A Comparative Study of Marketing Strategies Adopted by Selected Public Sector and Private Sector Banks in India to Offer Banking Financial Products

Abstract

newline In this study researcher has attempted to conduct a comparative analysis of marketing strategies (7Ps) adopted by public sector and private sector banks in India by understanding; product, price, place, promotion, people, process and physical evidence as key drivers of banks marketing strategies and suggested measures to improve the same. It s an attempt to analyse the effectiveness of the marketing strategies and to explain the significance and insignificance of each one of them in the banking context by analysing the responses of bank customers and bank managers on the basis of their banking experience. Owing to the liberalization, privatization and globalization (LPG), banking in India has seen a significant change and has been experiencing huge competition. To meet these challenges, banks need a reliable and effective service marketing mix strategy, which enable them to enhance customer service and support, increase productivity and reduce costs. Therefore there is a need to analyse and identify the appropriate marketing mix of services from the Indian consumer perspective. The researcher undertakes descriptive research to conduct the study through surveys and used mixed approaches i.e. Qualitative and Quantitative research method to fulfil the research plan and research objectives. The primary data collection has been done through personal interview by visiting the banks branches, through telephonic interview, e-mailing of questionnaires to respondents and through google form link from target groups i.e. bank customers and bank managers. The researcher has developed an Effective Marketing Strategies PICTURE MODEL and tries to answer the perception gaps and areas of improvements found in the present study. This PhD Thesis will help in developing effective marketing strategies by the public sector and private sector banks in India to enhance customer satisfaction level and will contribute to knowledge domain. It will help banks to bridge the perception gap of the customers with respect to servic