Lala Lajpatrai Institute of Management

Mahalaxmi, Mumbai – 400034.

The Submission Of:-

Marketing Management Project

MMS (1st semester)

Academic Year 2010-2011

Submitted to:-
Prof. Pallavi Lall
 GROUP NO. 7

GROUP MEMBERS
What are the 7 marketing P’s?

1. Product
2. Price
3. Place
4. Promotion

Sr.No. Names Roll Nos.

01 Rajkumar R 2010116
02 Darshana Sawant 2010137
03 Kawaljeet Singh 2010139
04 Kevin Shah 2010143
05 Pallavi Srivastava 2010168

5. People
6. Process
7. Physical Evidence

All the 7 marketing P's are also known as "the marketing mix" furthermore are
frequently used by a marketer to plot a plan, and place the foundations of fresh
projects/campaigns, it is a astonishingly useful strategy that has been used ever since the
early 1960's, and will be constant for as long as new-found projects/campaigns are being
produced. There you have it, the 7 marketing P's,
so now let’s get a bit more explanation of the 4 marketing P's:

1. Product - The product aspects of marketing deal with the specifications of the actual
goods or services, plus how it relates to the end users needs and wants. The range of a
product normally includes supporting elements such as warranties, guarantees, and
support.

2. Price -This refers to the process of setting a price for a product, together with
discounts. The price need not be monetary; it can plainly be what is exchanged for the
product or services, e.g. time, energy, or attention. Methods of setting prices optimally
are in the domain of pricing art.

3. Place - (or distribution): refers to how the product gets to the buyer; for instance,
point-of-sale assignment or retailing. This third P has furthermore at times been called
Place, referring to the channel by which a product or service is sold (e.g. online vs.
retail), which geographic region or industry, to which division (young adults, families,
business citizens), etc. also referring to how the surroundings in which the product is sold
in can influence sales.

4. Promotion - This includes advertising, sales promotion, including promotional

education, publicity, and individual selling. Branding refers to the assorted strategies of
promoting the product, brand, or company.

5. People - An essential ingredient to any service provision is the use of appropriate staff
and people. Recruiting the right staff and training them appropriately in the delivery of
their service is essential if the organization wants to obtain a form of competitive
advantage. Consumers make judgments and deliver perceptions of the service based on
the employees they interact with. Staff should have the appropriate interpersonal skills,
aptitude, and service knowledge to provide the service that consumers are paying for.
Many British organizations aim to apply for the Investors in People accreditation, which
tells consumers that staff is taken care off by the company and they are trained to certain
standards.

6. Process - Refers to the systems used to assist the organization in delivering the service.
Imagine you walk into Burger King and you order a Whopper Meal and you get it
delivered within 2 minutes. What was the process that allowed you to obtain an efficient
service delivery? Banks that send out Credit Cards automatically when their customer’s
old one has expired again require an efficient process to identify expiry dates and
renewal. An efficient service that replaces old credit cards will foster consumer loyalty
and confidence in the company.

7. Physical Evidence - Where is the service being delivered? Physical Evidence is the
element of the service mix which allows the consumer again to make judgments on the
organization. If you walk into a restaurant your expectations are of a clean, friendly
environment. On an aircraft if you travel first class you expect enough room to be able to
lay down! Physical evidence is an essential ingredient of the service mix; consumers will
make perceptions based on their sight of the service provision which will have an impact
on the organizations perceptual plan of the service.

COMPANY PROFILE:

AXIS BANK

Axis Bank India, the first bank to begin operations as new private banks in 1994 after the
Government of India allowed new private banks to be established. Axis Bank was jointly
promoted by the Administrator of the specified undertaking of the

• Unit Trust of India (UTI-I)

• Life Insurance Corporation of India (LIC)

• General Insurance Corporation Ltd.

Also with associates viz. National Insurance Company Ltd., The New India Assurance
Company, The Oriental Insurance Corporation and United Insurance Company Ltd. Axis
Bank in India today is capitalized with net income 1,812.93 crore. It has more than 1000
branch offices and Extension Counters in the country with over 4846 Axis Bank ATM
proving to be one of the largest ATM networks in the country. Axis Bank India commits
to adopt the best industry practices internationally to achieve excellence.
Axis Bank has strengths in retail as well as corporate banking. By the end of December
2004, Axis Bank in India had over 2.7 million debit cards. This is the first bank in India
to offer the AT PAR Cheque facility, without any charges, to all its Savings Bank
customers in all the places across the country where it has presence. With the AT PAR
cheque facility, customers can make cheque payments to any beneficiary at any of its
existence place. The ceiling per instrument is Rs. 50,000/-.The latest offerings of the
bank along with Dollar variant is the Euro and Pound Sterling variants of the
International Travel Currency Card. The Travel Currency Card is a signature based pre-
paid travel card which enables traveler’s global access to their money in local currency of
the visiting country in a safe and convenient way. The Bank has strengths in both retail
and corporate banking and is committed to adopting the best industry practices
internationally in order to achieve excellence

EVOLUTION:

UTI was established in 1964 by an Act of Parliament; neither did the Government of
India own it nor contributes any capital. The RBI was asked to contribute one-half of its
initial capital of Rs 5 crore, and given the mandate of running the UTI in the interest of
the unit-holders. The State Bank of India and the Life Insurance Corporation contributed
15 per cent of the capital each, and the rest was contributed by scheduled commercial
banks which were not nationalized then. This kind of structure for a unit trust is not
found anywhere else in the world. Again, unlike other unit trusts and mutual funds, the
UTI was not created to earn profits.

In the course of nearly four decades of its existence, it (the UTI) has succeeded
phenomenally in achieving its objective and has the largest share anywhere in the world
of the domestic mutual fund industry.'' The emergence of a "foreign expert" during the
setting up of the UTI makes an interesting story. The announcement by the then Finance
Minister that the Government of India was contemplating the establishment of a unit trust
caught the eye of Mr. George Woods, the then President of the World Bank. Mr. Woods
took a great deal of interest in the Indian financial system, as he was one of the principal
architects of the ICICI, in which his bank, First Boston Corporation Bank, had a sizeable
shareholding. Mr. Woods offered, through Mr. B.K. Nehru, who was India's Executive
Director on the World Bank, the services of an expert.

The Centre jumped at the offer, and asked the RBI to hold up the finalization of the unit
trust proposals till the expert visited India. The only point Mr. Sullivan made was that the
provision to limit the ownership of units to individuals might result in unnecessarily
restricting the market for units. While making this point, he had in mind the practice in
the US, where small pension funds are an important class of customers for the unit trusts.
The Centre accepted the foreign expert's suggestion, and the necessary amendments were
made in the draft Bill. Thus, began corporate investment in the UTI, which received a
boost from the tax concession given by the government in the 1990-91 Budget.
According to this concession, the dividends received by a company from
investments in other companies, including the UTI, were completely exempt from
corporate income tax, and provided the dividends declared by the investing company
were higher than the dividends received. The result was a phenomenal increase in
corporate investment which accounted for 57 per cent of
the total capital under US-64 scheme. Because of high liquidity the corporate sector used
the UTI to park its liquid funds. This added to the volatility of the UTI funds. The
corporate lobby which perhaps subtly opposed the establishment of the UTI in the public
sector made use of it for its own benefits later. The Government-RBI power game started
with the finalization of the UTI charter itself. The RBI draft of the UTI charter stipulated
that the Chairman will be nominated by it, and one more nominee would be on the Board
of Trustees. While finalizing the draft Bill, the Centre changed this stipulation. The
Chairman was to be nominated by the Government, albeit in
consultation with RBI. Although the appointment was to be made in consultation with
the
Reserve Bank, the Government could appoint a person of its choice as Chairman even if
the Bank did not approve of him

MISSION AND VALUES:

OUR VALUES:

 Customer Service and Product Innovation tuned to diverse needs of individual and
corporate clientele.

 Continuous technology up gradation while maintaining human values.

 Progressive globalization and achieving international standards.

 Efficiency and effectiveness built on ethical practices.

CORE VALUES:

 Customer Satisfaction through

• Providing quality service effectively and efficiently
• "Smile, it enhances your face value" is a service quality stressed on
• Periodic Customer Service Audits
 Maximization of Stakeholder value
 Success through Teamwork, Integrity and People
7P FRAME WORK IN AXIS BANK:

Once the marketing strategy is developed, there is a "Seven P Formula" that should be
used to continually evaluate and reevaluate your business activities. These seven are:

• Product,
• Price
• Promotion
• Place
• Process
• Positioning
• People.

As products, markets, customers and needs change rapidly, company must continually
revisit these seven Ps to make sure you're on track and achieving the maximum results
possible for you in today's marketplace.

PRODUCT
To begin with, develop the habit of looking at your product as though you were an
outside marketing consultant brought in to help your company decide whether or not it's
in the right business at this time. Ask critical questions such as, "Is the current product or
service, or mix of products and services, appropriate and suitable for the market and the
customers of today?" Develop a habit of assessing your business honestly and asking,

• Are these the right products or services for our customers today?
• Compared to your competitors, is your product or service superior in some
significant way to anything else available? If so, what is it? If not, could you
develop an area of superiority? Should you be offering this product or service
at all in the current marketplace?

• Product variety, quality and its features.

 Is there a market for the service on offer?

 Is the market growing or shrinking?

 Is the service new or established?

 The competition prevailing in the market for the service on offer?

 The USP of the product.

Products and Services on offered by AXIS Bank:

 Accounts:
• Easy Access Accounts
• Prime Savings Account
• Salary Account
• Women’s Saving Account
• Senior Privilege Account
• Defense Salary Account
• Trust & NGO Savings Account
• Azzadi –No frill
• RFC (D) Account
• Pension savings Account.

 Deposits:
• Fixed Deposits
• Recurring deposits
• Encash 24
• Tax Saver Fixed Deposits

 Loans:
• Home loan
• Personal loan
• Loan Against Property
• Loan Against Security
• Car Loans
• Study Loans
• Two Wheeler Loan
• Consumer Loan

 Investments:
• Online Trading
• Mutual Funds
• Fixed Income
• Depository Services
• E Depository Services

 Insurance:
• Health Insurance
• Family Health
• Health Guard

PRICES
The second P in the formula is price. Develop the habit of continually examining and
reexamining the prices of the products and services you sell to make sure they're still
appropriate to the realities of the current market. Sometimes you need to lower your
prices. At other times, it may be appropriate to raise your prices. Many companies have
found that the profitability of certain products or services doesn't justify the amount of
effort and resources that go into producing them. By raising their prices, they may lose a
percentage of their customers, but the remaining percentage generates a profit on every
sale. Could this be appropriate for you? Sometimes you need to change your terms and
conditions of sale. Sometimes, by spreading your price over a series of months or years,
you can sell far more than you are today, and the interest
you can charge will more than make up for the delay in cash receipts. Sometimes you can
combine products and services together with special offers and special promotions.
Sometimes you can include free additional items that cost you very little to produce but
make your prices appear far more attractive to your customers.
In business, as in nature, whenever you experience resistance or frustration in any part of
your sales or marketing activities, be open to revisiting that area. Be open to the
possibility that your current pricing structure is not ideal for the current market. Be open
to the need to revise your prices, if necessary, to remain competitive, to survive and
thrive in a fast-changing marketplace. AXIS bank has developed innovative strategies
against its competitors with respect to pricing by
use of technology. The use of technology is the strategic differentiator for AXIS bank
that helps in cost minimization and creating efficiency for the customer. The creation of
centralized processing system linking all its branches has been a major strategic move in
this regard.

The pricing mechanism and features of various HDFC products are as follows:
• Home Loans:
• Floating rates:

 Forloan of up to five years for amounts between Rs one lakh and Rs 50 lakh is at
9.25 per cent (9 per cent
 The rate for loans of 5 years and above up to 10 years is now at 9.75 per cent (9.50
per cent).
 The interest rate for above ten years now stands at 10.25 per cent (10 per cent)

FIXED INCOME
 Investment Plans:
Investors can choose from cumulative and non-cumulative bond options.
 Interest Rate:
Bonds will bear interest @ 8.00% per annum and are payable half-yearly.
 Minimum Investment Amount:
The Bonds will be issued for a minimum amount of Rs 1,000 (face value) and in
multiples thereof.
 Maximum Investment Amount:
There is no upper limit for investment in the Bonds.
 Maturity:
The Bonds shall mature on the expiration of six years from the date of issue.
 Taxation:
Interest on the Bonds will be taxable under the Income Tax Act, 1961 as applicable
according to the relevant tax status of the Bonds holder. Presently there is no tax
deduction at source at the time of interest payment

PROMOTION
The third habit in marketing and sales is to think in terms of promotion all the time.
Promotion includes all the ways you tell your customers about your products or services
and how you then market and sell to them. Small changes in the way you promote and
sell your products can lead to dramatic changes in your results. Even small changes in
your advertising an lead immediately to higher sales.
AXIS bank has devised an aggressive promotional strategy through its diversified
distribution mix which includes tied agencies and alternate channels like banks, brokers,
telemarketing, direct sales force, internet advertising.

Some of the promotional activities undertaken are:

 Cross Selling exercises
 Organizing school level painting competitions in order to create awareness about
the environmental concerns and the wild life to promote kids advantage account.
 Wheels of fortune - This promo are targeted at all those customers who avail a
personal loan, car or a two wheeler loan. There will be lucky draw at the end of the
promo and the winners would get exotic prizes.
 Personalized promos by sending mailers about various products on offer to all those
who come in contact during the mass promotion strategies.

The promotional strategies are carried out with an objective of positioning AXIS bank
as a one stop financial super market. The focus of the promotions are not just confined
to acquisition of new products but also extends to creating product awareness,
enhancing usage, and also provide value add to the customers for their faith and
loyalty.

These promotions are scientifically designed based on data analysis and data mining
in order to have maximum impact on the target audience.

PLACE
The fourth P in the marketing mix is the place where your product or service is actually
sold. You can sell your product in many different places. Some companies use direct
selling, sending their sales people out to personally meet and talk with the prospect.
Some sell by telemarketing. Some sell through catalogs or mail order. Many companies
use a combination of one or more of these methods. It refers to those activities of the
company that makes the product available to target consumers. It includes geographic
spread, distribution channels, dealer ships that facilitate network establishment. Axis
bank is widely spread in India and its core banking operations has
huge network –
• 580 branches and extension counters foreign offices – in Singapore, Hong Kong,
Shanghai and Dubai
• 2457 ATMs reaches out to 350 cities, towns and villages across the country

AXIS bank owns a wholly owned distribution channel with dedicated workforce, thereby
lowering the operating costs. It uses its network base to good effect to sell customized
products.
PROCESS
The fifth element in the marketing mix is the process. Develop the habit of standing back
and looking at every visual element in the process or service through the eyes of a critical
prospect. Remember, people from their first impression about you within the first 30
seconds of seeing you or some element of your company. Small improvements in the
process or external appearance of your product or service can often lead to completely
different reactions from your customers. With regard to the process of your company,
your product or service, you should think in terms of everything that the customer sees
from the first moment of contact with your company all the
way through the purchasing process. Process refers to the way your product or service
appears from the outside. Packaging refers to your people and how they dress and groom.
It refers to your offices, your waiting rooms, your brochures, your correspondence and
every single visual element about your company. Everything accounts. Everything helps
or hurts. Everything affects your customer's confidence about dealing
with you.
PHYSICAL ENVIRONMENT/EVIDENCE

Physical Evidence is the element of the service mix which allows the consumer again to
make judgments on the organization. If you walk into a restaurant your expectations are
of a clean, friendly environment. On an aircraft if you travel first class you expect enough
room to be able to lay down! Physical evidence is an essential ingredient of the service
mix; consumers will make perceptions based on their sight of the service provision which
will have an impact on the organizations perceptual plan of the service.

 Internet/Web Pages
 Paperwork
 Brochures
 Furnishings
 Business Cards
 Building
 Signage
 Financial Reports
 Tangibles
 Punch Lines
 Employee’s Dress Code
PEOPLE
The final P of the marketing mix is people. Develop the habit of thinking in terms of the
people inside and outside of your business who are responsible for every element of your
sales and marketing strategy and activities. It's amazing how many entrepreneurs and
businesspeople will work extremely hard to think through every element of the marketing
strategy and the marketing mix, and then pay little attention to the fact that every single
decision and policy has to be carried out by a specific person, in a specific way. Your
ability to select, recruit, hire and retain the proper people, with the skills and abilities to
do the job you need to have done, is more important than everything else put
together. An essential ingredient to any service provision is the use of appropriate staff
and people. Recruiting the right staff and training them appropriately in the delivery of
service is essential if the organization has to obtain competitive advantage.
AXIS bank values its human resources very highly and is on a constant endeavor to
continuously develop its human resources by laying strong emphasis on training
development. It possesses a highly motivated team of professionals and has the lowest
employee turnover rate in the industry.
Acknowledgement

Among the panorama of people who provided us inspiring guidance and encouragement.
We wish to take an opportunity to thank Prof. Pallavi Lall who undoubtedly assisted and
encouraged us for completing this project. We wish to express our deep sense of
gratitude to the professor for giving us opportunity to put forward our ideas due to her
kind help the difficult task of our project was made simple. She played an instrumental
role in guiding us through our difficulties, which we experience during the course of our
project..
Bibliography/ Webliography:-

1) Books:-

Marketing Management
- Philip Kotler

2) Website:-

• www.slideshare.net/guest60535459/axis
• www.scribd.com
• www.wikipedia.com
THANK YOU