The paper “ Exploring the Marketing Strategy of Kotak Mahindra Bank" is a forceful example of a term paper on marketing. The vast population in the Asia Pacific, the peoples’ high saving rates and the massive economic growth has contributed greatly to the rise of the banking institution in this region. These factors have provided major growth opportunities for banks and hence explaining the massive rise in retail lending institutions. However, in order to utilize these growth opportunities, banks will be obliged to serve this retail banking segment in an effective manner. India’ s banking system differs significantly from that of the other Asian nations due to its unique geographical, social, and economic characteristics.
Despite opening up late as compared to other developed nations, the profitability of India’ s banking sector is level with that of some developed countries (Prasad & Ghosh, 2005, p. 4). Over the last couple of years, banking strategies have undergone various transformations. Till recently, most of the banks in India had adopted severe cost-cutting measures in order to sustain their competitiveness in the market. However, this strategy has become obsolete due to the immense growth opportunities in the banking industry.
Instead, the main growth strategy that is currently being used revolves around customer satisfaction. Therefore, it is quite hard to understand the strategic marketing issues faced by organizations and also to develop capabilities for long term prosperity. This report is aimed at exploring the marketing strategy, based on the 7P’ s analysis, of The Kotak Mahindra Bank in order to establish and maintain a competitive advantage in the dynamic banking marketplace. The report concludes by suggesting how the bank can increase the quality of its services by making improvements in 4 of the 7P’ s.Since its establishment in 1985, the Kotak Mahindra group has grown to be among the most reputed financial organizations in India.
Previously, it was a non-banking organization known as Kotak Mahindra Finance Limited.
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