It is the process of planning and executing the conception, pricing, promotion and distribution of goods, services and ideas to create exchanges with target groups that satisfy customer and organizational objectives.
It comprises four key functional aspects, viz., Analysis, Planning, Implementation and Control.
The significance of marketing has been realized by all organizations whether in service or trade. Banks are also not an exception to this. Highlights of the Bank Marketing can be attributed to the following points.
- All Organizations provide Services
- Aim to satisfy Customer needs and wants of specific nature.
- The nature of needs and wants of the customer are generally financial, while some may be incidental to or related these
- The Competitive element, efficiency and effectiveness are major factors in the process.
- Organizational objectives are still the driving force.