REVIEW OF LITERATURE
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.
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.
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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