Banking Service Marketing Mix
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
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