7Ps of Marketing Mix of Bank of Baroda

The Bank of Baroda was established in the year 1908 in Baroda. Ever since its inception, the bank has been growing and expanding its branches successfully. At the turn of a century, the bank has its presence in 25 countries across the world. Bank of Baroda has progressively taken a step towards commitment and values by providing uncompromising standards of service to its customers, stakeholders, employees. The initial capital invested was Rs. 10 Lakhs. The Maharaja was none other than Sayajirao Gaekwad who, with his visionary insight, planned the beginning of a reputed journey which over the years, came to be known as Bank of Baroda.

It is interesting to note that during the period of 1913 to 1917; almost 87 banks in India succumbed to a financial crisis. However, the Bank of Baroda survived the economic depression by dint of its financial integrity, business prudence and concern uncompromising concern about its customers and clients. This has transcended down to the present ages and has become the motto of the bank.

1.Products and Services: Bank of Baroda provides various banking products and services to its customers. They are as follows:

Retail Banking Rural/Agriculture Banking Wholesale Banking SMS Banking Wealth Management Demat Product Enquiry Internet Banking NRI Remittances Baroda e-Trading Interest Rates Deposit Products Loan Products ATM / Debit Cards

2) Price:
The pricing decisions or the decisions related to interest and fee or commission charged by banks are found instrumental in motivating or influencing the target market. The RBI and the IBA are concerned with regulations. The rate of interest is regulated by the RBI and other charges are controlled by IBA. The pricing policy of a bank is considered important for raising the number of customers vis--vis the accretion of deposits. Also the quality of service provided has direct relationship with the fees charged. Thus while deciding the price mix customer services rank the top position.

The banking organizations are required to frame two- fold strategies. First, the strategy is concerned with interest and fee charged and the second strategy is related to the interest paid. Since both the strategies throw a viceversa impact, it is important that banks attempt to establish a correlation between two. It is essential that both the buyers as well as the sellers have feeling of winning. The pricing factor is very important because of the kind of competition that is prevailing today in the Indian market. However it is very important to understand that in the banking sector, the main pricing policy is concerned with the interest rate charged. This interest rate is however regulated by the RESERVE BANK OF INDIA and THE INDIAN BANKING ASSOCAITION. Any one particular bank or a group of banks does not regulate it. The interest rate charged cannot be higher than that decide by the RBI and the INDIAN BANKING ASSOCIATION.

3) Place: The Bank of Baroda has good location across the country. Bank of Baroda has an extensive network of 3082 branches spanning the length and breadth of the country. There is a branch in the vicinity of everyone in need of a banking solution. With a customer centric approach of being operational 24 hours a day, across 25 countries, the bank branches are the last door you will have to knock while on the lookout for an answer to your queries.

Location of Branch: J.P House, M.V Road, Saki Naka , Andheri (E). Mumbai: 400072 Bank of Baroda has always taken good location for its branches. For Example: In Mumbai, there is a place with the name of Andheri(E), where it has branches at very convenient places for customers . The branches and ATMs are nearby Andheri Railway Station, Chakala , Saki Naka, etc. So the bank considers various good elements while selecting a place for banking transactions.

4)Promotion: Promotion is nothing but making the customer more and more aware of the services and benefits provided by the bank. Bank of Baroda uses a lot of new technology to communicate to their customers. Two of the fastest growing modern tools of communicating with the customers are: Internet Banking Mobile Banking

Public Relations: In todays competitive scenario developing strong public relations is very important for any bank to be successful. Most banks today have a separate Public Relations department. However primarily it is considered as a responsibility of the various bank managers to develop a steady and strong relationship with their present customers as well as potential customers. Bank of Baroda keeps good relations with their customers by a constant follow up, small programmes etc. Television: Consumer behavior is very complex phenomenon, which is considered primarily in marketing decisions. It has been rightly said Understand, you do not understand, you will not understand, you cannot understand all your customers but still you have to do your best to understand them. So advertisers of Bank of Baroda are advertising with the help of television which is the need of every Indian home. Newspapers and Magazines: Mass media advertising includes TV commercials and advertising in national level newspapers which have a wide coverage. Advertising in these has made maximum people aware about the offerings of the banks and established most of the bank names as big brands. Bank of Baroda advertises in many newspapers like The Times of India, The Economic Times, DNA, The Business Line,etc. Magazines like Business Today, India Today, Business World, etc. are considered for corporate advertising. 5) People: Bank of Baroda has always had an immense faith in the infinite potential of its people. This has been historically demonstrated in its recruitment practices, developmental initiatives, placement processes and promotion policies. Strategic HR interventions like, according cross border and cross cultural work exposure to its managers, hiring diverse functional specialists to support line functionaries and complementing the technical competencies of its people by imparting conceptual, managerial and leadership skills, gave the Bank competitive advantage. The elaborate man management policies also made the Bank a breeding ground for business leaders. The Bank provided around a

dozen CEOs to the industry- men who went on to build other great institutions. People initiatives were blended with IR initiatives to create an effectively harmonious workplace, where everyone prospered.

6) Process: Bank of Baroda follows the allotment of lockers process in the following manner: 1. The lockers are allotted on first come first served basis to the customers only. A waiting list register is maintained by the branches for the purpose. 2. At the time of hiring the locker, bank will obtain a Fixed Deposit under banks lien which would cover 3 years rent and the charges for breaking open the locker in case of an eventuality. 3. The hirer of the locker will be provided the copy of the agreement i.e. Memorandum of Letting by the bank. 4. Loss of key should be immediately informed to the Branch. 5. With standing instruction, the rent may be paid from the deposit account of the hirer on due date. 6. Where the lockers have remained un-operated for more than three years for medium risk category or one year for a higher risk category, the bank may ask the Renter/Lessee to either operate the locker/give valid reason for not operating the same or surrender the locker even though the rent is paid regularly. In case the Renter/Lessee does not respond nor operate the locker, the bank would have the right to cancel

the allotment of the locker and may consider break opening the lockers after giving due notice to the Renter/Lessee. 7) Physical Evidence: Physical evidence is the overall layout of the place i.e. how the entire bank has been designed. Physical evidence refers to all those factors that help make the process much easier and smoother. For example, in case of Bank of Baroda, the physical evidence is the placement of the customer service executives desk and the location of the place for depositing cheques. It is very necessary that the place be designed in such a manner so as to ensure maximum convenience to the customer and cause no confusion to him. Mostly nationalized banks fails to provide maximum convenience to customers when compared to private banks.

7PS OF MARKETING IN AXIS BANK

1. PRODUCT MIX
Deposits Investments Core banking Loans Debut card Credit card Mobile banking NRI services

2. PRICING MIX
Value for money Lower fee charged

3. PLACE
Making available the promised services to the ultimate users Selecting a suitable place for bank branches Plans to set up 210 more branches across the country in this fiscal.

4. PROMOTION
Advertising Print media Publicity Sales promotion Personal marketing Telemarketing

5. PROCESS
Flow of activities Standardization Customization Number of steps Simplicity

6.PHYSICAL EVIDENCE Internet Paperwork Brochures Furnishings Business cards Tangibles Punch lines Employees dress code

7. PEOPLE
Employees

BHARTI AXA GENERAL LIFE INSURANCE

Bharti AXA General Insurance is a joint venture between Bharti, one of Indias leading business groups with interests in Telecom, Agri Business and Retail; and AXA, world leader in Financial Protection and Wealth Management. Bharti Group holds 74% of equity and AXA holds 26% of the equity. With a vision to become the leader and preferred company for financial protection in India, Bharti AXA General Insurance offers its customers individuals and businesses- a wide range of products and services that meet their insurance needs. The values upon which its business practices are based are availability, attentiveness and reliability. The company leverages the Bharti Groups large customer pool, and has developed a strong multi-channel distribution network in both urban and rural markets. The company was incorporated on 13th July 2007. Headquartered in Bangalore, the company currently has 40 branches across India. The Management team at Bharti AXA General Insurance consists of experienced leaders who are passionate about their companys vision and goals and are committed to the development of Bharti AXA General Insurance as the preferred company for Financial Protection in India. Bharti AXA presents an array of protective plans to suit clients personal and business requirements. Bharti AXA system of values are as follows: a) Reliable: prompt professionalism. settlements, customer service and

b)Attentive: to customer needs as they change with time, and actively listening to our customers. c) Available:easy customer access to money and to our company, and plans that have built-in flexibility and convenience. Mission:To be the preferred company for general insurance in India Strategy:Quality Policy To provide fast, fair and friendly service to customers & partners To achieve a leadership position in India through a multidistribution, multi-product platform To adapt AXAs best practice blueprints as a sound platform for profitable growth To leverage Bhartis local knowledge, infrastructure and customer base To deliver high levels of shareholder return To build long term value with our business partners by enhancing the proposition to their customers To be the employer of choice to attract and retain the best talent in India Strong distribution network & customer base of Bharti provides access to customer base of more than 60 million

7 Ps of Marketing of Bharti AXA General Insurance: 1. Products and Services: A)Retail Insurance: a. Motor b. Health c. Personal Accident d. Home e. Shop B)Commercial: a. Fire b. Engineering c. Marine d. Property Crime e. Liability f. Package

C)Rural: a. Agricultural Pumpset b. Cattle Insurance Policy

2. Price:Pricing factor is decided on the basis of the type of products which the customer buys. But in true sense, pricing is very competitive as there are lots of competitors all over the country. Bharti AXA is a strong player in private companies and its price structure is highly competitive and reliable. Example of Bharti AXA General Insurance: Policy of Two Wheeler Insurance: This policy provides the following covers 1.Accidental damage to the vehicle due to:

Fire, lightning, self-ignition, external explosion, burglary, housebreaking or theft, malicious act. Riot and strike; terrorism; earthquake; flood, cyclone and inundation Whilst in transit by rail, road, air, elevator, lift.

2.Liability cover for:

Third party injury or death Third party property damage caused to their property.

3. Place: Bharti AXA General Insurance Co. Ltd. Plot No. 844/4, Mazzanine Floor, Fun Republic, Shah Industrial Estate, New Link Road, Andheri(W) Mumbai:400053

Bharti AXA has selected good location in Mumbai. They are Fort and New Link Road of Andheri(W). 4. Promotion: The following are the tools through which Bharti AXA promotes its general insurance business:

Tele-marketing Internet Hoardings Personal Selling Advertisement through newspapers, business magazines and FM radio

5. People: Bharti AXA has a vision to ascend to the preferred company status by 2012 to be preferred by customers, shareholders and employees. The Company believes that by being available, attentive and reliable, it will become the preferred company for its customers. And its people are Human Capital who have a key role in this process, and it is committed to create an emotional commitment with its employees. The company also have synergy of the Global best practices of AXA Group, the Country specific proven best practices of Bharti Group and supplement it with its own set of initiatives towards creating a culture that can attract best of the talents, nourish and retain them to achieve the long term Corporate Vision.

6. Process: From the minute customers claim intimation is received, the Claims Team becomes active and acts efficiently and swiftly towards its settlement. This is part of their endeavour to make the Bharti AXA General Insurance customer experience always a positive one. Bharti AXA CLAIMS MISSION is Fast, fair and friendly services, delivered in a proactive, cost efficient manner through technology platforms. Alongwith the claim procedure being so smooth, the general insurance customer is very much satisfied while taking policy. The customer is given every minute details about a particular policy which he wants. 7. Physical Evidence:

Stationery Separate departments for smooth functioning of work like Public Relation Department Brochures Internet / Web Pages Business cards