ICICI Bank Marketing Strategy & Marketing Mix (4Ps)
Published in Services category by MBA Skool Team
Marketing Strategy of ICICI Bank analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on ICICI Bank marketing mix, help the brand succeed in the market. Let us start the ICICI Bank Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
The product strategy and mix in ICICI Bank marketing strategy can be explained as follows:
ICICI Bank is one of the leading banks and financial service institutions in India. ICICI bank offers various banking services in its marketing mix across various verticals, geographies and customer requirements.
The different products available by ICICI are as follows:
Accounts & Deposits
Agri & Rural
ICICI Home loan
Pradhan Mantri Social Security Schemes
Instant Gold Loan
3in 1 account
ICICI Life Insurance
Gold Monetisation Scheme
ICICI Bank Referral Programme
ICICI Personal loan
Agri Traders & Processors
Gold Loan and against securities
Card Protection Plan
Pradhan Mantri Mudra Yojna
ICICI Lombard insurance
All these and various other financial and banking services are provided by ICICI bank in its product mix.
ICICI Bank Price/Pricing Strategy:
Below is the pricing strategy in ICICI Bank marketing strategy:
ICICI bank, like any other bank is governed by RBI guidelines in India. ICICI has many features for its loyal customers.
Since there is immense competition, ICICI bank works on improvement in each level so as to retain customer. It gives many value added services. It has great market share because if it gathering revenue by increasing quantity keeping price low. ICICI offers great loans and schemes to attract customer. In 2012, under evaluating policy, it gave customer my saving rewards and has tied up with payback cards where for every transaction points are given which is converted into a monetary worth and gifts can be taken as per that money. This gives an insight in ICICI bank’s pricing policies in its marketing mix and how it has helped the brand grow.
Following is the distribution strategy in the ICICI Bank marketing mix:
ICICI bank has got a massive presence spread across India. More than 4400+ branches of ICICI are present across cities and towns alongwith 14000+ ATMs. ICICI spreads in 19 countries with many ATMS, branches, and banks. Services are provided 24*7 with modern facilities and information centres.
They also have direct selling agents which contacts customer at place rather than coming to bank.
ICICI Bank Promotion & Advertising Strategy:
The promotional and advertising strategy in the ICICI Bank marketing strategy is as follows:
ICICI Bank has always been a leader as far as marketing is concerned. Advertising and branding exercises in its marketing mix have always been full of impact. Direct and indirect way of communication. Promotion of ICICI includes not only conveying the modernization but also benefits given. It involves advertisements, personality like Amitabh Bachchan, and the value proposition of ICICI bank is "hum hai na" which signifies trust. Promotions through films and through technology, they can now track the interest and demands of customer. ICICI bank uses TV, print, online ads, billboards etc to spread brand awareness about the brand.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of ICICI Bank.
ICICI bank follows a standard quality policy and believes in providing superior, pro-active, state of art and innovative services with an attitude for care and concern for customers and patrons. With this attitude ICICI renders high quality services to all the shareholders and stakeholders. Since ICICI bank has its offices in so many countries, it is very evident that the company believes in diversity which definitely helps the company in its growth and prosperity. ICICI bank has more than 70,000+ people employed in the organization.
ICICI provides best in house facilities and employee perks just like other PSUs with up to date infrastructure and global environment in all its offices. The organisation culture motivates the employees each and every day and helps them in achieving their goals productively. This in turn helps in organisation’s growth as well.
ICICI has several processes related to customer acquisition, banking services, investment options, insurance claims etc which help the bank in doing efficient business. Through the various social activities and best practices ICICI maintains an image which is not tampered by any means, and the bank works continuously to maintain the same image. The customers stay highly motivated and the loyal employees also help in avoiding any bad word of mouth. Hence, this concludes the ICICI marketing mix.
About ICICI Bank:
ICICI Bank was created in 1955 as a JV of World Bank, public-sector banks from India and insurance companies with a motive to create development financial institutions for medium and long-term projects financing the Indian Business. In 1994, it was promoted to ICICI Limited. In 1990s, ICICI diversified its products from just a development financial institutions offering only product finance to diversified financial services. In 1999, ICICI become the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NYSE.
ICICI Bank is headquartered in Mumbai with registered office in Vadodara and second largest in terms of assets and third in terms of market capitalization. Because of tremendous competition, there was a move towards universal banking which led to merger of ICICI management and ICICI bank and create optimal legal structure.
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