences like motivation, perception, beliefs, and attitudes.
Basics of Marketing Unit-I-BBA-I-SEM-Osmania UniversityBalasri Kamarapu
The document provides an overview of the basics of marketing including definitions, scope, concepts, and environments.
1) It defines marketing as the process of creating, communicating, and delivering value to customers and managing relationships. The goal is to benefit the organization and stakeholders through customer satisfaction.
2) The scope of marketing covers a wide range of activities from product development and pricing to promotion, distribution, and customer service.
3) Key marketing concepts discussed include the exchange, production, product, selling, and marketing concepts which guide organizational philosophy.
4) Marketing environment is analyzed as the internal, micro, and macro factors that influence marketing decisions outside a firm's control. The micro environment closely impacts customers while
The document discusses marketing concepts including definitions of marketing, the marketing mix, and the product life cycle. It provides details on marketing strategies for a new PDA called the Sonic PDA, including segmentation of the target market, positioning, and marketing mixes for each stage of the product life cycle from introduction to decline. Marketing objectives and strategies are outlined for each stage to maximize sales and profits over the lifespan of the product.
The document provides an overview of marketing concepts and terms. It defines marketing as a societal process through which individuals obtain goods and services to satisfy needs and wants. It discusses different marketing concepts that emerged over time including the production, product, selling, and societal marketing concepts. It also defines key marketing terms like market, marketing management, and marketing environment. The document aims to introduce foundational marketing concepts.
This document provides an overview of marketing concepts including definitions of marketing, the marketing process, marketing environment, and market segmentation, targeting, and positioning.
It defines marketing as a planned process to identify customer needs and satisfy them through products and services. The key aspects of the marketing process are identified as environmental scanning, identifying customer needs and wants, developing products/services, determining value and cost, exchange, customer relationship management, and understanding customer behavior.
It also describes the various components of the marketing environment including microenvironment factors like suppliers, marketing intermediaries and competitors as well as macroenvironment factors such as political, economic, technological, cultural, and natural forces.
Market segmentation involves dividing the market into distinct groups based
This document outlines topics to be covered in a marketing principles course presented by Syed Abul Kalam Azad. The group presentation is divided among five students who will cover topics such as the marketing process, customer needs and demands, market offerings, customer value and satisfaction, exchange and relationships, modern marketing systems, and the production, product, selling, marketing and societal concepts of marketing. Additional topics include green marketing, customer perceived value, and customer equity, share and lifetime value.
The process of change in marketing approachesbabar mushtaq
This document discusses the shift from traditional product-focused marketing to customer-targeted marketing. It notes that as the global economy becomes more turbulent and competitive, companies are realizing that customers are their most important asset. To survive, companies must satisfy customer needs and wants. This has led many organizations to rethink their marketing strategies and focus on developing customer-centric approaches. The document also discusses how the rise of technology and internet has empowered customers and increased their expectations, driving further need for companies to target marketing efforts towards individual customers.
Marketing has evolved over several stages from 1.0 to 4.0. Marketing 1.0 was product-focused and based on the four Ps. Marketing 2.0 was customer-centric and focused on social media interactions. Marketing 3.0 takes a human-centric approach considering consumers' minds, hearts and spirits. It aims for collaboration and building character. Marketing 4.0 is digital-oriented and leverages trends like the influential digital subcultures of youth, women and netizens.
This document discusses key concepts in marketing. It begins by defining marketing as the process of determining consumer demand, motivating sales, and distributing products or services for profit. It then covers various marketing topics like the marketing concept, types of markets, evolution of modern marketing, and the differences between marketing and selling. The document also discusses the marketing mix, product strategies, pricing methods, distribution channels, and the promotion mix as the key elements of marketing management. It provides examples of how these concepts apply for marketing of financial services and banking products.
Group F Urban Health Strategy V2.5 Final DraftStephen Waters
This document provides a digital marketing strategy for Urban Health, a juicing business in Dublin. It begins with a situational analysis including a SWOT analysis. The strategy aims to increase brand awareness, social media presence, website conversions, and customer retention through tactics like SEO, PPC, social media marketing, and email marketing. Key performance indicators are identified to measure objectives. The strategy follows the RACE framework of reach, act, convert, and engage, outlining tactics for each step. Overall, the strategy aims to grow Urban Health's customer base and sales through a focused digital marketing approach.
The document provides definitions and explanations of key marketing concepts from various experts and organizations. It discusses marketing management as understanding customer needs, environmental scanning, developing marketing plans and strategies, implementing plans, and setting control mechanisms. Marketing aims to make selling unnecessary by knowing customers so well that products sell themselves. The scope of marketing management includes decisions around distribution, sales promotion, advertising, after-sales service, customer research, products, and pricing.
Perceived Consumer-Centric Marketing- Mix at the Urban Bottom of the Pyramid-...QUESTJOURNAL
ABSTRACT: Purpose of study: The current research study strives to develop a reliable and valid consumercentric marketing- mix for the core or essential food items at Urban Bottom or Base of the Pyramid market. Design/methodology/approach: This research paper reviews the existing marketing- mix elements of western food market (Product, Price, Place and Promotion). A survey of six hundred households was conducted in six selected slum areas of Delhi. Thereby, based on the exploratory factor analysis existing elements of marketingmix were refined for the essential food items. Findings: Through a survey of 600 respondents residing in six highly dense slum area of Delhi (India), 4 Ps marketing-mix instrument was redefined and empirically tested through exploratory factor analysis. The resultant marketing-mix for BOP segment comprised of four dimensions renamed as Core product, Price Sensitivity, Social sources of information and Place Loyalty. Practical implications: For managers, this research suggests a set of guidelines for designing an efficient marketing-mix for core food items in consumer-sensitive manner. Social Implications: Recommendations will lead to inculcating a long forgotten market in mainstream, economy and improving the standard of their living by providing significant choices. Originality Value: This paper makes an original contribution in direction of revival of existing western marketing-mix based on the BOP consumer survey. Research limitation- The food items consumed by BOP market is further pronged into two categories- Core and Non-core Food items. This study is limited to understanding the purchase behavior for core or essential food items. This study was conducted in six densely populated urban slum areas of Delhi. Paper type: Empirical Research Paper
The document analyzes the relationship marketing strategy of Spirit Bank, a regional bank in Oklahoma. It discusses how Spirit Bank can improve its approach to move beyond a product-focused marketing strategy to one focused on building customer relationships and loyalty over the long term. Some key areas for Spirit Bank to focus on include understanding customer needs and lifetime value, investing in improved information systems and training, and adopting a process-based marketing approach with a focus on customer experience.
This document provides an overview of key marketing concepts including definitions of marketing, the marketing concept, customer value and satisfaction, and relationship marketing. It discusses the evolution of philosophies from a production to a more customer-oriented approach. The marketing concept is defined as determining customer needs and satisfying them more effectively than competitors. Relationship marketing aims to develop long-term relationships through mutual value creation. Customer loyalty is the goal, achieved through satisfaction and different types of loyalty.
This document provides an overview of marketing management concepts. It defines marketing, marketing management, and the marketing concept. It discusses the eight different states of demand that marketers must consider, as well as key customer markets. The document also outlines core marketing concepts like segmentation, targeting, positioning, differentiation, offerings, brands, value, and satisfaction. Finally, it discusses marketing philosophies, the holistic marketing concept, developing marketing strategies and plans, and the value chain.
myassignment provide help with all kinds of assignment ranging from marketing to complex company analysis.hsbc here is an example of our work.
http://www.myassignmenthelp.net/marketing-assignment-help.php
This report is prepared in order to assess a customer journey map is merely an illustration of all the touch-points when customers come into contact with Keells Super online or offline platforms. And using the surveys to gather voice of customer insights about the Keells Super experience is a great way to understand how our customers and the company are performing in the eyes of consumers.
Basics of marekting, core concept, marketing nature , scope and objective, ma...PROF.JITENDRA PATEL
This presentation contain Basics of marketing, core concept, marketing, nature , scope and objective, marketing orientation and recent trends in marketing
The document discusses various aspects of marketing such as marketing decisions, strategies, consumer and business markets, and the marketing mix. It also covers topics like consumer behavior, different marketing concepts, research, and the importance of having customer focus and core competencies. The overall focus is on outlining important considerations for developing and implementing effective marketing approaches for businesses.
7Ps’ of Service marketing-Major Research ProjectKULDEEP MATHUR
This document is a research project submitted by Kuldeep Mathur to fulfill requirements for a Master of Business Administration degree from Jiwaji University in Gwalior, India. The project examines the relationship between the 7Ps of the services marketing mix (product, price, place, promotion, people, physical evidence, and process) and customer outcomes in the banking sector in India. The introduction provides background on changes in the Indian banking industry and importance of an effective services marketing mix. The literature review explores previous research on customers, the 7Ps framework, and need to examine the 7Ps strategy in the Indian banking context. The study aims to determine the most important 7Ps factors for creating an appropriate marketing mix strategy from the Indian customer
This chapter introduces marketing and outlines the marketing process. It defines marketing as managing profitable customer relationships by creating value for and building relationships with customers. The marketing process involves understanding customer needs, designing a customer-driven strategy to satisfy those needs, implementing an integrated marketing program, building customer relationships, and capturing value from customers. It discusses different marketing management orientations such as production, product, and marketing concepts, and how a customer-driven strategy is developed by selecting target customer segments and creating a value proposition.
The document discusses the four factors that influence consumer buying behavior: cultural factors, social factors, personal factors, and psychological factors. It provides examples for each factor. Cultural factors include values and culture. Social factors are outside influences from groups, family, and roles. Personal factors are attributes of the individual like age, income, and lifestyle. Psychological factors are internal influences like motivation, perception, beliefs, and attitudes.
Basics of Marketing Unit-I-BBA-I-SEM-Osmania UniversityBalasri Kamarapu
The document provides an overview of the basics of marketing including definitions, scope, concepts, and environments.
1) It defines marketing as the process of creating, communicating, and delivering value to customers and managing relationships. The goal is to benefit the organization and stakeholders through customer satisfaction.
2) The scope of marketing covers a wide range of activities from product development and pricing to promotion, distribution, and customer service.
3) Key marketing concepts discussed include the exchange, production, product, selling, and marketing concepts which guide organizational philosophy.
4) Marketing environment is analyzed as the internal, micro, and macro factors that influence marketing decisions outside a firm's control. The micro environment closely impacts customers while
The document discusses marketing concepts including definitions of marketing, the marketing mix, and the product life cycle. It provides details on marketing strategies for a new PDA called the Sonic PDA, including segmentation of the target market, positioning, and marketing mixes for each stage of the product life cycle from introduction to decline. Marketing objectives and strategies are outlined for each stage to maximize sales and profits over the lifespan of the product.
The document provides an overview of marketing concepts and terms. It defines marketing as a societal process through which individuals obtain goods and services to satisfy needs and wants. It discusses different marketing concepts that emerged over time including the production, product, selling, and societal marketing concepts. It also defines key marketing terms like market, marketing management, and marketing environment. The document aims to introduce foundational marketing concepts.
This document provides an overview of marketing concepts including definitions of marketing, the marketing process, marketing environment, and market segmentation, targeting, and positioning.
It defines marketing as a planned process to identify customer needs and satisfy them through products and services. The key aspects of the marketing process are identified as environmental scanning, identifying customer needs and wants, developing products/services, determining value and cost, exchange, customer relationship management, and understanding customer behavior.
It also describes the various components of the marketing environment including microenvironment factors like suppliers, marketing intermediaries and competitors as well as macroenvironment factors such as political, economic, technological, cultural, and natural forces.
Market segmentation involves dividing the market into distinct groups based
This document outlines topics to be covered in a marketing principles course presented by Syed Abul Kalam Azad. The group presentation is divided among five students who will cover topics such as the marketing process, customer needs and demands, market offerings, customer value and satisfaction, exchange and relationships, modern marketing systems, and the production, product, selling, marketing and societal concepts of marketing. Additional topics include green marketing, customer perceived value, and customer equity, share and lifetime value.
The process of change in marketing approachesbabar mushtaq
This document discusses the shift from traditional product-focused marketing to customer-targeted marketing. It notes that as the global economy becomes more turbulent and competitive, companies are realizing that customers are their most important asset. To survive, companies must satisfy customer needs and wants. This has led many organizations to rethink their marketing strategies and focus on developing customer-centric approaches. The document also discusses how the rise of technology and internet has empowered customers and increased their expectations, driving further need for companies to target marketing efforts towards individual customers.
Marketing has evolved over several stages from 1.0 to 4.0. Marketing 1.0 was product-focused and based on the four Ps. Marketing 2.0 was customer-centric and focused on social media interactions. Marketing 3.0 takes a human-centric approach considering consumers' minds, hearts and spirits. It aims for collaboration and building character. Marketing 4.0 is digital-oriented and leverages trends like the influential digital subcultures of youth, women and netizens.
This document discusses key concepts in marketing. It begins by defining marketing as the process of determining consumer demand, motivating sales, and distributing products or services for profit. It then covers various marketing topics like the marketing concept, types of markets, evolution of modern marketing, and the differences between marketing and selling. The document also discusses the marketing mix, product strategies, pricing methods, distribution channels, and the promotion mix as the key elements of marketing management. It provides examples of how these concepts apply for marketing of financial services and banking products.
Group F Urban Health Strategy V2.5 Final DraftStephen Waters
This document provides a digital marketing strategy for Urban Health, a juicing business in Dublin. It begins with a situational analysis including a SWOT analysis. The strategy aims to increase brand awareness, social media presence, website conversions, and customer retention through tactics like SEO, PPC, social media marketing, and email marketing. Key performance indicators are identified to measure objectives. The strategy follows the RACE framework of reach, act, convert, and engage, outlining tactics for each step. Overall, the strategy aims to grow Urban Health's customer base and sales through a focused digital marketing approach.
The document provides definitions and explanations of key marketing concepts from various experts and organizations. It discusses marketing management as understanding customer needs, environmental scanning, developing marketing plans and strategies, implementing plans, and setting control mechanisms. Marketing aims to make selling unnecessary by knowing customers so well that products sell themselves. The scope of marketing management includes decisions around distribution, sales promotion, advertising, after-sales service, customer research, products, and pricing.
Perceived Consumer-Centric Marketing- Mix at the Urban Bottom of the Pyramid-...QUESTJOURNAL
ABSTRACT: Purpose of study: The current research study strives to develop a reliable and valid consumercentric marketing- mix for the core or essential food items at Urban Bottom or Base of the Pyramid market. Design/methodology/approach: This research paper reviews the existing marketing- mix elements of western food market (Product, Price, Place and Promotion). A survey of six hundred households was conducted in six selected slum areas of Delhi. Thereby, based on the exploratory factor analysis existing elements of marketingmix were refined for the essential food items. Findings: Through a survey of 600 respondents residing in six highly dense slum area of Delhi (India), 4 Ps marketing-mix instrument was redefined and empirically tested through exploratory factor analysis. The resultant marketing-mix for BOP segment comprised of four dimensions renamed as Core product, Price Sensitivity, Social sources of information and Place Loyalty. Practical implications: For managers, this research suggests a set of guidelines for designing an efficient marketing-mix for core food items in consumer-sensitive manner. Social Implications: Recommendations will lead to inculcating a long forgotten market in mainstream, economy and improving the standard of their living by providing significant choices. Originality Value: This paper makes an original contribution in direction of revival of existing western marketing-mix based on the BOP consumer survey. Research limitation- The food items consumed by BOP market is further pronged into two categories- Core and Non-core Food items. This study is limited to understanding the purchase behavior for core or essential food items. This study was conducted in six densely populated urban slum areas of Delhi. Paper type: Empirical Research Paper
The document analyzes the relationship marketing strategy of Spirit Bank, a regional bank in Oklahoma. It discusses how Spirit Bank can improve its approach to move beyond a product-focused marketing strategy to one focused on building customer relationships and loyalty over the long term. Some key areas for Spirit Bank to focus on include understanding customer needs and lifetime value, investing in improved information systems and training, and adopting a process-based marketing approach with a focus on customer experience.
This document provides an overview of key marketing concepts including definitions of marketing, the marketing concept, customer value and satisfaction, and relationship marketing. It discusses the evolution of philosophies from a production to a more customer-oriented approach. The marketing concept is defined as determining customer needs and satisfying them more effectively than competitors. Relationship marketing aims to develop long-term relationships through mutual value creation. Customer loyalty is the goal, achieved through satisfaction and different types of loyalty.
This document provides an overview of marketing management concepts. It defines marketing, marketing management, and the marketing concept. It discusses the eight different states of demand that marketers must consider, as well as key customer markets. The document also outlines core marketing concepts like segmentation, targeting, positioning, differentiation, offerings, brands, value, and satisfaction. Finally, it discusses marketing philosophies, the holistic marketing concept, developing marketing strategies and plans, and the value chain.
myassignment provide help with all kinds of assignment ranging from marketing to complex company analysis.hsbc here is an example of our work.
http://www.myassignmenthelp.net/marketing-assignment-help.php
This report is prepared in order to assess a customer journey map is merely an illustration of all the touch-points when customers come into contact with Keells Super online or offline platforms. And using the surveys to gather voice of customer insights about the Keells Super experience is a great way to understand how our customers and the company are performing in the eyes of consumers.
Situational Analysis and an Integrated Marketing Communication Plan for Electro-Serv (Pvt) Ltd.
This report was prepared based on the assignment questions of the CIM qualifications for Integrated Communications Subject.
ICICI Bank is currently India's largest private sector bank by assets and profits. It aims to become one of the top 20 biggest banks in the world. In the short term, it aims to improve asset quality and achieve strong growth while not focusing on market share. Its strategy involves focusing on non-resident Indian banking, geographical expansion, and building a robust investment banking business to achieve its goal of global presence. It will also focus on stronger internal processes, quality sourcing, and developing customer intelligence to improve asset quality. Leveraging technology, increasing rural penetration, and targeting wallet share are other key parts of ICICI Bank's strategy to drive growth.
The document discusses the marketing mix of Coca-Cola, known as the 4Ps - Product, Price, Place, and Promotion. It provides details on Coca-Cola's various product lines, positioning and branding strategies, packaging considerations, pricing approaches including penetration pricing, and distribution channels. Coca-Cola has effectively utilized the marketing mix over time to build its brand equity and achieve worldwide recognition as the leading soft drink company.
This document provides an overview of Apple Inc., including its history, products, target markets, and marketing strategy. It discusses Apple's introduction and growth over time as it introduced new products like the Macintosh, iPod, iPhone and iPad. It then analyzes Apple's target markets for the iPhone 6, including high income earners, businessmen and teenagers. Finally, it examines Apple's marketing mix, covering their product range, pricing approach, distribution channels and prominent promotional activities like television advertisements.
Analysis of marketing strategy of mineral water industrySonal Agarwal
This document provides an analysis of the marketing strategy of Bisleri, a leading mineral water company in India. It discusses Bisleri's market share and brand positioning within the mineral water industry. The summary is as follows:
[1] Bisleri has the largest market share of the mineral water industry in India at 55%. It dominates the market due to strong brand awareness, demand, and profit margins for retailers.
[2] The document studies Bisleri's branding, advertising, packaging, distribution and competition. It finds Bisleri is the most sold brand in the regions studied.
[3] The analysis recommends Bisleri continue advertising to build
The document discusses marketing strategies for banks in India. It finds that private sector banks and foreign banks have grown faster than public sector banks on key performance metrics like deposits, advances, interest income, and profits since banking reforms in 1993. This is because private and foreign banks have adopted better marketing strategies using new technologies. The document suggests some strategies for public sector banks to enhance their marketing, such as emphasizing term deposits, developing attractive product schemes, effective branding, offering women-focused products, and improving customer awareness. Only banks that adopt effective customer-centric strategies will survive in the long run.
The document discusses marketing strategies for banks in India. It begins by defining bank marketing and noting that private sector and foreign banks have grown faster than public sector banks on key performance metrics like deposits, advances, interest income, and profits. It then discusses the various products and services offered by banks, the marketing approaches used, and challenges faced in bank marketing. Finally, it suggests strategies for public sector banks to enhance their marketing, such as emphasizing term deposits, developing attractive products, effective branding, increasing awareness among customers like women, and educating customers.
A Study on Customer Relationship Marketing in Banking Sectorpaperpublications3
Abstract: Modern Marketing Philosophy advocates the concept of customer relationship marketing that creates customer delight. In the banking field a unique relationship exists between the customers and the bank. Due to various reasons like financial burdens, risk of failure, marketing inertia etc., many banks are still following the traditional ways of marketing and only few banks are making attempts to adapt customer relationship marketing. The role of custom er relationship marketing is very vital in leading the banks towards high level and volume of profits. So there is a need to study the role of customer relationship marketing in development and promotion of banking sector through the side-lines of the practices, problems and impact of CRM on banking sector all the time.
Marketing of financial services involves identifying customer needs and developing products and services to meet those needs profitably. It is more complex than marketing goods because financial services are intangible promises. Effective marketing of financial services defines clear objectives, collects customer information to identify needs, and determines the volume, cost, and profitability of reaching different customer segments. Key elements of a marketing strategy include focusing on customers, capturing growth opportunities through innovation and differentiation, ensuring quality, and using market segmentation to target distinct customer groups. Marketing customer information files (MCIFs) systems organize customer data to assist in identifying profitable segments and customers for cross-selling opportunities.
This document provides an overview of marketing and delivery channels in retail banking. It discusses:
1. Marketing is key to success in retail banking as it focuses on building a large customer base. The 7 Ps of marketing mix (Product, Price, Promotion, Place, People, Process, and Physical Evidence) are important for retail banking strategies.
2. Delivery channels include physical branches as well as remote channels like ATMs, internet banking, and mobile banking. While branches provide personal service, remote channels offer convenience.
3. Effective channel design and customer experience are essential, as customers want both human interaction and convenience. Multi-channel distribution allows for total customer experience based on needs.
This document presents a seminar report on adopting the 7Ps of marketing strategies in the banking sector. It discusses the importance of the services sector and banking sector in the Indian economy. It then explains the traditional marketing mix is not sufficient for service organizations like banks. The report discusses consumer behavior segmentation and how banks can develop customer relationship management strategies. It analyzes each of the 7Ps of the marketing mix - product, place, price, promotion, people, process, and physical evidence - in the context of banking services. The conclusion is that using the 7Ps marketing concept is important for banks to identify customer needs and effectively market their services.
This unit introduces students to marketing principles and developing a basic marketing plan. Students will learn theories and frameworks and apply them to real world examples. Organizations of all sizes use marketing to influence customers. Students who successfully complete this unit will gain knowledge, skills, and understanding to enhance their career opportunities. The document then provides learning outcomes on the roles and responsibilities of marketing, the 7Ps marketing mix, and components of a marketing plan including segmentation, objectives, strategy, and monitoring. It also provides examples of Toyota's corporate structure and marketing processes.
This Note has been co-authored by me during my stint with MicroSave. The Note is the first of a series of technical briefs focused on strategic marketing for mobile money, covering the following topics:
- Challenges in marketing,
- Branding,
- Product marketing, and,
- Parallel links with successful marketing efforts to the rural poor by other industries.
This Note, in particular, attempts to highlight the need for marketing e/m-banking services and derives its content from several field research initiatives undertaken by MicroSave.
This unit introduces students to marketing principles and developing a basic marketing plan. It discusses how organizations like Apple, Google, and Coca-Cola use marketing techniques to influence customers. Students will learn theories, frameworks, and how to relate them to real world examples. Successfully completing the unit will enhance students' career opportunities. The document then provides learning outcomes on the roles and functions of marketing, the marketing mix (7Ps), and developing a marketing plan. It includes an example case study of Toyota Motor Corporation.
The document discusses marketing strategies for financial services. It begins by defining key characteristics of services, including heterogeneity, intangibility, perishability, and inseparability. It then discusses the importance of planning for banks, including benefits such as setting objectives, allocating resources efficiently, and identifying strengths and weaknesses. The document also covers strategic planning models like BCG matrix, Ansoff matrix, and McKinsey growth pyramid for evaluating market opportunities. Finally, it provides examples of specific growth strategies like market penetration, product development, market development, and diversification.
MKTG320-1404A-01Quesadra D. GoodrumClass Discussion Phase .docxannandleola
MKTG320-1404A-01
Quesadra D. Goodrum
Class Discussion Phase 3
Advertising and Public Relations
Colorado Technical University
Instructor: Heather Weller
10/13/2014
Situation Analysis
A situation analysis is the evaluation of an organization’s performance. It involves the use of strategies which are for accessing how an organization is or will perform. In analyzing performance, internal and external factors are to be considered. Internal factors include strengths and weaknesses. These two affect the performance of an organization from within. External factors include opportunities and threats which affect a business from the outside environment. In combining the analysis of strengths, weakness, opportunities and treats will give the SWOT Analysis criterion which is to be used to access the performance of any organization.
A bank can have its’ SWOT analysis to be able to strategize on it marketing activities on what to be done for excellent performance. For example;
Strengths
Weaknesses
Wide range of banking services
Customer loyalty and relationships
High lending rates
Lack of a clearly formulated marketing strategy
Opportunities
Threats
Technology advancing paperless transactions present.
Changing customer services
Competition from other existing banks
High taxation from the government.
SWOT Analysis for National Bank
From the SWOT analysis above it is clear that strengths and opportunities have a positive impact while weaknesses and threats have a negative impact on the organization.
Banking Trends
Banking trends are the changes which are occurring over time in the banking sector. Trends give the indication on what needs be done so as to fit in the population successfully and offer services as always. Some of such trends in the banking sector include:
· Branch optimization: With increased customer demands the current bank branches are not in a position to curb the demand of the rapid increasing number of customers. The bank is looking forward to make its branches more efficient in delivering all the services to its customers at an easier way without referring them to the central bank. This will encourage more and more customers to bank within their local branches.
· Driving digital: the current strategies involve traditional approaches but there is the need to improvise on digital approach, online campaigns, so as to serve the online market too. Combination of the two will be very beneficial in the banking sector since the information will cover a wider range of customers both on streets and online.
Such trends if implemented will be of importance to the bank in achieving its long-term strategic marketing goals. These trends will help a bank be able to meet the demands of the customers. They will also enable the bank to earn more revenue.
Analysis of achievement
Involves what needs be done so as the goals set can be achieved successfully. It is setting a plan to facilitate the achievement of goals. In order to be able to serve many custom ...
Strategies involved n mkt. of service product with reference to ubiDharmik
The document discusses marketing strategies for banking services with a focus on Union Bank of India. It provides definitions of bank marketing and discusses the importance of marketing strategies for banks. The key points are:
1) Bank marketing involves providing services to satisfy customers' financial needs more effectively than competitors while achieving the bank's objectives.
2) Marketing strategies are important for banks to achieve marketing objectives, identify target markets and competitors, gain competitive advantages, minimize risks, and aid decision making.
3) The document outlines the steps in strategic marketing planning for banks, including defining the mission, analyzing the internal and external environment, establishing objectives, and developing marketing strategies.
This document provides a literature review on customer relationship management (CRM) in the banking sector. It defines CRM and discusses its importance and objectives in banking. It also summarizes various studies on CRM implementation and success stories in banking. The proposed research methodology is a qualitative case study approach involving interviews with bank customers and employees to understand their experiences with and perspectives on CRM. The interviews will explore topics like products/services, customer service, and technology use. The goal is to assess if CRM improves customer satisfaction in banking.
In this case, Net profit margin is positive. Company made more money then it...Aqif Chaudary
The document discusses marketing principles and their influence on business activities. It explains that marketing principles focus on key functions like market research and segmentation to help businesses compete effectively. Several elements of the marketing process are described, including understanding customer needs, analyzing competitors, and designing marketing strategies. The benefits and costs of marketing orientation for businesses are evaluated. Environmental factors like economic conditions, technology, and customer demographics that influence marketing decisions are also outlined. Different approaches to marketing products and services to businesses and internationally are discussed.
This report consist of complete description of how digital marketing affect small and medium enterprises in current scenario and it's advantages for advertising with all possible research methodology
An Introduction into Marketing Module 1 SlidesBaluJagadish1
This document provides an introduction to marketing. It defines marketing as meeting needs profitably and discusses how marketing is a basic function of all businesses. Traditionally, small businesses did not prioritize marketing but it is now seen as important as other functions. The document also discusses how marketing has shifted from a product orientation to a customer orientation. It provides definitions of marketing from various sources and discusses the scope of marketing, including what can be marketed and who engages in marketing activities.
The document discusses marketing techniques and strategies used in the financial services industry. It covers topics such as changing customer needs, criteria for investment decisions, and various technological tools used for service delivery. Specifically, it examines how banks in India have adopted marketing approaches and now focus on customer needs, use technology like ATMs, online and telephone banking, and ensure physical locations and clean, comfortable branch environments to attract customers. However, many customers still do not have access to some technological services that banks offer. The document emphasizes the importance of understanding customers and using marketing techniques to build relationships and meet their diverse financial needs.
Building Character Knowledge for Panin Bank Personal Banker Southeast Sulawes...theijes
This research was conducted by qualitative analysis method using Miles and Huberman method. The problems raised were (1) How the efforts to build character knowledge for Panin Bank Personal Banker (PB) Southeast Sulawesi Area mainly the knowledge on the products to collect the community funding and service; (2) How the character knowledge built for Personal banker (PB) can be a strategic knowledge for Panin Bank Southeast Sulawesi Area. The results were that building the knowledge would not be sufficient without completing by building the strong character for Personal Banker, the character which should be set were excellence, professionalism and ethics which these three character indicators could reflect the knowledge as the behavior in daily works for a Personal Banker. This character Knowledge can be applied in a strategic knowledge consisting of 6 (six) components, namely unique, pragmatic or useful, generating value, difficult to imitate or substitute, dynamic and based on intense learning process.
Marketing involves understanding customer needs and delivering value through products, pricing, placement, and promotion. The marketing concept focuses on customer needs rather than production or selling. An integrated marketing plan blends the 4Ps - product, price, place, promotion - to communicate value and build customer relationships. Capturing customer value through loyalty and repeat sales is the goal. Changing forces like technology, ethics, and globalization impact modern marketing strategies.
Similar to Bank marketing mix_new_stretegy_in_today_-libre (20)
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Une évaluation comparable de la performance basée sur le temps d'escale des navires
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1. ISSN : 2278-8387 Vol 2 (1), 2013
BPR Technologia: A Journal of Science, Technology & Management
17
BANK MARKETING MIX: NEW STRETEGY IN TODAY
BANKING SECTOR
Mr. Anil Kumar
Asst. Professor, Department of Management Studies & Research
CBS Group of Institutions, Jhajjar (Haryana)
Email: anilror@gmail.com
Mobile No +91-8510811335/9992226428
ABSTRACT
Bank marketing in general and Customer Relationship Management (CRM) in particular are of
vital importance for Indian banks, particularly in the current context when banks are facing tough
competition from other agencies, both local and foreign, that offer value-added services.
The Role of marketing in the banking industry continues to change. For many years the primary
focus of bank marketing was public relations. Then the focus shifted to advertising and sales
promotion. That was followed by focus on the development of a sales culture. Today banking
sector all elements of the marketing concept – customer satisfaction, profit integrated framework
and social responsibility are all equally important.
When applying marketing to the banking industry, the bank marketing strategy can be said to
include the following:-
A very clear definition of target customers.
The development of a marketing mix to satisfy customers at a profit for the bank.
Planning for each of the source ‘markets & each of the use ‘markets.
Main principal aspects of Bank Marketing are- Customer Oriented Services, Design & Delivery
of Such Services Corporate Objectives of the Bank, Environmental & Other Constraints. The
second element in formulation of marketing strategy in banking sector is development of
proper marketing mix (product, place, price, promotion, people, process, physical evidence) so
as to satisfy the needs of the target group of customers. With the help of 4‘Cs (customer
solution, customer cost, communication, convenience) use of marketing mix in banking sector is
increasing day by day. The bank marketing mix concept is very important for every bank in
tough competition. Use of 7‘p and 4‘c for bank and implementation of these concepts in banking
sector shows the Role of marketing in bank in present Era. In bank marketing, marketer uses
both “Collective" and “Selective" approach to attract and convince the target customer .It is
the aggregate of functions, directed at providing services to satisfy customers‘ financial (and
other related) needs and wants, more effectively and efficiently .
Keywords: Bank Marketing Mix, Social Responsibility, Collective & Selective approaches,
Customer Relationship Management.
INTRODUCTION
The Role of marketing in the banking industry continues to change. For many years the primary
focus of bank marketing was public relations. Then the focus shifted to advertising and sales
promotion. That was followed by focus on the development of a sales culture. Although all the
2. ISSN : 2278-8387 Vol 2 (1), 2013
BPR Technologia: A Journal of Science, Technology & Management
18
elements of the marketing concept – customer satisfaction, profit integrated framework and
social responsibility – will remain important, customer satisfaction must receive the greatest
emphasis in the years ahead. The chief concerns of most bank executives still focus on legal and
regulatory issues, according to most surveys. Community banks are particularly concerned with
eliminating barriers that give unfair advantages to financial services competitors, such as credit
unions. However, another concern pertains to technology.
Table-1: Bankers Identify Near Team and Long Term Concerns
1995 2015
Maintaining profitability
Credit Portfolio Management
Service Quality
Regional Economy
Cost Management / Expense reduction
Declining Earnings/ more failures
Market / customer focus
Capital adequacy
Stock market value
Industry Overcapacity
Service quality
Maintaining profitability
Market / customer focus
Operations/systems/technology
Credit portfolio management
Productivity improvement
Investment to stay competitive
Stock market value
Asset/liability management
Electronic Banking
When this gateway system was first proposed, access to the Internet was very new and few banks
had the resources and knowledge to set up their own direct-access lines for customers.
Customers have shown a growing interest in online banking services, and banks have responded
by quickly putting in place proprietary sites on the World Wide Web and offering PC banking.
With 24-hour access to either automated information or live operators, customers do everything
from check their accounts to apply for a loan. Bank executives also identified PC banking as
having the most promise for the future, followed by Interest access and broad function kiosks.
Marketing Concepts
Its application to Banking, when we apply marketing to the banking industry, the bank
marketing strategy can be said to include the following –
i) A very clear definition of target customers.
ii) The development of a marketing mix to satisfy customers at a profit for the bank.
iii) Planning for each of the source ‘markets & each of the use’ markets (A Bank needs to be
doubly market – oriented – it has to attract funds as well as were of funds & services.
Organization & Administration.
Marketing =?
Marketing is the sum of all activities that take you to sales. Marketing is all about
creating a pull, sales is all about push and about managing the four P‘s –
product
price
place
promotion
Scope – What do we market
3. ISSN : 2278-8387 Vol 2 (1), 2013
BPR Technologia: A Journal of Science, Technology & Management
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Goods , Services ,Events , Experiences ,Personalities ,Place , Organizations,
Properties , Information , Ideas and concepts
(Source: Marketing Management-A South Asian Perspective, 13th Edition by Kotler,
Keller, Koshy, Jha)
Core Concepts of Marketing
Based on:
Needs, Wants, Desires / demand
Products, Utility, Value & Satisfaction
Exchange, Transactions & Relationships
Markets, Marketing & Marketers
BANK MARKETING
We define bank marketing as follows: ―Bank marketing is the aggregate of functions,
directed at providing services to satisfy customers’ financial (and other related) needs and
wants, more effectively and efficiently. This aggregate of functions is the sum total of all
individual activities consisting of an integrated effort to discover, create, arouse and satisfy
customer needs. This means, without exception, that each individual working in the bank is a
marketing person who contributes to the total satisfaction to customers and the bank should
ultimately develop customer orientation among all the personnel of the bank. Different banks
offer different benefits by offering various schemes which can take care of the wants of the
customers. Marketing helps in achieving the organizational objectives of the bank. Indian banks
have duel organizational objective – commercial objective to make profit and social objective
which is a developmental role, particularly in the rural area. Marketing concept is essentially
about the following few thing which contribute towards banks’ success:
1) The bank cannot exist without the customers.
2) The purpose of the bank is to create, win, and keep a customer.
3) The customer is and should be the central focus of everything the banks does.
4) It is also a way of organizing the bank.
5) Ultimate aim of a bank is to deliver total satisfaction to the customer.
6) Customer satisfaction is affected by the performance of all the personal of the bank.
All the techniques and strategies of marketing are used so that ultimately they induce the people
to do business with a particular bank. Marketing is an organizational philosophy. This
philosophy demands the satisfaction of customers needs as the pre-requisite for the existence and
survival of the bank. The first and most important step in applying the marketing concept is to
have a whole hearted commitment to customer orientation by all the employees. Marketing is an
attitude of mind. This means that the central focus of all the activities of a bank is customer.
Marketing is not a separate function for banks. The marketing function in Indian Bank is
required to be integrated with operation. Marketing is much more than just advertising and
promotion; it is a basic part of total business operation. What is required for the bank is the
market orientation and customer consciousness among all the personal of the bank. For
developing marketing philosophy and marketing culture, a bank may require a marketing
coordinator or integrator at the head office for effective coordination of different functions,
such as marketed research, training, public relations, advertising, and business development,
4. ISSN : 2278-8387 Vol 2 (1), 2013
BPR Technologia: A Journal of Science, Technology & Management
20
to ensure customer satisfaction. Hence, the total Bank marketing function involves the
following:
a. Market research
b. Product Development
c. Pricing of the service
d. Developing market.
Bank Marketing Approach: Banking industry is essentially a service industry which provides
various types of banking and allied services to its clients. Bank customers are such persons and
organizations that have surplus or shortage of funds and those who need various types of
financial and related services provided by the banking sector. These customers belong to
different strata of economy, different geographical locations and different professions and
businesses. Naturally, the need of each individual group of customers is distinct from the
needs of other groups. It is, therefore, necessary to identify different homogenous groups and
even sub-groups of customers, and then with utmost precision determine their needs, design
schemes to suit their exact needs, and deliver the most efficiently. Banks, generally, have been
working out various services and products at the level of the Head Office and these are traded
through their retail outlets (branches) to different customers at the grass-roots level. This is the
so called ‘Top to Bottom' approach. However, bank marketing requires a change in this
traditional outlook. It should be 'bottom to top' approach with customers at the grass-roots level
as the focal point for working out various products / schemes to suit the needs of different
homogenous groups of customers. Thus, bank marketing approach, in general, is a group or
"Collective" approach. Customers Relationship Management, on the other hand, is an
individualistic approach which concentrates on certain select customers from the homogeneous
groups, and develops sustainable relationships with them for adding value to the bank. This may
be termed as a "Selective" approach thus, bank marketing concept, whether "collective"
approach or "selective" approach, is a fundamental recognition of the fact that banks need
customer oriented approach. In other words, bank marketing is the design and delivery of
customer needed services worked out by keeping in view the corporate objectives of the bank
and environmental constraints.
5. ISSN : 2278-8387 Vol 2 (1), 2013
BPR Technologia: A Journal of Science, Technology & Management
21
Figure-1
Principal aspects of Bank Marketing
Customer Oriented Services
Services offered by the banks are to be worked out in such a manner that they fulfill the needs of
the customers. Traditionally, bankers have been accustomed to think in terms of what banks can
offer and not what customers want. However, bank marketing concept requires them to change
this orientation, and start working out schemes and services by keeping changing customer needs
as the focus of their new and novel products. In order to design and deliver customer needed
6. ISSN : 2278-8387 Vol 2 (1), 2013
BPR Technologia: A Journal of Science, Technology & Management
22
services, the banks must learn to seek information about the existing and potential customers,
and their perceived and latent needs on a regular and systematic basis.
Design & Delivery of Such Services
The word design implies that good marketing services need to be properly designed and crafted
so as to suit a particular well-defined group of clients. Moreover, such properly designed services
must be properly traded. The quality of delivery is to be ensured not only through focused
advertisement, but also through proper customer services offered at the bank's retail outlets.
Customer satisfaction is a dynamic process and it is necessary to keep pace with rising
expectations of the customers. Further, the development of IT and spread of Internet are opening
up newer mechanisms of customer contact and services.
Corporate Objectives of the Bank
The corporate objectives of the bank are to be worked out within the broad framework of the
national policy. The corporate objectives are of two types, Short Term and Long Term.
1. The Short Term Objectives could be of the type: -
a) Increasing profitability of the bank next year. b) Widening customer base by offering new
services, c) Increasing growth rate of credit next year, etc.
2. The Long Term Objectives could be: - a) To rise to number one position in five years,
b) To become the universal bank over the period of next 3 years, etc.
Once the corporate objectives are clearly spelt out, various schemes can be designed to fulfill the
needs of the customers within the framework of the chosen corporate objectives. Further, the
resources made available for systematic marketing efforts are also constrained by policies, vision
and attitudes of the management.
Environmental & Other Constraints
Environmental and other constraints play an important role in bank marketing decisions.
Generally, the environmental constraints fall into four categories: Economic, Cultural, Legal
and Political. A thorough understanding of local and national economy is essential for taking
effective decisions about what product to be offered, where it is to be offered, at what price it is
to be offered, and how it is to be offered? Thus, the knowledge of environmental constraints is an
essential factor in the designing and delivery of various types of customer-oriented schemes and
services.
Marketing Concepts – Its Application to Banking
When we apply marketing to the banking industry, the bank marketing strategy can be said to
include the following:
I. A very clear definition of target customers.
II. The Development of marketing mix to satisfy customers at a profit for the bank.
III. Planning for each of the source ‘markets.
IV. Organization and Administration.
Marketing Strategy in Banking Sector
Consumer Behavior and Segmentation
Banks deal with individuals, group of persons and corporate, all of whom have their likes and
dislikes. No bank can afford to assess the needs of each and every individual buyer (actual or
potential). Segmentation of the market into more or less homogenous groups, in terms of their
needs and expectations from the banking industry, provides a solution to this problem. This
7. ISSN : 2278-8387 Vol 2 (1), 2013
BPR Technologia: A Journal of Science, Technology & Management
23
involves dividing the market into major market segments, targeting one or more of this segments,
and developing products and marketing programs tailor-made for these segments.
In the first segmentation, the market is divided from a unitary whole, to groups of buyers who
might require separate products and marketing mix. The marketer typically tries to identify
different segments in the market and develop profiles of resulting market segments. The second
step is market targeting in which each segment‘s attractiveness is measured and a target segment
is chosen based on its attractiveness. The third step is product positioning which is the act of
establishing a viable competitive position of the firm and its offer in the target segment chosen.
In the process of segmentation, the market can be divided into major segments which are gross
slices of the market, or into smaller specially formed segments, otherwise known as niches.
Niche customers have a specific set of needs which the marketer tries to address. While a market
segment attracts several competitors, a niche attracts fewer competitors and therefore, a company
should clearly define its target segment and devise strategies to target the customer, so that it has
a competitive advantage in the segment. An important criterion for market segmentation the
economic system in which we find agricultural sector, industrial sector, services sector,
household sector, institutional sector and rural sector requiring of weight age while segmenting.
Customer Relationship Management
The marketing strategy consists of a very clear definition of prospective customers and their
needs and the creation of marketing mix to satisfy them. A recent development in this regard is
Customer Relationship Management (CRM). It is a business strategy to learn more and more
about customer behavior in order to create long term and sustainable relationship with them. It is
a comprehensive process of acquiring and retaining selective customers to generate value for the
bank and its customers. Under CRM, acquisition of customers is done through personal visits,
media advertisement or word of mouth from existing customers. Customer retention is carried
out through data warehousing and mining tools, customer service and call services, and
improved customer value is obtained through cross-selling and up selling to the retained
customers. The concept of data warehousing and data mining used in CRM helps in seeking
information about individual customers and their needs on a regular and systematic basis. Data
warehousing builds customer wise data by mapping it from various services and products used
by the customers such as deposits, credits, foreign exchange, e-business, safe custody, lockers,
bill collection, etc. Data mining carries out various types of analysis on collected data to
determine customer behavior with respect to product, price and distribution channels, and offers
a holistic view of every customer at a given point of time. The customer information gathered by
the bank in their day-to-day banking operations is often sufficient for effective data storage.
However, many times, it needs to be supported by data collected from outside sources and
agencies.
Identification of Target Customers & their Needs
This is an important area in formulation of a marketing strategy. Unless the bank has clear idea
about the customers it wants to serve, it is not possible to work out products to satisfy
their needs. This identification process involves: -
Finding out profile of present customers in terms of their education, occupation, income,
geographical location, population group, age, sex, marital status, products and services
their purchase, their habits, tastes & preferences, their businesses & future prospects ,etc.
Finding out opinions of existing customers about the services provided by the bank and
their suggestions for improvement in present services and introduction of new services.
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Collecting such information from the persons who are not currently customers of the
bank.
All this can be done by conducting a survey of customers and non-customers of the bank.
Moreover, this process of seeking information about the market must form an integral part of the
system and must be done on a regular basis. The survey would give valuable information about
profiles and opinions of customers and non-customers of the bank, and it can be analyzed to find
out the target group of the customers and their felt and latent needs.
Marketing Mix in Bank
The second element in formulation of marketing strategy is development of proper marketing
mix, so as to satisfy the needs of the target group of customers. This would involve decisions
regarding product, place, price, promotion, process, physical evidence, and people.
Figure -2
1. Product
Decisions about product would answer questions about the design of the services offered to suit
customer needs, the desirable hours for offering such services, the attractive names of such
services and so on. Various alternative ways to provide the basic services might have to be
worked out depending on the needs of the various target groups. A very good example of
formulation of a market strategy under the "collective" approach is development of the
product, "Kisan Credit Cards". The target group identified for this was farmers with the
purpose of dispensation of agricultural and rural credit to them. Agricultural credit cards
and cash credit facilities which were niche-marketed and were exclusively preserved for the
privileged class of farmers were, thus, extended to the small and marginal farmers since 1999.
Keeping this need of target group in mind, the decision on product was made. This
product decision involved questions regarding types of needs to be covered, number of
withdrawals and repayments to be permitted, basis of determination of limits, validity period of
the cards, its re-scheduling, the name of the product, and so on.
2. Place
Decisions about place should answer questions about location of the prospective customers and,
therefore, location for offering such services. The place decision answered questions about the
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location where the KCCs can be obtained. This involved all branches engaged in agricultural
lending. Price decision required answering questions on margins, collateral, interest rates to be
charged for different slabs, and so on.
3. Price
Decisions about price should answer questions about right price for services offered, worked out
by taking into consideration the cost of such services, competitor's charges and other factors.
4. Promotion
Decision about promotion answers questions about communication with the customer. After
getting information on needs and location of the prospective customer and after designing
schemes to suit their needs, it is necessary to take decisions on making schemes known to the
prospective customers through proper communication media and through proper words, so as to
bring out the salient features of the scheme. Actual delivery of the schemes at the counters and at
the manager's desk also plays a vital role in determining the success of the scheme. Expectations
of the customers in post-reforms period have been changing very fast and customers have started
shifting loyalty to better banks. It is, therefore, all the more necessary to ensure that not only the
felt needs but also the latent needs of the customers are foreseen and satisfied. The promotion
decisions answered questions regarding mode of advertising the KCCs so that it becomes widely
known. These methods included radio and TV commercials and personal contacts by the
employees of the bank apart from news paper insertions.
5. People
All people directly or indirectly involved in the consumption of banking services are an
important part of the extended marketing mix. Knowledge Workers, Employees, Management
and other Consumers often add significant value to the total product or service offering. It is the
employees of a bank which represent the organization to its customers. In a bank organization,
employees are essentially the contact personnel with customer. Therefore, an employee plays an
important role in the marketing operations of a service organization. For instance to realize its
potential in bank marketing, ICICI is conscious in its potential in internal marketing - the
attraction, development, motivation and retention of qualified employee-customers through need
meeting job-products. Internal marketing paves way for external marketing of services. In
internal marketing a variety of activities are used internally in an active, marketing like manner
and in a coordinated way. The starting point in internal marketing is that the employees are the
first internal market for the organization. The basic objective of internal marketing is to develop
motivated and customer conscious employees. A service company can be only as good as its
people. A service is a performance and it is usually difficult to separate the performance from the
people.
6. Process
Flow of activities: All the major activities of banks follow RBI Guidelines. There has to be
adherence to certain rules and principles in the banking operations. The activities have been
segregated into various departments accordingly: Standardization, Customization, Simplicity,
Customer involvement etc
7. Physical Evidence
Physical evidence is the material part of a service. Strictly speaking there are no physical
attributes to a service, so a consumer tends to rely on material cues. There are many examples of
physical evidence: 1.Paperwork 2.Brochures 3.Furnishings 4. Business cards 5.The building itself
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The physical evidences also include signage, reports, punch lines, other tangibles, employee’s
dress code etc.
Signage: each and every bank has its logo by which a person can identify the company. Thus
such signage is significant for creating visualization and corporate identity. Financial reports:
The Company’s financial reports are issued to the customers to emphasis or credibility.
Tangibles: bank gives pens, writing pads to the internal customers. Even the passbooks, cheque
books, etc reduce the inherent intangibility of services. Punch lines: punch lines or the corporate
statement depict the philosophy and attitude of the bank. Banks have influential punch lines to
attract the customers. Employee’s dress code: For example ICICI bank follows a dress code for
their internal customers. This helps the customers to feel the ease and comfort.
CONCLUSION
Project is all about identifying the Role of marketing in banking industry. Use of marketing mix
in banking sector is increasing day by day with 4‘Cs. So bank marketing concept is very
important for every bank. The main purpose of this study is to get an overview of bank
marketing and to find out of role of marketing in the banking industry and see that how
marketing mix (product, price, place, & promotion) is most important for a bank. Use of 4‘p and
4‘c (customer solution, customer cost, communication, convenience) for bank and
implementation of that thing in bank marketing concept and way marketing is making important
for a bank? And combination of extra 3‘Ps (people, process, Physical evidence) are also very
important for a bank in present scenario. To summarize all these, the project comprises detailed
study of the role of marketing in banking sector. Bank Marketing has become a necessary
survival weapon and is fundamentally changing the banking industry worldwide. The rise of
Bank Marketing is redefining business relationships and the most successful banks will be those
that can truly strengthen their relationship with their customers. Technology innovation and
fierce competition among existing banks have enable a wide array of banking products and
services, being made available to retail and wholesale customer through an electronic
distribution channel, collectively referred to as e-banking. Technology is altering the
relationships between banks and its internal and external customers.
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