General bank management marketing for bankers

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General Bank Management Marketing Management for Bankers 

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ع 2 ره Controlling Measuring results Diagnosing results Taking corrective Implementing Organizing Implementing محر مرا Planning Corporate planning Division planning Business planning Product planning 

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Business Strategic-Planning Process وشوو لوق ‎(Oppertscity &‏ الس ‎ered‏ (Grreagh! Dedwess crits) 

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Strategy Formulation ۱۳۲ 6 موه ۹ هت ‌هب مدا 

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The Marketing Process 9 

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Marketing Environment 

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۳ Techoologial/ economic . physical environment Narketing environment Intermediaries Target Suppliers 56 0 ce ym} 1 \ § ‏د‎ Competitors Social/ cultural ‘environment Politcal/ legal environment 

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External) Marketing Environment 

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Product Items, Lines, and Mixes 

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Product Price Value Convenience Selection Service Warranty Brand Money Time Energy Commitment Referrals Past ex Expectations Knowledge ۳ 

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‎nn‏ كم ‎Marketers are focused on stimulatin exchanges with pes who make up markets - B2C or B ‎The market is - vo DINO volo olan a series of roles: decision makers, consumers, purchasers, and! influencers, ‎Iti 1 absolutel 1 essential that ۳ oe have a detailed understanding of consumers, their needs and wants) ‎Much happens before and after the sale to affect customer satisfaction! ‎ 

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4 + Produet-in-use situation * Feedback from others + Post puchase service + Warranties ‘+ Rotums policies + Customer-service centres 12 * Intoration with eompany systoms + Point-ot sale service ‘+ Exposure to sales setting + Exposure to employees *# Acooss and eomenience + Variety and ters of sale ۰ Create i + Communicate infomation + Communicate image + Gathor infomation B) «Evaluate alternatives: 

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Myth i — the larger the range or products, the 11016 005011161756111 |! 

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Myth 3 - Launch a product and the customer will start using instantly. - Give a customer a card and he will learn how to play with it immediately انالا لإإثالا معف عنام" كما Peres 

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Myth 4 - The only way to get a customer is rie) a) competition. Seas: pitt Opis, — Cetus ae a, as Wager flaps DDS ZA 

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Myth 5 - Just advertise and - You will sell. 

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Myth 6 - No difference between marketing & 1 ‘selling Dot eee oF ae 24 

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Myth 7 - In the absence of relationships ‘trust’ builds financial brands سل ل مت مر اسر مرحم مرن رسارس رم رم( 

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دك ددن ةلدلة ارد ردريالك ‎So Wise Wi ens‏ 0 ata Canc id 

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The real differentiator of customer - centricity in a commoditised world of financial products - \ Customer Service ! وي 902 

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General Bank Management Marketing Management for Bankers MODULE D C AIIB What is Marketing…?? Selling? Advertising? Promotions? Making products available in stores? Maintaining inventories? All of the above, plus much more! 2 2 Marketing = ? Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services to create exchanges that satisfy individual and organizational goals American Marketing Association 3 3 Marketing = ? Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. 4 4 Simple Marketing System Communication Goods/services Industry Market (a collection of sellers) (a collection of Buyers) Money Information 5 5 Marketing = ? Marketing is the sum of all activities that take you to a sales outlet. After that sales takes over.  Marketing is all about creating a pull, sales is all about push.   Marketing is all about managing the four P’s – product  price  place  promotion  6 6 The 4 Ps & 4Cs Marketing Mix Convenience Place Product Customer Solution Price Promotion Customer Cost Communication 7 7 Difference Difference Between Between -- Sales Sales & & Marketing Marketing ?? Sales trying to get the customer to want what the company produces Marketing trying to get the company produce what the customer wants 8 8 Scope – What do we market           Goods Services Events Experiences Personalities Place Organizations Properties Information Ideas and concepts 9 9 Core Concepts of Marketing Based on :  Needs, Wants, Desires / demand  Products, Utility, Value & Satisfaction  Exchange, Transactions & Relationships  Markets, Marketing & Marketers. 10 Core Concepts of Marketing Needs, wants demands Markets Products Marketing & Marketers Utility, Value & Satisfaction Xchange, Transaction Relationships 11 Core Concepts of Marketing  Need – food ( is a must )  Want – Pizza, Burger, French fry's ( translation of a need as per our experience )  Demand – Burger ( translation of a want as per our willingness and ability to buy )  Desire – Have a Burger in a five star hotel 12 In order to understand Marketing let us begin with the Marketing Triangle Customers Company Competition 13 Who is a Customer ?? CUSTOMER IS . . . .. Anyone who is in the market looking at a product / service for attention, acquisition, use or consumption that satisfies a want or a need 14 Customer – CUSTOMER has needs, wants, demands and desires Understanding these needs is starting point of the entire marketing These needs, wants …… arise within a framework or an ecosystem Understanding both the needs and the ecosystem is the starting point of a long term relationship 15 How Do Consumers Choose Among Products & Services? Value - the value or benefits the customers gain from using the product versus the cost of obtaining the product. Satisfaction - Based on a comparison of performance and expectations.  Performance > Expectations => Satisfaction  Performance < Expectations => Dissatisfaction 16 Customers - Problem Solution As a priority , we must bring to our customers “WHAT THEY NEED” We must be in a position to UNDERSTAND their problems Or in a new situation to give them a chance to AVOID the problems 17 Customer looks for Value Value = Benefit / Cost Benefit = Functional Benefit + Emotional Benefit Cost = Monetary Cost + Time Cost + Energy Cost + Psychic Cost 18 Strategic Marketing Strategic marketing management is concerned with how we will create value for the customer Asks two main questions  What is the organization’s main activity at a particular time? – Customer Value  What are its primary goals and how will these be achieved? – how will this value be delivered 20 Strategic Planning Strategic Planning is the managerial process of creating and maintaining a fit between the organization’s objectives and resources and the evolving market opportunities.   Also called Strategic Management Process   All organizations have this   Can be Formal or Informal 21 The Strategic-Planning, Implementation, and Control Process 22 Business Strategic-Planning Process External environment (Opportunity & Threat analysis) Goal Formulation Business Mission Internal Environment (Strength/ Weakness analysis) 23 Strategy Formulation Environmental Analysis Internal Analysis Competitor Customer Supplier Regulatory Social/ Political Technology Know-How Manufacturing Know-How Marketing Know-How Distribution Know-How Logistics Opportunities & Threats Strength & Weaknesses Identity Core Competencies Identify opportunity Fit internal Competencies with external opportunities Firm Strategies 24 The Marketing Plan A written document that acts as a guidebook of marketing activities for the marketing manager 25 CONTENTS of MARKETING PLAN Business Mission Statement Objectives Situation Analysis (SWOT) Marketing Strategy  Target Market Strategy  Marketing Mix  Positioning  Product  Promotion  Price  Place – Distribution  People  Process Implementation, Evaluation and Control 26 The Marketing Process Business Mission Stateme nt Objectiv es Situation or SWOT Analysis Marketing Strategy Target Market Strategy Marketing Mix Product Place/Distribution Promotion Price Implementation Evaluation, Control 27 Marketing Environment Why a product like radio declined and now once again emerging as an entertainment medium ? 29 What Were the Drivers of This Change ? Technology ? Government policy ? Other media substitutes ? 30 Why Market Leaders Suffered ?  HMT vs. Titan  HLL vs. Nirma  Bajaj vs. Honda  Dot.com boom, then bust and now resurgence  Market leadership today cannot be taken for granted.New and more efficient companies are able to upstage leaders in a much shorter period. 31 Factors Influencing Company’s Marketing Strategy 32 External External Marketing Marketing Environment Environment External Environment is not controllable Social Social Change Change Ever-Changing Marketplace Demographics Demographics Product Product Distribution Distribution Promotion Promotion Price Price Economic Economic Conditions Conditions Physical / Natural Competition Competition Environmental Scanning Target Market Technology Technology Political Political&& Legal LegalFactors Factors 33 The macro-environment is the assessment of the external forces that act upon the firm and its customers, that create threats & opportunities 34 P P rr oo dd uu cc tt 35 Product is . . . . . Anything that is offered to the market for attention, acquisition, use or consumption that satisfies a want or a need 36 Types of Products PRODUCTS Consumer Products Services Industrial Products 37 Product Items, Lines, and Mixes Product Product Item Item A A specific specific version version of of aa product product that that can can be be designated designated as as aa distinct distinct offering offering among among an an organization’s organization’s products. products. Product Product Line Line A A group group of of closely-related closely-related product product items. items. Product Product Mix Mix All All products products that that an an organization organization sells. sells. 38 Product Mix Width – how many product lines a company has Length – how many products are there in a product line Depth – how many variants of each product exist within a product line Consistency – how closely related the product lines are in end use 39 Gillette’s Product Lines & Mix Depth of the product lines Width of the product mix Blades and razors Writing Toiletriesinstruments Fusion – 5 blade Mach 3 Turbo Mach 3 Series Sensor Adorn Trac II Toni Atra Right Guard Swivel Silkience Double-Edge Soft and Dri Lady Gillette Foamy Super Speed Dry Look Twin Injector Dry Idea Techmatic Brush Plus Lighters Paper Mate Flair S.T. Dupont Cricket S.T. Dupont 40 What is a Service? Defining the Essence An act or performance offered by one party to another (performances are intangible, but may involve use of physical products) An economic activity that does not result in ownership A process that creates benefits by facilitating a desired change in customers themselves, or their physical possessions, or intangible assets 41 Some Industries - Service Sector Banking, stock broking Health care Lodging Education Restaurants, bars, catering Wholesaling and retailing Insurance Laundries, dry-cleaning News and entertainment Repair and maintenance Professional (e.g., law, architecture, consulting) Transportation (freight and passenger) 42 Classification of Services Banking Pure Intangible Service Good Transportation Major Service with Minor Product Business Hotels Product = Service Computers Major Product with Minor Services Materials / Components Pure Tangible Product 43 Major Characteristic of Services  Intangibility – Services are intangibility cannot be seen, tasted, felt, heard or smelled before purchase.  Inseparability - Services are produced and consumed simultaneously.  Variability or Heterogeneity – Services are highly variable  Perishability – Services cannot be stored.  Non Ownership - Services are rendered but there is no transfer of title 44 The Marketing Mix The conventional view of the marketing mix consisted of four components (4 Ps): Product, Price, Place/ distribution and Promotion. Generally acknowledged that this is too narrow today; now includes , Processes, Productivity [technology ]People [employees], Physical evidence Marketers today are focused on virtually all aspects of the firm’s operations that have the potential to affect the relationship with customers. 45 The “8Ps” of Integrated Service Management vs. the Traditional “4Ps” ► Product elements ► Place, cyberspace, and time ► Process ► Productivity and quality ► People ► Promotion and education ► Physical evidence ► Price and other user outlays 46 The Give and Get of Marketing 47 Great Words on Marketing 1. “The purpose of a company is ‘to create a customer…The only profit center is the customer.’” 2. “A business has two—and only two—basic functions: marketing and innovation. Marketing and innovation produce results: all the rest are costs.” 3. “The aim of marketing is to make selling unnecessary.” 4. “While great devices are invented in the Laboratory, great products are invented in the Marketing department.” 5. “Marketing is too important to be left to the marketing department.” 48 Drivers of Customer Satisfaction Many aspects of the firm’s value proposition contribute to customer satisfaction:  The core product or service offered  Support services and systems  The technical performance of the firm  Interaction with the firm and it employees  The emotional connection with customers Ability to add value and to differentiate as a firm focuses more on the top levels 49 Marketers and Markets Marketers are focused on stimulating exchanges with customers who make up markets – B2C or B2B. The market is comprised of people who play a series of roles: decision makers, consumers, purchasers, and influencers. It is absolutely essential that marketers have a detailed understanding of consumers, their needs and wants. Much happens before and after the sale to affect customer satisfaction 50 Stages of Customer Interaction 51 What Changed in Marketing… New Economy Old Economy •• •• •• •• •• •• •• •• •• Organize Organize by by product product units units Focus Focus on on profitable profitable transactions transactions Look Look primarily primarily atat financial financial scorecard scorecard Focus Focus on on shareholders shareholders Marketing Marketing does does the the marketing marketing Build Build brands brands through through advertising advertising Focus Focus on on customer customer acquisition acquisition No No customer customer satisfaction satisfaction measurement measurement Over-promise, Over-promise, under-deliver under-deliver • Organize by customer segments • Focus on customer lifetime value • Look also at marketing scorecard • • • • • Focus on stakeholders Everyone does the marketing Build brands through performance Focus on customer retention Measure customer satisfaction and retention rate • Under-promise, over-deliver 52 Are Are Banks Banks truly truly marketing-savvy marketing-savvy and and customer customer -- centric? centric? 53 Myth 1 – The larger the range of products, the more customer-centric I am. Mythbuster – The range of products has emerged from being competition-centric. 54 Myth 2 – Better technology (read CRM) leads to better customer service. Mythbuster – Technology alone does not deliver, helps people do. 55 Myth 3 – Launch a product and the customer will start using instantly. - Give a customer a card and he will learn how to play with it immediately Mythbuster – Customers need To be educated too… 56 Myth 4 – The only way to get a customer is from competition. Mythbuster – Customers are not only present where competition is. 57 Myth 5 – Just advertise and - You will sell. Mythbuster – Advertising will only sell, Not retain customers. 58 Myth 6 – No difference between marketing & selling Mythbuster – “Selling focuses on the needs of the seller; marketing on the needs of the buyer. 59 Myth 7 – In the absence of relationships ‘trust’ builds financial brands Mythbuster – Trust is not a differentiator at all… it is the very minimum that the customer expects!! 60 So So what what will will the the differentiators differentiators be be :: • Technology ? • Brand ? 61 The real differentiator of customer – centricity in a commoditised world of financial products - Customer Service ! 62 Thank You sagarnarsian@yahoo.com 63