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7 Ps of Service Marketing

Mix...

With reference:

ICICI Bank

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7 Ps...

Product

Price Promotion

Place

People Physical Evidence

Process

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Product

A product is anything that can be offered to the market

for:

Attention

Acquisition

Use

Bundle of tangible & intangible attributes (benefits, features,

functions, uses)

Consumption that might satisfy a need or want

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Products or Services Offered by ICICI

Bank...

Traditional Services

Checking Accounts

Savings Accounts CDs (Certificates of Deposit)

Savings Bonds

Loans

Car

Home Personal

Safe Deposit Boxes

NRI services

Expanded Services

Insurance Sales

Small Business Advising andLoans

Investments

Credit Cards

Remittances

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Price

Pricing is one of the most important elements of the marketing

mix, as it is the only mix, which generates a turnover for the

organization.

It costs to produce and design a product, it costs to distribute a

product and costs to promote it. Price must support these

elements of the mix.

Pricing is difficult and must reflect supply and

demand relationship. Pricing a product too high or too low could

mean a loss of sales for the organization.

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Price

(Contd)

Pricing should take into account the following factors:

Fixed and variable costs.

Competition

Company objectives

Proposed positioning strategies.

Target group and willingness to pay.

Types of pricing:

Penetration pricing

Skimming pricing

Competition pricing

Bundle Pricing

Premium pricing

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Promotion

Promotion represents all of the communications that a

marketer may use in the marketplace

Strategies to make the consumer aware of the

existence of a product or service

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Promotion...

(Contd)

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Place

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People

In a bank organization, employees are essentially the

contact personnel with customer. Therefore, an

employee plays an important role in the marketingoperations of a service organization.

ICICI become conscious in its potential in internal marketing - the

attraction, development, motivation and retention of qualified employee-

customers through need meeting job-products. Internal marketing paves way for external marketing of services.

A service company can be only as good as its people.

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People

(Contd)

People believe in things what they can see & inservice industry people working in it create the belief &

trust in the customer by providing better service with

adding there personality.

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Physical Evidence

Where is the service being delivered? Physical Evidence is

the element of the service mix which allows the consumer

again to make judgments on the organization. For example -

If you walk into a restaurant your expectations are of a clean,friendly environment. On an aircraft if you travel first class

you expect enough room to be able to lay down!

Physical evidence is an essential ingredient of the service

mix, consumers will make perceptions based on their sight of

the service provision which will have an impact on the

organizations perceptual plan of the service.

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Physical Evidence at ICICI Bank

1. Signage

2. Financial ReportsThe companys financial reports are

issued to the customers to emphasis or credibility

3. Tangibles Pens, Writing pads to the internal customers.

Passbook & Cheque books to the customers.

4. Punch Lines Hum Hai Naa

5. Employees Dress Code ICICI Bank follows a dress codefor their internal customers.

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Process

Use of technology for both internal & external

processes.

Processes are system driven & is independent ofpeople.

Standardization of services across all branches.

Extensive investment in software solutions for process

systemization. Abides by the rules & regulations of RBI.

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PROCESS

STANDARDIZED

CUSTOMER

FOCUSED

CUSTOMIZE

DSIMPLICITY

Process

(Contd)

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Thank You