IDBI Bank Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of IDBI Bank through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
IDBI Bank Product Strategy:
IDBI Bank is one of the leading banks in India. IDBI Bank products include Preferred Banking, opening of savings account with special schemes for Women named as Super Shakti Account, for Senior Citizen as Jubilee Plus, Power Kids targeted at children, Sabka basic savings account (Complete KYC), personal savings account. Other products include Flexi Current account scheme, Corporate Payroll account, Fixed deposit and lockers. All these are the basic offerings in the product mix. In loans the bank provides home load, auto load, education load, personal load, loan against securities. Other products include issue of Credit cards, Debit cards, prepaid cards. IDBI Bank also provides 24 hours banking facilities through Phone banking, mobile banking, internet banking, Pradhanmantri social security scheme and Sukanya Samriddhi account. IDBI bank is also involved in proving general insurance, Life insurance, Mutual funds, pension system and sovereign gold bonds.
Image: company website
This concludes the product strategy in IDBI Bank marketing mix & strategy.
IDBI Bank Price/Pricing Strategy:
Below is the pricing strategy in IDBI Bank marketing mix strategy:
IDBI bank has implemented effective schemes and carried out competitive pricing so that it gives quality services for its customers. IDBI Bank wants to have an equilibrium of pricing between customer requirements and policies.
The interest rates are decided as per the recommendation of RBI. For its various services and products, IDBI Bank has adopted a reasonable pricing strategy and pricing decisions are influenced by interest charged, commission and the service fee. This gives an insight in the pricing strategy in its marketing mix.
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IDBI Bank Place & Distribution Strategy:
Following is the distribution strategy in the IDBI Bank marketing mix:
IDBI Bank services can be obtained by visiting the nearest branch of the bank or customers can contact the 24 x 7 helpline. IDBI Bank’s registered office is at Colaba, Mumbai. It facilitates online transactions users can pay Credit card bills using iPay, Bill payment using Instapay, Online tax payment, Online donation, Purchase Air tickets and carry out various online payment activities. IDBI Bank has dedicated ATM centres across India, where customers can withdraw cash and perform other transactions such as viewing balance statement and other transaction related activities.
Customers can carry out net banking, make credit and debit card payments and other transactions online.
IDBI Bank Promotion & Advertising Strategy:
The promotional and advertising strategy in the IDBI Bank marketing mix is as follows:
IDBI Bank advertises using various communication channels such as word of mouth publicity, advertising campaigns, telemarketing and sales promotions. There is a dedicated helpline and customer care centre which solves customer issues. IDBI Bank is involved in CSR activities and in association with Association for the blind it has set up NAB – IDBI a polytechnic for the blind at Ambernath, Maharashtra. It released a commercial titled banking and friendship mentioning the strengthening of relationship between the customer and bank.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of IDBI Bank.
People:
IDBI Bank has good focus towards its customers and employees. The employees working in IDBI have knowledge about the products and services and are professionally trained. The employees work is aligned with the vision and mission of the company and they work to achieve organisation goals. The IDBI Bank employees are recruited through a streamlined process and are given adequate training on the roles offered. Employees are encouraged to be customer friendly and directed to satisfy customer requirements.
Process:
IDBI Bank has several processes for business. The processes followed are customer friendly such that customer easily follows the instructions given and the bank has employed measures to make it less cumbersome for the customer to carry out the transactions. IDBI Bank has made use of sophisticated technologies to prevent hacking of customer accounts and the online transactions are securely carried out. It maintains stringent security processes so that customer accounts are safe.
Physical Evidence:
The infrastructure is developed keeping in mind the customer’s convenience and comfort. There are knowledgeable and adequately trained employees to help and assist the customer in the transactions. The bank reflects the brand colours so that any customer who visits the IDBI bank can look for common ambience across all banks. The bank works on the principle of trust and transparency in process hence it acts as a catalyst to increase customer loyalty towards the bank. Hence, this concludes the marketing mix of IDBI Bank.
About IDBI Bank:
IDBI abbreviated as Industrial Development Bank of India was established in 1964 to provide credit and financial facilities for the developing Indian Industries. IDBI Bank is an Indian Government owned financial service company and is currently tenth largest development bank in the world. It is part of the 27 commercial banks that Indian government holds. IDBI Bank was established under an act of Parliament as a subsidiary of RBI. In 1995 it went for public issue hence government shareholding came down to 75% instead of previously owned 100%. In 2006, IDBI acquired United Western Bank.
It was ranked 1197 in the Forbes Global 2000 in May 2013. In 2011, IDBI Bank also received Overall Best Bank and Best Public Sector Bank awards given by Dun and Bradstreet Banking Awards.
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