English

Abstract

Strategy is basically the meticulous formulation of the plans followed by actions in line with those plans so as to facilitate an organization fulfill its intended objectives. Indian banking industry ever since the government initiated the globalization process the competition in the Indian banking sector has intensified which paved the way for a meticulous strategy formulation and implementation. By early nineties the Indian banking sector saw a never before change happening in the country due to the create of a number of new generation banks as well as foreign banks providing new dimensions in customer service. The banking sector has witnessed sea changes in the product features along with its marketing strategies coupled with technological influences. The intense competition in the banking field necessitated individual banks to meticulously drafting the strategies and thus making the Indian banking sector globally competitive and thus ensuring a more sustainable growth for the nation’s economy. It is in this context that this study is conducted on the Indian banking industry to have an understanding on the customer perception of marketing strategies of the new generation banks and old generation banks in Thrissur District. It was McCarthy in 1960 who offered marketing mix later which is also often referred to as the 4Ps, as a way of translating the marketing strategies into practice. This study also tries to find the influence of SAVE model in the customer acquisition and customer retention. Here this study makes a comparison of the marketing strategies of the new generation private sector banks and Old generation private sector banks. T-tests are used to check the relevance of marketing strategies in both new and old private sector banks. This paper concludes with the suggestions to adopt specific measures to enhance the strategic initiatives to drive growth.