MARKETING IN RETAIL BANKING

The primary objective is to identify customer needs and deliver profitable banking products and services that satisfy those needs while achieving the bank's business goals.

Increasing market share with existing products in current markets.

The 7P mix adds People, Process, and Physical Evidence to the traditional 4Ps (Product, Price, Place, Promotion), recognizing that service delivery quality depends heavily on human interaction, operational processes, and tangible cues like branch ambiance.

Creating new products for existing customer segments.

Relationship marketing focuses on building long-term, mutually beneficial relationships with customers rather than pursuing one-time transactions, aiming to increase customer lifetime value and loyalty.

Offering new products to entirely new market segments.

Market segmentation is the process of dividing the total customer base into distinct groups with similar needs, characteristics, or behaviours so that banks can tailor products and marketing strategies for each segment.

Mass media advertising like TV, radio, newspapers for wide reach.