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Icici bday ad
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Service MarketingService MarketingTriangleTriangleCustomers
CompetitionCompany
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Customer Needs And Expectations
Management Definition Of These Needs
/Translation Into Design Design Specs
/Execution Of Design Delivery Specs
Customer Perceptions Of Product Execution
Customer Experience Relative To Expectations
Advertising And Sales Promises
Customer Interpretation Of Communication
.1 The knowledge Gap
.4 The internal communicatio
.6 The interpretation Ga
.2 The standards Gap
.3 The delivery Gap
.5 the perception Gap
.7 The service Gap
CUSTOMER
MANAGEMENT
THE GAPS MODEL OF SERVICE QUALITY
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Classification of Services
Pure Tangible Product
Materials / Components
Computers
Major Product withMinor Services
Product = Service
Major Service with
Minor Product
Business Hotels
Good Transportation
Banking Pure IntangibleService
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..What is a product ??
A product is any thing that can be offeredto a market for attention,acqusition,useor consumption that might satisfy a
want or need. it includes physicalobjects , services , persons , places ,organizations and ideas.
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Types of Products
ConsumerProducts
IndustrialProducts
PRODUCTS
Services
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Service product
A service product typically consist of acore product bundled with a variety ofsupplementary service elements. The
core element respond to thecustomers need for a basic benefitwhile supplementary services facilitateand enhance use of the core services.
For e.g.-financial products
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VARIOUS FINANCIAL PRODUCTS
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:FINANCIAL PRODUCT AN INTRODUCTION Financial products refer to those instruments that help
you save, invest, get insurance or get a mortgagethey act as an investment avenue and provide therequired financial security to the investors based onthe risk-return profile of the financial products.
In the past, traditional financial products were offered inIndia through government initiatives by Public SectorBanks (PSBs) (deposit account, credit account), LifeInsurance Corporation (LIC), and postal department(recurring deposit, National Saving Certificate, Kisan
Vikas Patra). However, in recent years with the advent ofliberalization of financial services industry, diversefinancial products have been introduced throughparticipation of private and foreign entities in additionto the public sector enterprises.
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Banks (financial products of
banks)
Core products
Insurance (LICs mainfinancial products)
Core products
deposits policies
advances annuities
International banking Credit facilities to individualand companies
consultancy consultancy
Miscellaneous such as-travelers check & sales of draft
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.Product concept
the product concept holds thatconsumers will favor those products thatoffer the most quality , performance ,
and features. Management in theseproduct - oreintedorganizations focustheir energy on making good products
and improving them over time.
-P.Kotler
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..Concept of financial product
The consumer will favor those financialproducts that offer most
quality performance &
features
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Sbi dadi ad
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PRODUCT LEVEL
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Five Levels Of Product (NEW)
CoreBenefit
Expected
ProductCoreProduct
BasicProduct
AugmentedProduct
BasicFeatures
CommonAttributes
LatestStyle
Warranty
A.S.S
Paymentterms /Credit
Product Differentiation
BrandPersona
CRM / Services
BrandName
LoyaltyClub
Superior
valuePotentialProduct
Brand
Image
Status
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Delivery&processadditional
services
Productlevels
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Core Product The basic benefit that
the customer is buying.
Marketers must seethemselves as providersof benefit.
This central componet address two.questions
What is the buyer realypurchasing?
What business are we ?
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Supplementary productThese element augment the core
product, both facilitating its use and
enhancing its value and appeal. The
extant and level of supplementaryservice often play a role and
differentiating and position the core
product. Adding supplementaryelements can add value to the core
product and enable the service
provider charge a higher price.
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SUPPLYMENTORY SERVICES OFBANKSThere are following supplymentory
sevices provided by banks.
Deposits
Advances(loans)international banking
Priority banking
Personnel bankingConcuseltency etc.
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AXIS BANKS CONCERTANCY ADD
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Delivery process
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Additional services
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financial product levels of axis bank india
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Product and service
decisionBranding
Product mix decisionsCustomer service strategiesProduct life cycle
New product development
Innovation, diffusion and adaptation
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Product and Service Decisions
IndividualProduct
Product Line
Product Mix
Product attributes
Quality, features,style and design
BrandingPackaging
LabelingProduct supportservices
KeyKeyDecisionsDecisions
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Branding Strategy Brands are powerful assets that must becarefully developed / managed.
Brands with strong equity have manycompetitive advantages:High consumer awarenessStrong brand loyaltyHelps when introducing new productsLess susceptible to price competition
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s.n. Brand Positioning Brand Nameselection
Brand Sponsorship Brand Development
1 Product attributes Good BrandNames
Manufacturer brands Line extensions
2 Benefits Private (store) brands Brand extensions
3 Beliefs and values Licensed brands Multibrand
4 Co-branding New brands
Steps in branding
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:Article Differentiation is theKey in Financial Services Branding
By: Anish V. Koshy
Anish V. Koshy presently handles content managementfor the website, Intranet and internal newsletterdevelopment as well as advertising with
i-flex solutions limited, Bangalore, India asAssistant Manager - Corporate Communications.
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ew ways o crea e e ran svalue in any financial servicesorganization
v Explore and identity the company's core values
.and reasons for existence Scan the heritage of, .its past the founder's vision and thoughts Run
.through its internal publications
v
v Activate the most important value the company: ,owns to its consumer It may be reliability it,may be expertise or flexibility and it may be a
.niche area of operation Use it as a.sledgehammer
vv Create an icon or a visible package that can
.spell out the financial service offered
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Few ways to create the brandsvalue in any financial servicesorganization
v
v Link the organization with a cause that it can
.
identify with
v .Be visible Be where decision makers voice their.opinions Try to match your offering with the
.
theme of the eventv
v . .Ride on your people achievement Invest in them The,value of good resourceful employees is more than
.anything a company can want
vv Differentiate yourselves on the basis of unique
,emotional values instead of focusing onfunctional category values
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vHMT vs. Titan
vHLL vs. Nirma
vBajaj vs. Honda
Market leadership today cannot be taken for granted.New and more efficient companies are able to upstage
leaders in a much shorter period.
Why Market Leaders or bigWhy Market Leaders or bigbrands Suffered ?brands Suffered ?
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Product and service
decisionBranding
Product mix decisionsCustomer service strategiesProduct life cycle
New product development
Innovation, diffusion and adaptation
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WORKFLOW of product mix decisions
Product ItemProduct Item
Product LineProduct Line
Product MixProduct Mix
A specific version of a productthat can be designated as a
distinct offering among an organizations products.
A specific version of a productthat can be designated as a
distinct offering among an organizations products.
A group of closely-relatedproduct items.
A group of closely-relatedproduct items.
All products that anorganization sells.
All products that anorganization sells.
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Product mix decisions
Product-mix decisions are concernedwith the combination of product lines
offered by the company. Management of
the companies' product mix is theresponsibility of top management
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Managing the product mix for acompany is very demanding and
requires constant attention. Topmanagement must provide accurateand timely analysis (BCG) of their
company's product mix so theappropriate adjustments can be madeto the product line and individualproducts.
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PRODUCT MIX Is the set of all product lines.
P.Mix Width: How many different product lines thatthe company has. P. Mix Length: Total no. of items or brands in the p.
Line. P. Mix Depth: refers to how many different variants
are offered in each product category. (variants &SKUs)
The Consistency of the product mix refers to howclosely related the P.Lines are in end use,
production requirements, distrbn. Channels etc. The above four factors determine the companys
product Strategy.
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PRODUCT MIX DECISIONS A product line is a group of products that are
closely related because they perform asimilar function, are sold to the same groupof customers, are marketed through thesame channels.
Company can expand its business
By adding new lines (mix widening),
By adding new brands (lengthen) and By adding new variants (deepening of Product
Mix).
PRODUCT MIX DECISIONS
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PRODUCT MIX DECISIONS
Decision to pursue more product line or less
depending on whether it wants to acquire a strongreputation in one field or participate in severalfields.
A Product Mix consists of various product lines. It isthe assortment of items that a Co. is offering for
sale.
4 classifications based on profitability Core products Staples Specialty items Convenience items
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Product Mix
Width how many product lines a company has Length how many products are there in a product line
Depth how many variants of each product exist within aproduct line
Consistency how closely related the product lines are inend use
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Gillettes Product Lines & Mix
Blades and Writingrazors Toiletries instruments Lighters
Fusion 5 bladeMach 3 TurboMach 3 Series Paper Mate CricketSensor Adorn Flair S.T. DupontTrac II Toni S.T. Dupont Atra Right
GuardSwivel SilkienceDouble-Edge Soft and Dri
Lady Gillette FoamySuper Speed Dry LookTwin Injector Dry IdeaTechmatic Brush Plus
Width of the product mixWidth of the product mix
Dept h
o
fthep
roductlin
es
Dept h
o
ft h
eprodu
ctlin
es
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investments deposits loans cards Demat
services
Nri services Any-where
banking
Mobile
banking
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formulates corporate objectives
product line.
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Product and Service Decisions
IndividualProduct
Product Line
Product Mix
Product line lengthLine stretching:
adding productsthat are higheror lower pricedthan the existing
lineLine filling: adding
more itemswithin the
present priceran e
KeyKeyDecisionsDecisions
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Product and Service Decisions
IndividualProduct
Product Line
Product Mix
Product line width:number of
different productlines carried bycompany
Product line depth:
Number ofdifferent versionsof each productin the line
Product line
consistency
KeyKeyDecisionsDecisions
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Product and Service Decisions
IndividualProduct
Product Line
Product Mix
Product attributes
Quality, features,style and design
BrandingPackaging
LabelingProduct supportservices
KeyKeyDecisionsDecisions
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Brand Strategy
Brand Positioning Brand Name
Selection
BrandSponsorship
BrandDevelopment
Three levels ofpositioning: Product
attributes Least
effectiveBenefits
Beliefs andvalues
Taps into
KeyKeyDecisionsDecisions
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Brand Strategy
Brand Positioning Brand Name
Selection
BrandSponsorship
BrandDevelopment
Good Brand Names: Suggest something
about the productor its benefits
Are easy to say,recognize andremember
Are distinctive Are extendable
Translate well intoother languages
Can be registered
and legally
KeyKeyDecisionsDecisions
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Brand Strategy
Brand Positioning Brand Name
Selection
BrandSponsorship
BrandDevelopment
Manufacturer brands
Private (store) brands
Costly to establishand promote
Higher profit margins
Licensed brands
Name and characterlicensing hasgrown
Co-branding Advantages /
disadvantages
KeyKeyDecisionsDecisions
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Brand Strategy
Brand Positioning Brand Name
Selection
BrandSponsorship
BrandDevelopment
Line extensions Minor changes to
existing products
Brand extensions Successful brand
names helpintroduce newproducts
Multibrands Multiple product
entries in aproduct category
New brands New product
KeyKeyDecisionsDecisions
Th 4 P & 4C
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The 4 Ps & 4Cs
Marketing
Mix
Product
PricePromoti
on
Place
Customer
Solution
Customer
Cost
Communication
Convenience
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Core Concepts of Marketing
Need food ( is a must )
Want Pizza, Burger, French fry's ( translation of a needas per our experience )
Demand Burger ( translation of a want as per ourwillingness and ability to buy )
Desire Have a Burger in a five star hotel
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Customers - Problem Solution
As a priority , we must bring to our customersWHAT THEY NEED
We must be in a position to UNDERSTANDtheirproblems
Or in a new situation to give them a chance toAVOID the problems
D i f C S i f i
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Drivers of Customer Satisfaction
Many aspects of the firms value proposition contribute
to customer satisfaction: The core product or service offered Support services and systems
The technical performance of the firm
Interaction with the firm and it employees
The emotional connection with customers
Ability to add value and to differentiate as a firmfocuses more on the top levels
A l i Of C i i
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A nalysis Of Competition
Who are your competitors?Whatare their strengths and weaknesses?
Whathave been their strategies?
How are they likely to respond to yourMarketing plan?
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The Give and Get of Marketing
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Stages of Customer Interaction
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Strategic Planning
Strategic Planning is the managerial process ofcreating and maintaining a fit between theorganizations objectives and resources and theevolving market opportunities.
Also called Strategic Management Process
All organizations have this
Can be Formal or Informal
The Marketing Mix
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The Marketing Mix
The conventional view of the marketing mix consisted of
four components (4 Ps): Product, Price, Place/distribution and Promotion.
Generally acknowledged that this is too narrow today;now includes ,Processes, Productivity[technology ]People [employees], Physicalevidence
Marketers today are focused on virtually all aspects ofthe firms operations that have the potential to affectthe relationship with customers.
2.GenericProduct- the basic version - can be the initial product offering.
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3. Expected Product-conditions (attributes) that consumers normally expect.
Minimumlevels of offerings.
4. Augmented product:One that includes additional services and benefits thatdifferentiates firms offer from competitors.
5. Potential Product:
Encompasses all augmentations and the transformations that theproduct will undergo in the future