Bank Marketing Essay Sample
December 29, 2017 Studying Tips
Today’s economy of India is significantly different from the 1990s. The strategy of banking marketing in this country has changed very much. The economic sphere has been developing rapidly in recent years. The main reason of this phenomenon is the emergence of the branches of new banks and the appearance of competition. Previously, only a few state banks worked in India, but now the financial sphere has improved and the citizens of India have a choice among a large variety of different banks. Because of this, various marketing methods have been actively used in India. This has enabled the banking system to become more orderly and to work more effectively. Indian banks want to provide quality service to their customers; so nowadays, they are trying to meet world standards of banking.
Particularities of Banks in India
Principles of bank marketing
Economics essay writing helps to investigate the work of various financial institutions, in particular banks. Bank marketing is a method, which lies in finding the most rational solutions for improving the work of the banking sector. It includes searching for markets, improving the principles of working with customers and other methods.
Determination of the main needs
According to the definition given earlier, it is easy to identify the main ways of developing financial marketing in India. Based on the services that customers are interested in, the bank management determines the main financial needs of the bank and the requirements of customers.
Project implementation plan
After the management of the bank has identified the basic needs, it is necessary to determine the objectives of the work. Now, marketers have to come up with ways to meet customer needs. The management of the bank should find special services that will deal with specific issues and appoint employees responsible for these tasks.
When the bank already has a plan for the future work and the employees responsible for it, it is necessary to count the funds that will be spent on the implementation of future projects. It is important to take into account the costs of material resources, as well as the cost of working specialists. It is necessary to find a middle ground in pricing and set a price that would be maximally accessible to customers and at the same time would not bring losses to the bank. Due to the emergence of a large number of banks in India, marketers are always eager to plan work in a way that will allow securing the most favorable prices for both sides.
After the project plan is developed and there are people ready to work on it, goes the final phase. The last stage in the promotion of the project is advertising. It is very important in our time. Thanks to high-quality advertising, it is possible to sell any, even the most useless, product. Advertising in the banking sector plays a huge role because there is big money there, so it is necessary to cooperate with real experts in the field of marketing and PR.