7 P's of Banking Sector

Relationship Marketing – According to Abeysekera and Kumaradeepan’s study in the year 2012, relationship marketing can be used as a strategy to race in the market. Relationship marketing has been operationalized using the model of trust and commitment. The findings suggest a significant difference in "relationship marketing orientation" in state bank and private bank. Private Banks can be viewed as concerned with more relationship marketing than state banks.

From an operational viewpoint, banks are trying to incorporate technology in their product offerings, such as advanced banking and financial-related mobile applications. Innovations are made with the assistance of learnings from customer information and data analysis, which are an essential part of analytical CRM. The strategic view also suggests that banks are building a social presence on online platforms to enhance customer engagement and build a long-term relationships with their customers. The above approaches can clearly be identified when looking at CBA and NAB customer relationship management strategies. With its high-tech ATMS and state-of-the-art Commonwealth mobile app, CBA has full product leadership in the market, enabling them to have a competitive advantage when attracting new prospects or customer retention. On the other hand, NAB use customer intimacy as their core CRM strategy, cutting their product offerings in half and make consumers more centrally focused. They are very responsive in customers' needs and wants; and is the leading brand when it comes to customer

leader in cross-selling banking products and services to its existing customers, and therefore, set sales

It has been held in the United Brands case that product differentiation acts as a barrier to entry. Product differentiation is the development or incorporation of properties such as pricing, style etc. that the intended buyers of a product perceive to be different from others and therefore desirable. In the instant case the product differentiation has been made by different annual fee for licence of patented product.

Of all the companies in my area there are many that don’t seem to implement the marketing concept to its fullest potential. Among these companies are Chase Bank, Big Lots, Pulse Yoga and Fitness Studio, and Tecknowlogic. On the other hand are the companies that use the marketing concept to the fullest extent. These companies include Huntington Bank, Meijer’s, The YMCA, and eGreen Computers, Inc. When looking at Huntington Bank everything they market and everything they set out to do is to satisfy their customers’ needs. Their marketing is everywhere from pens at the store, radio ads, television ads, billboards, etc. They make their banking and marketing out to be all about the customer and coordinate it between corporate, branches, employees, and take it as far as coordinating between bank accounts. Huntington is good at implementing the 4 C’s of customer value, cost, convenience, and communication. When looking at the marketing for Chase bank there is little marketing and it isn’t always geared to the customer. They lack in promoting their banking to customers and this is essential to maintain those customers. Chase is unable to show how valuable their company is in their marketing and should take measures to coordinate their efforts accordingly.

Welcome to the service audit report on Bell State Bank and Trust, a locally originated bank that was formerly known as State Bank and Trust of Fargo. This report covers the business model of Bell State Bank and Trust and focuses exclusively on the service marketing aspect of the business. In the beginning of the report I have provided a general overview of the banking industry. This part is important in understanding and comprehending the level of progress or shortcomings of the subject bank. By realizing how fast the banking sector is progressing, it gives us a reference point to analyze the progress of Bell State Bank. I have also discussed the competitive environment of the bank. In this section I realized that Bell State was one of those financial institutions that is hard to classify as it has smaller roots and is close to its origins, however it has a huge asset of $3 Billion that transcends the limits of small regional banks. The firm’s competitive advantages highlight that the firm prides itself in its community ties. It is these ties that have led to the banks local sourcing of employees, philanthropy, past growth and public image.

Banks that can offer a multitude of consumer products and acquire customers through branches will continue to own customer acquisition and product distribution advantage over the coming years

Stated in the previous section, product differentiation provides a wide selection of products or services in the market. Firms develop unique products to respond to the consumers’ preferences. Product differentiation gives the consumers different segments of the market a wide variety of goods to choose from. Jeans come in a wide variety of styles, colors, and fabrics. As trends come jean companies respect the fashion industry and what their consumers want and accommodate to their wants.

Product specialisation and variety is another way of differentiation being employed. Someretailers are offering specialised products, like Reed specialises in organic and fresh seafoods and some differentiate on packaging. Some retailers are selling various products in a category by different

After careful thought and internal discussion, the research general topic of interest to me is the marketing aspects of the banking industry. Considering this are of research, I have further narrowed down this subject into three areas of interest in which to draw a more specific doctoral thesis to pursue.

The Bank of America has tackled major issues facing the banking industry by employing its simple customer-focused approach. The corporation’s strategic method to effectively identify and provide a range of financial products and services through direct and indirect customer feedback have been profitable. Nevertheless, the bank’s resource-based view has also impacted the basis of the cooperation’s competitive advantage. This resource-based view lies primarily with the application of valuable tangible or intangible resources. These resources are critical to accomplishing consistent alignment of the cooperation’s MVGO’s and utilized throughout various sectors of the corporation including the human resources, financial, and technological

Thus, each bank needs to differentiate their product offers to customer, strengthen their portfolio, and improve services, etc depending on its strategies.

As defined in Marketing the Core, product differentiation is a corporate strategy whereby there is “a provision of something that is unique and valuable to

There are several objectives that the customer relationship management is being implemented, such as customer identification, customer differentiation, customer interaction and personalization (Peppers, 1998). First, it is very important for a company if it able to identify its customers. Different companies offer different products and services which may not satisfy all customers. The costs and efforts of acquiring new customers can be reduced and focused when the company finds out the customers who are its potential customers. For example, e-mail distribution or mailing services can be used if the company has the customers’ profile. Next, the company can use the services to differentiate its products with others. The company may sell or provide the similar products with the other

1) Product differentiation—brands can be differentiated on the basis of a number of different product or service dimensions such as product form, features, performance, conformance,