Published by MBA Skool Team, Last Updated: April 01, 2017
Marketing Strategy of UCO Bank analyses the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). There are several marketing strategies like product innovation, pricing approach, promotion planning etc. These business strategies, based on UCO Bank marketing mix, help the brand succeed.
UCO Bank marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the UCO Bank Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
UCO Bank Product Strategy:
The product strategy and mix in UCO Bank marketing strategy can be explained as follows:
UCO Bank is one of the most popular banks in India. UCO Bank provides all the important services offered by any bank. It has a well-designed website and all features are rightly aligned. The different products in its marketing mix are funds transfer, opening accounts, cheque book, statement, DD, fixed deposit, loans, utility bill payments, mail services, projections, profile customization, etc. in retail banking, corporate banking and kids banking. UCO Bank also has international banking options forex and treasury services, authorised foreign exchange branches, NRI services, etc. and rural banking options for deposits, RRB, SLBC, PM 15 point program, FI/DBT progress and achievement. UCO Bank functioning is divided in to 32 departments – MDs secretariat, EDs secretariat, operations and services department, audit and inspection, flagship corporate, mid corporate, retail, insurance, etc.
Image: company website
UCO Bank Price/Pricing Strategy:
Below is the pricing strategy in UCO Bank marketing strategy:
UCO Bank, being a state owned bank in India, is governed by the policies of RBI.
The pricing depends upon the government regulations and services availed by the customers. The pricing is duly maintained by UCO Bank keeping the competitor pricing in mind and then it is modified as per the RBI guidelines. The pricing depends upon factors like type of services, loan amount taken, interest rates etc.
Following is the distribution strategy in the UCO Bank marketing mix:
In 1951, UCO Bank spread its global presence by setting up banks in Rangoon, Singapore, Hong Kong, London and Malaysia. It has 8 training centres in different locations to train the newly appointed staff in Kolkata, Ahmedabad, Bhubaneshwar, Bhopal, Chandigarh, Chennai, Jaipur and Durgapur.
UCO Bank also has 4 international branches including Singapore and Hong Kong which are the financial international capitals.
UCO Bank Promotion & Advertising Strategy:
The promotional and advertising strategy in the UCO Bank marketing strategy is as follows:
UCO Bank is a to class bank which believes in maintaining a sustainable image throughout the years. It has always promoted its brand through media and advertisements in hoardings, papers, magazines, dashboards of websites, etc. and through digital promotions. All these helps UCO Bank to position its brand and maintain visibility amongst the public and customers.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of UCO Bank.
UCO Bank’s biggest physical evidence are its branches, offices and ATMs. These are the places where the brand name, services etc all interact with a customer. Apart from this, UCO Bank website and mobile app are also an interactive forum for its customers.
The process followed by UCO Bank is mostly like other public sector banks, it provides all benefits to the employees and offers to the stakeholders. It doesn’t take risks with the trust customers put has put in the bank and lives up to the legacy and image it has maintained throughout the years.
UCO Bank is a people centric bank focusing on employees as well as customers. Mr. Ravi Krishnan Takkar is the chairman and MD of the bank, who is a commerce graduate from SRCC, LLB and PGDBM by qualification with 36 years of experience in this sector. Under his management, UCO Bank provides best in house facilities for its employees, just like the other banks operating in the country. The people are employed through a common entrance exam and the bank makes sure that’s the best and right brains fill in the position. Hence, this gives an insight in the marketing mix of UCO Bank.
About UCO Bank:
UCO Bank is a public sector banking and financial services provider which provides products for consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking and wealth management. UCO Bank’s board of directors include elite people from RBI and Indian Government. It was established in 1943 by Mr. G. D. Birla as United Commercial Bank, and is headquartered in Kolkata. UCO Bank has equities worth $160 million USD as of 2016. It employees approximately 25000 employees and has a capital ratio of 9.63%. In 1969, the bank was officially nationalised. It entered into a joint venture between Indian Bank and Indian Overseas Bank in Malaysia, because UCO bank’s services were interrupted due to Malaysian laws. There was a bank with the same name in Bangladesh, and hence its name was changed to UCO bank in 1985. In 1998 Bank of Baroda took and acquired it, and its London branch was shut down. UCO Bank is highly active in social causes, activities to alleviate poverty, and has set up more branches in rural India. Till now UCO Bank has 2564 ATMs and approximately 3100 branches.
Its main competitors are SBI, PNB, Bank of Baroda, HDFC, ICICI, Axis Bank and BOI. The 7P’s are explained in detail below.
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