BY: Aayush JaidevArvind SharmaPiyush ChhabraAngad kalantaRobin ChhabraBirendra kumar SinghVinod Prajapat

INTRODUCTIONINTRODUCTIONService sector constitutes nearly 50% of India’s GDP.

Rate of Growth higher at 7% viv-a-vis Agriculture(2-3% ) and Manufacturing sector(6-8%).

It has a stable demand as against fluctuating fortunes in case of boom and recession in other sectors.

Banks give franchise to others for providing services to others.

Require new marketing strategies and tactics to survive and continue to operate and meet the tough competition from global players of domestic and foreign origin.

Need for marketing :Need for marketing :

1) It has more human element in it.

2) It needs a more fortified , cohesive and interactive organization.

3) The personal touch and quality are more important.

4) It is specific to customer and customer to be treated as the king, his satisfaction is mandatory.

Features:Features:1) Banking products are intangible.

2) Suppliers and customers should have a rapport, willingly understand each other and effective communication.

3) Dominated by human elements and Quality counts which varies from time to time, place and customer to customer.

4) Immediately consumed and marketing and operations are closely interlinked.

5) Branding and designing in a standardized manner is not possible.

Banking Products: Banking Products: 1) Bank accounts

2) Deposits

3) Cards

4) Loans and mortgage

5) Insurance

6) Bonds & Investments

7) Forex , Stock and Commodity trade

8) i-banking and phone banking

9) Investment banking

Planning for MARKETING:Planning for MARKETING:1) Product strategy or Product mix.

2) Pricing strategy or Cost factors.

3) Direct marketing and Personal selling.

4) Distribution strategy for NBFS including channels of sevice flow.

5) Promotion of business strategy includes emphasis and specialization areas where it has competence and strategies for highlighting them and divesting of the areas, where it is weak.

Ways of Marketing:Ways of Marketing:1) Telecalling

2) Newspaper advertisements

3) Personal Selling

4) Outlets , campaign and canopies

5) Pamphlets

6) Advertisement through agents, letters.

7) Mouth to mouth publicity.

Basic Bricks for Marketing Basic Bricks for Marketing strategiesstrategies

1) Customer focus

2) Capturing the growth opportunities

3) Successful discrimination

4) Innovativeness and management ability

5) Quality and Professionalism

6) Concept Selling

Prerequisites for Customer Prerequisites for Customer satisfaction :satisfaction :

1) Identification of customer needs for financial and non- financial services.

2) Develop appropriate plans and schemes for them.

3) Price them reasonably in a competitive spirit and not on monopoly spirit. After sale service is equally important.

4) Strategies for marketing through personal contact, letters and agents in case of insurance.

5) Use of development officers, R&D and customer based research for schemes and policies which are innovative.

6) Servicing with quality and time consciousness of depositors, customers and policy holders.

Challenges:Challenges:1) Deregulation

2) Advance information technology

3) Globalised markets and growing volumes of financial transactions.

4) Volatility of the markets.

5) Increased customer demands

6) Sophistication of markets and customers.

Remedies:Remedies:

1) Strengthening themselves by Mergers or Diversifications.

2) They have to have a dynamic management team, modified

value systems, suitable to demands of customers and a

market thrust to meet the competition.

3) Need for diversification of product range.

4) Market responsive management and Customer oriented services

Graph of all kind of servicesGraph of all kind of services

Currency6%

Bank deposits39%PF/Retirement funds

21%

Insurance13%

Government bonds/Small Savings

13%