Marketing Service Process 2022

Marketing Service

Banking service
Marketing is to manage the relationship with customers for profitability. Every organization aims
to create value for customers and to capture value from customers in return. Marketing is one to
attract new customers by promising superior value and delivering superior value to current
customers. In banking services, it is necessary to satisfy the customer's requirement by delivering
the services on time. Customer relationship management is to deliver superior value and
satisfaction to customers by maintaining and building a profitable relationship with them. It is
necessary to build the right relationship with the right customers in banking services the services
are provided to the customer. In banking services marketing, there is a communication between
three group's customers, organization and employees (Christopher, 2011). In banking services, it
is necessary to prove the services as expected by customers as it helps in gaining trust and
building a good relationship with them.
Marketing Mix
In banking services, products are included which satisfy the needs of customers. Products are
advances and loans, deposits, investments, international banking all the services are products for
customers. It benefits the customer in various ways. It also includes services like different types
of cards, debit and credit cards as these are necessary nowadays. For satisfaction and providing
value to customer’s mobile banking and internet banking are provided to provide convenience to
customers.
Pricing in banking services includes interest rates, consulting fees, and commission. There are
parameters in the banking sector to determine prices. Prices are determined based on bank
product group price specification, business partner price arrangement and agreement. The
location of banks and ATM is the crucial decision for the customers (Zeithaml, et al., 2006).
Place in banking services includes the branch and ATM of a bank. It must be convenient for the
customer to reach the location of the bank and must be nearby to the city so that customers can
reach the bank or ATM anytime. To promote banking services and attract customers, the
advertisement can be done through radio, movies, television, and theatres. Promotion includes
print media, advertising, personal selling, sales promotion, and publicity. Banks can provide the
personal selling service to customers to attract towards the services.

People play a major role in services and satisfactory in providing banking services. People in
banks are the employees, customers, manager and front line officers (Cronin, et al., 2000). For
providing the value to customers employees must provide quality services and gain the
customer's royalty and trust.
In banking services, the process is followed for providing the services to customers. Process for
opening the different accounts, deposit or withdrawal of money and investing money and many
more but the process must be easy and convenient for customers and necessary for them to
understand the process. In the banking sector, physical evidence in services is the usage of
signage, hoardings for guiding the customer about the banks. It can be the financial reports
which are issued for the customers and it can be the dress code for employees.
Customers are becoming more sophisticated about the quality and service which are served to
them. Marketing of fast-moving consumer goods is different from the marketing of banking
services as the marketing of products includes the activities to promote and sell the specific
product whereas the services include the economic activities which are offered in business to
clients. Marketing mix in the marketing of goods includes the 4 P's product, price, place and
promotion and in banking services the marketing mix includes the products, price, place,
promotion, physical evidence, and person. While doing the marketing of consumer goods the
company offers the value for the fulfillment of customers' requirements and in banking service, it
offers a relationship that is to be maintained with customers (Tam, 2004). Packages consumer
goods are tangible and it requires to reach to the customers as it will be transferred from one
place to another by using the mode of distribution. In the marketing of customer services,
consumers have to reach to the products and it cannot be transported or transferred. The activities
which are involved in product marketing are the analysis of the market, development, and
designing of the product, identify consumers, pitching of a new product, advertisement,
communication, and positioning, distributing, selling, feedback. All the activities are done to
deliver to product to the right consumers and make the products available for customers at the
right time. The activities which are involved in service marketing are business to business or
business to consumer marketing. In the marketing of the product, the quality of a consumer good
can be measured by consumers whether the good is accepted or rejected but while consuming the
service it cannot be measured in real-time and it is not possible to measure the quality of service.

In banking services, consumers cannot measure the quality which is provided by banks. In
banking services, the customer's consumer the services which are offered by the banks for the
benefits and services which are consumed cannot be returned but in product marketing, the
products can be returned by consumers if goods do not meet the expectation of consumers (Goi,
2009). The marketing of goods are standardized which cannot be changed or altered as the
customer requirements but services marketing is variable and can be customized as per the
requirement of the consumers. Banking service must provide the services as per the requirement
of customers which they want to consume and according to their preferences and choice. It is
essential to deliver satisfactory services to consumers to keep them for the long term and gain
new customers. Services must be offered according to the choice and preferences of customers
(Kuo, et al., 2009). An example of banking service is customers choose different banks whose
service attracts the customer more and as per the requirement of the customer.

Reference
Christopher, M., Payne, A. and Ballantyne, D., (2011) Relationship marketing: bringing quality
customer service and marketing together.
Cronin Jr, J.J., Brady, M.K. and Hult, G.T.M., (2000) Assessing the effects of quality, value, and
customer satisfaction on consumer behavioral intentions in service environments. Journal of
retailing, 76(2), pp.193-218.
Goi, C.L., (2009) A review of marketing mix: 4Ps or more?. International journal of marketing
studies, 1(1), p.2.
Kuo, Y.F., Wu, C.M. and Deng, W.J., (2009) The relationships among service quality, perceived
value, customer satisfaction, and post-purchase intention in mobile value-added
services. Computers in human behavior, 25(4), pp.887-896.
Tam, J.L., (2004) Customer satisfaction, service quality and perceived value: an integrative
model. Journal of marketing management, 20(7-8), pp.897-917.
Zeithaml, V.A., Bitner, M.J., Gremler, D.D. and Pandit, A., (2006) Services marketing:
Integrating customer focus across the firm.