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
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
References: 1 . William, George K and B 'arksdale, Hiran C. (1974). 'Marketing Activities in the Service Industries ' 2. Bessom, Richard M . , and Donald, Jackson Jr. D. (1975). 'Service Retailing A strategic Marketing Approach ' 10. Geiger, H (1975). 'Standard Surveys for Analysing Local Bank Competition '. In 'The Use of Market Research in Financial Fields ', ESOMAR, 85-95 1 1 . Akbar, Syed Asad (1990) . 'Bank Marketing - S o m e Issues '. JOB MNR, Vo1.4 No 14. Rajagopala Nair (1994) . 'Rural Bank Marketing in Kerala '. Unpublished Doctoral Dissertation, University of Kerala 15. Huu Phuong Ta; Kar Yin Har (2000). ' A study of bank selection decisions in Singapore using the Analytical Hierarchy Process ' 19. Laursen, Ron, McTavish, Ron (1994). 'Is Workplace Banking Feasible? ' Tlze International Journal ofBarlk Marketing, Vo1.12 No.2, 3 - 14 22. Chidambram R M. (1994). 'Promotional Mix for Bank Marketing ' Marketing, Vo1.4, No.2, 1990. 24 28. Leonard, M and Spencer, A. (1991). The Importance of Image as a Competitive Strategy: An exploratory study in Commercial Banks 30. Andersen, P.H. (2001:1. 'Relationship developmenr and marketing communication: an integrative model ' 35. Ricky, Yee-Kwong Chan (1993). 'Banking Services for young Intellectuals '. Tlze International Journal of Bank Marketing, Vol.11, No.5 36. Schultz, Clifford J . , and Price, Alan Russ (1994). 'Selling Financial services to the affluent ' 38. Machauer, Achinl and Morgner, Sebastian (2001). 'Segmentation of bank customers by expected benefits and attitudes ' of Bank Marketing, Vol. 19 No.1, 2001, pp6 - 18. 39 40. Chidamberam, R M and Alamelu, K . (1996). 'Service Marketing - Challenges and Strategies '