This article is on the Marketing Mix of ICICI Bank. ICICI Bank (Industrial Credit and Investment Corporation of India) is the largest Indian Private Bank. In India, this global bank boasts in terms of market capitalization and its reserves being the second biggest. This bank was founded in the year 1994. The new chairman of the bank is Mr. Girish Chandra Chaturvedi and the CEO and Managing Director is Ms. Sandeep Bakhshi. ICICI Bank is committed to enhancing communication for a long-lasting partnership between the workers and the customers.
The Bank’s goals include developing and growing private enterprises with modern facilities. It has also taken “Go Green” initiative to build awareness among the public about the climate. ICICI Bank has built a portal that offers all its customers a single-handed choice of I internet banking and IVR banking under one roof.
In the banking arena, ICICI Bank has several rivals who inspire them to deliver their best possible services. Any of their chief industry competitors are as follows: State Bank of India, Axis Bank, Bank of Baroda, Bank of Punjab, HDFC Bank, Central Bank of India.
Via this article let’s address ICICI Bank Marketing Mix:
Products in the Marketing Mix of ICICI Bank
ICICI Bank offers a range of banking products for all its clients in the marketing mix of ICICI bank ICICI Bank. ICICI bank’s primary feature is its outstanding customer service. The bank is known for its 12-hour work and customer service programs beyond the box. This relies similarly on supermarket clients as well as corporate-owned consumers. Their financial offerings include:
- Personal Finance – Which contains a range of deposits such as Investment Account, Revolving Account, Senior Citizen Special Accounts, Fixed Deposit Account, and Teens.
- Cards – Gift cards, Credit Cards, Co-branded cards like IRCTC Cards, Travelcards, and Debit cards are included.
- Investment banking – Consumers including Tax Saving Shares, Mutual Funds, Foreign Exchange Facilities, and Pure Gold Deposits are offered different choices.
- Loans – Which include personal loans, loans for surgical supplies, loans for farm machinery, loans for cars, and loans against shares.
- Financing-Platform financing is one of ICICI’s powerful goods in its kitty. Plus, the bank offers various types of Financing.
- Corporate Banking Insurance – ICICI bank is known for its comprehensive insurance coverage portfolio.
- Wealth management Private banking potential loans – Most banks make an enormous amount of profit from loans deal. ICICI has several fail-safes in order to ensure that only the best borrowers are given loans.
ICICI Bank launched a Special app called ‘ICICI Bank’s Pockets’ helped its customers conduct a range of financial transactions through Twitter. Access to this app was made possible by signing into the customer’s Facebook page. If the target page is reached, the user must complete their online registration with the aid of the Debit Card number and the Pin code.
This software has proved to be a veiled blessing for consumers because it is helpful and saves lots of time. Payments, reloading the prepaid wallet from cell phones, booking seats at cinema halls, viewing Demat balances and savings account receipts, opening a revolving account, and updating the debit card are some of the choices with this device. The software also helps a party to break up on Facebook and discuss expenses. Pass of funds to friends is possible here without bank information.
Ad by Interest Perception ICICI Bank has launched some new items such as the ‘My Savings Incentive’ and ‘I Hope’ deposit plan to its portfolio. It shows ICICI bank acknowledges that simplicity is one of the big things they can give their customers for a deposit. Convenience, however, comes with a security risk and so ICICI guarantees that consumers are delivered such services with security vulnerabilities in place.
Place in the Marketing Mix of ICICI Bank
ICICI Bank has expanded across the globe and has subsidiaries and branches in 19 countries such as Russia, the UK, Canada, Singapore, the US, Hong Kong, and Qatar.
ICICI Bank has a massive infrastructure with 15589 ATM’s and 5275 branches in India. Relevant sites for setting up ATMs and branches are shortlisted and optimized in order to offer access to the highest number of individuals. The health and protection of all bank staff and customers is kept in mind when setting up these locations. ICICI Bank has 84922 Employees.
These places serve as a medium of delivery for the banking facilities where services are offered 24 * 7 at all times. The idea of Online banking and the use of technology for any form of service is welcomed. Many of its branches are modernly fitted. The bank has opened numerous information centers where you can address any of the relevant queries.
ICICI Bank has introduced the DSA & DST model. ICICI’s direct sales agents and staff meet the customer at his house, rather than telling him to come to the branch. That has helped them draw more customers.
Price in the Marketing Mix of ICICI Bank
Service Charges and Fees for various products like credit cards, loans, and other services are as per the industry norms and standards.
Provides its valued clients an array of financial services. It has a pricing strategy which is very simple. ICICI Bank struggles with a dynamic market and so it has a strategy requiring improvisation at each stage. Bearing in mind the value-added approaches of the bank and assessing the attitude of the consumer and the economic developments happening in the industry are made. When you equate it to PSU’s or even second-tier banks like Kotak Mahindra, though, then ICICI can clearly be seen as a priced premium bank.
ICICI Bank targets a significant part of market share, as its strategy requires sales by volume. This has already begun an aggressive procurement campaign including low-cost acquisitions. The key goal of the bank is to reduce competition in the financial industry. The bank provides loans and services to retain its customers. The rates are measured at regular intervals and modified to match both bank and consumer needs and demands.
In 2012 ICICI Bank launched a new initiative ‘My savings incentive’ under its Appraisal Scheme. Customers are awarded points in this system as incentives for all purchases which are made in the bank’s savings account. Points are automatically issued for various transactions such as internet banking, online shopping, bill payment, automatic debiting of saving accounts on every monthly increment, etc.
Promotions in the Marketing Mix of ICICI bank
ICICI Bank is following an aggressive promotional strategy to beat its competitors. The advertising approach of ICICI Bank involves direct and indirect customer contact. In addition to stressing the upgrading of the banking infrastructure, the emphasis is also placed on the advantages of utilizing the services of the banks. The value of each company is illustrated in such a way that the consumers are fascinated and are encouraged to understand this bank’s services.
Ads were put in the print media under the branding plan, and prominent celebrities were roped in for the visual coverage. Hiring Shahrukh Khan, the famous star, in the commercials, has been a big boost for ICICI Bank. All the advertising linked to the bank denotes ‘trust’ and this helped them immensely as trust is a precious asset in the world today.
Technology has been used to the full ability to track the desires and needs of the customer. ICICI and Amway have formed an agreement with a credit card that can be used globally. The bank has now connected with Indian Railways and other facilities are offered to the customer’s advantage.
The tagline of ICICI Bank is ‘Hum Hain Na’ very apt as it encourages trust, faith, and financial solutions for any customer. In its attempts to create a sophisticated identity of modern design, it was successful.
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