Allahabad Bank Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Allahabad Bank through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Allahabad Bank Product Strategy:
Allahabad bank is one the leading banks in India. Allahabad bank is the oldest joint stock company in India. The bank has been providing various banking products and services. They target not only corporates but also the commercial and retail customers. The main focus of Allahabad bank is on the retail banking sector. All its banking services form its product offering in its marketing mix. Their commercial and corporate products have Different kinds of Term Loans, Export and other business credits etc. The retail market being the main focus the bank provides facilities like Automobile Loans, House Loans, Personal Loans. It also provides facilities of Debit Cards for the ease of the customers. Allahabad bank has also entered into providing facilities to the Agriculture Industries. The their facilities include NRI services, International Banking, services to SMEs, Government Business, Zero Balance Accounts etc. Allahabad bank has come up with various innovative schemes like Saral Loans, Retail Banking Boutiques.
Image: company website
This concludes the product strategy in Allahabad Bank marketing mix & strategy.
Allahabad Bank Price/Pricing Strategy:
Below is the pricing strategy in Allahabad Bank marketing mix strategy:
Allahabad bank, being a bank in India, is regulated and controlled by RBI. The price in banking industries include the interest rates, consultancy charges and commissions.
In the deposit schemes the interest rate varies from 4.5% - 6.5% based on time period. Allahabad bank generally charges a processing fees of around 10%. The service charges differ for different category of customers. Also an amount is charged right from issuing cheque books to providing demand drafts. For demand loan an interest of 0.5% over the fixed rate is charged.
Read more about Allahabad Bank
Allahabad Bank Place & Distribution Strategy:
Following is the distribution strategy in the Allahabad Bank marketing mix:
Allahabad Bank has around 3000+ branches opened in all around India. Allahabad bank has focussed to open its branches in almost all the cities and also some villages in India to extend its reach to every part of it. With a vast and diverse lines of facilities and products the bank manages to reach the customers through their extensive branch network, phone banking, extension counters, ATMs and the internet. Its headquarter is located in Kolkata, India. Allahabad bank transcended beyond the boundaries of the country by opening a representative office in Shenzen, China. It has also opened a branch in Hong Kong. Allahabad bank has around 250 ATMs all over the country reaching customers easily. The bank plans to open more branches to reach the areas where the visibility is low and growth potential is very high. 41% branches are located in the rural areas and around 21% in the urban areas.
This gives an insight in the place strategy in the bank’s marketing mix.
Allahabad Bank Promotion & Advertising Strategy:
The promotional and advertising strategy in the Allahabad Bank marketing mix is as follows:
Allahabad bank faces a competition regarding the advertisements. They don’t carry out extensive advertising and promotional activities as compared to competitors. Allahabad bank carry out promotional activities through the advertisements in television to some extent and by ads in newspapers and magazines. This has been a threat for the company and they need to focus more on these activities to increase their customer base. They have come up with various attractive schemes and offers to attract the customers.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Allahabad bank.
Physical Evidence:
Allahabad bank is easily visible through various hoardings and posters. The bank has its official website where one check all the details. Its head office is in Kolkata,India. It offers Debit cards and Credit Cards which depicts its existence. The main physical evidence of Allahabad bank are its branch offices.
People:
Allahabad bank values its employees a lot and carries out lot of training and learning programmes for the development. They also have a customer servicing committee. They have around 24,000+ employees and provide a good working atmosphere. Its key persons includes Mr. Rakesh Sethi, Chairman and Managing Director. Allahabad bank also considers its customers as its highest priority.
Process:
Allahabad bank has several business processes in place to cater to the needs of the customers. The basic process for a customer of Allahabad bank is as follows:
1. Visit the nearest Branch
2. Ask the person who deals with the work wanted and take the form
3. Fill it and submit it along with required documents and photographs.
4. Finally the process ends after taking the signature of another person who has an account in the bank.
Apart from this, there are various other business processes and frameworks of the bank to ease its banking. Hence, all this covers the Allahabad bank marketing mix.
About Allahabad bank:
Allahabad bank was established in 1865, around 152 years back in Allahabad. It provides banking and other financial services being operating for so many years it is amongst the oldest joint stock banks in India. Its headquarters is located in Kolkata, India. Allahabad Bank has over 3071 branches over the country and now also has a branch in Hong Kong.
It has been providing employment to nearly 24000+ people all over India. The government of India has a shareholding of around 55% as per the data of 2014 in Allahabad Bank.
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