Marketing Plan of Bank of Baroda
Bank of Baroda is the third largest bank in India, after the State Bank of India and the Punjab National Bank and ahead of ICICI Bank.BoB has total assets in excess of Rs. 2.27 lakh crores, or Rs. 2,274 billion, a network of over 3,000 branches and offices, and about 1,100 ATMs. IT plans to open 400 new branches in the coming year. It offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries and affiliates in the areas of investment banking, credit cards and asset management. Its total business was Rs. 4,402 billion as of 30 June 2010.
As of August 2010, the bank has 78 branches abroad and by the end of FY11 this number should climb to 90. In 2010, BOB opened a branch in Auckland, New Zealand, and its tenth branch in the United Kingdom. The bank also plans to open five branches in Africa. Besides branches, BoB plans to open three outlets in the Persian Gulf region that will consist of ATMs with a couple of people.
The Maharajah of Baroda, Sir Sayajirao Gaekwad III, founded the bank on 20 July 1908 in theprincely state of Baroda, in Gujarat. The bank, along with 13 other major commercial banks of India, was nationalised on 19 July 1969, by the government of India.
To be a top ranking National Bank of International Standards committed to augmenting stake holders' value through concern, care and competence.
Services offered by Bank of Baroda
The bank has divided its operations in 6 distinct business lines-
1. Corporate Financial Services
2. Personal Financial Services
3. Business Services
5. International Operations
6. Rural Banking
SWOT Analysis of Bank of Baroda:
• Bank of Baroda has the largest network of overseas branches among all Indian banks • Its greatest strength is the confidence of stake holder on bank
• Bank of Baroda lack technologically as compared to another bank • There has been some problem in relation to staffing
• Bank of Baroda started a new pilot project of MOBILE ATM in Lucknow and Pune for the first time in India • The bank plan to further increase their international presence by adding more branches
• Entry of foreign bank in Indian market is threat to almost all Indian bank • Staff problem : lack of staff is threat to the bank in the near future
Market Segmentation of Bank of Baroda
The Bank of Baroda has segmented its market both geographically and demographically and behavioral segmentation can also be witnessed when we have a closer look at its market. The main segmentation is based on the income level and the class of people. Corporate clients and the people relating to high class of the society are the customers of Bank of Baroda
Customer are segmented on the following criterion
• Occupation-Different products for different occupational segment identified
• Income - Minimum balance serves as a income segment barrier
• Geography -Concentrated on Tier 1 & Tier 2 Cities trying to extend reach
• Age-Different products like student account
It is the fourth largest bank in India and consists of 2.5 crore customers. Bank’s latest marketing initiatives are aimed at positioning it as a financial service provider with “value proposition” and “market driven” being the keywords. The bank has rolled out branches far and wide across the country to distribute an impressive assortment of financial products to its heterogeneous customer base.
• Corporate banking market : this market target the industries & fulfill their financial needs.
• Capital market : this segment is targeted on the long term needs of the individual as well as of...