Question

What are the basic elements of the marketing mix for a bank? What does the holistic marketing concept broaden these elements to include?

Answer 1

What are the basic elements of the marketing mix for a bank?

Ans……..

The Bank focus on following marketing mix:

Product : Products are the first marketing mix of bank.

The products of bank are savings account, commercial loan, credit cards, insurance, mutual funds, current accounts etc.

Price: The price of the products depends upon the different products and services offered by Bank. Bankcontinuously change their pricing as per the need and expectations of the consumers.

Place:Place play a very crucial role in banking services. Bank focus on ambience, location and interior to satisfied the customers of the bank.

Promotion: Bankof advertising throughelectronic as well as print media to promote their products and services among the bulk consumers.

People: Peoples are the tangible factor in banking services. Good peoples delivered excellence services to the customer.

Process: The Bank follows result oriented processing. Their business processing are related to the goal or objective of the bank.

Physical Evidence: Bank is using ERP software to give best services.

What does the holistic marketing concept broaden these elements to include?

Ans …….

HOLISTIC MARKETING :s a concept of New Trends. To meet the challenges of emerging trends in marketing , HOLISTIC MARKETING concept is being approached by the big shot company’s worldwide

At the same time the companies should also contribute to society. Social responsibility has an important segment in the trendy marketing strategies.

So to meet this requirements holistic marketing is opted by MNC,S also.

Holistic Marketing considers Stake holders, suppliers, employees, customers, society.

The Holistic Marketing concept includes four basic concepts: Relationship marketing, integrated marketing, internal marketing and societal marketing.

Relationship Marketing

Relationship marketing is to build relationships with various stakeholders, suppliers, manufactures, and others who are connected to the business. Relationship marketing is maintain relationship with the all segments of the business from END to END.

It includes Suppliers, shareholders, Manufactures, investors, employees of the company all depots of the companies, Marketing agencies, wholesalers and retailers, Stores and customers, competetors. No aspect can be ignored.

Integrated Marketing

Integrated marketing is a concept which works towards marketing of the products and services of the company. It deals with advertising, paper add, media, direct and Indirect marketing tv ads and internet sale, i.e sale online. It brings all the platforms on a common outlook of the company’s products.

Internal Marketing

It is marketing inside of the company. Meeting the Needs of the employees. It is Just like sharpening your axe daily. Motivating the employees always and keeping them on their positions retaining the employees on energy for longer time makes the company shines.

Company’s employees should be satisfied by the organization, which obviously deals with all other matters. Employees and hierarchy of the organization should have coordination and control all the time.

Societal Marketing: Role towards Society is the most popular area of Holistic Marketing. Service to society is beyond consumer’s satisfaction. Social consciousness, service to the society, genuinely of the product, environmentally safe, products and companies are always on high demand and popular.

Social responsibility also includes donations, constructions of townships, schools hospitals, water service, Medical aid to the people of some sections,.impoving greenery consciousness. Old age assistance,etc

And most important is environmentally safe product and services. The organization should not pollute the surrounding by its emissions .The products manufactured should be eco friendly.

These are few concepts of holistic marketing philosophy