Shanlax

International Journal of Management

The Service Marketing Mix of HDFC

OPEN ACCESS Bank
Manuscript ID: Mrigakshi Borthakur
MGT-2022-09034562 Department of Management Studies, NIT, Silchar, Silchar, India
https://orcid.org/0000-0001-7668-0514
Volume: 9
Abstract
Issue: 3 Marketing mix simply means placing of the right product or a bundle of products or services at
the right place at a reasonable price. For any company to run its business smoothly, it must know
every aspect of the line of business it is in and how to use its marketing mix properly to attract
Month: January customers. The industry made up of companies which earn income from providing services to
its customers is called service industry. The major players of the service industry are banking,
Year: 2022 tourism, transportation, warehousing, distribution, hotels, restaurants, food delivery, etc. This
paper would discuss on the ‘marketing mix’ of HDFC bank which happens to be a major player
in the banking industry of India.
P-ISSN: 2321-4643
Keywords: Marketing mix, Service Marketing, HDFC Bank.

E-ISSN: 2581-9402 Introduction

Service marketing means creating, promoting and delivering the value
Received: 08.10.2021 of services to the customers who are seeking them. Services are normally
intangible, meaning they cannot be seen, touched or felt. Some characteristics
Accepted: 15.12.2021
of services are that these are intangible, inseparable, tend to be perishable, and
Published: 01.01.2022
every service is heterogeneous, meaning it has its variety.

Citation: The Service Marketing Mix

Borthakur, Mrigakshi. “The The ‘marketing mix’ of services contains seven elements, unlike a
Service Marketing Mix product. Along with the 4 Ps of product, which are Product, Price, Place,
of HDFC Bank.” Shanlax Promotion, services extend to another set of 3 Ps, i.e. People, Process and
International Journal of Physical Evidence.
Management, vol. 9, no. 3, product

2022, pp. 64–66. physical

price
evidence

DOI: 7Ps of

https://doi.org/10.34293/
marketingmix

process place

management.v9i3.4562

people promotion

Therefore, this paper would discuss the 7 Ps of HDFC Bank in its role as
a service offering company in the banking industry.
This work is licensed
under a Creative Commons Literature Review
Attribution-ShareAlike 4.0 The concept of ‘marketing mix’ was first coined by E. Jerome McCarthy
International License. in his book Basic Marketing: A Managerial Approach. This book is considered
as a seminal work in the world of Marketing Studies as McCarthy went on to
introduce and discuss extensively the ‘4 Ps of marketing’-Product, Price, Place
and Promotion, respectively. The additional 3 Ps, namely People, Process and
Physical Evidence, was introduced later for the marketing of services.

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 Shanlax
International Journal of Management

Udel (1968) identified marketing promotions and put forward the notion of ‘4 Ps’ of marketing.
as one of the major factors which lead to the This concept can be further explained as follows:
effectiveness of a brand. Among all the promotional • Product: It is the main benefit of the product/
tools, Advertising proves to be the most effective service sought by customers.
among consumers. • Place: Place points out the product or service
Rossier(1973), in his work, proposed an idea across different markets that remain at one’s
on the opening of branches by the banks and how disposal.
analysing the potentiality of the market and a plan • Price: It is the monetary value of the product/
for determining the expenditure must stand as the service.
first and foremost option in its foundation. • Promotion: It refers to the tools and techniques
George William R and Hiran C Barksdale used to make the product/service popular among
(1974), in their study on marketing activities of consumers.
services, found out that service firms tend to be less However, in the case of services, along with
marketing oriented; they are less likely to involve in these 4 Ps, an additional 3 Ps are added later. Those
the market and promotional related activities. These are:
firms focus more on advertising internally rather than • People
going to specialised agencies. They do not seem to • Process
have a proper sales plan or conduct any sales training • Physical Evidence
program. Products of HDFC Bank
In terms of the banking industry also, several The main products offered by HDFC Bank are
studies were found. Meidan (1976), in his study, accounts and loans. In the accounts section, it offers a
revealed that customers tend to choose to bank at the savings account, current account and Demat account.
nearest branch possible. The main reason for this was It also offers additional services like credit cards, Net
convenience. Kamath (1979) conducted a study on banking etc. It also has some additional products like
the customers of Syndicate bank about the marketing HDFC ergo, HDFC life, HDFC home loans etc.
of bank services and customer relationships.
Need for Study Place
The banking industry is a growing service The branches and ATMs of HDFC Bank
industry, and in India, HDFC Bank is one of the are available all across India. Although it has its
major players in the market. Thereby this paper headquarters in Mumbai, it has 3488 branches in 2231
would bring into its discussion the role of the 7Ps in cities. It also has 11426 ATMs available throughout
the arena of the ‘marketing mix’ of HDFC Bank. India. Over and above its physical services, it is also
available in net banking services and phone banking
Objective
services.
To study the marketing mix of HDFC Bank and
its effectiveness. Price
HDFC bank follows the strategy of premium
Methodology competitive pricing. Unlike Public sector banks, its
For this paper, the source of data used is mainly prices for purchasing and maintaining its products
secondary. The contents found in different articles, are slightly higher. Although, it implies with all the
research papers and data from the HDFC Bank RBI guidelines and do not charge anything extra
website is used. from its customers for its miscellaneous services.

The Marketing Mix Promotion

As mentioned earlier, on the role of E. Jerome For promotion, the bank uses 360-degree
McCarthy, who first identified by in his seminal planning for its advertisements. The main focuses are
work, Basic Marketing: A Managerial Approach, on TV ads, social media marketing and billboards.

http://www.shanlaxjournals.com 65
 Shanlax
International Journal of Management

Its logo of red and blue colour is recognised by every it tries to provide the best service possible to its
customer and increases the brand value in the market. consumers. The paper talks about various aspects
and the effectiveness of the bank by its marketing
People mix as a service providing company.
The bank stresses hiring and recruiting talented
people who will be able to satisfy the customers References
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Author Details
Mrigakshi Borthakur, Department of Management Studies, NIT, Silchar, Silchar, India,
Email ID: [email protected]

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