What’s are the Features and Approach of Bank Marketing?
Posted by Ripon Abu Hasnat on Thursday, September 4, 2014 | 0 comments
Features of Bank Marketing
There are some features of bank
marketing. These ares-
a). Banking product cannot be seen or touched like
manufactured products (intangibility).
b). In marketing banking products,
the product and the seller are inseparable; they together define the banking
product (inseparability)
c). Banking products are products and
delivered at the same time; they cannot be stored and inspected before
delivering’ (perish ability)
d). Standardization of banking
product is difficult (variability)
Approach Bank Marketing
With the need for marketing in banks
having evolved out of the changing environment and constant interplay of
various interdependent factors, the importance of a systematic approach to
marketing cannot be over stressed. The application of a marketing approach in
banks will therefore involve:
a. Identifying customers’ financial
needs and wants;
b. Developing appropriate banking
services to meet these needs;
c. Pricing for the services so
developed;
d. Setting up suitable outsells /
banks branches;
e. Advertising to promote the
services to the existing as well as prospective customers.
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