Corporation Bank Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Corporation Bank through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Corporation Bank Product Strategy:
Corporation Bank is one of the best known banks in India. Corporation Bank has the following products and services in its marketing mix.
• Current accounts
• Cash management
• Financing
• Forex
• Payroll Account
• NRI services (Saving accounts, term deposit., loans, remittance, etc.)
• E-Banking- ATM, Debit card, Internet banking, Mobile banking, IMPS, SMS Banking, Missed call enquiry
It is safe to say that Corporation bank has all competitive products and services to that of a private bank. On top of that Corporation bank provides microfinancing to small scale borrowers.
Image: Wikimedia
This concludes the product strategy in Corporation Bank marketing mix & strategy.
Corporation Bank Price/Pricing Strategy:
Below is the pricing strategy in Corporation Bank marketing mix strategy:
Corporation Bank was established as a private bank in Udupi but it was nationalised along with five other private sector banks in the year 1980. Post nationalisation the aim and objective of Corporation Bank is to provide financial help, services, manage assets, etc.
for minimal profit as a government owned bank is aimed at wellness of the society more than making profits. Therefore, we can say that Corporation Bank follows a low pricing strategy in its marketing mix to maintain its benefits to small scale farmers.
Read more about Corporation Bank
Corporation Bank Place & Distribution Strategy:
Following is the distribution strategy in the Corporation Bank marketing mix:
Corporation Bank is spread across all parts of India. Delivery Channels of Corporation Bank are: -
• ATMs: Corporation Bank had installed 3,000+ ATMs. 1,000+ ATMs are under owned, 1,900+ ATMs are outsourced and one is a Mobile ATM
• Debit Cards: The total number of outstanding debit cards (all variants) stood at 95+ lakhs. Corporation Bank has complied with RBI guidelines to issue EMV Debit Cards from February 2016.
• Sponsoring Small Banks for VISA Sub membership: Plastic money made available to farmers by allowing for sub membership of VISA so that they could make timely payments and procure raw material for farming acceptance.
• 24X7 e-Lobby: The “e-Lobby” from Corporation Bank has self-service automation kiosks which include Cash Deposit Machine, Cheque Deposit Machine, Self-service Passbook printer and an ATM. Bank has put to up 240 e-Lobbies for use across the nation.
• bPOS Terminals: 85,000+ POS terminals (including Mobile POS) at various Merchant Establishments.
This could help in enrolling new customers and also retain existing customers
Corporation Bank Promotion & Advertising Strategy:
The promotional and advertising strategy in the Corporation Bank marketing mix is as follows:
Corporation Bank was originally known as Canara Banking Corporation Ltd. It follows its mission - Sarve Janah Sukhino Bhavantu which means that prosperity should be for everyone. Corporation Bank being hundred and ten years old has had the pleasure of hosting stalwarts across industries for different reasons. For example, Pt. Jawaharnal Nehru, Shri B.D. Jatti, Dr. Manmohan Singh, RBI governor etc.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Corporation Bank.
People:
Corporation Bank employs 19000+ people in its functioning. CorpKiran is an association of wives of bank executives who look into the corporate social responsibility aspect of the bank and ensure implementation of plans to achieve goals. The idea behind this is to involve the families of the bank personnel as Corporation banks focuses on betterment of the society, involving families will be truly representative of that.
Process:
Corporation Bank has several banking processes for ease of doing business. Customer centric approaches to open bank accounts, get loans etc also help the bank. The number of awards won by Corporation Bank also an evidence to its performance. It proves how well updated and efficient are processes at Corporation Bank.
Physical Evidence:
Corporation Bank is present in 2400 automated CBS branches, 3000 ATMs and many branchless banking units. It has offices in Dubai and Honk Kong respectively. Corporation Bank won the following awards:
• National Payments Corporation of India conferred Corporation Bank with
o Winner in Cheque Truncation System
o Runner up in IMPS
o Runner up in NFS ATM network
• Chamber of Indian Micro Small & Medium Enterprises gave award for
o Best MSME Bank in Mid-Sized Banks
o Runner up for CSR
o Best for MUDRA yojana
Hence, all these conclude the Corporation Bank marketing mix.
About Corporation Bank Limited:
Corporation Bank ltd. is an Indian bank which holds its operations Pan-India.
Corporation Bank was setup in 1906 by a group of philanthropists in Udupi to cater to the need of small scale funds of the farmers in Udupi as it was close to Mangalore and hence only feasible for people of Udupi. Eventually, headquarters of Corporation Bank moved to Mangalore.
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