Bank of Baroda

Presented by
Satish Prajapati

7Ps of Marketing of Bank of Baroda

Product Price Place Promotion People Process Physical Evidence

(1). Products
Bank of Baroda provides various banking products and services

to its customers. They are as follows:

Retail Banking Rural/Banking Wholesale Banking SME Banking Wealth Management Product Enquiry Internet Banking

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NRI Remittances
Baroda e-Trading Interest Rates Deposit Products Loan Products ATM / Debit Cards

(2) Price:
Baroda Home Loan to Individuals / NRIs / PIOs
Fixed Rate option Repayment Period Up to Rs. 30 Lacs Above Rs. 30 Lacs

Up to 5 years
9.50% 10.25%

Over 5 years & up to 10 years

9.75%

10.50%

Over 10 years & up to 15 yrs

10.00%

10.75%

(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.

(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: (1) Internet Banking (2) Mobile Banking (3) Public Relations (4) Television (5) Newspapers and Magazines

(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.

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(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 executive 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.