Contents1. EXECUTIVE SUMMARY..................................................................................................3

2. INTRODUCTION..................................................................................................................4

2.1. The Company............................................................................................................4

2.2. The Challenges..........................................................................................................4

3. SEGMENTATION, TARGETING AND POSITIONING (STP)...........................................5

3.1. Identification of Organisational Components.............................................................5

3.2. Identification of Segmentation Variables and Market Segments...............................5

3.2.1. Segmentation Variables.....................................................................................5

3.2.2. Market Segments...............................................................................................5

3.3. Developing Profiles for Each Segment......................................................................6

3.4. Evaluation of Attractiveness of Market Segment.......................................................6

3.5. Targeting the Segments............................................................................................7

3.6. Identifying the Positioning Concept...........................................................................7

3.7. Positioning Concept...................................................................................................7

3.8. Developing the Marketing mix Strategy.....................................................................7

4. MARKETING MIX.............................................................................................................8

4.1. Product......................................................................................................................8

4.1.1. Product Portfolio.................................................................................................8

4.2. Price...........................................................................................................................9

4.2.1. Strategies for Pricing Decision...........................................................................9

4.3. Place: Distribution Channel.....................................................................................10

4.4. Promotion................................................................................................................11

4.4.1. Personal Communication Channel...................................................................11

4.4.2. Non personal Communication Channel............................................................11

5. BRANDING.....................................................................................................................11

5.1. Brand Positioning.....................................................................................................12

5.2. Brand Name.............................................................................................................12

5.3. Brand Sponsorship..................................................................................................12

5.4. Brand Development.................................................................................................12

6. CUSTOMER RELATIONSHIP MANAGEMENT (CRM)..................................................13

6.1. Identify.....................................................................................................................14

6.2. Differentiate.............................................................................................................14

6.3. Interact.....................................................................................................................15

6.4. Customize................................................................................................................16

7. CUSTOMER REPUTATION MANAGEMENT................................................................16

8. REVISED STRATEGY....................................................................................................17

8.1. Target Segmentation...............................................................................................17

8.2. Product....................................................................................................................17

8.2.1. SWOT Analysis................................................................................................17

8.2.2. Product Portfolio...............................................................................................18

8.2.3. Product Development.......................................................................................19

8.2.4. Expected Features...........................................................................................19

8.3. Price.........................................................................................................................19

8.4. Place........................................................................................................................19

8.5. Promotion................................................................................................................19

8.6. Branding..................................................................................................................20

8.7. Customer Relationship Management..........................................................................20

8.8. Customer Reputation Management.........................................................................20

9. CONCLUSION................................................................................................................21

10. Bibliography.................................................................................................................22

1. EXECUTIVE SUMMARYThis report addresses the pros and cons of the present marketing management within the accounts and deposits products of Housing Development Finance Corporation Bank Ltd. (HDFC Bank hereafter). HDFC Bank is public owned company listed in BSE Mumbai, India. The report also addresses the HDFC Bank marketing strategies in few of the major segments urban, rural and student.

For analysing the marketing management of the bank the authors have broken the report down into six key topics.

Segmentation, Targeting and Positioning (STP) - A careful approach for STP is maintained by the bank which allows for serving as many segments as possible.

Marketing Mix - The marketing mix does not align with the positioning concept of the bank. The bank fails to position itself in the minds of consumers belonging to segments which cannot be underestimated.

Branding - The name of the bank in a blue colour background with the position statement reveals the identity of the bank to the customers.

Customer Relationship Management - The bank identifies, differentiates, interacts and customizes its products for premium customers in order to upsell or cross-sell the products.

Customer Reputation Management - This section of the report critically analyses the way through which the bank maintains the reputation through handling the grievances, complaints and serving the customers.

Revised Strategy - After analysing the present marketing management a strategy is proposed for the bank which fills the loopholes present in the bank current approach of marketing.

2. INTRODUCTION

2.1. The CompanyHDFC Bank is financial services provider in India headquartered in Mumbai, India. HDFC Bank was amongst the first to receive an “in principal” approval from Reserve Bank of India after the liberalisation of banks in India. Currently it is one of the largest private banks in India and has 2,776 branches and 10,490 ATMs, in 1,399 cities in India. All the branches are centrally controlled on a real time basis through Mumbai. It has over 66000 employees with an annual turnover of Rs 3837 billion (HDFC Bank, 2012).

The various products and services offered by the bank are accounts and deposits, loans, cards and insurances. Accounts and deposits range from savings accounts to rural accounts, loans range from personal to rural loans, cards range from debit to prepaid cards and insurances range from life to home insurance.

2.2. The ChallengesThere are a number of challenges posed by the marketing team. The cultures, religions and the diversities prevailing in India make it difficult to make a central marketing strategy to market the products and services offered by the bank.

The training of the employees is another challenge posed as in order to serve diverse consumers multi skilled employees are required. Integration of the skills within an individual requires time and expertise.

Consumers needs and wants changes from time to time. Marketing the products and services according to the changes in the needs and wants of a diverse population is another huge challenge.

3. SEGMENTATION, TARGETING AND POSITIONING (STP)India is a diverse and populated country. As per the definition provided within various sources and the conditions prevailing in India, it appears that HDFC Bank adopts a defined STP process. The steps taken under the eight stage process of STP (Wilson & Gilligan,2005) is critically examined below within the context of HDFC Bank.

3.1. Identification of Organisational ComponentsSince HDFC Bank is one of the leading banks in India, it has the potential to launch variety of accounts and related services and the potential to target them to variety of customers. HDFC Bank is optimising its current position, capabilities and constraints to provide savings accounts ranging from Senior Citizens to Women’s Savings Account (HDFC Bank, 2013) and current accounts ranging from Premium to Agri Current Account (HDFC Bank, 2013).

3.2. Identification of Segmentation Variables and Market Segments

Segmentation of the market is a huge challenge posed by banks in India. The variables are innumerable and hence the market segments but HDFC seems to segment the market based on Demographic, psychographic and profile, which divides the large market in smaller segments. This provides a greater visibility and helps in targeting the market segment.

3.2.1. Segmentation VariablesStates, cultures, caste, income group, beliefs, gender, lifestyle, profession etc. are the sub elements of behavioural, psychographic and profile segmentation criteria (Fahy & Jobbler,2012) in India and segmentation in terms of the factors mentioned above is complex.

3.2.2. Market SegmentsHDFC Bank seems to segment the market in terms of factors mentioned. The strategy behind serving other segments includes customisation for the additional features of the account. For example the type of debit card could be chosen by the customer. The strategy for serving the segments will become clear from figure 1 which is and adaptation of (Fahy &Jobbler, 2012). The strategy allows the bank to serve as many segment as possible. However, the bank is missing on certain important segments such as students.

C onsumer S egmentation

Profile Psychographic D emographic

B enefits

S ought G eographic S ocio

E conomic Personality L ifestyle U sage Purchase

O ccasion

Or Either

S avings Max

A ccount

B asic S avings

A ccount

Or Either

E asy S hop

G old D ebit

C ard

E asy S hop

International

D ebit C ard

E asy S hop

Platinum D ebit

C ard

E asy S hop Imperia

Platinum C hip D ebit

C ard

Source: Adapted partially from Fahy and Jobbler.

Figure 1: Consumer Segmentation

3.3. Developing Profiles for Each SegmentDeveloping profiles for each segment in the case of India is difficult due to diversity. Hence for a country like India products should be designed with uncertainty such that the products could serve as many segments as possible as in the case of HDFC Bank.

3.4. Evaluation of Attractiveness of Market SegmentIndia’s population account for one seventh’s of the world total population. This statistics itself states the potential lying within every market segment. The recent wave of globalisation has changed the face of the world, especially developing economies. The disposable income of people in India has risen in the past decade, a fact providing the market with increased financial potential within every market segment. However, the bank is uncertain about market segments such as those belonging to lower income group.

3.5. Targeting the SegmentsThe segments that could be formed are innumerable. Hence it appears that HDCF bank is targeting multiple segments, mainly based on the demographic and geographic segments without launching a product which covers the entire segment. The bank is partially targeting through differentiated marketing approach. For example women savings account for women. However the bank is missing out one major education segment mainly college graduate or students, which comprises of a larger population.

Figure 2: Targeting

3.6. Identifying the Positioning ConceptAfter examining the segmenting and targeting criteria used by HDFC Bank it appears that it wants to serve as many segments as possible by launching as fewer accounts and related services as possible. It wants to serve the consumers as per the needs and wants of the consumers and to position itself accordingly.

3.7. Positioning ConceptThe positioning statement of HDFC Bank is we understand your world. The statement suits to the image it wants to be perceived in the minds of the customer as per the positioning concept discussed above.

3.8. Developing the Marketing mix StrategyThe marketing mix strategy used by the bank however does not align with the positioning concept. The marketing mix strategy used by the bank is discussed below in the report.

4. MARKETING MIX

4.1. ProductAccounts and product related services fall into both categories customer and industrial. Hassle free financial transaction is the feature that customer value while opening an account. Actual product is the account, which could include debit card, internet banking, cheque book, etc. After sale service and support appears to be the augmented product.

4.1.1. Product PortfolioAs per the product portfolio matrix (Ansoff, 1957), it appears that the product mix decisions are taken for market penetration, product development and market development and not for diversification, a fact might associated with the risk involved. The bank has diversified market and product but it is missing out the student segment. Moreover in product development bank has limited products for the rural segment in saving bank accounts.

Source: Adapted from Ansoff, 1957.

Figure 3: Product Portfolio Matrix

DIVERSIFICATION

MARKET PENETRATION

PRODUCT DEVELOPMENT

MARKET DEVELOPMENT

Existing Products New Products

Exis

ting

Mar

kets

N

ew M

arke

ts

4.2. Price

4.2.1. Strategies for Pricing DecisionThe strategies used for pricing as per (Kotler, 2012) is examined below in detail.

4.2.1.1. Customer Value Based PricingHassle free financial transactions, services such as ATM facility, bill payment facility and support services such as toll free interaction, one to one banking are the factors for which the customers are charged.

4.2.1.2. Cost Based PricingThe maintained database, service providers and distribution channels used to distribute the product are the major cost incurred in providing the service to the consumers. Apart from these, affiliation from Visa, Visa Electron and American Express contributes to the cost incurred for which the consumers are charged.

4.2.1.3. Competition Based PricingICICI Bank and AXIS Bank are the major competitors of HDFC Bank and the fees and charges are almost similar (ICICI Bank, 2013), (AXIS Bank).

4.2.1.4. Other FactorsInflation, political factors, demographic factors are considered for pricing decisions. For example average monthly balance for basic saving account holders in urban areas is Rs 10000 whereas it is Rs 5000 for basic savings account holders in rural or semi urban areas (HDFC Bank, 2013).

Pricing adjustments are often made in HDFC Bank through segmentation, geographic, promotional, discount and allowance pricing.

4.3. Place: Distribution ChannelThe bank directly communicates to its consumers such as sales representatives, websites, ATM and branches to serve the customers. However there are branches and ATM available in specific areas in cities whereas the bank has limited branches and ATM in the non-urban areas.

Source: Adapted from (Fahy & Jobbler, 2012).

Figure 4: Simplified Distribution Channel

HDFC BANK

(SEVICE PROVIDER) CONSUMER

Figure 5: Distribution Channel

HDFC Bank

Bank Representative Branches and ATM

Consumer Segment 1 Consumer Segment 2

4.4. Promotion

4.4.1. Personal Communication ChannelOne to one communication via e-mail, internet, chat, phone and branch communication are very common. Apart from these buzz marketing and word of mouth are also used for promotional activities.

4.4.2. Non personal Communication ChannelHeavy online media communications are carried out by HDFC Bank (Naidu, 2012), (Kumar,2013), especially through its website. The bank is not optimising the potential lying within the print media and broadcast media communication channels. Communication through broadcast and print media could be profitable as majority of public in India prefers reading and watching news.

5. BRANDING

Brand Positioning Brand name

selection Brand

sponsorship Brand Development

Source: Adapted from (Kotler, 2012)

Figure 6: Branding

5.1. Brand PositioningBrand positioning of HDFC is based on the core values which are reflected in its tag line “we understand your world”. The bank seems to be lagging behind in making the value and core message understood by to all targeted segments such as rural segment. However the bank is able to pull out the urban segment based on the brand positioning.

5.2. Brand NameHDFC works under family or umbrella branding strategy. The company uses its name “HDFC Bank” with blue logo to all its products, which helps the customer to identify the products such as credit card, debits cards, various accounts etc. clearly this strategy is beneficial to the bank in launching new products and makes the customer to easily identify the product. However the bank has to be cautious as any inferior products may damage the reputation of the bank. The short form HDFC in brand name becomes easy to pronounce and be memorable among customers.

Figure 7: The bank brand name with its positioning statement

5.3. Brand SponsorshipAll the products such as saving bank account, senior citizens account, debit card etc. are launched nationally under the brand name of HDFC.

5.4. Brand DevelopmentHDFC focuses on Line extension and Brand extension strategy. Some of the line extensions e.g. are HDFC saving bank account, HDFC current bank account whereas the brand extension examples are HDFC credit card, HDFC Loans, etc. The line extension and brand extension of HDFC is beneficial as it provides low cost, low risk way to introduce new products and recognition to new products respectively. The bank doesn’t have multi brand and new brands strategy.

Existing New

Existing

New

Line Extension Brand Extension

Multi brands New Brands Bran

d N

ame

Product Category

Figure 8: Brand Assessment

6. CUSTOMER RELATIONSHIP MANAGEMENT (CRM)Everyone is talking about customer relationship management (CRM) as the new panacea. Yet it is an empty term until it is defined (Kotler P. , 2003)

CRM involves shifting the marketing activities from attracting new customers to retaining current customer. Maintaining a proper database is most important and complex. Modern technology simplifies this complexity. The CRM of HDFC Bank appears to be evaluated on the basis of the four pillars of CRM (Peppers, Rogers, & Dorf, 1999). The pillars are: identify, differentiate, interact and customize, which are discussed below in detail. The diagram of CRM is shown below.

Source: Adapted from (Onut, Erdem, & Hosver, 2002).

Figure 9: The relationship marketing process

6.1. IdentifyThe bank maintains various accounts targeting different customers such as HDFC identifies its customer through various details taken while opening customer bank accounts such as regular saving bank account, saving max account, senior citizens account etc. The company maintains a consolidated database wherein all the relevant information regarding the customers are updated and cleansed, which is quite useful as it updates the bank about the current association of customer with product, their preferences, needs etc. Such identification process helps the bank to create loyal customers.

Figure 10: Identify

6.2. DifferentiateThe company successfully differentiate its customer based on the basis of transactions of the customer, saving accounts balance and duration of the customer associated with bank. For this purpose the bank maintains the average monthly balance record. This method helps the bank to differentiate the customer on the basis of profitability and loyalty of the customer. The company also differentiates its low preferred customer based on the no of transactions, usage of the product. For e.g. the net banking facility is blocked for security purposes if it is not accessed for 180 days. As a result, the frequency of interaction gets decreased for such customers which reduces the cost incurred.

6.3. InteractThe company interacts to its preferential customers mainly through email, direct mail, website, telephone etc. The company has an established 24/7 call centre support, which deals with various queries ranging from accounts, loans, credit cards etc. The call centre system is integrated across various departments such as accounts, debit cards, credit cards etc. where in the customer-facing the staff draws the information from the common database by using the customer identification number. This improves the accuracy which is vital for customers.

Every possible interaction with the customer is recorded, which is crucial as it is used for the training purposes of the customer representatives. Access to recording helps the customer representatives to develop an insight how to approach, interact with a customer. All these methods are vital in improving the customer service, knowing the customers, solving complaints etc. However, many interactions with the customers are not fruitful. There is a lack of trained staff and IT support across some geography, which hampers the bank in understanding their customers.

Central Marketing

Team

Optimiser

Sales Case Database

Mail

Direct mail Indirect mail Statement Inserts Statement Messages

Telephony

Inbound calls Outbound Calls Telephony Prompts IVR’s

Network Leads

Branch Prompts Opportunity Reports Prospect Reports In-Branch Campaigns

Online

Web E-mail

Telephone Banking

Branch

Figure 11: Interact

6.4. CustomizeThe database is used to segment the existing customer base. Priority customers are identified and differentiated within various segments on the basis of transactions etc. Data for the customer’s needs and wants are generated through interactions. Market dynamics, external competition, business constraints and business rules (Khirallah, 2001) are strictly considered before launching the customised product to premier customers. For example, considering ICICI Bank, HDFC Bank provided a credit card having no annual fee to customers who maintained a higher average monthly balance.

Figure 12: Customize

7. CUSTOMER REPUTATION MANAGEMENTCorporate reputation, according to many researchers (Jackson, 2004) (Dowling, 2001), is acknowledged to be an intangible asset of substantial importance both in local and international competition. Customer reputation is influenced by the images that employee projects, external inter personal communication, support by members of the distribution channel, products and media communication (Dowling G. , 1986) (Dowling G. , 1993).

To shape the public perception, the HDFC bank strives to maintain its positive reputation with the customer mainly through support of members of distribution channel & products. HDFC has integrated Customer Care (HDFC BANK, 2012) to support the customer’s queries or complaints and have been successful in handling the customer’s complaints (HDFC Bank,2012). The bank has dedicated and trained staff at its branches to support the customer. The bank has launched various products which attracts the customer. The product’s features have fulfilled the needs of the customer in the present and the past. The bank assures to provide quality services for each product, a fact which has built a positive image among customer specifically in urban areas.

However the bank has not much utilised the media communication in order to communicate its value add to the customers. The bank mainly uses website and very less social media.

The employees of the bank try to communicate the core values of the bank through their service, interpersonal communication and have been successful to some extent but the bank needs to train them more to ensure the value is communicated completely to the customers.

8. REVISED STRATEGYAfter assessing the marketing strategies adopted in the bank we came up with some limitations for which we have framed the strategy which will be discussed below.

8.1. Target SegmentationAs per the above assessment the bank has been successful in targeting majority of the segment. However the accounts of HDFC bank are not profitable for rural segment as the features within the account do not align with the needs of the consumers falling in rural segment (Bhoir, 2013). The bank is potentially missing the student segment, which could be targeted as a new segment. Specifically targeting products for the student segments would be profitable as vast majority of population lies within this segment.

8.2. ProductAs mentioned above the current products are not beneficial for consumers falling under students and rural segments. A product whose features are specifically designed for such consumers might prove profitable for the bank.

8.2.1. SWOT Analysis The SWOT analysis (Humphrey, 2005) is carried out keeping the capabilities, constraints of the bank, rural and student segment in mind.

Strength 1. Assets 2. Brand 3. Penetration

Opportunities 1. Increased market share 2. Students are future entrepreneur

and service persons 3. Build clear and strong image in

both segments

Weakness 1. Untouched Segment

(student) 2. No proper

distribution channel 3. No brand image

across the segment

Threats 1. Huge competition posed by public

sector banks

Figure 13: SWOT Analysis

8.2.1.1. StrengthsSince HDFC Bank is the largest private sector bank, it has the assets, the brand and the image capable to serve a vast majority to consumers.

8.2.1.2. Weakness The bank is weaker on the grounds of generating business from consumers falling under student and rural segments. Lack of proper distribution channels to such consumers is also a weakness of the bank.

8.2.1.3. OpportunitiesThe number of consumers in student and rural segments is massive. Therefore specific accounts that suit their needs will be used in vast scale. This will help in increasing the market share and cash flow of the bank. Students are considered as future entrepreneurs and service persons. Serving them will create a strong image which could be bright for future prospects.

8.2.1.4. Threats Public sector banks have backed such customers with a good distribution network. Also, they have created a strong image in the minds of these consumers. Acquiring business from them in rural segment is a huge challenge in itself.

Based upon the swot analysis the bank has clear opportunity to target these segments in order to increase its penetration and hence profitability.

8.2.2. Product Portfolio

DIVERSIFICATION

MARKET PENETRATION

PRODUCT DEVELOPMENT

MARKET DEVELOPMENT

Existing Products New Products

Exis

ting

Mar

kets

N

ew M

arke

ts

Figure 14: Product Portfolio Analysis

As per the assessment done above the bank has diversified market and product but it is missing out the student segment. Moreover in product development bank has limited and

unattractive products for rural segments. Hence bank could develop revised portfolio based on the Ansoff matrix (Meldrum & Mcdonald, 2007).As per the matrix the bank can go for the Diversification targeting student as new market segment and new product for them because currently there are no specific products or accounts targeting specifically to the students.

Whereas for consumers belonging to the rural segment the bank can choose market penetration because the existing product for them is saving bank account which does not fulfil their needs.

8.2.3. Product DevelopmentFor idea generation process the bank might use crowd sourcing. The gathered idea can be further reduced by idea screening process wherein the company must choose those product ideas which can be profitable. The product concept can be tested among the targeted consumers. Then the marketing strategy must be framed out keeping sales, profitability in mind. Business analysis must be carried out which can review the profitability and see whether they satisfy the banks objectives. Then test marketing could be done wherein the product can be launched and tested by limited target consumers. Finally the bank can go for commercialization where in the final product can be launched for all the targeted customers.

8.2.4. Expected Features

8.2.4.1. Rural SegmentAccounts which include passbook, cheque book and low average monthly balance requirement and loans with low interest rate could possibly fulfil the needs of consumers belonging to rural segment.

8.2.4.2. Student SegmentAccounts which include debit cards, cheque book, low average monthly balance requirement, net, mobile and sms banking facility could fulfil the needs of consumers belonging to student segment.

8.3. PriceThe minimum deposit must be reduced from its current price of Rs 5000 to make the rural saving account affordable. The rate of interest for fixed deposits for rural people must be revised as per the constraints to penetrate into rural market. For students the saving bank account deposit must be competitive in order to encourage them to open an account.

8.4. PlaceIn order to increase connectivity with the customers in the urban areas the branches and ATM needs to be maximised. In the rural areas the bank must have at least one proper functioning branch with multi skilled representatives. In order to target students the bank could open its branch and ATM in collaboration with universities and colleges. These developments will attract more customers resulting into the increase in number of accounts.

8.5. PromotionThe bank needs to promote its products and brands through print media as it is the major source of connectivity with outside world in India. In the rural areas the bank can promote

through radio or direct marketing by creating events, campaigns etc. The bank can target its student and urban section through social media such as Facebook, twitter and also through mobile marketing as the youth are more engaged in the social media and mobile communication in India.

8.6. BrandingHDFC as a brand is not developed in rural segment. Hence a distinct branding strategy needs to be created for the rural segment where in the message needs to be transferred after having a research in rural areas and based on it communication campaign has to be set up through rural gathering like temple festival and fair.

Rest of the brand building strategy of HDFC seems to be fine in terms of other segments such as urban, working class. All these features along with the brand strategy in rural areas would increase the brand equity of the bank.

8.7. Customer Relationship ManagementCRM of HDFC is well established but in order to expand more across geographical areas the bank needs to train their employees well and each department must be well integrated to ensure consistency. It is seen that customer representative try to persuade the customer to buy the product, which needs to be avoided because it decreases the value add. Moreover, the IT infrastructure facility needs to be improved.

8.8. Customer Reputation ManagementThe bank needs to optimise print and social media to communicate its value and services quality to the customers as print and the social media is quite popular in urban areas. The bank needs to ensure that the vision and values of the bank is communicated clearly and understood by their employees. This will clear the insight behind the product and services offered by the bank to their customers. The employee needs to be trained and encouraged to “live the brand” so that they feel confident, encouraged and ultimately sends positive messages to their customers, friends and society which would be beneficial for reputation management as per (Gotsi & Wilson, 2001).

9. CONCLUSIONComplete analysis of the present marketing management strategy and the constraints of the business of the bank show that the bank is not performing well in the student and rural segment of India. The marketing mix and the branding strategy used by the bank are not targeting the consumers belonging to the student and rural segment. These segments constitute a huge population within India. Missing out such segments with huge potential is like a missed opportunity. In order to utilise the opportunity it is strongly recommended that the central marketing team of HDFC Bank should consider these segments prior to making a future strategy.

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