By: Aayush Jaidev Arvind Sharma Piyush Chhabra Angad Kalanta Robin

BY: Aayush Jaidev Arvind Sharma Piyush Chhabra Angad kalanta Robin Chhabra Birendra kumar Singh Vinod Prajapat

INTRODUCTION Service 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

Need for marketing : 1) It has more human element in it. 3) It needs a more fortified , cohesive and interactive organization. 5) The personal touch and quality are more important. 7) It is specific to customer and customer to be treated as the king, his satisfaction is mandatory.

Features: 1) Banking products are intangible. 3) Suppliers and customers should have a rapport, willingly understand each other and effective communication. 5) Dominated by human elements and Quality counts which varies from time to time, place and customer to customer. 7) Immediately consumed and marketing and operations are closely interlinked. 9) Branding and designing in a standardized manner is not possible.

Banking Products: 1) Bank accounts 3) Deposits 5) Cards 7) Loans and mortgage 9) Insurance 11)Bonds & Investments 13)Forex , Stock and Commodity trade 15)i-banking and phone banking 9) Investment banking

Planning for MARKETING: 1) Product strategy or Product mix. 3) Pricing strategy or Cost factors. 5) Direct marketing and Personal selling. 7) Distribution strategy for NBFS including channels of sevice flow. 9) 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: 1) Telecalling 3) Newspaper advertisements 5) Personal Selling 7) Outlets , campaign and canopies 9) Pamphlets 11)Advertisement through agents, letters. 13)Mouth to mouth publicity.

Basic Bricks for Marketing strategies 1) Customer focus 3) Capturing the growth opportunities 5) Successful discrimination 7) Innovativeness and management ability 9) Quality and Professionalism 11)Concept Selling

Prerequisites for Customer satisfaction : 1) Identification of customer needs for financial and non- financial services. 3) Develop appropriate plans and schemes for them. 5) Price them reasonably in a competitive spirit and not on monopoly spirit. After sale service is equally important. 7) Strategies for marketing through personal contact, letters and agents in case of insurance. 9) Use of development officers, R&D and customer based research for schemes and policies which are innovative.

Challenges: 1) Deregulation 3) Advance information technology 5) Globalised markets and growing volumes of financial transactions. 7) Volatility of the markets. 9) Increased customer demands 11)Sophistication of markets and customers.

Remedies: 1) Strengthening themselves by Mergers or Diversifications. 3) They have to have a dynamic management team, modified value systems, suitable to demands of customers and a market thrust to meet the competition. 7) Need for diversification of product range. 9) Market responsive management and Customer oriented services

Graph of all kind of services

Currency 6%

Bank deposits 39%

PF/Retirement funds 21%

Insurance 13%

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2%

es 3% ur 's nt FC be NB De &

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Government bonds/Small Savings 13%

2%

1%