Literature Review

REVIEW OF LITERATURE
REVIEW OF LITERATURE
INTRODUCTION
Marketing   by   service industries are yet to gain momentum, especially when it
comes to marketing   by   comniercial   banks. In India, the liberalization   of   the financial
sector   has   impelled   all the   players   to   redefine what   business   they   are   in   and
strategically think how to stay ahead in the existing business. Marketing orientation of  
banks is imperative for survival and success.
EARLIER STUDIES
Marketing of financial services   by   banks   is   under   active   and extensive
discussion   among academicians and   bank   personnel.   Survey and research have   been
conducted   both   by   academic   researchers and   practitioners   on the various aspects   of  
services marketing in   general and financial   services marketing by   banks in particular
both in India as well as abroad.
Sewice Marketing
A study by   George William R and Hiran C Barksdale (1974) on the marketing
activities in the   service   firms discovered that   services marketing   is   generally   on the
low ebb.   Service firms   tend.   to be   less   marketing   oriented; less   likely to   have
marketing   mix   activities   car:ried   out   in   the   marketing   department; less   likely to
perform   analysis in   the area   of   service product; more likely to   undertake advertising
internally rather than   go to specialized advertising agencies; less likely to have overall
sales plan; less   likely to develop sales training   programmes;   less likely to   utilize the 55
--   Review of   Literature
services   of   marketing   cons~i l t ant s   and marketing   research firms;   and less   likely   to
spend much on marketing, as a percentage of   gross sales.'
Study by   Bessom, Richard M and Donald W Jackson Jr (1975) of   400 service
and marketing   firms   revealed   that service   firms   are   less likely   to   have   marketing
departments,   to   make   use   of   sales   planning   and   training,   and to employ   marketing
professionals like... [continues]

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