MARKETING STRATEGIES

MARKETING STRATEGIES

According to Aaka David Strategic market management (2008) ISBN. Defined marketing strategies as a process that can allow organization to concentrate its resources.

Bank marketing environment are changing ever now and then because of the dynamic changes of the economy, new technology increase in competition and most importantly because the customer have changes in test.

The effective practices of marketing in banking environment condition is becoming highly recognized as a vital objective.

As marketing is becoming necessary in today’s banking competitive environment bank now apply some strategies which are discuss below:

• PEOPLE: Financial service for a longtime come will remain a people business. Quality people will make different between a good bank and a bank that is not considered up to standard. Thus bank have to train their staff to be responsible to the needs of their customers. Banking professional must continually keep in touch with the customers.

• SERVICE: Quality and effective services will make a wider margin whether customer of the bank are fort coming or not. The increasing use of computer technology by most banking firm in improving the speed of delivery and processing of transaction to their various customers need has been identified as another strategy.

• PRICE: Bank should provide to their customer value added services of price they afford, customers are now shopping around for the best price they can get from banks. There is a limit to how banks can compete on price and also on the quality of service.

• SEGMENTATION: Banking firms have to define the customer needs more clearly and design product and service that best meet these needs.

• PROMOTION: Bank need to inform and persuade prospective customer to use their services in preference to the competitors procedure of banking, in an attempt to stimulate demand for their goods and services by communicating with both existing and palatial customer.