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ABSTRACT
The study supports the empirical exposition of the marketing strategies in banking industry. The present chapter deals with marketing strategies of public and private sector banks in the Indian banking industry. This study has divided the respondents into two categories to collect the opinion about marketing strategies and practices taken-place in the industry. These respondents are employees and customers of selected banks in Andhra Pradesh.
Keywords: Banking Industry, Marketing Strategies, Product or Services, Customer Opinion.
INTRODUCTION
Banking Industry is one of the most important service industries which touch the lives of millions of people. Its service is unique both in social and economic points of view of a nation. Earlier the attitude of banking service was that it was not professional to sell one's services and was unnecessary in the sense that traditional relationships and quality of products were sufficient to carry forward the tasks. Indian banking is at cross roads today. With the deregulation and liberalization process in full swing, the consequent policy changes introduced in the Indian financial system in general and banking in particular are effecting unprecedented changes in its functioning. With the emerging changes did spring up new challenges of commercial viability, cost effectiveness, effective marketing strategy, etc. Market oriented policies also gave birth to new players like foreign and private sector banks and subsidiaries offering varied high tech and cost effective Service. There was an absolute shiftfrom sellers into buyers' market, establishing the 'consumer' as the key factor in the market. The dictum "as the bank exists because of its customers, has become more pronounced and relevant in the present context". Thus, marketing constitutes the key strategy for banks to retain good customers and also anticipate their future demands.
REVIEW OF LITERATURE
Kola and Akinyele (2010) in their article "Evaluation of Effectiveness of Marketing Communication mix element in Nigerian Service Sector" state that creating effective communication with customers is the most important aspect in services marketing. The effectiveness of advertising and personal selling practices of Nigerian service sector in communicating with its customers with the aim of finding solutions to improve the existing communication and customer satisfaction was accessed. Five parameters 1) Providing Information 2) Creating Awareness 3) Changing Attitude 4) Building company Image 5) Enforcing Brand Loyalty...