ICICI bank is located in India as a multinational bank and this article will discuss the marketing mix of ICICI. Marketing mix of ICICI will include all the P’s that are applicable to the bank related to their market in India. ICICI Bank is also considered as India’s largest private bank dealing with finance and banking services. The bank’s objectives are to create and expand in the country and provide modern services to the consumers in India. They are often seen to take initiatives that are about awareness for the environment and the people.
ICICI provides many services to its consumers in India. They consider their customer service as their major product that has also helped them in gaining brand equity in India. The bank operates for 12 hours and always has out of the box initiatives. They provide services like:
• Consumer banking: This includes different kinds of accounts, fixed, savings, credit, and special accounts.
• Investment banking: Providing services to the consumers who like to invest in different funds nationally and internationally. This involves mutual funds, saving bond and foreign exchange services.
• Cards: Providing travel, debit and credit card services.
• Loans: These include personal, business, medical, vehicle or farming loans.
• Corporate banking: Providing financial services to businesses.
• Insurance: Providing various insurance options to their customers.
ICICI Bank has many different kinds of services to offer to their customers. For most of their services, they have a fixed pricing policy. The pricing of their services depends on the economic factors or currency fluctuations in the country. Some of their services however come in premium pricing. But, for the most of their pricing policy, the strategy is to be ahead of the market, so aggressive but competitive pricing strategy is implemented.
ICICI Bank has various branches all over the country with thousands of ATMs even in remote places in India. In order to remain competitive in the Indian market, it is important for ICICI Bank to keep on expanding to different locations. These locations act as distribution channel to provide their banking services in different parts of the country.
ICICI Bank has always focused on customer service and it has also reflected in their promotional strategies. Their promotion involves direct and indirect communication with the customers. They usually stress on promoting modernized, improved, and convenient banking that is provided to the customers that also benefits them in many ways. Usually in their advertising efforts, the benefits of a certain service to the customers are always highlighted.
They usually place their ads in print media with famous celebrities and that has affected their brand equity in India as they have used actors like Amitabh to promote the factor of trust between the bank and the customers. Moreover, they also promote through billboards, digital ads, and TV ads.
7 P’s of Marketing for ICICI BANK. (n.d.). Retrieved from https://www.scribd.com/doc/130993466/7-P-s-of-Marketing-for-ICICI-BANK
About Us – ICICI Bank. (n.d.). Retrieved from https://www.icicibank.com/aboutus/about-us.page
Bhasin, H., BhasinI, H., & Facebook. (2018, March 07). Marketing Strategy of ICICI Bank – ICICI Bank Marketing Strategy. Retrieved from https://www.marketing91.com/marketing-strategy-of-icici-bank