Marketing of Value Added Services in Bfsi

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

Based on the findings, it was concluded that banks should concentrate on improving the value perceptions of the customers by taking into concern the easy design of the services, service perspective and compatibility of the services delivered.

No Contents Page No I. Introduction 3 II. • Critical Analysis of Value Co-creation and Service Systems: A Service Ecosystems View" by Vargo and Akaka (2012) according to Foundational Premises (FPs) factors: 4 A. FP1- Service premises 5 B. FP6- Value Co-creation 6 C. FP9- Resource Integration 7 III. A. SAMSUNG 8 B. SAMSUNG Marketing strategy: 8 C. Product or Goods Dominant Logic IV. Practical Implications 9 A. FP-1 9 B. FP-6 10 C. FP-9 10 V. Conclusion 11 VI. Reference 12   Introduction Marketing is a new system to some extent even

Overall, intangibility of service is a challenged being faced by many marketers, and marketers, being smart as they are, have always countered this problem by being more innovative so that they can

1. The Service Concept: Just like production, service industry is also a vast plot that has its own keen interests and points, though different from production processes but equally important. Similar to production, services also have procedures, and each of them must have to be done properly, at right time and

Introduction Lusch et al. (2007) describe as marketing emerged in the beginning of the 20th century, it embraced the goods-dominant (G-D) logic. The concept of the Four Ps of marketing mix – product, price, place and promotion became treated as the basic model at that time. (Grönroos, 1989) Today, this paradigm is beginning to lose its position. Service marketing is one leading new approach to marketing. Four main characteristics of services defined by Kotler et al. (2009) are intangible, perishable, variability and inseparability (see Appendix A). Thus, Booms and Bitner (1982) turn services marketing into 7Ps by adding people, physical evidence and process.

Signature (Student) TABLE OF CONTENTS  Scope of the Study  Executive Summary  Introduction a. Banking in India  Retail Banking a. Multiple Products b. Multiple channel of distribution c. Multiple customer groups d. Features of Retail Banking  Impact of Retail Banking in Indian Economy  Trends in Retail Banking  Role of Retail Banking in Indian Economy  Challenges in Retail Banking SCOPE OF STUDY The benefit of the study for the researcher is that it helps to gain knowledge and experience and also provides the opportunity to study and understand the role of retail banking in Indian Economy.

Defining Services Services are about the economic activities offered by one party to another. On the other hand is about exchange for the customer money, time, and effort, service customers expect to obtain value from access to goods, labor, facilities, environments, professional skills, networks, and systems; but they do not normally take ownership of any of the physical elements involved.

1.1 Service Nature Service is an activity which normally takes place by interacting between the service employees and the customer although a clear definition on services has always been immense to describe. An easy way to understand services is by imagining service personnel as the actors in a play and the customers as the audients (Lovelock, Vandermerwe, Lewis, 1999). There are two ways in which services can be defined, such as service being an act of performance and as economic activities providing consumers with benefits under specific circumstances. The importance of the service sector is obvious as 67% of employees are directly employed in service jobs while more than half of those already employed in manufacturing companies perform service function jobs. (Irons, 1997) Services have four key characteristics such as intangibility, inseparability, variability/heterogeneity and perishability. This key characteristics of services are used to describe the effect and

Marketing Strategies Our focus and marketing message will be the services offered. We will develop our message, communicate it, and fulfill our commitment to excellence. Websites and Mobile Applications Many hotels have created their own website and mobile applications. It is definitely something to consider if a large portion of our target

EMERGING ISSUES & OPPORTUNITIES OF RETAIL BANKING IN INDIA 1.0 RETAIL BANKING –An Introduction Retail banking is, however, quite broad in nature - it refers to the dealing of commercial banks with individual customers, both on liabilities and assets sides of the balance sheet. Fixed, current / savings accounts on the liabilities side; and mortgages, loans (e.g., personal, housing, auto, and educational) on the assets side, are the more important of the products offered by banks. Related ancillary services include credit cards, or depository services. Retail banking refers to provision of banking services to individuals and small business where the financial institutions are dealing with large number of low value transactions. This

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.

Banking system is one of the many institutions that impinges on any economy and affects its performance for the better or the worse. In what measure a given banking system contributes to economic development depends upon the governing policy of the Government. As a rule, banking systems are adapted to the structure and needs of the particular economy they exist in. Indian economic policy has been founded on the philosophy of the economic growth with social justice.

Performance management It is vital for the banks management to differentiate between performers and non- performers and be able to eliminate skilfully the latter. Non-performers in an organization often the banking industry is keen on providing the best service to its revered customers. Those not willing to toe the line and

IntroductionThe world economy nowadays is increasingly characterized as a service economy. This is primarily due to the increasing importance and share of the service sector in the economies of most developed and developing countries. In fact, the growth of the service sector has long been considered as indicative of a country’s economic progress.Economic history tells us that all developing nations have invariably experienced a shift from agriculture to industry and then to the service sector as the main stay of the economy.This shift has also brought about a change in the definition of goods and services themselves. No longer are goods considered separate from services. Rather, services now increasingly represent an integral part of the