The marketing mix of services

industries : ICICI Bank

The marketing mix

 The tools available to a business to gain the

reaction it is seeking from its target market in
relation to its marketing objectives.

• 7Ps-price,product,promotion,place,people
process, physical environment
Marketing mix
Product

Physical
price
evidence

Marketing
mix
Process Place

People Promotion
Products:
 The product in service marketing mix is intangible
in nature. Like physical products such as a soap
or a detergent , service product s can not be
measured. Tourism industries or the education
industries can be an excellent example.

 At the same time service products

are heterogeneous, perishable and can not be
owned.
the service product thus has to be designed with
care.
Product Of ICICI Bank
 The main product of ICICI bank are saving
account, current account and demat account. the
other product are home loan , personal loan ,
insurance, credit card , etc.

 For better marketing of products , the product are

categorized under ICICI Bank and ICICI sales.
.

Fixed
depos Senior
its citizen
card servic
es

Mobil Dema
e nd
banki servic
ng es
prod
uct
Saving Loa
account
n
Roami
Invest ng
ment Recur curren
ring t
depos
it
Place
• The place part of the marketing mix is where the
customer receives the product or service. Place in
case of service determine where is the product
going to be located.
or
• The means by which product and services get
from producer to consumer and where they can
be accessed by the consumer.
• Place plays an important role in tangibilizing
service offerings. Quality of service is perceived
by many customers in the form of place of
delivery, location appeal , interiors, ambience etc.
Place of ICICI Bank
 If a bank is located in a crowded market the place
or location will be a negative tangibilizes. More
recently some of the private banks in India like
ICICI bank are providing very attractive tangibles
in the form of their location, exteriors and
interiors.
 Services are sold through branches
 Making promised services available to the
ultimate users
 Branches of ICICI.
 1900 branches in India and 33 in Mumbai.
Price:

 Pricing in case of services is rather more difficult

than in case of products.

 The price of the product depends upon the

services provided by the bank on the respective
product to the customers.

 Detailed pricing changes from time to time and

the same can be found on the website of ICICI
Bank.
like: ATM charge, interest on issuing credit card.
ICICI Bank Pricing.
 Pricing decision related to interest , fee or
commission.
 RBI and IBA.
 Raising Number of Customers.
 The interest charged and the interest paid should
have a co-relation between them.
 Keeping in view the level of satisfaction of its
target segment frame their pricing strategies.
 Includes interest, fees or commission charged by
the bank. Also the interest paid by the bank.
Promotion
 Strategies to make the consumer aware of the
existence of a product or service.
 Promotion have become a critical factor in the service
marketing.
 Visualization tangibilizes services through hoarding
,TV and print campaigns or advertisements. Physical
representation in services has a good promotional
appeal to customers like use of colors to symbolize
wealth and status.
 ICICI Bank use documentation in their promotions in
support of their claims for dependability , popularity
and responsiveness.
 Punch line:- “Hum Hai Naa”.
People
 People is one of the element of service marketing
mix. People define a service. If you have an IT
company then yous software engineers define
you and if you have restaurant your chef and
service staff defines you. If you are into banking
employee in your branch and their behavior
towards customer defines you. In case of service
marketing people can make or break an
organization.
 People are a common factor in every service and
people also tangibilize services. Right people
make good or successful services. Bad
performers deliver bad services.
People of ICICI Bank
 All people directly or indirectly involved in the
consumption of banking services.
 Workers , employees, management and
consumers.
 Internal marketing.
 Employees of ICICI bank represents its
organization to its consumer.
Process
 Service process is the way in which a service is
delivered to the end customer.

 Process is some thing related to:

how do people consume services?
what processes do they have to go through to
acquire the services?
Process of ICICI Bank
• Speeding delivery of services.
• Reducing the paper work.
• Standardization of procedures.
• Customization as per individual demand simplicity
etc.
• Customer involvement in money matters for
signature purpose.
Physical evidence
 The ambience , mood or physical presentation of
the environment:

 smart/shabby
 Trendy/retro/modern/old fashioned
 Light/dark/bright/subdued
 Romantic/chic/loud
 Music
 smell
Physical Evidence Of ICICI Bank
 Reduce paper usage – due to technological
innovations such as use of financial software for core
banking solutions.

 It has positioned it self as a bank which gives higher

standard of services through product innovation.

 Satisfies the diverse need of individual and corporate

clients.
 It is customer centric, and service oriented.
 Financial reports
 Employee’s dress code