PROJECT REPORT ON “EFFECTIVENESS OF INTEGRATED MARKETING COMMUNICATION STRATEGIES OF PNB Vs ICICI BANK WITH THEIR RESPECTIVE CUSTOMER”
Submitted in partial fulfillment of requirement of award of MBA degree of GGSIPU
Submitted By: ASHOK SUMAN 00915603912 MBA 4TH Semester
Northern India Engineering College (Affiliated to GGSIPU) FC-26, Shastri Park, Delhi-110053
DECLARATION
I, ASHOK SUMAN enrollment. no. 00915603912 do hereby certify that the Research Project entitled
―EFFECTIVENESS
OF
INTEGRATED
MARKETING
COMMUNICATION
STRATEGIES OF PNB Vs ICICI BANK WITH THEIR RESPECTIVE CUSTOMERS” submitted in requirement of fulfillment of MBA degree is an authentic record of my own work, under the guidance of Mr. JUGESH CHANDRA of Northern India Engineering College, Fc26, Shastri Park, New Delhi. This is to further certify that I have not submitted this Project Report to any other Institute for the award of any other degree.
(Signature)
NAME
ASHOK SUMAN
Enrol.No.
00915603912
Batch
2012-14
Date
21-04-2014
2
Acknowledgement I would like to express my sincere gratitude to Dr. Divya Gangwar (HOD, MBA Deptt.) and faculty guide Mr. JUGESH CHANDRA for providing guidance in various aspects of the project work. I would also like to thank all other faculty members of our institution for their valuable contribution in the project work.
ASHOK SUMAN
3
INDEX Serial
Chapters
Page No.
No. 1
Executive Summary
-
2
Introduction to the topic
3
Objectives of the Study
4
Literature Review
5
Research Methodology
6
Data Analysis
7
Findings & Conclusion
8
Recommendations
9
Bibliography
-
10
Annexure
-
4
EXECUTIVE SUMMARY Student Information Name: ASHOK SUMAN College: NORTHERN INDIA ENGINEERING COLLEGE, SHASTRI PARK, DELHI-53 Enrollment No.: 00915603912 Mobile No: 9818955095 E-mail Id:
[email protected] Title: ―EFFECTIVENESS OF INTEGRATED MARKETING COMMUNICATION STRATEGIES OF PNB Vs ICICI BANK WITH THEIR RESPECTIVE CUSTOMERS‖ Objective: The main objective of the project is to study the various integrated marketing communication channels used by PNB and ICICI and analyze their effectiveness on their respective customers by conducting a comparative study of both the banks. Background: The project describes the communication channels used by PNB and ICICI Bank categorized under different elements: Advertising, Sales promotions, personal selling, public relations, direct & online banking. A study of all these channels was done in the initial stages of the project. For that purpose, various research papers are read. One to one meetings are held with my company guide and Public relations department of marketing division of both the banks. After an understanding of the working of these channels in PNB, the objective was to study their vigor on their respective customers and draw appropriate comparisons. Methodology Used: Descriptive research is being adopted in this project. After a thorough reading of the journals two separate questionnaires are designed i.e. one for PR department followed by one for PNB and ICICI customers. The reason to form the questionnaire for PR department was to get the knowledge of the channels PNB prefers so as to reach the customers since this questionnaire covered all the channels of the integrated marketing communication. The questionnaire are filled by the customers of
5
PNB ICICI Bank Their responses are recorded, compiled and then are analyzed using MS Excel as the statistical tool. After this success, effectiveness of these channels was found. Findings: Some of the advertising channels are effective on customers while some of are not effective as information through those channels are not reached to the customers effectively as customers don‘t understand the advertisement properly that what information is given to them. Recommendations: Advertisement through SMS should be improved and through newspaper and TV there should be more advertisements because people know about something mostly through TV and newspaper. and their presence should be on social media also like on facebook.
6
CHAPTER-01 INTRODUCTION
7
1.1.BANKING INDUSTRY Indian banking is the backbone of the nation and its people. Banking has helped in developing the vital sectors of the economy and usher in a new dawn of progress on the Indian horizon. The sector has translated the hopes and aspirations of millions of people into reality. The Reserve Bank is responsible for licensing of banks and branches, and it also regulates credit limits to state co-operative banks on behalf of primary co-operative banks for financing SSI units. Banking in India originated in the last decades of the 18th century. The first banks are The General Bank of India, which started in 1786, and Bank of Hindustan, which started in 1790; both are now defunct. The oldest bank in existence in India is the State Bank of India, which originated in the Bank of Calcutta in June 1806, which almost immediately became the Bank of Bengal. This was one of the three presidency banks, the other two being the Bank of Bombay and the Bank of Madras, all three of which are established under charters from the British East India Company. For many years the Presidency banks acted as quasi-central banks, as did their successors. The three banks merged in 1921 to form the Imperial Bank of India, which, upon India's independence, became the State Bank of India in 1955. Nationalization of Banks: Despite the provisions, control and regulations of Reserve Bank of India, banks in India except the State Bank of India or SBI, continued to be owned and operated by private persons. By the 1960s, the Indian banking industry had become an important tool to facilitate the development of the Indian economy. At the same time, it had emerged as a large employer, and a debate had ensued about the nationalization of the banking industry. Indira Gandhi, then Prime Minister of India, expressed the intention of the Government of India in the annual conference of the All India Congress Meeting to nationalize the banks. The Government of India issued an ordinance ('Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1969')) and nationalized the 14 largest commercial banks with effect from the midnight of July 19, 1969. These banks contained 85 percent of bank deposits in the country. The Parliament passed the Banking Companies (Acquisition and Transfer of Undertaking) Bill, and it received the presidential approval on 9 August 1969.
8
A second dose of nationalization of 6 more commercial banks followed in 1980. The stated reason for the nationalization was to give the government more control of credit delivery. With the second dose of nationalization, the Government of India controlled around 91% of the banking business of India. Later on, in the year 1993, the government merged New Bank of India with Punjab National Bank. It was the only merger between nationalized banks and resulted in the reduction of the number of nationalised banks from 20 to 19. After this, until the 1990s, the nationalised banks grew at a pace of around 4%, closer to the average growth rate of the Indian economy. Liberalization: In the early 1990s, the then Narasimha Rao government embarked on a policy of liberalization, licensing a small number of private banks. These came to be known as New Generation techsavvy banks, and included Global Trust Bank (the first of such new generation banks to be set up), which later amalgamated with Oriental Bank of Commerce, Axis Bank(earlier as UTI Bank), ICICI Bank and HDFC Bank. This move, along with the rapid growth in the economy of India, revitalized the banking sector in India, which has seen rapid growth with strong contribution from all the three sectors of banks, namely, government banks, private banks and foreign banks. The next stage for the Indian banking has been set up with the proposed relaxation in the norms for Foreign Direct Investment, where all Foreign Investors in banks may be given voting rights which could exceed the present cap of 10%, at present it has gone up to 74% with some restrictions. Currently (2010), banking in India is generally fairly mature in terms of supply, product range and reach-even though reach in rural India still remains a challenge for the private sector and foreign banks. In terms of quality of assets and capital adequacy, Indian banks are considered to have clean, strong and transparent balance sheets relative to other banks in comparable economies in its region. The Reserve Bank of India is an autonomous body, with minimal pressure from the government. The stated policy of the Bank on the Indian Rupee is to manage volatility but without any fixed exchange rate-and this has mostly been true. In March 2006, the Reserve Bank of India allowed Warburg Pincus to increase its stake in Kotak Mahindra Bank (a private sector bank) to 10%. This is the first time an investor has been allowed 9
to hold more than 5% in a private sector bank since the RBI announced norms in 2005 that any stake exceeding 5% in the private sector banks would need to be vetted by them. The Indian banking industry has made outstanding advancement in last few years, even during the times when the rest of the world was struggling with financial meltdown. India's economic development and financial sector liberalization have led to a transformation of the Indian banking sector over the past two decades. Today Indian Banking is at the crossroads of an invisible revolution. The sector has undergone significant developments and investments in the recent past. Most of banks provide various services such as Mobile banking, SMS Banking, Net banking and ATMs to their clients. The Indian banking sector is a mixture of public, private and foreign ownerships. The growth in the Indian Banking Industry has been more qualitative than quantitative and it is expected to remain the same in the coming years. The Public Sector Banks (PSBs), which are the base of the Banking sector in India account for more than 78 per cent of the total banking industry assets. Unfortunately they are burdened with excessive Non Performing assets (NPAs), massive manpower and lack of modern technology. On the other hand the Private Sector Banks are making tremendous progress. They are leaders in Internet banking, mobile banking, phone banking, ATMs. The private players however cannot match the PSB‟s great reach, great size and access to low cost deposit. The banking industry has moved gradually from a regulated environment to a deregulated market economy.
10
1.2. Banking Structure in India Banking Industry in India functions under the sunshade of Reserve Bank of India - the regulator, central bank. Banking Industry mainly consists of: •Commercial Banks •Co-operative Banks The commercial banking structure in India consists of Scheduled Commercial Banks. It constitute those banks which have been included in the Second Schedule of Reserve Bank of India (RBI) Act, 1934. RBI in turn includes only those banks in this schedule which satisfy the criteria laid down vide section 42 (60) of the Act. Some co-operative banks are scheduled commercial banks although not all cooperative banks are. Being a part of the second schedule confers some benefits to the bank in terms of access to accommodation by RBI during the times of liquidity constraints. At the same time, however, this status also subjects the bank certain conditions and obligation towards the reserve regulations of RBI. For the purpose of assessment of performance of banks, the Reserve Bank of India categorize them as public sector banks, old private sector banks, new private sector banks and foreign banks. Banking Regulator The Reserve Bank of India (RBI) is the central banking and monetary authority of India, and also acts as the regulator and supervisor of commercial banks. Scheduled Banks in India Scheduled banks comprise scheduled commercial banks and scheduled co-operative banks. Scheduled commercial banks form the bedrock of the Indian financial system, currently accounting for more than three-fourths of all financial institutions' assets. SCBs are present throughout India, and their branches, having grown more than four-fold in the last 40 years now number more than 80,500 across the country.
11
Reserve Bank of India
Bank
Scheduled Commercial Banks
Public Sector
Financial Institutions
Co-operative Credit Institutions
Private Sector
All India Financial Institutions
Foreign Sector
State Level Institutions
Regional Rural Banks
FIG 1.2: BANKING STRUCTURE IN INDIA
12
Urban Cooperative
Other institutions
Rural Cooperative
CHAPTER-02 ABOUT PNB & ICICI BANK
13
PNB ORIGIN Punjab National Bank was registered on 19 May 1894 under the Indian Companies Act with its office in Anarkali Bazaar Lahore. The founding board was drawn from different parts of India professing different faiths and a varied back-ground with, however, the common objective of providing country with a truly national bank which would further the economic interest of the country. PNB's founders included several leaders of the Swadeshi movement such as Dyal Singh Majithia and Lala Harkishan Lal, Lala Lalchand, Shri Kali Prosanna Roy, Shri E.C. Jessawala, Shri Prabhu Dayal, Bakshi Jaishi Ram, and Lala Dholan Dass. Lala Lajpat Rai was actively associated with the management of the Bank in its early years. The board first met on 23 May 1894. PNB has the distinction of being the first Indian bank to have been started solely with Indian capital that has survived to the present. (The first entirely Indian bank, the Oudh Commercial Bank, was established in 1881 in Faizabad, but failed in 1958.) PNB has had the privilege of maintaining accounts of national leaders such as Mahatama Gandhi, Shri Jawahar Lal Nehru, Shri Lal Bahadur Shastri, Shrimati Indira Gandhi, as well as the account of the famous Jalianwala Bagh Committee. The Bank made steady progress right from its inception. It has shown resilience to tide over many a crisis. It withstood the crisis in banking industry of 1913 and the severe depression of the thirties. With the passage of time the Bank grew in strength spreading its wings from one corner of the country to another. Some smaller banks like, The Bhagwan Dass Bank Limited, Universal Bank of India, The Bharat Bank Limited, The Indo-Commercial Bank Limited, The Hindustan Commercial Bank Limited and The Nedungadi Bank are brought within its fold. It was during this period that the Jalianwala Bagh Committee account was opened in the Bank, which in the decade that followed, was operated by Mahatma Gandhi and Pandit Jawaharlal Nehru. The five years from 1941 to 1946 are ones of unprecedented growth. From a modest base of 71, the number of branches increased to 278. Deposits grew from Rs. 10 crores to Rs. 62
14
crores. On March 31, 1947, the Bank officials decided to leave Lahore and transfer the registered office of the Bank to Delhi and permission for transfer was obtained from the Lahore High Court on June 20, 1947. PNB was then housed in the precincts of Sreeniwas in the salubrious Civil Lines, Delhi. Many a staff member fell victim to the widespread riots in the discharge of their duties. The conditions deteriorated further. The Bank was forced to close 92 offices in West Pakistan constituting 33 percent of the total number and having 40% of the total deposits. The Bank, however, continued to maintain a few caretaker branches. The Bank then embarked on its task of rehabilitating the displaced account holders. The migrants from Pakistan are repaid their deposits based upon whatever evidence they could produce. Such gestures cemented their trusts in the bank and PNB became a symbol of Trust and a name you can bank upon. Surplus staff posed a big problem. Fast expansion became a priority. The policy paid rich dividends by opening up an era of phenomenal growth. In 1951, the Bank took over the assets and liabilities of Bharat Bank Ltd. and became the second largest bank in the private sector. Since inception in 1894, PNB has always been a "People's bank" serving millions of people throughout the country and also had the proud distinction of serving great national leaders like Sarvshri Jawahar Lal Nehru, Gobind Ballabh Pant, Lal Bahadur Shastri, Rafi Ahmed Kidwai, Smt. Indira Gandhi etc. amongst other who banked with us.
PROFILE With over 72 million satisfied customers and more than 5100 offices in 764 cities including presence in 10 countries, with 2 branches at Hongkong, 1 each at Kabul and Dubai; representative offices at Almaty, Dubai, Shanghai and Oslo; a wholly owned subsidiary in UK; a joint venture with Everest Bank Ltd. Nepal and a JV banking subsidiary ―DRUK PNB Bank Ltd.‖ in Bhutan. PNB has continued to retain its strong position in the banking industry. The bank enjoys strong fundamentals, large franchise value and good brand image. Besides being ranked as one of India's top service brands, PNB has remained fully committed to its guiding principles of sound and prudent banking. Apart from offering banking products, the bank has 15
also entered the credit card, debit card; bullion business; life and non-life insurance; Gold coins & asset management business, etc. With the help of advanced technology, PNB has been a frontrunner in the industry so far as the initiatives for Financial Inclusion is concerned. With its policy of inclusive growth and the mission ―Banking for Unbanked‖, it is a matter of pride for the Bank that it has been able to cover all its 4588 villages allotted under the Swabhiman Campaign of Government of India through Business Correspondents. Further, the PNB has also adopted 118 villages across country. Under FI plan, the Bank has engaged Technical Service Providers (TSPs) and the corporate Business Correspondents (BCs) for providing banking services in villages using ICT based BC model. The village level BC agents are using Hand Held Terminals/ POS machines & smartcards. Bank has extensively used technology to reach out to those which have remained away from formal banking set up. PNB has always looked at technology as a key facilitator to provide better customer service and ensured that its ‗IT strategy‘ follows the ‗Business strategy‘ so as to arrive at ―Best Fit‖ i.e. the IT strategy should be in accordance with the wants of the bank in order to achieve synergy and hence the maximise output along with offering the best possible service to its customers. The Bank has made rapid strides in this direction. All branches of the Bank are under Core Banking Solution (CBS) since Dec‘08, thus covering 100% of its business and providing ‗Anytime Anywhere‘ banking facility to all customers including customers of more than 3000 rural & semi urban branches. The Bank has also been offering Internet banking services to its customers which also enables on line booking of rail tickets, payment of utilities bills, purchase of airline tickets, shopping etc. Towards developing a cost effective alternative channels of delivery the Bank has opened up more than 6050 ATM‘s. Apart from offering banking products, the Bank has also taken up Wealth Management Services viz. credit card/ debit card; bullion business; life/non-life insurance; Gold coins & Asset Management, etc. Marking Backed by strong domestic performance, the Bank is planning to realize its global aspirations. Bank continues its selective foray in international markets with presence in 10 countries. The bank has 4 overseas branches and an offshore banking unit in Mumbai, wholly owned subsidiary 16
in UK with 7 branches & a subsidiary each in Kazakhstan & Bhutan; 5 Representative offices in Australia, Norway, Dubai, China and Kazakhstan; and one joint venture with Everest Bank Ltd., Nepal. Punjab National Bank also maintains strong correspondent banking relationship with 200 leading international banks all over the world. This enhances its capacities to handle transaction worldwide. Besides, bank has Rupee Drawing arrangement, with exchange companies in the Gulf. The Bank is also a member of SWIFT and 85 branches of the bank are connected through SWIFT‘s computer-based terminal at Bombay. With its state-of-art dealing rooms and well-trained dealers, the bank offers efficient FOREX dealing operations in India. The bank has been focusing on expanding its operations outside India and has identified some of the emerging economies which offer large economies which offer large business potential. Bank has set up a representative office at Almaty, Kazakhstan with effect from 23rd October 1998. Moving forward and achieving Business Excellence, PNB Pragati, an Organization Transformation Programme has been initiated in a systematic and well planned manner. Under the programme, PNB Pragati Branches at various places have been rolled out commencing 1st August at Bhikaiji Cama Place branch at New Delhi. These branches will have all the convenient and modern banking facilities for the customers.
DIVERSIFICATION OF PNB: Diversification initiatives of the bank have shown promising results. PNB has undertaken merchant banking, mutual fund business, PNB Debit card and has also undertaken foreign exchange business. Consistent profit performance, improved fundamentals and strong technology base have provided PNB with distinct advantages to meet the forces of composition effectively.Punjab National Bank has taken a number of initiatives for the benefit of its invaluable customers and has virtually become one stop shop for various financial products & services. The bank has made Bancassurance Tie-up with oriental Insurance Co. Ltd. (OICL), a public sector undertaking, which offers variety of products e.g. Fire Insurance, Motor Vehicle Insurance, Marine Insurance & Misc. Insurance Policies like Shopkeepers‘ policy; theft/burglary Policy; Fidelity Guarantee Policy; Personal Accident Policy, Health Insurance Policy; Overseas Travel Insurance Policy, House Hold Goods etc. at a competitive price with assured post sale services.
17
VISION AND MISSION :
VISION
"To be a Leading Global Bank with Pan India footprints and become a household brand in the Indo-Gangetic Plains providing entire range of financial products and services under one roof" MISSION "Banking for the unbanked"
ICICI BANK Origin
ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary. ICICI's shareholding in ICICI Bank was reduced to 46% through a public offering of shares in India in fiscal 1998, an equity offering in the form of ADRs listed on the NYSE in fiscal 2000, ICICI Bank's acquisition of Bank of Madura Limited in an all-stock amalgamation in fiscal 2001, and secondary market sales by ICICI to institutional investors in fiscal 2001 and fiscal 2002. ICICI was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian industry. The principal objective was to create a development financial institution for providing medium-term and long-term project financing to Indian businesses.
In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. 18
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.
After consideration of various corporate structuring alternatives in the context of the emerging competitive scenario in the Indian banking industry, and the move towards universal banking, the managements of ICICI and ICICI Bank formed the view that the merger of ICICI with ICICI Bank would be the optimal strategic alternative for both entities, and would create the optimal legal structure for the ICICI group's universal banking strategy. The merger would enhance value for ICICI shareholders through the merged entity's access to low-cost deposits, greater opportunities for earning fee-based income and the ability to participate in the payments system and provide transaction-banking services. The merger would enhance value for ICICI Bank shareholders through a large capital base and scale of operations, seamless access to ICICI's strong corporate relationships built up over five decades, entry into new business segments, higher market share in various business segments, particularly fee-based services, and access to the vast talent pool of ICICI and its subsidiaries.
In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank. The merger was approved by shareholders of ICICI and ICICI Bank in January 2002, by the High Court of Gujarat at Ahmedabad in March 2002, and by the High Court of Judicature at Mumbai and the Reserve Bank of India in April 2002. Consequent to the merger, the ICICI group's financing and banking operations, both wholesale and retail, have been integrated in a single entity.
Corporate Profile
ICICI Bank is India's second-largest bank with total assets of Rs. 4,062.34 billion (US$ 91 billion) at March 31, 2011 and profit after tax Rs. 51.51 billion (US$ 1,155 million) for the year ended March 31, 2011. The Bank has a network of 2,774 branches and about 10,021 ATMs in India, and has a presence in 19 countries, including India.
19
ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries in the areas of investment banking, life and non-life insurance, venture capital and asset management.
The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has established branches in Belgium and Germany.
ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE)
Vision: To be the leading provider of financial services in India and a major global bank.
Mission: Leverage people, technology, speed and financial capital to:
Be the banker of first choice for our customers by delivering high quality, world-class products and services.
Maintain high standards of governance and ethics.
Contribute positively to the various countries and markets in which we operate.
Create value for stakeholders.
20
CHAPTER-03 ABOUT THE PROJECT
21
3.1. INTRODUCTION Project is based on integrated communication channels in which we studied about the communication channel used by PNB and analyze the effectiveness of communication channels on their respective channels. The project is basically a descriptive. In this project, we knew about the marketing strategies of public sector bank (PNB) i.e. advertisement, sales promotion, public relation, personal selling. Through the research we came to know the response regarding information i.e given to the customers through advertisement in comparison of private sector banks. Some Customers are very much dissatisfied from the marketing strategies of PNB. and some customers didn‘t have knowledge about its products and services. They only have the account for their transaction. Customers have only saving account they also don‘t have any information about their account while ICICI have more customers have knowledge about their own account and other accounts also. People think that private sector banks are good for banking. Through this project we came to know that people are aware of the bank‘s products and services or not. Marketing strategy of public sector banks (PNB) how much effective on customers of bank. Integrated marketing communication (IMC): It means carefully integrating and coordinating the company‘s many communication channels to deliver a clear, consistent and compelling message about the organization and its products. The four channels on which this project focused are: 1. Advertising
2. Sales promotion
3. Personal selling and
4. Public relations
22
3.2. OBJECTIVE OF PROJECT
To gain an insight in their advertisements process.
To understand the marketing channels used by organization.
To understand the methods of marketing and mechanisms through which a common customer can understand the information given by Banks.
3.3.
To study the effect of the communication on their respective customers.
SCOPE OF PROJECT
This is a new age project.
It would help the organization to gain an insight in their style of working and advertising.
This project describes the current scenario of Indian banking.
23
3.4. BASIC CONCEPTS ADVERTISING Advertising is mass media content intended to persuade audiences of readers, viewers or listeners to take action on products, services and ideas. The idea is to drive consumer behavior in a particular way in regard to a product, service or concept. Advertising is the paid, impersonal, one-way marketing of persuasive information from an identified sponsor disseminated through channels of mass communication to promote the adoption of goods, services or ideas. newspapers, magazines, radio and television broadcasts, films, stage shows, websites, billboards, posters, wall paintings, town criers, human billboards, flyers, rack cards, the back of event tickets, elastic bands on disposable diapers, bathroom stall doors, cars, taxicabs, buses, trains, subway platforms, bus stop benches, street furniture, airplanes, in-flight seat-back trays, overhead bins, passenger screens, skywriting, shopping carts, stickers on fruit in supermarkets, supermarket receipts, coffee cups, mobile phone screens, opening billboards in streaming audio and video.
SALES PROMOTION Sales promotion describes promotional methods using special short-term techniques to persuade members of a target market to respond or undertake certain activity. As a reward, marketers offer something of value to those responding generally in the form of lower cost of ownership for a purchased product (e.g., lower purchase price, money back) or the inclusion of additional valueadded material (e.g., something more for the same price). Sales promotions are used by a wide range of organizations in both the consumer and business markets, though the frequency and spending levels are much greater for consumer products marketers. One estimate by the Promotion Marketing Association suggests that in the US alone spending on sales promotion exceeds that of advertising.
24
PUBLIC RELATION ―Public relations is a strategic communication process that builds mutually beneficial relationships between organizations and their publics.‖ this definition focuses on the basic concept of public relations — as a communication process, one that is strategic in nature and emphasizing ―mutually beneficial relationships.‖ public relations also encompasses the following:
Anticipating, analyzing and interpreting public opinion, attitudes and issues that might impact, for good or ill, the operations and plans of the organization.
Counseling management at all levels in the organization with regard to policy decisions, courses of action and communication, taking into account their public ramifications and the organization‘s social or citizenship responsibilities.
Researching, conducting and evaluating, on a continuing basis, programs of action and communication to achieve the informed public understanding necessary to the success of an organization‘s aims. These may include marketing; financial; fund raising; employee, community or government relations; and other programs.
Planning and implementing the organization‘s efforts to influence or change public policy. Setting objectives, planning, budgeting, recruiting and training staff, developing facilities — in short, managing the resources needed to perform all of the above.
PERSONAL SELLING Personal selling involves a two-way flow of communication between a buyer and seller, often in a face to face encounter, designed to influence a person‘s or group‘s purchase decision. With advances in telecommunications, however, personal selling takes place over the telephone, through video teleconferencing and interactive computer links between buyers and sellers.
25
CHAPTER-04 REVIEW OF LITERATURE
26
Advertising Brassington & Pettitt(2000) define advertising is the defined as any paid form of non- personal communication directed towards target audiences and transmitted through various mass media in order to promote and present a product, services or idea. The key difference between advertising and the other promotional tools is that it is impersonal and communicates with large numbers of people through paid media channels. . Meidan (1996) states, that in financial services organisation can use its advertising for either its short term or its long term objectives. A bank attempting to generate long term build up of its name would use institutional advertising and further states that in institutional advertising consists of promotion of the firm‘s image as a whole, and promotion of the products offered, with extra emphasis on the specific firm‘s image name organization. Sales promotion According to Brassington & Pettitt (2000) sales promotion is different tactical marketing techniques with mostly short- term incentives, which are designed to add value to the product or service, in order to achieve specific sales or marketing objectives. Meidan (1996) states it has two distinctive qualities: It provides a ―bargain chance‖, since many sales promotion tools have an attention- gaining quality that communicates an offer that will not be available again to purchase something special.On the other side there is some disadvantage also:They appeal to a wide range of buyers; many customers tend to be fewer brands loyal in the long run. If sales promotions are used too frequently and carelessly, it could lead to insecure customers, wondering whether the service is reliable or reasonably priced.He also indicates that due to the conflicting ideas concerning the benefits of sales promotion, a financial service organization must base its decisions upon relevance and usefulness of sales promotion, as well as cost-effectiveness. Peatti &Peatti (1994) claim that normally, coupons, special offers and other forms of price manipulation are the dominant form f sales promotion a result of lower quality. The primary objectives with sale promotion within financial services are to attract new customers; to increase the level of deposit accounts, thereby increasing the banks share of saving; to increase market 27
share in selected market segments; and to lower the cost of acquiring new customers by seeking to avoid direct price competition with other financial institutions. Public relation According to Brassington & Peatti (2000) the essence of public relations is to look after the nature and quality of the relationship between the organization and its different publics, and to create a mutual understanding. PR covers a range of activities, for example:The creation and maintenance of corporate identity and image.Charitable involvement :Sponsorship and community initiatives.Media relation for the spreading of good news. Meidan, (1996) states that another part of public relations is the publicity gained through magazines. Personal selling Brassington & Peatti (2000) define personal selling to be a two-way communication tool between a representative of an organization and an individual or group, with the intention to inform, persuade or remind them, or sometime serve them to take appropriate actions. Verhallen et al (1997) state that the increased competition within the fast changing environment of financial services has lead banks to develop and maintain comprehensive relationships with their customers. Meidan (1996) points out that once a customer has chosen its bank, he is unlikely to switch to another. Thus personal selling is probably the most important element in the communication process within the financial services industry. Lee (2002) state that personal selling can be performed eithr face-to-face or through technological aids such as the internet.
28
CHAPTER-06 RESEARCH METHODOLOGY
29
6.1. TYPE OF RESEARCH DESIGN Descriptive research design is adopted to identify the problem associated with the project. Descriptive research is undertaken to describe the situation, community, and outcome or programmed. The main goal of this type of research is to describe the data and characteristic about what is being studied. This type of study is more structured and requires formal, specific, and systematic approach to sampling, collecting information, collating and testing the data to verify the research assumptions. Here descriptive research is used to find out
Which Integrated marketing communication channel is the most effective among the customers?
Which mode of communication is most preferred by the customers?
6.2. DESIGNING OF THE QUESTIONNAIRE Before the actual questionnaire is designed for the respondent account holders we enquired the Public Relation Department about what all channels of communications were practiced by the bank and their preference amongst those. Questionnaire is designed keeping in mind the objectives of the study which were to check the effectiveness of Integrated marketing communication channels taken up by Punjab National Bank and to compare the marketing communication techniques used by Punjab National bank and ICICI. The testing of questionnaire is done on a small sample of respondents comprising of customers and PNB employees for the purpose of improving the questionnaire by identifying and eliminating potential problems. 6.3. DATA COLLECTION Secondary source-Secondary data is used to understand the banking industry, history and profile of PNB, its strengths and weaknesses, resources available IT helped in understanding 30
management decision problem and developing an approach to marketing research problem and defining the sample for research. Data from various sources as Banking journals, magazines, press releases of PNB and other banks and data from various internet sites are used. Discussion with marketing people at PNB also helped in secondary analysis. Secondary data is mainly used in the first part of the project i.e. introduction to banking industry and organization and basic concepts for the project. Primary source- PR heads of Punjab National Bank and ICICI bank were requested to tell about various marketing communication channels taken up by these banks. For this purpose a questionnaire is designed and is filled in a personal meeting with the PR of the banks. Information is gathered about different products and services offered by Punjab National Banks and ICICI bank. A survey is conducted involving a structured questionnaire to the customer respondents in which they were asked about a variety of questions regarding their reasons to choose a bank to bank with, ways in which their bank communicates to them, mode of communication preferred by them, information about TV advertisements, awareness about different products and services offered by the banks, channels though which respondents come to know about these products and services, logo etc. for the logo recall data symbols of nine different banks were taken and at the time of survey every customer had been asked to identify for any five symbols if he/she can remind. 6.4. SAMPLING DESIGN Sampling unit – bank customers mostly near PNB, ICICI branches or in markets /metro stations (who have accounts in PNB and ICICI) Sampling extent- Madhuban, Laxmi Nagar and Mayur Vihar Extension.
SAMPLE SIZE of project is 40 in which: 25 customers of PNB and 25 customers of ICICI. 31
6.5. Data Analysis Nature of the data collected is qualitative. After the collection of the data from the survey, responses were recorded in MS-Excel. Recorded data is checked for missing values. Data cleaning is done to avoid inconsistency in the data, followed by coding of data for analysis. MS-Excel is used to calculate percentages of various options to determine the effectiveness of the mode of communication used by the bank and the most preferred mode of communication by the customer respondents. After that comparisons were made with the help of graphs in msexcel.
Chapter -07 DATA ANALYSIS
32
In this chapter, results and findings of data that is collected through survey is included. After that conclusion and suggestions for the organization will be there. 1. Reasons to choose banking with Punjab National bank/ICICI ? OPTIONS
PNB%
ICICI%
A
50.66
41.18
B
33.77
60.78
C
14.90
37.25
D
3.97
5.88
E
13.25
5.88
F
11.26
0
G
10.59
39.22
H
18.21
1.96
TABLE NO. 7.1
33
70.00 60.00 50.00 40.00 PNB
30.00 20.00 10.00 0.00 A
B
C
D
E
F
G
FIG NO.7.1
2. Modes of Personal Selling used by PNB/ICICI ?
OPTIONS
MODE OF COMMUNICATION
PNB%
ICICI%
A
Email
11.920
31.37
B
Newsletter
1.660
0
C
Posts and letters
8.280
5.88
D
Phone calls from bank
13.580
17.65
E
SMS
59.930
49.02
F
Door step
0.000
3.92
G
No contact
33.770
41.18
TABLE NO.7.2
34
H
60.000 50.000 40.000 30.000 20.000 10.000 0.000
PNB Email
Newsletter Posts andPhone letters calls from bank SMS
A
B
C
FIG NO. 7.2 2. Preference for various Modes of communication? PNB MODES
MEAN OF PREFERENCE
Email
3.94
Newsletter
4.00
Posts and letters
3.71
Phone calls from bank
3.82
SMSs
4.29
TABLE NO.-7.3
35
D
E
Door step No contact F
G
ICICI
5.00 4.00 3.00 2.00 1.00 0.00 Email
Newsletter
Posts and letters Phone calls from bank
FIG NO.- 7.3 ICICI MODES
MEAN OF PREFERENCE
Email
3.88
Newsletter
0.00
Posts and letters
4.67
Phone calls from bank
3.22
SMSs
3.56
Door step
2.00
TABLE NO.- 7.4
36
SMSs
5.00 4.50 4.00 3.50
R A N K
3.00 2.50 2.00 1.50 1.00 0.50 0.00 Email
Newsletter
Posts and letters Phone calls from bank
FIG NO.-7.4
3. Comparative analysis of modes of comm. Of PNB and ICICI
MEAN MEAN OF
OF
PNB
ICICI
Email
3.94
3.88
Newsletter
4.00
0.00
Posts and letters
3.71
4.67
bank
3.82
3.22
SMSs
4.29
3.56
DOORSTEP
0.00
2.00
Phone calls from
TABLE NO.-7.5
37
SMSs
Door step
5.00 4.50 4.00 3.50 3.00 2.50 2.00
ICICI
1.50 1.00 0.50
PNB
0.00 Email
Newsletter
Posts and letters
Phone calls from bank
FIG NO.- 7.5
4. A) Recall of Advertisements by PNB ? Who recalled PNB's advertisements
50.33%
49.67%
Who couldn't recall PNB's advertisements TABLE NO. 7.6(a)
38
SMSs
DOORSTEP
PNB NO 49.67%
YES 50.33%
FIG NO. 7.6(a)
b) Recall of Advertisements by ICICI ? 56.86%
Who recalled ICICI's advertisements Who couldn't recall ICICI's
43.14%
advertisements Table no- 7.6(b)
39
ICICI NO 43.14% YES 56.86%
Fig no -7.6(b)
5. Rating (1 to 5) of advertisements by PNB/ICICI on the basis of information provided by them Rating scale
ICICI
PNB
1
11.76%
36.18%
2
19.61%
19.08%
3
23.53%
30.26%
4
0%
5.92%
5
9.80%
8.55%
Table no- 7.7
40
40.00% 35.00% ICICI
30.00% 25.00%
PNB
20.00% 15.00% 10.00% 5.00% 0.00% 1
2
3
4
5
Fig. no.- 7.7
6. Awareness about different kind of various products and services PNB/ICICI offers?
PNB Deposit accounts
PERCENTAGE OF RES.
DEPOSIT ACCOUNTS
Saving
81.45
Current
35.099
FD
37.74
RD
20.86
Sweep
6.95
Raksha karmi
0.66
Table no.- 7.8
41
90 80 70 60 50 40 30 20 10 0 Saving
Current
FD
RD
Fig. no.7.8
PNB LOAN LOAN PRODUTS
PERCENTAGE OF RESPONDENTS
Home
42.05
Car
40.39
Personal
12.91
Education
22.18
Professional
5.29
TABLE NO.7.09
42
Sweep
Raksha karmi
45 40 35 30 25 20 15 10 5 0 Home
Car
Personal
FIG NO. 7.09
PNB THIRD PARTY PRODUCTS THIRD PARTY PRODUCTS
PERCENTAGE OF RES.
Life insurance
29.13
Non life insurance
9.93
Gold coin
16.88
Mutual fund
12.25
Traveller card
6.62 43
Education
Professional
Credit card
18.54
Two wheeler
11.25
TABLE NO.7.10
35 30 25 20 15 10 5 0 Life insurance
Non life insurance
Gold coin
Mutual fund Traveller card Credit card Two wheeler
FIG NO.7.10
ICICI DEPOSIT ACCOUNTS DEPOSIT ACCOUNTS
PERCENTAGE OF RESPONDENTS
SAVING
72.55
CURRENT
84.31
FD
80.39
RD
37.25
3IN1
25.49
DEMAT
35.29
44
TABLE NO. 7.11
90 80 70 60 50 40 30 20 10 0 SAVING
CURRENT
FD
RD
FIG NO- 7.11
ICICI LOAN LOAN PRODUCTS
PERCENTAGE OF RESPONDENTS
HOME
74.51
CAR
68.63
PERSONAL
70.59
EDU
62.75
TABLE NO.7.12
45
3IN1
DEMAT
76 74 72 70 68 66 64 62 60 58 56 HOME
CAR
PERSONAL
FIG. 7.12
ICICI’S THIRD PARTY PRODUCTS THIRD PARTY PRODUCTS
PERCENTAGE OF RESPONDENTS
LIFE INSU
82.35
HEALTH
58.82 46
EDU
TRAVEL
43.14
CREDIT CARD
82.35
MUTUAL FUND
49.02
TABLE NO.7.13
90 80 70 60 50 40 30 20 10 0 LIFE INSU
HEALTH
TRAVEL
CREDIT CARD
MUTUAL FUND
FIG NO.7.13
7. Various Modes of Communication used by bank to educate about their products and services? MODES
PNB%
ICICI%
NEWSPAPER
32.78
58.82
TV
41.72
64.71
RADIO
5.30
0
BANNERS & HOARDING
62.91
82.35
EMAILS
4.64
19.61
CANOPY
6.95
25.49
PHONE CALLS FRM BANK
2.98
17.65
47
STALLS
8.61
5.88
WEBSITE
6.62
37.25
WORD OF MOUTH
8.94
27.45
FAMILY,FRIENDS & RELATIVE
14.24
39.22
COUNTER STAFF
14.90
37.25
SPONSERSHIP
2.65
0
SOCIAL MEDIA(FACEBOOK,TWITT.)
0.00
31.37
TABLE NO. 7.14
90.00 80.00 70.00 60.00 50.00 40.00 30.00 20.00 10.00 0.00
PNB ICICI
FIG NO- 7.14 8. Customer relationship/service ranking? (Between 1 to 5)
Rate how the bank fairs on customer relationship/service? (between 1 to 5)
PNB %
ICICI %
Highly Satisfactory
27.15
47.06
Somewhat Satisfactory
23.84
21.57
Neutral
36.42
29.41
Not Much Satisfactory
3.31
0
48
Least Satisfactory
9.27
1.96
TABLE NO. 7.15
50.00 45.00 40.00 35.00 30.00 25.00
PNB %
20.00
ICICI %
15.00 10.00 5.00 0.00 Highly Satisfactory
Somewhat Satisfactory
Neutral
Not Much Satisfactory
Least Satisfactory
FIG . NO. 7.15
9. Knowledge about festival/ seasonal offers provided by PNB/ICICI? Do you know about various festival/ seasonal offers provided by the bank?
PNB%
ICICI%
YES
28.15
60.78
No
71.85
39.22
49
Table no. 7.16
80.00 60.00 40.00 20.00
No
0.00 PNB
YES ICICI
Fig. no.7.16
10. Logo recall? logo recall
PNB %
ICICI %
First stimulus
53.97
33.33
Second Stimulus
16.23
17.65
Third Stimulus
12.25
9.8
Fourth Stimulus
5.30
25.49
Fifth Stimulus
8.28
11.76
Could not Recall
3.97
1.96 50
Table no. 7.17
60.00 40.00
PNB %
20.00
ICICI %
0.00 First Stimulus Second Stimulus Third Stimulus Fourth Stimulus Fifth Stimulus
Fig no.7.17
51
ICICI % PNB % Could not Recall
FINDINGS
52
People choose PNB because of proximity, family and friends recommendation, some have student account and some other reasons with 50.66%, 13.25%, 11.26% and 18.21% resp. Which is 9%, 8%, 11% and 17% higher than ICICI.
Most of the people choose ICICI because of quality of services , of ease of services, products being offered and some have salary account with 60.78%,37.25% ,5.88%,39.22% respectively which is 27% , 23% ,2% and 29% higher
than PNB.
Communication mode of PNB which is better i.e newsletter ,post and letters and sms with 1.66%, 8.28% and 59.93 % res. Which is 1% ,3% and 10% higher than ICICI. Communication mode of PNB which is not satisfactory i.e email,phonecalls,doorstep and no contact with11.92%,13.58%,0% and 33.77% resp. Which is 20%, 3%, 4%, 3% and 7% less than ICICI.Communication mode of PNB which is better i.e newsletter ,post and letters and sms with 1.66%, 8.28% and 59.93 % res. Which is 1% ,3% and 10% higher than ICICI. Communication mode of PNB which is not satisfactory i.e email, phonecalls, doorstep and no contact with11.92%,13.58%,0% and 33.77% resp. Which is 20%, 3%, 4%, 3% and 7% less than ICICI. Communication mode of PNB i.e. email, newsletter, phone calls and sms with rank 3.94,4 , 4.82 and 4.29% resp. Which is .06,4, .6 and .27 higher than ICICI. Communication mode of PNB i.e post and letters and doorstep with rank 3.71 and 0.00 which is less than rank 1 and 2 of ICICI.
Percentage of respondents for remembering the advertisement is 50.33% which is 6.53% less than ICICI.and percentage of respondents who were not remember the advertisement 49.67% i.e 5.38% higher than ICICI.
Ranking of advertisement according to the understanding of it , i.e. add of PNB has 1st ,3rd and 4th rank with 36.18%,30.26%,and 5.29% respectively which is 25%, 7% and 5% higher than ICICI. Advertisement of PNB has 2nd and 5th rank with19.08%and 8.55%which is .5% and 1% less than ICICI.
No of people who knows about only saving account of pnb with 81.45%which is 11% more than icici.
No. Of people who knows about pnb‘s current account , fd , RD ,sweep account, raksha karmi account are 35.099% ,37.74%,20.86%,6.95%,0.66% respectively 53
No. of people who knows about pnb‘s home loan, car loan, personal loan,education loan and professional loan are 42.05%,40.39%,12.91%,22.18%,5.29% respectively.
No. of people who knows life insurance is 29.13% ,for non life insurance is 9.93% for gold coin ,mutual fund, traveller card , credit card and for two wheeler is 16.88% , 12.25% , 6.62%, 18.54%, 11.25% These products 49%, 33%, 17%, 32%, 28%, 58%, 40% ,53% ,37% ,37% ,64%
respectively less than ICICI
No. of People knows about the products and services of PNB through radio, sponsorships, stalls with 5.30 and 2.65,3% which is higher than ICICI.And through newspaper , tv , banners and hoardings ,emails ,canopy, phone calls from bank ,website ,word of mouth ,family friends and relative ,counter staff ,social media with 32.78% ,41.72 ,62.91 ,4.64 ,6.95,2.98,6.62,8.94,14.24 and 2.65% res. Which is 26,23,20,15,19,15,31,19,25,23,31% less than ICICI.
PNB got rates on customer relationship i.e. Somewhat satisfactory: 23.84%,Neutral:36.42% ,Not much satisfactory:3.31%, Least satisfactory:9.27% Which is 2% ,7% ,3%and 8% higher than ICICI. PNB got rate on satisfactory level:27.15% which is 20% less than ICICI.
Percentage of people who know about the PNB‘s seasonal offers is 28.15% which is 42% less than ICICI. Percentage of people who don‘t know about the PNB‘s seasonal offers is 71.85% which is 32% higher than ICICI.
No. of people recalled the logo of bank at 1st and 3rd and no recalled 53.97 ,12.25,3.97% of PNB which is 20,3,2 % higher than ICICI.No. of people recalled the logo of bank at 2nd ,4th, 5th stimuli 16.23,5.30,8.28% of PNB which is 1, 20,3% less than ICICI.
54
CHAPTER-08 CONCLUSION
55
On the basis of data collected and analyzed It is found that how effectively various Integrated marketing communication channels were used by PNB and ICICI bank and to what extent they were able to make an impact on their respective respondent customers. The conclusion drawn below describes the effectiveness of different marketing communication channels and their cumulative effect derived from the conducted research study on PNB and ICICI bank customers: From the findings it can be inferred that under various media of advertisement channel, PNB is more inclined towards advertising through radio and has a higher impact on customers recall through their presence . It has relatively lower recall of TV and radio advertisements and banners and hoardings .Whereas ICICI bank customer respondents have a greater recall of the bank through their TV commercials. PNB has no presence on Social Media whereas ICICI bank has considerable presence, especially on the Facebook and this is duly acknowledged by its customers. PNB utilizes sales promotion channel by offering ‗Festival Bonanza‘ to its customers around the festive season by wavering the processing fee of the loans. On the basis of the findings it can be inferred that recall of the Festival Bonanza among the customers quite low. There is less awareness among the customers about the festival bonanza and subsequently there is lesser number of the people availing this facility.It is observed that PNB has not created the required awareness among its customers regarding the festival bonanza. PNB highlight its product and services by using Public relations as a medium of Public relations channel through stalls, canopy and sponsorships for events. However its presence through stalls and sponsorship is quite high while canopy is recalled by less no. of respondents. Utilizing different media of personal selling and direct marketing channel, PNB keeps its customers updated about day - to- day transactions, upcoming schemes and offers through SMS, frontal staff, emails and phone calls from the bank. Out the said media, SMS and newsletters is found to be highly effective and most preferred whereas in ICICI bank customer respondents prefer both. Email as well as SMS as an effective mode of communication, and phone calls from bank were also timely and informative as founded at the time of survey. Besides the above mentioned results, from the findings it can also be inferred that PNB‘s logo recall at first stimuli is very high among the customers, establishing the fact that 56
PNB‘s logo is widely known and it marks PNB‘s brand recall among the customer respondents. It can also be concluded that Proximity to the branch is the prime reason for Punjab National Bank customer respondents to select the bank .PNB being a nationalized bank enjoys trust and faith of its customers and they further recommend this bank to their family and friends. Summing it up it can be said that under integrated marketing communication to promote its products and services and to reach to its customers, PNB employs Advertisement, Public relations, sales promotion, direct marketing and personal selling. Out of these channels PNB majorly focuses on advertisement channel and opts for advertising through radio. ICICI bank focuses mainly on advertising through TV commercials and through social media. PNB lacks presence on the social media.
57
CHAPTER-09 RECOMMENDATIONS
58
PNB has its name and brand presence within the market considering the fact that it is one of the oldest bank in the country, customers impose their faith in this bank. Being a nationalized bank is also an important reason for PNB‘s large customer base. However, PNB needs to revive its presence in the market and make its presence felt. For this reason following suggestions have been made:
As SMS alerts were timely and most read by the customers, bank should take advantage of that and add small one liner promotions about various products and services along with the same message to get an additional benefit at the same cost.PNB should profoundly use social media in their marketing strategy as they have no presence there. Social Media is a cost effective mode of communication by which masses can be tapped easily and preferred by youth extensively
Under Sales promotion channel, where in festival bonanza /schemes were offered, recall of these schemes among respondents is low. Therefore, PNB should advertise more of these offers through various modes of communication used by them. As found that customers were not aware of the various products and services of PNB and counter staff also were not able to explain them, therefore if a product manual is available for free at the counter it would be of great ease and help in increasing product awareness among both staff as well as customers.
Since mobile banking is not found to be popular among customers, so PNB should take steps to promote it as it is handy and easily accessible. As found counter staff is not aware about all products and services, awareness must be created and encourage cross selling.
59
CHAPTER-12
REFERENCES Philip kotler, Marketing Management, 13th edition, 2009 Dorling Kindersley(India) Pvt.Ltd.
www.PNBindia.in
http://www.prpoint.com/banking
http://www.ijcem.org/papers112012/ijcem_112012_03.pdf
http://shodhganga.inflibnet.ac.in/bitstream/10603/2299/10/10_chapter%201.pdf
http://www.slideshwere.net/Angilo/descriptive-research
http://www.scribd.com/doc/26611509/Integrated-Marketing-Communication
Data from various sources as banking Journals, press released by banks and other material available in the library of PNB.
60
APPENDIX 1: QUESTIONNAIRE FOR THE PR HEADS OF MARKETING DIVISION 1. Which of the following marketing communication channels are used by your bank? Advertisements (For eg. tv ads ,newspaper ads ,hoardings etc.)
Personal selling
(For eg. e-mail,face to face etc.)
Sales Promotion (For eg. festival offers,special discounts etc.)
Public Relation
(For eg. news stories ,events sponsorship,stalls etc.)
2. Rank the following marketing communication channels as per your bank's preference. Advertisements Personal selling Sales Promotion Public Relation
3. Which of the marketing communication channels you think is the most effective?
Advertisements Personal selling Sales Promotion
Public Relations
61
4. Under advertisements, which of the following channels are used by the bank? Also please give order of bank‘s preference. (1-5, 1 being the highest) 1
2
3
4
5
Newspapers
Consumer magazine
Bill board
Hoarding
Radio
Tv Canopy
5.
Under personal selling, which of the following channels are used by your bank? Also please give order of bank‘s preference (1-5, 1 being the highest)
1
2
Email
Newsletter
Phone calls
Posts and letters
Face to face
62
3
4
5
6.
under sales and promotions which of the following channels are used by your bank? Also please give order of bank‘s preference (1-5, 1 being the highest)
1
2
3
4
5
Festival offers
Special discounts
Wavering of charges
Reduction in premium
Advertisement campaigns
7
Under Public relations, which of the following channels are used by your bank? Also please give order of bank‘s preference. (1-5, 1 being the highest) 1
2
3
Stalls
Sponsorships
Events
Press release Name _________________
Designation ________________
APPENDIX 2: QUESTIONNAIRE FOR THE CUSTOMERS OF PNB 63
4
5
We are conducting a market research to know about the effectiveness of the different marketing communication channels taken up by banks in order to promote their products and services. Please fill up the following questionnaire and extend your cooperation.
1. Which bank(s) you bank with? ___________________ ___________________ ___________________ ___________________
2. Why did you choose to bank with ICICI? Proximity
Salary Acc.
Quality of services Ease of services Products being offered Friends and family recommendations Student account Other______________
3. In how many ways out of the following modes of communication, does ICICI contact you? Email Newsletter Post and letter Phone calls SMS
4.
Which of the above mode of communication you like or you feel is best? Please rank
between 1 to 5
64
1
2
3
4
5
Email Newsletter Post and letter Phone calls SMS
5.
Do you remember any advertisements of ICICI? Yes, how many of them you recall (please give numbers) No
6. If yes then rate(between 1 to 5) the advertisements of ICICI on the basis of information provided by them
1
Highly
2
3
4
Neutral
Informative
5
Least Informative
7. Do you know the different kind of Deposit (accounts) and Loans ICICI offers? Deposit Accounts Saving/Current/F.D /RD/ 3 in 1 account/ Demat
Loan Home / Car/ Personal
65
Other Life Insu/ Health ,Travel Insu/ Credit Card/ NRI Banking/Mutual fund/ Forex/Buy online gold,silver/E-locker
11. LOGO RECALL 1. 8. How did you come to know about ICICI's various products and services?
2.
Newspaper advertisements
TV advertisements
3.
Radio advertisements
Banners and Hoardings
4.
Emails
Event sponsorships
Canopy
Stalls
Phone calls from bank
Word of mouth
Family, friends and relatives
Counter- staff
Website
Social Media (Facebook,twitter
9. Rate how ICICI fairs on customer relationship/service? (between 1 to 5) 1
Highly
2
5.
3
4
5
Neutral
Least
Satisfactory
Satisfactory
10. Do you know about festival/ seasonal offers provided by ICICI? 66
Yes No We thank you for your valuable time & response
Age ( years )
60
Gender
Male
Female
Occupation Doctor
Lawyer
Businessman
Teacher
Engineer
Service
Student Others_______
APPENDIX 3: QUESTIONNAIRE FOR THE CUSTOMERS OF ICICI We are conducting a market research to know about the effectiveness of the different marketing communication channels taken up by banks in order to promote their products and services. Please fill up the following questionnaire and extend your cooperation. 11. Which bank(s) you bank with? ___________________
___________________
___________________
___________________
67
12. Why did you choose to bank with ICICI? Proximity
Salary Acc.
Quality of services Ease of services Products being offered Friends and family recommendations Student account Other______________
13. In how many ways out of the following modes of communication, does ICICI contact you? Email Newsletter Post and letter Phone calls SMS Door step
14. Which of the above mode of communication you like or you feel is best? Please rank between 1 to 5
1
2
3
Email
68
4
5
Newsletter Post and letter Phone calls SMS Door step
15. Do you remember any advertisements of ICICI? Yes, how many of them you recall (please give numbers) No
16. If yes then rate(between 1 to 5) the advertisements of ICICI on the basis of information provided by them 1
Highly
2
3
4
5
Neutral
Least
Informative
Informative
17. Do you know the different kind of Deposit (accounts) and Loans ICICI offers? Deposit Accounts Saving/Current/F.D /RD/ 3 in 1 account/ Demat
Loan Home / Car/ Personal/Education
Other Life Insu/ Health /Travel Insu/ Credit Card/Mutual fund
18. How did you come to know about ICICI's various products and services? Newspaper advertisements
TV advertisements 69
Radio advertisements
Banners and Hoardings
Emails
Sponsorships
Canopy
Stalls
Phone calls from bank
Word of mouth
Family, friends and relatives
Counter- staff
Others_________
Website Social Media( Facebook,Twitter)
19. Rate how ICICI fairs on customer relationship/service? (between 1 to 5) 1
2
3
4
5 11. LOGO RECALL
Highly
Neutral
Least
Satisfactory
Satisfactory
1. 2. 3. 4. 5.
20. Do you know about festival/ seasonal offers provided by ICICI?
Yes No
We thank you for your valuable time & response
Age ( years )
60
Male
Gender
Female 70
Occupation Doctor
Lawyer
Teacher
Engineer
Businessman Service
Others_______
71
Student
