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Icic Case Study

Decent Essays

Case: ICICI Bank – Brand Building in Retail Banking

Situational Analysis
This case highlights the journey of ICICI Bank towards its establishment as a formidable brand in the retail banking sector. Before ICICI, the banking sector was dominated by several state-run organizations. However, ICICI managed to identify its customer segments very aptly and design an offering for each of these segments in order to maximize the value it offered to these customer segments. Aimed at attracting young consumers to its retail banking operations through schemes such as “Chintamani” and “Jeete Raho” campaign for its insurance business, ICICI was able to successfully create a brand name for itself amongst its target customers. It also launched several well-known …show more content…

Jeete Raho- Retire form job and not from life communicating that you can live your life as happily even after the retirement.

Celebrity endorsement Amitabh Bachchan
He was made the brand ambassador of ICICI in 2001. Created a trust worthy image for the brand as he is one of the most respected and trusted personality in the Indian cinema industry which is very popular among the target segment of the ICICI brand.
Shah Rukh Khan
He was made the global brand ambassador for ICICI in 2006 .The aim was to cater to the Non Residential Indian’s and the international audience. His movies were popular and he had a major fan following in India as well as abroad.

Direct Mailers
They set up a separate department for direct communication through mails. The offers and mails were sent specifically to those people who are most likely to take that offer thus improving the efficiency of their marketing campaign.

Awards and recognition
ICICI partnered with CNBC TV18 to launch the emerging India awards in 2004. It is India’s biggest business award recognized by the Limca book of world record.

Competitor’s …show more content…

The top management must identify the exiting branding elements that must be removed and any new ones that need to be added to increase the profit margin as well as the revenue. In the wake of the global financial crisis, the earlier strategy of higher tolerance towards risky loans seemes to be itself a risky proposition, and such elements needed to be removed from the brand offering of ICICI Bank.

2. The top management of ICICI Bank must also decide whether to opt for a corporate level brand entity or a division level brand entity for the different functional departments of the ICICI bank. The corporate level branding w=earlier adopted was to create a perception of a complete banking solutions provider and in order to pomote cross-selling. However the offering included lower fees for repeat customers which had led to a significant decrease in the margins for ICICI Bank.

3. ICICI was inclined towards expanding globally to other countries after establishing a strong foothold in India and had taken several actions to realize that goal. However, in the wake of the global financial crisis, the top management must decide on whether it was the right time to engage in globl

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