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Name: Roll No:
Mohd Abid 07
Vinod Tiwari 21
Sahil Hooda 06
Subject: Marketing in Banking andInsurance
Professor: Manali Shetye
Rizvi Colle e of Arts Science and Commerce
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What is Marketing?
Marketing is a social & managerial process bywhich individuals & groups obtain what theyneed & want through creating, offering &exchanging products of value with others
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Definition of service marketing
According to American Marketing Association:Services are the activities, benefits orsatisfactions which are offered for sale or areprovided in connection with the sale of goods
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Characteristics of Service marketing
1. Intangibility
2. Perishability
3. Inseparability
4. Variability
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Intangibility
1. Cannot be seen, tested, felt, heard or smeltbefore they are bought
* Challenge: to tangibilize the intangible byadding physical evidence & imagery
(e.g. McDonalds)
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Perishability
1. Services cannot be stored.
*E.g. The services offered by the employees atthe bank perish when one leaves the premisesof the bank.
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Inseparability
1. Provider is part of service
*E.g. In the field of Teaching, if the professor isindisposed, he can not be replaced with aClerk to provide the same service as a Teacher
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Variability
1. Unlike a standard toothpaste or soap, you donot have standard doctors. The reputationdecides the no. of prospective patients, based
on the doctors skills. This varies from doctorto doctor.
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7 Ps of marketing
1. Product
2. Price
3. Place
4. Promotion
5. People
6. Physical Evidence7. Process
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Product
American Express Credit Card
Black Card
Platinum Card
Gold Card
Silver Card
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Price
Black Card Yearly Charges 2500$
Platinum Card Yearly Charge 1500$
Gold Card Yearly Charge 900$
Silver Card Yearly Charges 500$
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Place
Foreign Banks
E.g. Bank of America
Multinational Companies in which theemployees hold high designations
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Promotions
Bank letters send to the esteemed customers
Tie up with Corporate Companies
Sponsorship on good performance
Hoardings
Through Commercial Advertisings
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People
The employees at the bank
Employees of the shipping company
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Physical Evidence
Credit Card being delivered to the mailingaddress
Paperwork
Websites for Total information
Buildings(Offices and Headquarters)
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Process
Standardization Same kind of regulationsthat the banks are subject to
Customization Special counters to deal withthe customers
Simplicity Helps to consume less time, asthere are separate kiosks for all the information
Customer Involvement Credit Cards do not
require bank employees neither do they requirecurrency notes only involvement of the creditcard owner and the credit card a.k.a plastic
money