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- Title
RELATIONS OR TRANSACTIONS: WHAT WORKS FOR INDIAN BANKS?
- Authors
Choudhury, Archita Pal; Kundu, Amit; Sarkar, Dev Narayan; Bhattacharya, Arabinda
- Abstract
The present study attempts to identify the marketing philosophies followed by private sector banks vs. public sector banks in the Indian context. An attempt is made to understand whether relational or transactional approach works for Indian banks. The relevant question is whether relationship marketing can strengthen a marketing firm's competitive edge and lessen uncertainty on its own. Do bank executives in the private sector strategize marketing campaigns differently from those in the public sector? Is there a chance for cross-fertilization of ideas and tactics between the two sectors in this case? This type of investigation might reveal the perception variations in marketing research on services marketing. The observable variables, as conceptualized for the marketing strategies, were utilized in a survey of banking executives. Often, practitioners have a ringside view of the responses to marketing environment. The study of banking executives, hence, may help in validating a recommended model of marketing strategy for the banking sector. A random sampling method, using an industry database of banking executives, has been utilized. A discriminant analysis was conducted, using both the observable variables and the imputed variables, to estimate the differences between the marketing strategies of private sector versus public sector banking executives. Database Marketing (DM) seems to define how the marketing philosophies of private sector banks differ from those adopted by public sector banks. Transactional marketing seems more important for public sector banks which seem to focus on the day-to-day transactional aspects of marketing. The implications for private sector managers are that they must maintain extensive databases of the habits and preferences of their customers. Conversely, public sector bank managers will score success by perfecting the transactional processes at their bank branches.
- Subjects
INDIA; BANKING industry; GOVERNMENT ownership of banks; MARKETING research companies; MARKETING; BANK employees; PRIVATE banks; BRANCH banks
- Publication
Journal of Services Research, 2022, Vol 22, Issue 2, p12
- ISSN
0972-4702
- Publication type
Article