Banking Service Marketing Mix

There are various categories of banking; these include retail banking, directly dealing with small businesses and persons. Commercial and Corporate banking which offers services to medium and large businesses (Koch & MacDonald 2010). Private banking, deals with individuals, offering them one on one service. The last category is investment banking. These help clients to raise capital and often invest in financial markets. Most global banking institutions provide all these services combined. With all these institutions in existence within the same localities and offering similar services, there is a need to regulate the industry so as to protect the consumer and provide fair working environment for all banks (Du & Girma, 2011).

Persuading the customers: - advertisements attracts the customers to buy the products and services of an organisation.

Advertising – Advertising is a form of promotion; there are various methods firms use, such as: T.V adverts, radio ads, billboards around town, leaflets given out in the street e.t.c. It’s the way firms get the knowledge that their product is around out there.

Advertising is bringing a product (or service) to the attention of potential and current customers. Promotion is a way to increase customer awareness of a product or a brand, generate sales and create brand loyalty.

Recommendations- Personal touch of the employees of the company to their customers in terms of “personal selling” can prove out to be very useful to the company. This theory is the most powerful tool for service marketers such as ANZ bank (Burrows, 2011). Some of the private banks give direct visits to customers at their house (Lovelock, 2011).

For this unique Commerce Bank, its customers are categorized as personalizing and convenience customers. The personalizing customers who very enjoy the good and special service experience,

The term advertising, the peaking of one’s interest about a product or service offered, has been used since the 1500s. For over five hundred years, companies and inventors have been influencing consumers to buy or invest in their products through advertisements. These ads can come in all types, shapes, and sizes. They can range from radio, print, television, web, or even advertisements by word of mouth. The idea of advertising can be complicated to understand, but why ads need to be used is very simple. Advertisements tell people what is out there to buy.

Service in this fragment ought to be separated as there are loads of other comparable services offered by different banks; in any case, the service of Barclays regularly stands distinctively to the requirements of the client. In addition, advancing the services will be exceptionally troublesome so the bank ought to utilise different method for advancement such as TV; daily papers, radios, and so forth as they will cover huge are in less time (Huang & Sarigöllü, 2012). Besides, at the second section costs of the product can be kept high as they are targeting the general population with high income. Moreover, this sort of corner section direct selling would be fitting as the business sector is little and not

In the both traditional and nontraditional banking services create non-interest income. The Traditional fee-generating activities include transaction services. These services for both retail and business depositors Although in recent years a lion share of these charges has been introduced for nontraditional technologies like online bill-pay, online money transfer etc. The Nontraditional fee-generating activities are included investment banking, insurance, underwriting and venture capital etc. These activities helps banking firms to generate a substantial amount of non-interest earnings. For example, in the traditional banking system, loan servicing charges and securitization charges do not exist but now a days these are a part of income of a banking company.

The sales of the product is to be promoted through a number of influences where prospecting. Buyer and sales meet face to face, it means that all prospective buyers of the product must be attractive buyers of the product must be attracted urged and persuaded to buy the products. This is done by sales promotion while has been taken as providing the link between product knowledge and market. The role of sales promotion is to stimulate consumer purchasing at the point of sales and dealers effectiveness at the retail channel

Banks owe their customers a number of duties so long as the banker-customer relationship is formed . The banker-customer relationship will normally be governed by the law of contract. However,

The services provided by any bank to its customer come under this. There are a many different types of services as listed below:

The purpose of this research paper is to examine the service marketing triangle and how it relates to the role of service employees in banks and financial institutions. Using academic journals and articles, this paper addresses the different aspects of the service triangle, including external marketing, internal marketing, and interactive marketing and the significance of adapting this strategy for bank service employees. By using this strategic framework, bank management will be able to monitor and understand the service employee’s role in the overall success of the bank.

But first, we should give a useful definition of advertising. According to the Encyclopedia Britannica (2015), advertising are ‘‘the techniques and practices used to bring products, services, opinions, or causes to public notice for the purpose of persuading the public to respond in a certain way toward what is advertised’’. Meanwhile, Belch and Belch (2009, p.18) describe advertising as ‘‘any paid form of impersonal communication about an organization, product, service or idea by an identified sponsor’’.

Banks owe their customers a number of duties so long as the banker-customer relationship is formed . The banker-customer relationship will normally be governed by the law of contract. However, when the bank is acting as an agent to the customer, there is a possibility to give rise to the fiduciary relationship between parties under the agency law.