7 Ps of Service Marketing Mix...

With reference:

ICICI Bank

7 Ps...

Product Price Promotion Place People Physical Evidence Process

Product

A product is anything that can be offered to the market for:

Attention Acquisition Use Bundle of tangible & intangible attributes (benefits, features, functions, uses) Consumption that might satisfy a need or want

Products or Services Offered by ICICI Bank...

Traditional Services
Checking Accounts Savings Accounts CDs (Certificates of Deposit) Savings Bonds Loans Car Home Personal Safe Deposit Boxes NRI services

Expanded Services
Insurance Sales Small Business Advising and Loans Investments Credit Cards Remittances

Price

Pricing is one of the most important elements of the marketing mix, as it is the only mix, which generates a turnover for the organization. It costs to produce and design a product, it costs to distribute a product and costs to promote it. Price must support these elements of the mix. Pricing is difficult and must reflect supply and demand relationship. Pricing a product too high or too low could mean a loss of sales for the organization.

Price (Contd)
Pricing should take into account the following factors:
Fixed and variable costs. Competition Company objectives Proposed positioning strategies. Target group and willingness to pay.

Types of pricing:
Penetration pricing Skimming pricing Competition pricing Bundle Pricing Premium pricing

Promotion

Promotion represents all of the communications that a marketer may use in the marketplace

Strategies to make the consumer aware of the existence of a product or service

Promotion... (Contd)

Place

People

In a bank organization, employees are essentially the contact personnel with customer. Therefore, an employee plays an important role in the marketing operations of a service organization.
ICICI become conscious in its potential in internal marketing - the attraction, development, motivation and retention of qualified employeecustomers through need meeting job-products. Internal marketing paves way for external marketing of services. A service company can be only as good as its people.

People (Contd)

People believe in things what they can see & in service industry people working in it create the belief & trust in the customer by providing better service with adding there personality.

Physical Evidence
Where is the service being delivered? Physical Evidence is the element of the service mix which allows the consumer again to make judgments on the organization. For example If you walk into a restaurant your expectations are of a clean, friendly environment. On an aircraft if you travel first class you expect enough room to be able to lay down! Physical evidence is an essential ingredient of the service mix, consumers will make perceptions based on their sight of the service provision which will have an impact on the organizations perceptual plan of the service.

Physical Evidence at ICICI Bank

1. Signage 2. Financial Reports The companys financial reports are issued to the customers to emphasis or credibility 3. Tangibles Pens, Writing pads to the internal customers. Passbook & Cheque books to the customers. 4. Punch Lines Hum Hai Naa 5. Employees Dress Code ICICI Bank follows a dress code for their internal customers.

Process

Use of technology for both internal & external processes. Processes are system driven & is independent of people. Standardization of services across all branches. Extensive investment in software solutions for process systemization. Abides by the rules & regulations of RBI.

Process (Contd)
STANDARDIZED

CUSTOMIZE D

PROCESS

SIMPLICITY

CUSTOMER FOCUSED

Thank You