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MARKETING STRATEGIES OF BANK: A COMPARATIVE STUDY ON SOME SELECTED PRIVATE AND PUBLIC SECTOR BANKS IN BERHAMPUR

Sai Om Journal of Commerce & Management - International

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Title MARKETING STRATEGIES OF BANK: A COMPARATIVE STUDY ON SOME SELECTED PRIVATE AND PUBLIC SECTOR BANKS IN BERHAMPUR
 
Creator Panigrahi, Anita Kumari
 
Subject Bank Marketing; Marketing Strategies; 7Ps of Marketing
 
Description Marketing strategy is one the most important areas that needs to be carefully examined by the policy makers of banks. This stems from the need to improve the performance and ensure sustainable growth of banks as competition in the banking industry intensifies. A sound marketing strategy becomes imperative for banks. It not only operate in an environment where service quality and financial returns are perceived as the essential criteria from customers’ viewpoint, but they must also compete with conventional banks which are known to have better experience and expertise in the banking business. Banks now have a firm belief that effective marketing strategies applied in the bank reducing the cost of services provided to customers, and raise the quality of banking services provided, and to influence the response to the client alone can assure the future of banking business. Marketing strategies of banking sector revealed that banks can base their marketing strategies on various parameters which are broadly in terms of 7Ps of marketing viz., Product, Place, Price, Promotion, People, Physical Evidence and Processes. The present study is based on a survey on 6 randomly selected private and public sector banks in Berhampur to identify the marketing strategies they follow at present. The study finds that marketing strategies adopted by these banks to market their products are not well designed and incomplete to some extent. The study also finds that there is a need to develop more effective marketing strategies suitable for long-term growth of these banks.
 
Publisher Sai Om Publications
 
Contributor —
 
Date 2015-06-19
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://abhinavjournal.com/journal/index.php/ISSN-2347-7571/article/view/713
 
Source Sai Om Journal of Commerce & Management: A Peer Reviewed International Journal (Online ISSN 2347–7571); Vol 2, No 6 (2015): Sai Om Journal of Commerce & Management: A Peer Reviewed International Journal (Online ISSN 2347–7571); 6-14
2347–7571
 
Language eng
 
Relation http://abhinavjournal.com/journal/index.php/ISSN-2347-7571/article/view/713/470
 
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