Bank of Maharashtra Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Bank of Maharashtra through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Bank of Maharashtra Product Strategy:
Bank of Maharashtra is one of the most prominent banks in Maharashtra, India. The various products and services in its marketing mix offered by the bank are Senior Citizen Saving Scheme, Sukanya Samriddhi Yojana, and Sovereign Gold Bond Scheme 2015-16; DEMAT Services, Distribution of Mutual Funds, Capital Market Application (ASBA), Executors and Trustee Services, RTGS/NEFT, Mahabank Swasthya Yojna. Bank of Maharashtra also provides E Payment Taxes, Door Step Banking, Mahabank Corporate SUPREME Payroll, Pradhan Mantri Jeevan Jyoti Bima Yojana, Western Union Money Transfer facitity, Maha-Double Deposit Scheme, Maha Suraksha Payroll Scheme and Pradhan Mantri Suraksha Bima Yojana. Bank of Maharashtra introduced the facility of Mobile Point of Sale (M – POS) that provides merchants with benefits of Speedy payment and cash management and saving of Resources and quality time. It is a facilitator of Atal Pension Yojana for all savings account holders of the Bank who are not covered under any social benefit scheme and Eligible age group 18 to 40 Years old. Bank of Maharashtra is a Depository Participant (DP) of CDSL since 1999 and it offers DEMAT services.
Image: company website
This concludes the product strategy in Bank of Maharashtra marketing mix & strategy.
Bank of Maharashtra Price/Pricing Strategy:
Below is the pricing strategy in Bank of Maharashtra marketing mix strategy:
The RBI regulates the rate of interest and the Indian Banks’ Association controls other charges levied to customers. Since Bank of Maharashtra is a public sector bank, the charges are comparatively low as compared to other private banks and it serves the interest of the weaker sections and the backward regions.
The government of India is instrumental and commands the pricing decisions. The quality of service provided is also related to the price offered to customers and since salaries to employees are being paid by the government, Bank of Maharashtra offers low pricing for opening of accounts and other charges. The bank frames the pricing strategies, keeping in mind the value and satisfaction aspect of the services provided. The bank has positioned itself to cater to middle class families and it has invested heavily in SLR securities. It wants to have an equilibrium of pricing between customer requirements and policies.
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Bank of Maharashtra Place & Distribution Strategy:
Following is the distribution strategy in the Bank of Maharashtra marketing mix:
Bank of Maharashtra has over 1500 branches in 23 states and 2 union territories and has high connectivity to common man in some parts of the country especially the western part of India. The ATM machines are spread across the country for easy retrieval of money. Bank of Maharashtra 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.
Bank of Maharashtra Promotion & Advertising Strategy:
The promotional and advertising strategy in the Bank of Maharashtra marketing mix is as follows:
Bank of Maharashtra has used the following logo characteristics: The Deepmal - with its many lights rising to greater heights, The Pillar - symbolising strength, The Diyas- symbolising services, the three Ms - describing mobilisation of money, modernisation of methods, and motivation of staff. Bank of Maharashtra has indulged into social responsibility acts such as it donated Rs 21 Lakhs to Naam Foundation and Rs. 10,00,00 to “NATIONAL SPORT’S DEVELOPMENT FUND” thereby showing its presence. The bank carries out Annual training schedule through their NGO formed in 1989 Mahabank Vidarbha Shetkari Jagruti Abhiyan and Hanuman Vyayam Prasarak Mandal. Much communication about the banking services of Bank of Maharashtra takes place by word of mouth, this eliminating negative comments and improving the services. It has won numerous awards including SKOCH AWARD 2016 in the field of Financial Inclusion and “Banking Technology Excellence Awards 2015-16” organized by Institute for Development & Research in Banking Technology (IDRBT), ‘Best Bank among Mid-Sized Banks’ in the category -“Use of Technology for Financial Inclusion”. In its Platinum Jubilee Year, the bank Adopted 75 Villages. Bank of Maharashtra holds regular press meetings mentioning the quarterly and yearly performance results thus creating a positive impact on customers mind.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Bank of Maharashtra.
People:
The employees working in Bank of Maharashtra have adequate knowledge about the products and services and are trained professionally through workshops. The employees work is aligned with the vision and mission of the bank and they work to achieve organisation goals. The Bank of Maharashtra employees are recruited through an efficient process and are given adequate training on the roles offered. Employees are encouraged to be customer friendly and directed to enrich customer experience.
Process:
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. Bank of Maharashtra 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 Bank of Maharashtra 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 Bank of Maharashtra 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, the marketing mix of Bank of Maharashtra is completed.
About Bank of Maharashtra:
Bank of Maharashtra is a major public sector bank in India and Government of India holds majority shares. The Bank has 1895 branches as on April 2016 and it has the major network of branches by any public sector bank in the state of Maharashtra. Bank of Maharashtra was founded in the year 1935 by the V. G. Kale and D. K. Sathe. The Bank was registered as a banking company in 1935 at Pune. The Bank's financial assistance to small sector units has given rise to many of today's industrial companies. There are about 13,000+ employees with Bank of Maharashtra and the current Chairman and Managing director is Mr. S.
Muhnot. Bank of Maharashtra attained autonomous status in 1998 and the bank has a very limited interference of Government bureaucracy in its decision making process and internal affairs.
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