What are the 7 P's of service that would be involved in a banking service?
The seven 'Ps' are: product, price, promotion, place, people, processes and physical evidence.
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.
Physical Evidence: In the service sector, where outcomes can be intangible, physical evidence provides customers with tangible elements that can help them evaluate the service. This could be the physical environment, packaging, or other customers using the service.
People deposit their money in banks; the bank lends the money out in car loans, credit cards, mortgages, and business loans. The loan recipients spend the money they borrow, the bank earns interest on the loans, and the process keeps money moving through the system.
Marketing strategies of banking sector revealed that banks can base their marketing strategies on various parameters which are broadly in terms of 7Ps of marketing viz., Product, Place, Price, Promotion, People, Physical Evidence and Processes.
The 7ps of service marketing is a variation of the four ps of product marketing and focuses only on customer service industries like hotels, insurance companies, salons, aviation, etc. The 7ps of the service marketing mix are Product, Price, Place, Promotion, People, Process, and Physical evidence.
It involves the 7Ps; Product, Price, Place and Promotion (McCarthy, 1960) and an additional three elements that help us meet the challenges of marketing services, People, Process and Physical Evidence (Booms & Bitner, 1982).
The mix consists of the seven P's i.e. Product, Pricing, Place, Promotion, People, Process and Physical Evidence. The service marketing mix, also known as the extended marketing mix, treats the service that the business offers just as it would treat a product.
The 7Ps marketing model was originally devised by E. Jerome McCarthy and published in 1960 in his book Basic Marketing. A Managerial Approach.
What is the most important P's?
Marketing has 4Ps too: Product, Place, Promotion and Price. The most important P (arguably) is Price. Why? It's the only one that brings in money.
Characteristics of 4Ps and 7Ps
As mentioned above, the 4Ps include Place, Price, Product and Promotion. The 7Ps model, on the other hand, is a combination of the 4Ps with 3 additional segments, which refer to People, Process and Physical evidence.
Product, pricing, promotion, place, people, process, and physical evidence are the 7 Ps of marketing. Each of these components is essential to a marketing campaign's success, and knowing how to optimize each can help companies create marketing strategies that appeal to their target market.
The 7Ps are more suitable for service-based businesses, where the focus is on creating and delivering a customized and interactive offering. The 4Ps are more focused on the external factors that influence the customer decision-making process, such as the product features, price, distribution, and communication.
The 5 most important banking services are checking and savings accounts, loan and mortgage services, wealth management, providing Credit and Debit Cards, Overdraft services. You can read about the Types of Banks in India – Category and Functions of Banks in India in the given link.
FULL SERVICE BANKING means banking services which include, but are not limited to, use of branches, on-site loan officers, automatic teller machines, and Saturday hours.
Safekeeping and Management of Money
Deposits and Savings: Banks offer a secure and convenient place for individuals and businesses to store their money. Savings accounts, checking accounts, and certificates of deposit (CDs) provide a range of options for safeguarding funds while earning interest.
The marketing mix alludes to the arrangement of activities, or strategies, that an organization uses to advance its image or product in the market. The 4Ps make up a run of the mill marketing mix - Price, Product, Promotion and Place.
The 7Ps of marketing. The 7Ps of marketing are product, price, place, promotion, people, process and physical evidence. This post and more is contained within our CIM ebook, 7Ps: a brief summary of marketing and how it works. Learn the 7Ps and you're well on your way to having your marketing fundamentals completed.
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.
What is the flower of service?
Service (business) The main components of the Flower of Service concept include core services and supplementary services. Core services refer to the basic benefits that customers receive when purchasing a product or service, while supplementary services are the non-routine services that accompany the core service .
Service delivery is a business idea and framework, the main goal of which is to provide services from a vendor to a customer. This includes the regular interactions between the two parties throughout the entire process of the business supplying the service and the client purchasing it.
This marketing mix is a familiar marketing strategy tool that was traditionally limited to the core 4Ps - Product, Price, Place, and Promotion. In the 7 Ps, the new additions are People, Process, Physical evidence. Let's dive into these marketing tactics, starting with the most important one, product.
Therefore, from the above explanation, Politics is not included in the seven Ps of the marketing mix given by Booms and Bitner.
The seven functions of marketing are marketing information management, financing, product and service management, pricing, promotion, selling, and distribution. To help your business grow, you need each area to come together and build a productive marketing approach.
References
- https://study.com/academy/lesson/three-cs-of-credit-character-capital-capacity.html
- https://finance.yahoo.com/news/decoding-jpmorgan-chase-co-jpm-050719925.html
- https://blog.beehiiv.com/p/marketing-mix-7ps-guide
- https://brainly.in/question/55833124
- https://www.comparably.com/competitors/358421-vs-wells-fargo
- https://privatebank.jpmorgan.com/nam/en/insights/wealth-planning/what-is-private-bank-really
- https://portal.ct.gov/DOB/Consumer/Consumer-Education/ABCs-of-Banking---Banks-and-Our-Economy
- https://www.webfx.com/blog/marketing/functions-of-marketing/
- https://www.businessinsider.com/personal-finance/banks-with-24-7-customer-support
- https://www.psp-it.co.uk/blogs/customer-services-the-4-p-s/
- https://www.precursive.com/post/our-guide-to-service-delivery
- https://www.citizensbank.com/learning/multiple-checking-account-benefits.aspx
- https://www.digitalhistory.uh.edu/disp_textbook.cfm?smtID=2&psid=3164
- https://www.jpmorganchase.com/about/our-business/business-principles
- https://freefrombroke.com/the-8-least-evil-banks/
- https://www.forbes.com/advisor/banking/safest-banks-in-the-us/
- https://www.capitalone.com/learn-grow/money-management/five-cs-of-credit/
- https://www.constantcontact.com/blog/7-ps-of-marketing/
- https://www.wisbank.com/events/6-cs-to-a-lenders-decision-making-process/
- https://www.simplilearn.com/what-are-the-7-ps-of-marketing-article
- https://www.forbes.com/advisor/banking/largest-banks-in-the-us/
- https://www.jpmorganchase.com/about/our-business
- https://www.lawinsider.com/dictionary/full-service-banking
- https://www.investopedia.com/terms/f/five-c-credit.asp
- https://localfirstbank.com/article/four-different-types-of-services-banking/
- https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/
- https://www.jagranjosh.com/general-knowledge/list-of-largest-banks-in-the-world-1706509334-1
- https://bravelygo.co/least-ethical-banks/
- https://www.cim.co.uk/content-hub/quick-read/the-7ps-of-marketing/
- https://www.ubs.com/global/en/careers/career-areas-junior-talent/personal-corporate-banking.html
- https://consumer.westchestergov.com/money-management/benefits-of-a-bank-account
- https://youlynq.me/knowledge/what-are-the-7-cs-of-crm/
- https://www.tbacu.com/the-4-cs-of-mortgages/
- https://www.shanlaxjournals.in/pdf/ECO/V4N2/ECO_V4_N2_011.pdf
- https://www.cstmarketingmanagement.co.uk/which-is-the-most-important-p/
- https://byjus.com/ias-questions/what-are-the-5-most-important-banking-services/
- https://n26.com/en-eu/bank-statement
- https://mailchimp.com/marketing-glossary/marketing-mix-7ps/
- https://www.shiksha.com/online-courses/articles/service-marketing-mix/
- https://collegevidya.com/blog/7-ps-of-marketing-explained/
- https://blog.oxfordcollegeofmarketing.com/2020/10/08/understanding-the-7ps-of-the-marketing-mix/
- https://www.occ.treas.gov/news-issuances/news-releases/1996/nr-occ-1996-2a.pdf
- https://www.creditguru.com/index.php/credit-management/commercial-credit-management-articles/79-what-are-the-4-cs-of-credit
- https://www.business.org/marketing/sales/4cs-marketing-model-good-business/
- https://www.toppr.com/guides/general-awareness/financial-reforms-and-banking-innovation/services-of-banks/
- https://www.navyfederal.org/makingcents/business/the-5-cs-of-credit.html
- https://www.researchgate.net/figure/Most-Important-P-in-Assessing-Credit-Worthiness_tbl5_324039897
- https://www.fintechfutures.com/2021/01/the-five-ps-of-banking/
- https://ift.world/concept1/concept-86-four-cs-capacity-collateral-covenants-character-traditional-credit-analysis/
- https://www.quarsh.com/blog/the-5-cs-of-people-management/
- https://www.exportplanning.com/en/magazine/article/2021/03/03/from-4ps-to-7ps-towards-an-integrated-marketing-mix/
- https://testbook.com/question-answer/which-among-the-following-is-not-included-in-seven--5fa95b60caf3e547da0ee844
- https://www.jpmorganchase.com/about/people-culture/awards-recognition
- https://time.com/personal-finance/article/chase-bank-review/
- https://smartasset.com/checking-account/how-the-rich-bank-differently-from-the-rest-of-us
- https://finance.yahoo.com/news/banks-best-dealing-identity-theft-130001499.html
- https://finance.yahoo.com/news/jpmorgan-chase-co-jpm-company-050819845.html
- https://www.thepennyhoarder.com/bank-accounts/worst-banks/
- https://blog.udemy.com/service-marketing-mix/
- https://www.chegg.com/homework-help/questions-and-answers/common-mistakes-made-managing-current-cash-needs-include-lacking-sufficient-liquid-assets--q119221858
- https://www.jobsage.com/companies/about/jpmorgan-chase
- https://www.netsuite.com/portal/resource/articles/financial-management/healthcare-financial-management.shtml
- https://medium.com/@marla.vibrancy/the-3-cs-for-success-competence-confidence-consistency-ab1a730a7085
- https://www.joinleland.com/library/a/top-ten-investment-banks
- https://www.investopedia.com/ask/answers/030315/what-financial-services-sector.asp
- https://bigpayme.com/blog/the-four-pillars-of-personal-finance-and-how-it-affects-you/
- https://eddy.com/hr-encyclopedia/the-4-cs/
- https://www.sprinklr.com/blog/3-important-qualities-of-customer-service/
- https://quizlet.com/180828326/chapter-10-econ-flash-cards/
- https://quizlet.com/explanations/questions/describe-three-services-that-banks-provide-ab61a6cb-3763-473b-9806-9965ce7778c6
- https://finance.yahoo.com/news/4-most-popular-banks-millionaires-150054420.html
- https://www.investopedia.com/ask/answers/040115/what-most-important-c-five-cs-credit.asp
- https://www.jpmorgan.com/about-us
- https://www.fool.com/the-ascent/research/digital-banking-trends/
- https://www.smartinsights.com/marketing-planning/marketing-models/4cs-marketing-model/
- https://en.wikipedia.org/wiki/JPMorgan_Chase
- https://beyond4cs.com/education/
- https://www.primegenesis.com/our-blog/2020/01/how-to-win-with-a-service-focused-strategy/
- https://retirement.fidelityinternational.com/financial-wellness/introduction-financial-wellness/
- https://www.forbes.com/advisor/banking/chase-bank-review/
- https://economie.fgov.be/en/themes/financial-services/basic-banking-service/basic-banking-service
- https://www.dauniv.ac.in/public/frontassets/notices/Special%20Accounts%20for%20Banking%20Firm_M.Com(BM)II%20Sem._Dr.Rajeshri%20Desai.pdf
- https://www.heartsonfire.com/education/which-of-the-4cs-matter-most
- https://www.quora.com/Which-two-of-the-four-CS-of-credit-have-to-do-with-earning-potential-and-available-cash
- https://www.nrbcommercialbank.com/downloads/Bank_Its%20Origin,%20Meaning,%20Objectives%20&%20Function.pdf
- https://www.investopedia.com/articles/markets/020916/analyzing-porters-five-forces-jpmorgan-chase-jpm.asp
- https://neostrom.in/7-ps-of-service-marketing/
- https://typeset.io/questions/what-are-the-elements-of-the-extended-banking-marketing-mix-1vd54r4hy4
- https://www.zendesk.com/blog/customer-experience-in-banking/
- https://journals.sagepub.com/doi/pdf/10.1177/097324701100700109
- https://www.jpmorganchase.com/about/people-culture
- https://maxdiamonds.com.au/blog/diamond-clarity-or-colour-which-is-more-important/
- https://warwick.ac.uk/fac/soc/wbs/conf/olkc/archive/oklc5/papers/e-1_oinas.pdf
- https://time.com/personal-finance/article/chase-vs-bank-of-america/
- https://spero.financial/understanding-the-four-pillars-of-personal-finance/
- https://squareup.com/au/en/the-bottom-line/reaching-customers/how-to-use-7ps-of-marketing
- https://brittanyhodak.com/the-3-important-qualities-of-customer-service/
- https://www.bankrate.com/banking/biggest-banks-in-america/
- https://today.yougov.com/ratings/consumer/popularity/consumer-banks/all
- https://www.researchgate.net/publication/228474192_The_7C_model_for_organizational_knowledge_creation_and_management
- https://www.uccu.com/why-banks-are-essential-understanding-the-importance-of-the-banking-system/
- https://www.investopedia.com/how-jpmorgan-makes-money-4798002
- https://textexpander.com/blog/examples-good-customer-service
- https://en.wikipedia.org/wiki/J.P._Morgan_%26_Co.
- https://www.britannica.com/biography/J-P-Morgan
- https://www.forbes.com/advisor/banking/most-popular-banks-by-state/
- https://www.jdpower.com/business/press-releases/2023-us-national-banking-satisfaction-study
- https://cua.com/viewport/mobile/Home/Advice/CUAdvice/Five-Cs-of-Credit/
- https://www.usbank.com/financialiq/plan-your-future/manage-wealth/anatomy-of-a-financial-plan-key-components-of-financial-planning.html
- https://www.process.st/how-to/increase-customer-satisfaction-by-using-the-five-ps-of-marketing/
- https://www.marketbeat.com/stocks/NYSE/JPM/competitors-and-alternatives/
- https://www.thirteen.org/wnet/historyofus/web10/features/bio/B14.html
- https://www.nerdwallet.com/reviews/banking/chase
- https://www.americanbanker.com/glossary/p.html
- https://www.smartinsights.com/marketing-planning/marketing-models/how-to-use-the-7ps-marketing-mix/
- https://www.helpscout.com/blog/customer-service-skills/
- https://privatebank.jpmorgan.com/nam/en/insights/wealth-planning/jp-morgan-private-bank-is-named-2024s-worlds-best-private-bank-for-the-fifth-year-in-a-row
- https://www.jpmorganchase.com/about
- https://www.linkedin.com/pulse/analysis-brac-banks-marketing-mix-through-lens-seven-ps-farin-sabrina
- https://www.indeed.com/career-advice/career-development/7-ps-of-service-marketing
- https://www.investopedia.com/terms/b/bank.asp
- https://acxpa.com.au/call-centre-rankings/banks/
- https://www.5paisa.com/blog/best-banks-in-india
- https://www.bankwithunited.com/about-united/most-trustworthy-bank.html
- https://www.barclays.co.uk/ways-to-bank/mobile-banking-services/how-to-read-text-alerts/
- https://www.moneylion.com/learn/can-bank-tellers-see-your-balance/
- https://www.printmailsolutions.com/blog/improve-bank-customer-engagement/
- https://typeset.io/questions/what-are-the-main-components-of-the-flower-of-service-5pcsxq798j
- https://www.linkedin.com/advice/3/how-can-you-choose-between-4ps-7ps-marketing
- https://www.investopedia.com/articles/economics/08/jp-morgan-kingpin-wall-street.asp
- https://www.thestreet.com/personal-finance/banks-most-at-risk-morningstar
- https://www.capitalone.com/bank/money-management/banking-basics/banking-products-and-services/
- https://www.sinch.com/blog/5-examples-excellent-customer-service-banking-and-financial-services/
