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Priyanka Kumar Marketing of Banking and Insurance Products
Priyanka Kumar Marketing of Banking and Insurance Products
What is Marketing?
Marketing is a human activity directed at satisfied needs and wants through exchange process.
Marketing is the performance of business activity that direct the flow of goods and services from the producer to consumer.
Marketing vs Selling
Aim:
Selling concentrate on how to sell the goods and earn profit from the sale
Marketing concentrate on the satisfaction of consumer Orientation: Selling is production oriented
Target:
Selling is homogeneous Marketing is heterogeneous Consumer place:
Service Marketing
A service is an act of performance that one party can offer to another that is essentially intangible and does not result in the ownership of anything. Its production may or may not be tied to a physical product.
The promotion of economic activities offered by a business to its clients. Service marketing might include the process of selling telecommunications, health treatment, financial, hospitality, car rental, air travel, and professional services.
Characteristics of Services
Intangibility Perishability Inseparability Heterogeneity Ownership
Goods vs Services
S.No.
Physical Goods
Tangible
Homogeneous Product and distribution separated from consumption A thing Core value produced in factory Customers do not participate in the production process Can be kept in stock Transfer of ownership
Services
Intangible
Heterogeneous Production, distribution and consumption re simultaneous process A activity Core value produced in buyerseller interaction Customers participate in production Cannot be kept in stock No transfer of ownership
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7 Ps of Marketing Mix
Term Loan,
Guarantees Investment counseling Tax counselling Bill discounting
Price
Interest rates charged Transaction charged Mark up pricing Charges for cheque books
Commission charges
Place
The trade area Population characteristics Transportation Communication
Visibility
Access
Promotion
Public relations Personal selling Word of mouth promotion Internet
Tele marketing
People
Skill for social interaction Tolerance level Humanity Knowledgeable
Physical evidence
Signage(Logo) Punch lines Tangibles Employee dress code
Process
Process constitutes the overall procedure involved in using the services offered by the bank. The process should be customer friendly If the overall process is too complicated than the
7 Ps of Insurance Product
Others: Auto Insurance Home Insurance Health Insurance Accident, Sickness and Unemployment Insurance
All-risk Insurance
Pet Insurance Travel Insurance
Reinsurance
Casualty Insurance
Life Insurance Property Insurance
Liability Insurance
Credit Insurance
Price
Premium charged against the policies. (Includes: Mortality, Expenses, Interests) Interest charged for defaulting the payment of premium. Commission charged for underwriting and consultancy.
Place
Locating a Branch
Promotion
Advertising and Publicity Organisation of Conferences and Seminars
Incentive to Policyholders
Plays Exhibitions
People
Training & Development of Employees. Strong Relationship with Mediators. Use of IT for efficiency, both at staff and agent level.
Process
Customer friendly.
Physical evidence
Internet/Web Pages Brochures Business Cards Building & Offices Signage Financial Reports Punch Lines Employees Dress Code
Package of services
Deposit Scheme -easy to handle -door to door collection facility -simplified facilities
Better attitude and good behavior from an employee Personal contact, preferably through commission agent Mobile Vans Mass promotional campaigns
Mutual Funds
Mailing, customer meeting etc. Shift in banking hours Working on holidays in certain branches
Deposit scheme with personalized banking facility Deposit-cum-loan scheme for consumer durables Credit Cards Miscellaneous Services like tax consultancy,
Mailing
Personal meetings, etc.
E-Marketing
E-Marketing is the process of marketing a brand using the Internet. It includes both direct response marketing and indirect marketing elements and uses a range of technologies to help connect businesses to their customers.
What do we Market?
Goods
Service Event
Experiences
Personalities Place
Properties
Information Ideas & Concepts
? ueries