Bank of Baroda Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Bank of Baroda through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Bank of Baroda Product Strategy:
Bank of Baroda is one of the most prominent banks in India, serving Indian as well as NRI customers. Bank of Baroda’s service & product portfolio in its marketing mix is broadly divided into 5 segments that are Personal Banking, Business Banking, Corporate Banking, International Banking, Treasury Banking and Rural Banking. Personal banking from Bank of Baroda is then further divided into many further sub segments such as savings & deposits, loans, mutual funds, insurance, card services, consultancy services, demat services and ancillary services. The Business Banking Segment is divided into deposits, loans, working capital finance services for small and medium enterprise. The Rural Banking services of Bank of Baroda has priority credit services, an agriculture innovation centre which has a range of services, marketing services for agri-businesses. Apart from these services Bank of Baroda provides various other customer services, government initiated schemes, online facilities such as transfer services, reward programs, online banking services, trading facilities, tax payment facilities, bill payment facilities and many other services.
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This concludes the product strategy in Bank of Baroda marketing mix & strategy.
Bank of Baroda Price/Pricing Strategy:
Below is the pricing strategy in Bank of Baroda marketing mix strategy:
Bank of Baroda, being a public sector bank in India, has competitive prices defined by RBI guidelines. The pricing in its marketing mix are kept competitive as other public sector banks to keep their services as attractive as others.
The charges of Bank of Baroda vary from the service offerings and amount of the balance maintained in the savings account the amount of credit taken from the bank. It also depends on the number of transactions as well as proper maintenance of satisfactory records. Bank of Baroda charges for delayed payments, transfer charges, card withdrawal charges, demand draft charges and locker charges. The loans which are of longer terms and are more popular have lesser interest rates. The personal loan charges are higher because of fewer quanta.
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Bank of Baroda Place & Distribution Strategy:
Following is the distribution strategy in the Bank of Baroda marketing mix:
Bank of Baroda has currently 5000+ branches in India. Bank of Baroda also operates in more than 20 countries. The bank has got 59 overseas branches and 47 branches for its subsidies. Bank of Baroda has also got more than 10,000+ ATMs in India. The bank has got international presence in UAE, UK, Mauritius, Fiji Island etc. Bank of Baroda also focuses in marketing the insurance products for which it has employed LIC for the distribution of all the various insurance products. It also reaches to the customers through its mobile banking platform, internet banking as well as through SMS banking and mobile apps. Bank of Baroda also uses direct selling agents to get more and more customers. The toll free number provides information to user anytime 24*7 hours.
The Bank has got a customer base of 60 million worldwide and is expanding its business in UK, Europe, UAE.
Bank of Baroda Promotion & Advertising Strategy:
The promotional and advertising strategy in the Bank of Baroda marketing mix is as follows:
Bank of Baroda uses various methods of promotions mostly through outdoor advertisements, TV commercials, print advertisements through major newspapers, billboard advertisements on its branches. Over the years Bank of Baroda hired Rahul Dravid, PV Sindhu, K Srikanth as its brand ambassador. Bank of Baroda also sponsors various events in colleges for promotion of its products. To spread awareness of various products and gain maximum visibility it goes door to door by hiring, its employees and other third party agents. Bank of Baroda has specialised vehicles to provide information about its products and services and also avail its services on the spot. Various government schemes are also spread through aggressive marketing through its employees. It also promotes its products online on its own website and apps and also on its partner websites. Bank of Baroda also does personalised advertisements through mobile marketing by sending messages on phones. It also has various reward programs to promote more transactions.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Bank of Baroda.
People:
Bank of Baroda has a very strong relationship with its customers and hence its employees and management needs to be on its feet to serve the best to its customers. Bank of Baroda selects its junior employees through a detailed national level recruitment process. After the selection they go through a rigorous training process after which they are absorbed so that they can present their best self and can perform at enhanced standards. The Bank of Baroda employees also undergo timely trainings to stay updated with regularly changing policies and standards. To provide trainings it has dedicated staff training colleges which are placed at various locations in the country. To educate the people about new policies and to cater to premium customers Bank of Baroda has got dedicated employees.
Process:
The processes of Bank of Baroda is quite exhaustive and as per government guidelines. Due to this fraudulent cases and errors are quite less in the bank. With the help of IT systems Bank of Baroda is now able to provide very quick service to its customers and make its customer happy. As compare to the past now with innovation and automation in various processes it has been able to complete account opening loan approval and other services within a three days which earlier used to take a lot of time. There are also instant loan approvals for housing and car loans. It has also made many of its processes online and on phone so that customer can access them at his convenience rather than going to the branches to get serviced. Bank of Baroda also has multiple dedicated counters and also reception areas so that customers can easily get serviced in a speedier manner.
Physical Evidence:
Bank of Baroda branches have a well-defined locations and standard specifications of branch setting to provide minimum amount of services. Although there is no dress code for employees they have to maintain certain standards while transacting with the customers. Bank of Baroda customers also get timely SMS updates for various transactions done on their accounts. They get cards for transactions and ATMs where they can access multiple banking services apart from withdrawals and balance enquiries. They also get passbooks, chequebooks and other various forms in a standard mentioned format to help them through the transaction and service process. Also the Bank of Baroda employees guide them through the processes wherever required. They also get various certificates and proofs for loans and deposits they make to be produced as other platforms and to keep as reference. Hence, this concludes the Bank of Baroda marketing mix.
About Bank of Baroda:
Bank of Baroda (BoB) is a state owned Indian bank which is headquartered in Vadodara, Gujarat. It is the India’s second largest bank after State Bank of India (SBI). Bank of Baroda was founded in the year 1908 by Maharaja Sayajirao Gaekwad. BoB got nationalized in the year 1969 by RBI. Bank of Baroda is an Indian international bank which provides banking and financial service. The logo of Bank of Baroda is called as the Baroda Sun which has got two Bs in it. The logo stands for universal symbol showing dynamism and optimism. The bank has got more than 50000 employees around 25 countries.
Bank of Baroda has also won many awards and recognitions like Best Public Sector Bank award given by Dun & Bradstreet Banking Awards 2015, Global peacock Training award in the year 2014 and many more. The tagline of Bank of Baroda is ‘India’s International Bank’.
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