The seven ‘Ps' essential for marketing of bank services (2024)

FAQs

What are the 7 Ps of marketing in banking? ›

Product, Price Place, Promotion, People, Process, and Physical evidence are the 7 Ps of marketing mix. The same mix can alse be considered for online marketing mix as well.

The 7P's of Service Marketing encompass Product, Price, Place, Promotion, People, Process, and Physical Evidence. This framework is essential for effectively marketing intangible services, ensuring customer satisfaction, and building strong relationships.

As you can see, the 7 Ps (product, price, promotion, place, people, physical evidence, and processes) create a guide to marketing that allows you to better reach your customers and make sales. The 7 Ps are a marketing mix of proven strategies that work for small or large companies alike.

The term refers to a classification that began as the 4 P's: product, price, placement, and promotion, and has been expanded to Product, Price, Promotion, Place, People, Packaging, and Process.

In contrast to other marketing models, the 7 Cs Compass Model considers both the marketing strategies as well as the segment to which the strategies are being targeted. The seven Cs are Corporation, Commodity, Cost, Communication, Channel, Consumer and Circ*mstances.

The four Ps are product, price, place, and promotion. They are an example of a “marketing mix,” or the combined tools and methodologies used by marketers to achieve their marketing objectives.

The 7Ps marketing model was originally devised by E. Jerome McCarthy and published in 1960 in his book Basic Marketing. A Managerial Approach.

The 4Ps are more suitable for product-based businesses, where the focus is on creating and delivering a tangible and standardized offering. The 7Ps are more suitable for service-based businesses, where the focus is on creating and delivering a customized and interactive offering.

Marketing Mix is a combination of different variables that any organization uses to attain its business objectives and maximize customer satisfaction. It represents the mixture of 7Ps – product, place, price, promotion, people, process and physical evidence – to optimize the revenue generation capacity.

The 7Ps of Marketing can be applied to every aspect of your marketing mix. Product, price, place, promotion, people, process and physical evidence should be considered holistically to ensure you're sending a coherent and consistent message about your business and brand.

What is the marketing mix of a bank? ›

Marketing mix in a bank involves the strategic combination of various elements to promote the bank's products and services and satisfy customer needs. These elements include product, price, place, promotion, people, process, and physical evidence.

The extended banking marketing mix consists of seven elements: product, price, promotion, place, people, process, and physical evidence. These elements are used by banks to strategically manage their offerings and meet the needs of their customers.

Bank marketing is the process of getting a brand in front of potential customers, increasing customer engagement, and acquiring leads through targeted campaigns and trends, recently through digital channels. Solid bank marketing strategies need to include digital elements.