Banking Service Marketing Mix

Powerful Essays
Topics: Bank, Marketing
BANKING SERVICE MARKETING MIX

SERVICE MARKETING MIX ELEMENT
The service marketing mix comprises off the 7p’s. These include: * Product * Price * Place * Promotion * People * Process * Physical evidence.

PRODUCT:
1. BANK PRODUCTS
(A)DEPOSITS:
savings, current, fixed etc.
(B)ADVANCES:
(1) FUND ORIENTED:
a. Term loan,
b. Clean loan,
c. Bill discounting,
d. Advances,
e. Pre-shipment finance,
f. Post-shipment finance,
g. Secured and unsecured lines of credit.

(2) NON-FUND ORIENTED:
a. Guarantees, and
b. Letter of credit
C) INTERNATIONAL BANKING:
a. Letter of credit, and
b) Foreign Currency.
D) CONSULTANCY:
a. Investment Counseling,
b. Project Counseling,
c. Merchant Banking, and
d) Tax Consultancy.
(E)MISCELLANEOUS:
a. Traveller Cheques,
b. Credit Card,
c. Remittances,
d. Collections,
e. Sale of Draft,
f. Standing instructions, and
g. Trusteeship.

In banking the products are services. Services cannot be seen or protected like goods. The potential buyer of the services can form an opinion about the services offered. The product should suit the market needs. Bank services are viewed in terms of the satisfaction they deliver and not just the things that are created with value. The banks primarily deal in services and therefore, the formulation of product mix is required to be in the face of changing business environment conditions.

The changing psychology, the increasing expectation, the rising income, the changing lifestyles, the increasing dominations of foreign banks and the changing needs and requirements of the customers at large make it essential that they innovate their service mix and make them of worked class. In the formulation of service mix, the banks can follow two guidelines, first is related to the processing of product to market needs and the second is concerned with the processing of market needs to product. Marketing aims not only offering but also at creating/innovating the

You May Also Find These Documents Helpful

  • Good Essays

    Service Marketing Mix

    • 895 Words
    • 4 Pages

    Service Marketing Mix The service marketing mix is also known as an extended marketing mix and is an integral part of a service blueprint design. The service marketing mix consists of 7 P’s as compared to the 4 P’s of a product marketing mix. Simply said, the service marketing mix assumes the service as a product itself. However it adds 3 more P’s which are required for optimum service delivery. The product marketing mix consists of the 4 P’s which are Product, Pricing, Promotions and Placement…

    • 895 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Marketing of Banking Services Marketing scope in banking sector should be considered under the service marketing framework. Performed marketing strategy is the case which is determination of the place of financial institutions on customers’ mind. Bank marketing does not only include service selling of the bank but also is the function which gets personality and image for bank on its customers’ mind. On the other hand, financial marketing is the function which relates uncongenitalies, differences…

    • 1433 Words
    • 6 Pages
    Good Essays
  • Good Essays

    Service Marketing Mix

    • 2799 Words
    • 8 Pages

    Description of the service marketing mix elements (7Ps) The traditional marketing mix was formulated by maintaining the goals of marketing. This marketing mix may also be adapted for services marketing. The service marketing mix is also known as an extended marketing mix and is an integral part of a service blueprint design. The service marketing mix consists of 7 P’s as compared to the 4 P’s of a product marketing mix. Simply said, the service marketing mix assumes the service as a product itself…

    • 2799 Words
    • 8 Pages
    Good Essays
  • Good Essays

    Service Marketing Mix

    • 806 Words
    • 4 Pages

    SERVICES MARKETING MIX I am study of the 7 p’s of KOTAK MAHINDRA BANK in related to marketing research. I also study in details 3 p’s of service marketing like people, process, & physical evidence etc. 1) People 2) Process 3) Physical evidence 4) Product 5) Price 6) Place 7) Promotion 1) PEOPLE: - In the people in the service mix in service organization are people assented organization and…

    • 806 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    branch networking, among others. The restructuring policy of SAP, also, brought deregulations in the Nigerian banking system which encouraged many new banks to enter into the Nigerian banking industry, the results of which were shown in intense competition within and without the Nigerian banking industry. This increased competition resulted in banks seeking for clients and designing services that would meet clients' needs and wants. Consequently, Nigerian banks started designing new approaches and…

    • 4410 Words
    • 18 Pages
    Powerful Essays
  • Powerful Essays

    MARKETING OF BANKING SERVICES. 1. Introduction.  Bank Marketing.  Why Bank Marketing.  Features of Bank Marketing.  Services.  Characteristics of Services.  Difference between Product and Services. 2. Marketing.  Features.  Marketing of Tools and Techniques.  Marketing Mix in Banking.  Growth of Service Market.  Marketing Approach in Banks. 3. Justification for Marketing the Banking Services.  Satisfaction of Customer Needs.  Bank Marketing in the Indian Perspective. 4. Articles…

    • 2078 Words
    • 9 Pages
    Powerful Essays
  • Powerful Essays

    SERVICE MARKETING IN BANKING SECTOR AND RECENT PERCEPTIONS IN MARKETING THOUGHTS OF SERVICES MARKETING IN BANKING Marketing approach in banking sector had taken significance after 1950 in western countries and then after 1980 in Turkey. New banking perceptiveness oriented toward market had influenced banks to create new market. Banks had started to perform marketing and planning techniques in banking in order to be able to offer their new services efficiently. Marketing scope in banking sector…

    • 1827 Words
    • 8 Pages
    Powerful Essays
  • Satisfactory Essays

    — with a full complement of support services as well. A Fortune 100 company with global presence and impact, Motorola had sales of US$42.9 billion in 2006. Learn more about our three primary business units in the links below:. Enterprise Mobility Solutions: This group includes the mission-critical communications offered by our government and public safety sectors and our enterprise mobility business. We design, manufacture, sell, install and service analog and digital two-way radio as well…

    • 420 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Marketing Mix

    • 1456 Words
    • 6 Pages

    Marketing mix is a mix of options and variables that a marketer has to design his proposition. The four Ps, as they are known, of the marketing mix are Product, Price, Place and Promotion. Marketers mix these ingredients and variables in different proportions for their products in order to meet their requirements within their given constraints and boundaries. Marketing mix covers the four major elements and variables that a marketer has and can manipulate in order to design his offering according…

    • 1456 Words
    • 6 Pages
    Good Essays
  • Best Essays

    Topic: Recommending a Marketing Mix for a Product or Service Executive Summary This report mainly talked about a product-Pepsi. In this report, the purpose was compared and contrasted which 4Ps is better to the Pepsi and wanted more people to buy it. The thesis was compare and contrasts the Pepsi with the competitor - Coca Cola. So the report needed find some information and interview some people. The key finding was that SWOT and 4Ps is very important to the product. And the key conclusion and…

    • 1594 Words
    • 7 Pages
    Best Essays