Assignment 1
Services Marketing
7 Ps of Marketing Mix
322322
PDGM Finance
Siddhanth Waghmare
Introduction
In this specific assignment, we are trying to study the implications of 7 Ps of
Marketing Mix viz. Product, Price, Process, Place, Promotion, Physical
Evidence, and People on a single industry. So for the assignment purposes Ive
taken a financial sector to study the implications of Marketing Mix. And being more
detailed I am studying the 7 Ps of Marketing Mix for State Bank of India (SBI), as to
how have they adopted these 7 Ps to help their firm grow in their sector.
Financial Sector
A class of stocks containing firms that give budgetary administrations to
business and retail clients. This area incorporates banks, speculation stores,
insurance agencies and land.
Money related administrations perform best in low premium rate situations. A
vast part of this segment creates income from home loans and credits, which pick
up quality as interest rates drop. Besides, when the business cycle is in a rise, the
budgetary part profits by extra ventures. Enhanced financial conditions as a rule
lead to more capital tasks and expanded individual contributing. New activities
oblige financing, which for the most part prompts a bigger number of advances.
About State Bank of India (SBI)
State Bank of India is an Indian multinational, Public Sector managing an account
and money related administrations organization. It is an administration possessed
enterprise with its central command in Mumbai, Maharashtra furthermore its
corporate office in Mumbai, Maharashtra. It has 17,000 branches, including 190
remote workplaces, making it the biggest keeping money and budgetary
administrations organization in India by resources. State Bank of India is amongst
the Big 4 banks of India, alongside Bank of Baroda, Punjab National Bank and ICICI
Bank.
The bank follows its lineage to British India, through the Imperial Bank of India,
to the establishing, in 1806, of the Bank of Calcutta, making it the most seasoned
business bank in the Indian Subcontinent. Bank of Madras converged into the other
two "administration banks" in British India, Bank of Calcutta and Bank of Bombay, to
shape the Imperial Bank of India, which thusly turned into the State Bank of India.
Administration of India claimed the Imperial Bank of India in 1955, with Reserve
Bank of India taking a 60% stake, and renamed it the State Bank of India. In 2008,
the legislature assumed control over the stake held by the Reserve Bank of India.
State Bank of India is a provincial saving money behemoth and has 20% piece of
the pie in stores and advances among Indian business banks.
7 Ps of Marketing Mix practiced by SBI.
1. Product (The Most Vital P Of Marketing)
a. SBI Max Gain
One of the numerous products offered by SBI.
b.Loan against Fixed deposit.
Anytime Access to Money.
Demand Can Be Done Only
Once.
Provision of Checkbook.
75% of Invested Funds Are
2. Price (The Sacrifice For Satisfaction)
SBI Max gain -A premium of 0.25% over and above the applicable Home
Loan interest rate for Home Loan
Loan against Deposit - 0.5% over Fixed Deposit Interest Rate
3. Process (The Steps Taken To A New Beginning)
The processes in SBI now are all getting updated with technology & updating
faster. As said The only aspect that is constant is CHANGE. Therefore SBI is
getting updated instantly & the process that are involved are pretty simple &
friendly. Whether you want to fill up a form for a new account or transfer funds.
Everything now is electronic & does not need physicality.
Therefore the processes that SBI is practicing is pretty efficient & friendly to its
customers which is major advantage in this sector. As I believe there will be a
transformation from a brick & mortar bank with people working in it will later turn
into a machine where hardly any people are working & only the machines will do all
of our work.
4. Place (We Are Everywhere)
SBI has set up itself all over India.
Indias largest bank with over 16,000+ branches set up all over the nation.
With over 188 offices in foreign nations i.e. beyond international boundaries.
And more than 21,000 ATMs & growing.
5. Promotion (With You All The Way)
If you have seen the SBI advertisement, it tries to promote itself very
aggressively & makes it a point that it will create an impact on the mind of the
person who is watching the ad. It promotes itself through Advertisement, sponsoring
& personal selling & mainly believes in promoting itself through print media.
Moreover it tries to express its Motto.
6. Physical Evidence (The Real & Material Assets of A
Bank)
Official website
of SBI
Debit & Credit
SBI Head office In
The Following the Physical Evidence of SBI. E.g. Website, Office, Debit & Credit
Cards.
7. People (The One on Whom Bank Depends)
The 24th Chairperson & the first Women Chairperson of SBI who is responsible for
the functioning of the bank as to how it should work & what are its strategies as well
as how to execute them. Along with her there are a few more people who function
with her.
Along with these who are at the top, SBI needs to value its employees because
they are the ones who execute the strategies decided by the Board of Directors.
While these employees are given training programs (E.g. Back to Basics), Special
Grievance Cell for both Employees & customers. They even have Customer Service
Committee to look after the customers issues & help them resolve it.
Conclusion
From this study I can observe that SBI is efficiently working on its 7 Ps of
Marketing & effectively executing them. They did not miss out even on a single P &
hence this has resulted them to be amongst one of the leading Banks in our nation.
