Kotak Mahindra bank a Indian banking company....with the lapse of time became second largest private bank in India.
What is the difference which makes it such a huge bank in India??
We can get answer of question by seeing marketing mix of Kotak Mahindra bank.
It offers banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of personal finance, investment banking, general insurance, life insurance, and wealth management. As of April 2019, it is second largest Indian private sector bank by market capitalization.
Product mix of Kotak Mahindra bank:
Kotak Mahindra Bank is one of the leading banks in India. Kotak Mahindra Bank has the following business verticals as a part of its marketing mix: Consumer Banking, Commercial Banking, Corporate Banking and Wealth Management. It has unique programs cut to match different needs of its customers like Silk, which is a savings programme for women; Edge Saving Account; Jifi accounts; Kotak 3-in-1 account; Junior account to promote savings among minors starting at a young age.
Wide range of Kotak Mahindra loans offered:
• Personal Loans
• Home Loans
• Tractor Finance
• Crop Loans
• Rural Auto & Farm Equipment Finance
• Home Improvement Loans
• Home Loan Balance Transfer
• Gold Loans
• Loan Against Securities
• Infrastructure Finance
• Unnati Auto Finance
Price mix of Kotak Mahindra bank:
Kotak Mahindra Bank faces tough competition from the likes of HDFC Bank, ICICI Bank, IndusInd Bank, Axis Bank, etc. The private sector bank industry has cut throat competition in proving the best customer experience, suitable interest rates and convenience. Kotak Mahindra Bank follows a competitive strategy in pricing to maintain and acquire more customers. It provides an interest rate of 6.90% on fixed deposits, which is at par with its competitors.
Place mix of Kotak Mahindra bank:
Kotak Mahindra bank is present in 675 areas with 2000+ ATMS. It has 1300+ branches across the country. The reach of Kotak Mahindra Bank is less that of its competitors like HDFC bank, which it the market leader. Public sector banks like Punjab National Bank are more widely available. Kotak Mahindra is second largest by market capitalization but it must also increase its physical presence across the country and globe. Kotak Mahindra Bank is also accessible on smartphone with its recently launches mobile phone app called Kotak Bharat Banking App.
Promotion mix of Kotak Mahindra bank:
It launched a ten-second high impact television commercial and print advertisements. The campaign talked about how money can build self-esteem and provide security. Kotak Mahindra Bank also created a character called Subbu who is the voice of the brand who talks about different products offered by the bank across platforms like television, print and digital. Kotak Mahindra Bank is also knowing to advertise through hoardings.
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