marketing strategy babli02 gokul d11 shraddha labde23 ravikant sharma43 prabhat kumar sinha48
TRANSCRIPT
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Marketing Strategy
Babli 02
Gokul D 11
Shraddha Labde 23
Ravikant Sharma 43
Prabhat Kumar Sinha 48
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Marketing = ?
Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services to create exchanges that satisfy individual and organizational goals.
Marketing is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.
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What is bank marketing ?
Bank marketing is the aggregate of functions, directed at providing services to satisfy customer financials (and other related) needs and wants, more effectively and efficiently than the competitors keeping in view the organization objectives of the bank
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Why bank marketing is necessary ?
• The existence of the bank has little value without the existence of the customer
• Aim is not only to create and win more and more customers but also to retain them through effective customer service
• Appropriate promise to a customer through a range of services (products) and also to ensure effective delivery through satisfaction is necessary
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Concept of bank marketing
• Identifying the most profitable market now and in future
• Assessing the present and future needs of the customers
• Setting business development goals and making plans to meet them
• Managing the various services and promoting them to achieve the plans
• Adapting to a changing environment in the market place
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Simple Marketing System
Industry(a collection
of sellers)
Market(a collection
of Buyers)
Communication
Information
Goods/services
Money
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The 4 Ps & 4Cs
MarketingMix
Product
Price Promotion
Place
CustomerSolution
CustomerCost
Communication
Convenience
CustomerSolution
CustomerCost
Communication
CustomerSolution
CustomerCost
Convenience
Communication
CustomerSolution
CustomerCost
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Marketing Triangle
Customers
CompetitionCompany
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How Do Consumers Choose Among Products
& Services?• Value - the value or benefits the customers gain
from using the product versus the cost of obtaining the product.
• Satisfaction - Based on a comparison of performance and expectations.
– Performance > Expectations => Satisfaction
– Performance < Expectations => Dissatisfaction
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Customer looks for Value
Value = Benefit / Cost
Benefit = Functional Benefit + Emotional Benefit
Cost = Monetary Cost + Time Cost + Energy Cost + Psychic Cost
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Analysis Of Competition
• Who are your competitors?
• What are their strengths and weaknesses?
• What have been their strategies?
• How are they likely to respond to your Marketing plan?
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Strategic Marketing
• Strategic marketing management is concerned with how we will create value for the customer
• Asks two main questions
– What is the organization’s main activity at a particular time? – Customer Value
– What are its primary goals and how will these be achieved? – how will this value be delivered
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Business Strategic-Planning Process
External environment
(Opportunity &
Threat analysis)
Internal Environment
(Strength/ Weakness analysis)
Goal FormulationBusiness Mission
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Strategy FormulationEnvironmental Analysis
Internal AnalysisCompetitorCustomerSupplier
RegulatorySocial/ Political
Technology Know-HowManufacturing Know-How
Marketing Know-HowDistribution Know-How
Logistics
Strength & Weaknesses
Identity Core Competencies
Opportunities & Threats
Identify opportunity
Fit internal Competencies with external opportunities
Firm Strategies
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• Are Banks truly marketing-savvy and Are Banks truly marketing-savvy and customer - centric?customer - centric?
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Myth buster – The range of products has Myth buster – The range of products has
emerged from beingemerged from being
competition-centric.competition-centric.
Myth 1 – The larger the range of products,
the more customer-centric I am.
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• Myth 2 – Better technology (read CRM) leads to better customer service.
Myth buster – TechnologyMyth buster – Technology
alone does not deliver, alone does not deliver,
helps people do.helps people do.
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• Myth 3 – Launch a product and the customer will start using instantly. Give a customer a card and he will learn how to play with it immediately
Myth buster – Customers needMyth buster – Customers need
To be educated too…To be educated too…
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Myth buster – Customers Myth buster – Customers are not only present are not only present where competition is.where competition is.
• Myth 4 – The only way to get a customer is from competition.
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• Myth 5 – Just advertise and - You will sell.
Myth buster – Advertising will only sell, Myth buster – Advertising will only sell,
Not retain customers.Not retain customers.
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Myth 6 – No difference between marketing & selling
Myth buster – Myth buster – “Selling focuses on the needs of the “Selling focuses on the needs of the seller; marketing on the needs of the buyer.seller; marketing on the needs of the buyer.
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Myth 7 – In the absence of relationships ‘trust’ builds financial brands
Myth buster – TMyth buster – Trust is not a differentiator at all…rust is not a differentiator at all…it is the very minimum that the customer expects!!it is the very minimum that the customer expects!!
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Current Marketing Strategies
•Referral Services
•Direct mailing
•Cold calling
•Offering items having your brand identity
•Using the media
•Getting celebrities to endorse the product or services
•Sponsoring events
•Using permission based marketing
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Drivers of Customer Satisfaction
• Many aspects of the firm’s 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 firm focuses more on the top levels
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Stages of Customer Interaction
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Rural Bank Marketing
• Follows 80-20 Parato principal• Bankers need to understand the rural psychology• Employing local literate youth for confidence
building• Banker must be aware of agriculture aspects,
cultural communal aspects, institutional facilities etc
• Process of changes should be known to him• Status of various developmental plans should be
known
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Rural Strategy
• R : Retail business for rural community as customer and producer
• U : Urban facilities, investments, infrastructure• R : Animal husbandry and Allied activities• A : Agri Productions• L : Linkages and synergy
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Strategies for Rural Areas
• BY PROPER COMMUNICATION IN INDIAN LANGUAGE
• BY UNDERSTANDING CULTURAL AND SOCIAL VALUES
• BY PROVIDING WHAT CUSTOMER WANT
• BY PROMOTING PRODUCTS WITH INDIAN MODELS AND ACTORS • BY PROMOTING INDIAN SPORTS TEAM
• BY DEVELOPING RURAL-SPECIFIC PRODUCTS
• BY GIVING INDIAN WORDS FOR BRANDS
• BY EFFECTIVE MEDIA COMMUNICATION
• BY ADOPTING LOCALISED WAY OF DISTRIBUTING
• MELAS
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