A Project On Marketing

Name: Mohd Abid Vinod Tiwari Sahil Hooda

Roll No: 07 21 06

Subject: Marketing in Banking and Insurance Professor: Manali Shetye Rizvi College of Arts, Science and Commerce

What is Marketing?

ØMarketing is a social & managerial process by which individuals & groups obtain what they need & want through creating, offering & exchanging products of value with others

Definition of service marketing

According to American Marketing Association: Services are the activities, benefits or satisfactions which are offered for sale or are provided in connection with the sale of goods

Characteristics of Service marketing 1. 2. 3. 4.

Intangibility Perishability Inseparability Variability

Intangibility 1. Cannot be seen, tested, felt, heard or smelt before they are bought * Challenge: to tangibilize the intangible by adding physical evidence & imagery (e.g. McDonald’s)

Perishability 1. Services cannot be stored. *E.g. The services offered by the employees at the bank perish when one leaves the premises of the bank.

Inseparability 1. Provider is part of service *E.g. In the field of Teaching, if the professor is indisposed, he can not be replaced with a Clerk to provide the same service as a Teacher

Variability 1. Unlike a standard toothpaste or soap, you do not have standard doctors. The reputation decides the no. of prospective patients, based on the doctor’s skills. This varies from doctor to doctor.

7 P’s of marketing 1. 2. 3. 4. 5. 6. 7.

Product Price Place Promotion People Physical Evidence Process

Product American Express Credit Card Ø Black Card Ø Platinum Card Ø Gold Card Ø Silver Card

Price Ø Black Card – Yearly Charges 2500$ Ø Platinum Card – Yearly Charge 1500$ Ø Gold Card – Yearly Charge 900$ Ø Silver Card – Yearly Charges 500$

Place Ø Foreign Banks E.g. Bank of America Ø Multinational Companies in which the employees hold high designations

Promotions Ø Bank letters send to the esteemed customers Ø Tie up with Corporate Companies Ø Sponsorship on good performance Ø Hoardings Ø Through Commercial Advertisings

People Ø The employees at the bank Ø Employees of the shipping company

Physical Evidence Ø Credit Card being delivered to the mailing address Ø Paperwork Ø Websites for Total information Ø Buildings(Offices and Headquarters)

Process Ø Standardization – Same kind of regulations that the banks are subject to Ø Customization – Special counters to deal with the customers Ø Simplicity – Helps to consume less time, as there are separate kiosks for all the information Ø Customer Involvement – Credit Cards do not require bank employees neither do they require currency notes only involvement of the credit card owner and the credit card a.k.a plastic money