Marketing Innovation And Conceptual Changes

1936 Words8 Pages
MM1 SEC F 2014

GROUP NO 11

SUBMISSION NO. 7 (19th August, 2014)

Marketing Innovation and Conceptual changes in Marketing

PRODUCT: Banking Sector

INDIAN INSTITUTE OF MANAGEMENT LUCKNOW 1. Introduction
Banks that compete in a space which already has intense competition can suffer because of limited strategies of matching and beating competitors. The solution for this problem is to look for a new market space and thereby make the competition irrelevant. In order to get this bypass the challenge is to introduce new dimensions into the market segmentation, positioning and targeting equation that other competitors cannot immediately match. In their eagerness to please customers, banks sometimes lose focus of their definition of service is.
Once the bank’s top management has clearly articulated its definition of service and communicated this through holistic marketing, innovation through precision targeting becomes simple.
The internal and external changes in the environment forces the organizations to innovate in order to grow and prosper. Banking has witnessed radical transformation lately, based on many innovations in business models, products, processes, technology, systems, services, governance and regulation. The use of IT (information technology) in the Indian banking sector followed the liberalization process initiated in the country in the early 1990s. Given the evolving regulatory environment, rapid technological advancements, heightened competition,
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