Volume : 2, Issue : 12, December - 2013

Bank Marketing – Effective Segmentation Strategy for Banks

Vijay Kumar Thota, Chetipelly Sudhakar

Abstract :

Bank and credit union marketers have traditionally relied on the use of effective segmentation strategies as a means of targeting customers for product and service communication. The present paper aims at studying the different areas of segmentation. Marketing segmentation is one of the most widely used marketing tools and has long played a crucial role in identifying and treating differences among customers. For decades, bank and credit union marketers have used market segmentation strategies for product development, product positioning, marketing communication and results measurement in banks. The market segmentation makes the market smaller and therefore it becomes easier for the marketing professional to study and understand the hierarchy of needs and requirements and to offer to the customer and services they expect. Thus the motives to satisfy and retain the customers are fulfilled. The most important thing for marketing is identifying the changing levels of expectations of customers.This research paper highlighting that how marketing strategies and bank management practices are associated with the core competencies of bank to achieve desired outcomes. Many banking organizations are today applying effective marketing strategies to achieve organizational success for long time survival