EXECUTIVE SUMMARY

In this project I have explained the important concept in marketing

management; you will see all aspects of marketing through the eyes of
the marketing manager. The first two chapter introduce marketing and
give you a framework for understanding marketing strategy planning
in a any type of organization, and then the other part of the project
takes you into planning the 4 P’s of marketing [ Product , place,
promotion , price ] with specific attention to the keys and strategy
decision in each area. Then further in marketing more 3 P’s were
added i.e. [process, people, and physical evidence] in the following
part i have also explain about Bank of Baroda and its 7 P’s.
 1. INTRODUCTION OF MARKETING: -

Marketing is the science of meeting the needs of a customer by providing

valuable products to customers by utilizing the expertise of the organization, at
same time, to achieve organizational goals. According to The American Marketing
Association marketing is the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large.

With this definition, it is important to realize that the customer can be an

individual user, a company, or several people who contribute to the purchasing
decision. The product can be a hard good, a service, or even an idea – anything
that would provide some value to the person who provides an exchange. An
exchange is most often thought of as money, but could also be a donation of time
or effort, or even a specific action. A producer is often a company, but could be an
individual or non-profit organization. Marketing is the process of exploring,
creating, and delivering value to meet the needs of a target market in terms of
goods and services; potentially including selection of a target audience; selection
of certain attributes or themes to emphasize in advertising; operation of advertising
campaigns; attendance at trade shows and public events; design of products
and packaging attractive to buyers; defining the terms of sale, such
as price, discounts, warranty, and return policy; product placement in media or
with people believed to influence the buying habits of others; agreements with
retailers, wholesale distributors, or resellers; and attempts to create awareness
of, loyalty to, and positive feelings about a brand. Marketing is typically done by
the seller, typically a retailer or manufacturer. Sometimes tasks are contracted to a
dedicated marketing firm or advertising agency. More rarely, a trade association or
government agency (such as the Agricultural Marketing Service) advertises on
behalf of an entire industry or locality, often a specific type of food (e.g. Got
Milk?), food from a specific area, or a city or region as a tourism destination. It is
one of the primary components of business management and commerce. Marketers
can direct their product to other businesses B2B marketing or directly to
consumers (B2C marketing). Regardless of who is being marketed to, several
factors apply, including the perspective the marketers will use. Known as market
orientations, they determine how marketers approach the planning stage of
marketing. The marketing mix, which outlines the specifics of the product and
how it will be sold, is affected by the environment surrounding the product, the
results of marketing research and market research, and the characteristics of the
product's target market. Once these factors are determined, marketers must then
decide what methods of promoting the product, including use of coupons and other
price inducements.

CHARACTERISTICS OF MARKETING:-

1. Marketing mix is the crux of marketing process:-

Marketing mix involves many crucial decisions relating to each element of the
mix. The impact of the mix will be the best when proper weight age is assigned
to each element and they are integrated so that the combined effect leads to the
best results.

2. Marketing mix has to be reviewed constantly in order to meet

the changing requirements:-
The marketing manager has to constantly review the mix and conditions of the
market and make necessary changes in the marketing mix according to changes
in the conditions and complexity of the market.
3. Changes in external environment necessitate alterations in the
mix:-
Changes keep on taking place in the external environment. For many industries,
the customer is the most fluctuating variable of environment. Customers’ tastes
and preferences change very fast. Brand loyalty and purchasing power also
change over a period. The marketing manager has to carry out market analysis
constantly to make necessary changes in the marketing mix.

4. Changes taking place within the firm also necessitate changes

in marketing mix:-
Changes within the firm may take place due to technological changes, changes
in the product line or changes in the size and scale of operation. Such changes
call for similar changes in the marketing mix.

5. Applicable to business and non-business organization:-

Marketing mix is applicable not only to business organizations but also to non-
business organizations, such as clubs and educational institutions. For instance,
an educational institution is expected to provide the right courses (product),
charge the right fees (price), promote the institution and the courses, and
provide the courses at the right place.

6. Helps to achieve organizational goals: -

An application of an appropriate marketing mix helps to achieve organizational
goals such as profits and market share.

7. Concentrates on customers: -
A thorough understanding of the customer is common to all the four elements.
The focus point of marketing mix is the customer, and the marketing mix is
expected to provide maximum customer satisfaction.

Functions:-
1. Marketing Planning:

In order to achieve the objectives of an organization with regard to its

marketing, the marketer chalks out his marketing plan. For example, a company
has a 25% market share of a particular product. The company wants to raise it to
40%. In order to achieve this objective, the marketer has to prepare a plan +in
respect of the level of production and promotion efforts.

2. Product Designing and Development: -

Product designing plays an important role in product selling. The company
whose product is better and attractively designed sells more than the product of
a company whose design happens to be weak and unattractive.

3. Standardization and Grading:-

Standardization refers to determining of standard regarding size, quality, design,

weight, colour, raw material to be used, etc., in respect of a particular product.
By doing so, it is ascertained that the given product will have some
peculiarities.

Products having the same characteristics (or standard) are placed

in a given category or grade. This placing is called grading. For example, a
company produces commodity – X, having three grades, namely A’. ‘B’ and
‘C’, representing three levels of quality; best, medium and ordinary
respectively.

4. Packaging and Labelling:-

Packaging aims at avoiding breakage, damage, destruction, etc., of

the goods during transit and storage. Packaging facilitates handling, lifting,
conveying of the goods. Many a time, customers demand goods in different
quantities. It necessitates special packaging. Label is a slip which is found on
the product itself or on the package providing all the information regarding the
product and its producer. This can either be in the form of a cover or a seal.

5. Branding:-

Every producer/seller wants that his product should have special identity in the
market. In order to realize his wish he has to give a name to his product which
has to be distinct from other competitors. Giving of distinct name to one’s
product is called branding.

6. Customer Support Service: -

Customer is the king of market. Therefore, it is one of the chief functions of

marketer to offer every possible help to the customers. A marketer offers
primarily the following services to the customers:

(i) After-sales-services

(ii) Handling customers’ complaints

(iii) Technical services

7. Pricing of Products: -
 It is the most important function of a marketing manager to fix
price of a product. The price of a product is affected by its cost, rate of profit,
price of competing product, policy of the government, etc. The price of a
product should be fixed in a manner that it should not appear to be too high and
at the same time it should earn enough profit for the organization.

8. Promotion: -

Promotion means informing the consumers about the products of

the company and encouraging them to buy these products. There are four
methods of promotion: (i) Advertising, (ii) Personal selling, (iii) Sales
promotion and (iv) Publicity.

9. Physical Distribution: -

Under this function of marketing the decision about carrying

things from the place of production to the place of consumption is taken into
account. To accomplish this task, decision about four factors are taken. They
are: (i) Transportation, (ii) Inventory, (iii) Warehousing and (iv) Order
Processing.

Importance of marketing can be studied as follows:

(1) Marketing Helps in Transfer, Exchange and Movement of
Goods:
Marketing is very helpful in transfer, exchange and movement of goods. Goods
and services are made available to customers through various intermediaries’
viz., wholesalers and retailers etc. Marketing is helpful to both producers and
consumers. To the former, it tells about the specific needs and preferences of
consumers and to the latter about the products that manufacturers can offer.
According to Prof. Haney Hansen “Marketing involves the design of the
products acceptable to the consumers and the conduct of those activities which
facilitate the transfer of ownership between seller and buyer.”

(2) Marketing Is Helpful In Raising And Maintaining The

Standard Of Living Of The Community:
Marketing is above all the giving of a standard of living to the community. Paul
Mazur states, “Marketing is the delivery of standard of living”. Professor
Malcolm McNair has further added that “Marketing is the creation and delivery
of standard of living to the society”.

By making available the uninterrupted supply of goods and services to

consumers at a reasonable price, marketing has played an important role in
raising and maintaining living standards of the community. Community
comprises of three classes of people i.e., rich, middle and poor. Everything
which is used by these different classes of people is supplied by marketing.

In the modern times, with the emergence of latest marketing techniques even
the poorer sections of society have attained a reasonable level of living
standard. This is basically due to large scale production and lesser prices of
commodities and services. Marketing has in fact, revolutionized and
modernized the living standard of people in modern times.

(3) Marketing Creates Employment:

Marketing is complex mechanism involving many people in one form or the

other. The major marketing functions are buying, selling, financing, transport,
warehousing, risk bearing and standardization, etc. In each such function
different activities are performed by a large number of individuals and bodies.
Thus, marketing gives employment to many people. It is estimated that about
40% of total population is directly or indirectly dependent upon marketing. In
the modern era of large scale production and industrialization, role of marketing
has widened.

This enlarged role of marketing has created many employment opportunities for
people. Converse, Huegy and Mitchell have rightly pointed out that “In order to
have continuous production, there must be continuous marketing, only then
employment can be sustained and high level of business activity can be
continued”.

(4) Marketing as a Source of Income and Revenue:-

The performance of marketing function is all important, because it is the only
way through which the concern could generate revenue or income and bring in
profits. Buskirk has pointed out that, “Any activity connected with obtaining
income is a marketing action. It is all too easy for the accountant, engineer, etc.,
to operate under the broad assumption that the Company will realize many
dollars in total sales volume.

However, someone must actually go into the market place and obtain dollars
from society in order to sustain the activities of the company, because without
these funds the organization will perish.”

Marketing does provide many opportunities to earn profits in the process of

buying and selling the goods, by creating time, place and possession utilities.
This income and profit are reinvested in the concern, thereby earning more
profits in future. Marketing should be given the greatest importance, since the
very survival of the firm depends on the effectiveness of the marketing function.
(5) Marketing Acts as a Basis for Making Decisions: -
A businessman is confronted with many problems in the form of what, how,
when, how much and for whom to produce? In the past problems was less on
account of local markets. There was a direct link between producer and
consumer In modern times marketing has become a very complex and tedious
task. Marketing has emerged as new specialized activity along with production.

As a result, producers are depending largely on the mechanism of

marketing, to decide what to produce and sell. With the help of marketing
techniques, a producer can regulate his production accordingly.

(6) Marketing Acts as a Source of New Ideas: -

The concept of marketing is a dynamic concept. It has changed altogether with
the passage of time. Such changes have far reached effects on production and
distribution. With the rapid change in tastes and preference of people, marketing
has to come up with the same.

Marketing as an instrument of measurement, gives scope for understanding this

new demand pattern and thereby produce and make available the goods
accordingly.

(7) Marketing Is Helpful in Development of An Economy:

Adam Smith has remarked that “nothing happens in our country until somebody
sells something”. Marketing is the kingpin that sets the economy revolving. The
marketing organization, more scientifically organized, makes the economy
strong and stable, the lesser the stress on the marketing function, the weaker
will be the economy.
INTRODUCTION OF MARKETING STRATEGY:-
Marketing strategy has the fundamental goal of increasing sales and
achieving a sustainable competitive advantage. Marketing strategy includes all
basic, short-term, and long-term activities in the field of  marketing that deal
with the analysis of the strategic initial situation of a company and the
formulation, evaluation and selection of market-oriented strategies and therefore
contribute to the goals of the company and its marketing objectives.

MEANING OF MARKETING STRATEGY:-

An organization's strategy that combines all of its marketing goals into
one comprehensive plan. Good marketing strategy should be drawn from
market research and focus on the right product mix in order to achieve the
maximum profit potential and sustain the business.
DEFINITION OF MARKETING STRATEGY:-
An organization's strategy that combines all of its marketing goals into
one comprehensive plan. A good marketing strategy should be drawn from
market research and focus on the right product mix in order to achieve the
maximum profit potential and sustain the business. The marketing strategy is
the foundation of a marketing plan.

Why do you need a marketing strategy?

In our experience, businesses that come to us without a marketing strategy often

have one thing in common – they’re spending money on marketing but not
seeing a return on their investment.

This frequently happens when an opportunity for marketing presents itself,

perhaps the chance to run radio ads or advertise in a local magazine, and the
business decides to invest. Yet when this is done outside of a marketing
strategy, the activity often doesn’t have the desired impact.

For example, if you ran a radio advert that encouraged people to visit your
website, but didn’t optimize your website for the visitors, it’s likely you missed
out on sales or enquires as a result.
Putting together a marketing strategy is the best way to ensure that all the effort
and investment you put into marketing is working towards achieving the goals
you have for your business.

How a marketing strategy can help you reach your business goals

The right tactics

Writing a strategy will help you determine which marketing tactics are most
likely to help you achieve your goals and reduce the likelihood of your
marketing activity failing.

An integrated approach: -

We’ve found that the very best results come from an integrated approach. When
all you’re online and offline marketing activity is working seamlessly together it
provides a consistent experience for people who encounter you, making it more
likely that they might become a customer in the future.

You say the right things to the right people: -

A strategy helps you get clear about what message you want to be conveying
with your marketing activity, and exactly who you want to see it. This will
ensure you are targeting the right people (and not just everyone).

Who could benefit from a marketing strategy?

Many businesses could benefit from a marketing strategy, but it can be
particularly beneficial for businesses who are:

 Looking to grow.
 Seeing a decline in sales.
 Launching a new product or service.
 Moving into a new market.
 Looking to target a new audience.
 Seeing increased competitor activity.

ELEMENTS OF MARKETING MIX:-

1. PRODUCT:-
The term "product" is defined as anything,
either tangible or intangible (such as a service), offered by the firm; a
solution to the needs and wants of the consumer; profitable or potentially
profitable; and as meeting the requirements of the various governing
offices or society.

NEWPRODUCTDEVELOPMENT:-
New product development tends to happen in stages. Although firms often go
back and forth between these idealized stages, the following sequence is
illustrative of the development of a new product:

 New product strategy development:-Different firms will have different

strategies on how to approach new products. Some firms have stockholders who
want to minimize risk and avoid investing in too many new innovations. Some
firms can only survive if they innovate frequently and have stockholders who
are willing to take this risk. For example, Hewlett-Packard has to constantly
invent new products since competitors learn to work around its patents and will
be able to manufacture the products at a lower cost.

 Idea generation:-Firms solicit ideas as to new products it can make.

Ideas might come from customers, employees, consultants, or engineers.
Many firms receive a large number of ideas each year and can only invest
in some of them.
 Screening and evaluation:- Some products that after some analysis are
clearly not feasible or are not consistent with the core competencies of the
firm are eliminated.
 Business analysis:- Ideas are now exposed to more rigorous analysis.
Profit projections, risks, market size, and competitive response are
considered. If promising, market research may be done.
 Development:-The product is designed and manufacturing facilities are
planned.
 Market testing:- Frequently, firms will try to “test” a product in one
region to see if it will sell in reality before it is released nationally and
internationally. There is a lesser risk if the firm only commits money to
advertising and other marketing efforts in one region. Retailers will also
be more receptive in other parts of the country and world if it has been
demonstrated that the product sold well in one region. The firm may also
experiment with different prices for the product.
 Commercialization: - Facilities to manufacture the product on a larger
scale are now put into operation and the firm starts a national marketing
campaign and distribution effort.
PRODUCTLIFECYCLE: -
Products often go through a life cycle. Initially, a product is
introduced. Since the product is not well known and is usually expensive (e.g.,
as microwave ovens were in the late 1970s), sales are usually limited.
Eventually, however, many products reach a growth phase—sales increase
dramatically. More firms enter with their models of the product. Frequently,
unfortunately, the product will reach a maturity stage where little growth will be
seen. For example, in the United States, almost every household has at least one
color TV set. Some products may also reach a decline stage, usually because the
product category is being replaced by something better. For example,
typewriters experienced declining sales as more consumers switched to
computers or other word processing equipment. The product life cycle is tied to
the phenomenon of diffusion of innovation. When a new product comes out, it
is likely to first be adopted by consumers who are more innovative than others
—they are willing to pay a premium price for the new product and take a risk on
unproven technology. It is important to be on the good side of innovators since
many other later adopters will tend to rely for advice on the innovators who are
thought to be more knowledgeable about new products for

At later phases of the PLC, the firm may need to modify its market strategy. For
example, facing a saturated market for baking soda in its traditional use, Arm &
Hammer launched a major campaign to get consumers to use the product to
deodorize refrigerators. Deodorizing powders to be used before vacuuming
were also created.

It is sometimes useful to think of products as being either new or existing.

Many firms today rely increasingly on new products for a large part of their
sales. New products can be new in several ways. They can be new to the market
—noone else ever made a product like this before. For example, Chrysler
invented the minivan. Products can also be new to the firm—another firm
invented the product, but the firm is now making its own version. For example,
IBM did not invent the personal computer, but entered after other firms showed
the market to have a high potential. Products can be new to the segment—
e.g., cellular phones and pagers were first aimed at physicians and other price-
insensitive segments. Later, firms decided to target the more price-sensitive
mass market. A product can be new for legal purposes. Because consumers tend
to be attracted to “new and improved” products, the Federal Trade Commission
(FTC) only allows firms to put that label on reformulated products for six
months after a significant change has been made.

2. PRICE:-

 Price is the value that is put to a product or service and is the result of a
complex set of calculations, research and understanding and risk taking
ability. A pricing strategy takes into account segments, ability to
 pay, market conditions, competitor actions, trade margins and input costs,
amongst others.

Objectives of pricing:-

The objectives of pricing should include:

 to achieve the financial goals of the company (i.e. profitability)

 to fit the realities of the marketplace (will customers buy at that price?)
 to support a product's market positioning and be consistent with the other
variables in the marketing mix

price is influenced by the type of distribution channel used, the type of

promotions used, and the quality of the product

 price will usually need to be relatively high if manufacturing is

expensive, distribution is exclusive, and the product is supported by
extensive advertising and promotional
 a low cost price can be a viable substitute for product quality,
effective promotions, or an energetic selling effort by distributors

From the marketer's point of view, an efficient price is a price that is very
close to the maximum that customers are prepared to pay. In economic
terms, it is a price that shifts most of the consumer economic surplus to the
producer. A good pricing strategy would be the one which could balance
between the price floor (the price below which the organization ends up in
losses) and the price ceiling (the price be which the organization experiences
a no-demand situation).
The two methods of pricing are as follows:-

A. Cost-oriented Method

B. Market-oriented Methods.

There are several methods of pricing products in the market. While selecting the
method of fixing prices, a marketer must consider the factors affecting pricing.
The pricing methods can be broadly divided into two groups—cost-oriented
method and market-oriented method.

A. Cost-oriented Method: -

Because cost provides the base for a possible price range, some firms may
consider cost-oriented methods to fix the price.

Cost-oriented methods or pricing are as follows: -

1. Cost plus pricing: -
Cost plus pricing involves adding a certain percentage to cost in order
to fix the price. For instance, if the cost of a product is Rs. 200 per unit and the
marketer expects 10 per cent profit on costs, then the selling price will be Rs.
220. The difference between the selling price and the cost is the profit. This
method is simpler as marketers can easily determine the costs and add a certain
percentage to arrive at the selling price.
2. Mark-up pricing:-
Mark-up pricing is a variation of cost pricing. In this case, mark-ups
are calculated as a percentage of the selling price and not as a percentage of the
cost price. Firms that use cost-oriented methods use mark-up pricing.

Since only the cost and the desired percentage markup on the selling price
are known, the following formula is used to determine the selling price:
Average unit cost/Selling price

3. Break-even pricing:-
In this case, the firm determines the level of sales needed to cover all the
relevant fixed and variable costs. The break-even price is the price at which the
sales revenue is equal to the cost of goods sold. In other words, there is neither
profit nor loss. For instance, if the fixed cost is Rs. 2, 00,000, the variable cost
per unit is Rs. 10, and the selling price is Rs. 15, then the firm needs to sell
40,000 units to break even. Therefore, the firm will plan to sell more than
40,000 units to make a profit. If the firm is not in a position to sell 40,000
limits, then it has to increase the selling price.

The following formula is used to calculate the break-even point:

Contribution = Selling price – Variable cost per unit

4. Target return pricing:-

In this case, the firm sets prices in order to achieve a particular level of return
on investment (ROI).
The target return price can be calculated by the following formula:
Target return price = Total costs + (Desired % ROI investment)/ Total sales in
units

For instance, if the total investment is Rs. 10,000, the desired ROI is 20 per
cent, the total cost is Rs.5000, and total sales expected are 1,000 units, then
the target return price will be Rs. 7 per unit as shown below:
5000 + (20% X 10,000)/ 7000

Target return price = 7

The limitation of this method (like other cost-oriented methods) is that prices
are derived from costs without considering market factors such as competition,
demand and consumers’ perceived value. However, this method helps to ensure
that prices exceed all costs and therefore contribute to profit.

5. Early cash recovery pricing:-

Some firms may fix a price to realize early recovery of investment involved,
when market forecasts suggest that the life of the market is likely to be short,
such as in the case of fashion-related products or technology-sensitive products.

Such pricing can also be used when a firm anticipates that a large firm may
enter the market in the near future with its lower prices, forcing existing firms to
exit. In such situations, firms may fix a price level, which would maximize
short-term revenues and reduce the firm’s medium-term risk.
B. Market-oriented Methods:-

1. Perceived value pricing:-

A good number of firms fix the price of their goods and services
on the basis of customers’ perceived value. They consider customers’ perceived
value as the primary factor for fixing prices, and the firm’s costs as the
secondary. The customers’ perception can be influenced by several factors, such
as advertising, sales on techniques, effective sales force and after-sale-service
staff. If customers perceive a higher value, then the price fixed will be high and
vice versa. Market research is needed to establish the customers’ perceived
value as a guide to effective pricing.

2. Going-rate pricing:-
In this case, the benchmark for setting prices is the price set by
major competitors. If a major competitor changes its price, then the smaller
firms may also change their price, irrespective of their costs or demand.

The going-rate pricing can be further divided into three sub-methods:

a. Competitors ‘parity method:-
A firm may set the same price as that of the major competitor.

b. Premium pricing:-
A firm may charge a little higher if its products have some additional
special features as compared to major competitors.
c. Discount pricing:-

A firm may charge a little lower price if its products lack certain
features as compared to major competitors.

The going-rate method is very popular because it tends to reduce the

likelihood of price wars emerging in the market. It also reflects the industry’s
coactive wisdom relating to the price that would generate a fair return.

3. Sealed-bid pricing:-
This pricing is adopted in the case of large orders or contracts,
especially those of industrial buyers or government departments. The firms
submit sealed bids for jobs in response to an advertisement.

In this case, the buyer expects the lowest possible price and the seller
is expected to provide the best possible quotation or tender. If a firm wants to
win a contract, then it has to submit a lower price bid. For this purpose, the firm
has to anticipate the pricing policy of the competitors and decide the price offer.

The following are some the types of differentiated pricing:-

a. Customer segment pricing:-
Here different customer groups are charged different prices for
the same product or service depending on the size of the order, payment terms,
and so on.
b. Time pricing:-
Here different prices are charged for the same product or service
at different timings or season. It includes off-peak pricing, where low prices are
charged during low-demand tunings or season.

c. Area pricing:-
Here different prices are charged for the same product in
different market areas. For instance, a firm may charge a lower price in a new
market to attract customers.

d. Product form pricing:-

Here different versions of the product are priced differently but
not proportionately to their respective costs. For instance, soft drinks of
200,300, 500 ml, etc., are priced according to this strategy.

3.5 FACTORS AFFECTING PRICING:-

1. Price-quality relationship: -
Customers use price as an indicator of quality, particularly for products
where objective measurement of quality is not possible, such as drinks and
perfumes. Price strongly influences quality perceptions of such products.

2. Product line pricing: -

A company extends its product line rather than reduce price of its
existing brand, when a competitor launches a low-price brand that threatens to
eat into its market share. It launches a low-price fighter brand to compete with
low price competitor brands.
3. Explicability: -
The company should be able to justify the price it is charging, especially
if it is on the higher side. Consumer product companies have to send cues to the
customers about the high quality and the superiority of the product.

4. Competition: -
A company should be able to anticipate reactions of competitors to its
pricing policies and moves. Competitors can negate the advantages that a
company might be hoping to make with its pricing policies. A company reduces
its price to gain market share

5. Negotiating margins: -
A customer may expect its supplier to reduce price, and in such situations
the price that the customer pays is different from the list price. Such discounts
are pervasive in business markets, and take the form of order-size discounts,
competitive discounts, fast payment discounts, annual volume bonus and
promotions allowance.

6. Effect on distributors and retailers: -

When products are sold through intermediaries like retailers, the list price
to customers must reflect the margins required by them sometimes list prices
will be high because middlemen want higher margins.
7. Political factors: -
Where price is out of line with manufacturing costs, political pressure may
act to force down prices. Exploitation of a monopoly position may bring short
term profits but incurs backlash of a public enquiry into pricing policies. It may
also invite customer wrath and cause switching upon the introduction of
suitable alternatives.

8. Earning very high profits: -

It is never wise to earn extraordinarily profits, even if current
circumstances allow the company to charge high prices. The pioneer companies
are able to charge high prices, due to lack of alternatives available to
the customers.

9. Charging very low prices: -

It may not help a company’s cause if it charges low prices when its major
competitors are charging much higher prices. Customers come to believe that
adequate quality can be provided only at the prices being charged by the major
companies. 

3. PLACE: -

 Place in the marketing mix refers to the channel, or the route, through which

goods move from the source to the final user. Place could be the intermediaries,
distributors, wholesalers and retailers.
Place and Distribution Intermediaries Defined: -

Manufacturer: Person, group or firm that makes the product.

Wholesaler: The party that buys large quantities of a product from

manufacturers and sells it to retailers. Wholesalers sell goods to other
businesses; they do not sell directly to consumers.

Retailers: The organization that sells products directly to consumers and end
users. As they are selling to consumers for personal use, the goods are usually
sold in small quantities.

Place and Distribution Strategies:-

The three most common distribution strategies are discussed below

1. Intensive Distribution: Used commonly to distribute low priced products

or impulse purchases. For example snacks such as chocolates, soft drinks
and crisps
2. Exclusive distribution: Involves limiting distribution to a single outlet.
The product is usually highly priced, and requires the intermediary to
place much detail in its sell. An example of would be the sale of vehicles
through exclusive dealers.

4. PROMOTION:-

Promotion refers to raising customer awareness of a product or brand,

generating sales, and creating brand loyalty. It is one of the four basic elements
of the market mix, which includes the four P's: price, product, promotion, and
place.
PUPOSE

Fundamentally, there are three basic objectives of promotion. These are:

1. To present information to consumers and others.

2. To increase demand.
3. To differentiate a product.
The purpose of a promotion and thus its promotional plan can have a wide
range, including: sales increases, new product acceptance, creation of brand
equity, positioning, competitive retaliations, or creation of a corporate image

The term promotion is usually an "in" expression used internally by the

marketing company, but not normally to the public or the market, where phrases
like "special offer" are more common. Examples of a fully integrated, long-
term, and large-scale promotion are My Coke Rewards in the U.S. or Coke
Zone in the UK and Pepsi Stuff.

TYPES:-
There have been different ways to promote a product in person or with different
media. Both person and media can be either physically real or virtual
/electronic.

In a physical environment:-

Promoters have used newspapers, special events, endorsements,

Promotions can be held in physical environments at special events such as
concerts, festivals, trade shows, and in the field, such as in grocery or
department stores. Interactions in the field allow immediate purchases. The
purchase of a product can be incentive with discounts (i.e., coupons), free items,
or a contest. This method is used to increase the sales of a given product.
Interactions between the brand and the customer are performed by a brand
ambassador or promotional model who represents the product in physical
environments. Brand ambassadors or promotional models are hired by
a marketing company, which in turn is booked by the brand to represent the
product or service. Person-to-person interaction, as opposed to media-to-person
involvement, establishes connections that add another dimension to
promotion. Building a community through promoting goods and services can
lead to brand loyalty.

Traditional media:-

Examples of traditional media include print media such as newspapers

and magazines, electronic media such as radio and television, and outdoor
media such as banner or billboard advertisements. Each of these platforms
provide ways for brands to reach consumers with advertisements.

Digital media:-

Digital media, which includes Internet, social networking and social

media sites, is a modern way for brands to interact with consumers as it releases
news, information and advertising from the technological limits of print and
broadcast infrastructures.[Digital media is currently the most effective way for
brands to reach their consumers on a daily basis. Over 2.7 billion people are
online globally, which is about 40% of the world's population. [ 67% of all
Internet users globally use social media.

Mass communication has led to modern marketing strategies to continue

focusing on brand awareness, large distributions and heavy promotions. The
fast-paced environment of digital media presents new methods for promotion to
utilize new tools now available through technology. With the rise of
technological advances, promotions can be done outside of local contexts and
across geographic borders to reach a greater number of potential consumers.
The goal of a promotion is then to reach the most people possible in a time
efficient and a cost efficient manner.

Social media, as a modern marketing tool, offers opportunities to reach

larger audiences in an interactive way. These interactions allow for conversation
ratherthansimplyeducatingthecustomer. Facebook, SnapChat, Instagram, Twitte
r,  Interest, Google Plus, Tumbler, as well as alternate audio and media sites
like Sound Cloud and Mix cloud allow users to interact and promote music
online with little to no cost. You can purchase and buy ad space as well as
potential customer interactions stores as Likes, Followers, and clicks to your
page with the use of third parties.

5. PEOPLE:-

There have been different ways to promote a product in person or with different
media. Both person and media can be physically real or virtual /electronic.

In a physical environment: -

Promoters have used newspapers, special events, endorsements,

Promotions can be held in physical environments at special events such as
concerts, festivals, trade shows, and in the field, such as in grocery or
department stores. Interactions in the field allow immediate purchases. The
purchase of a product can be incentive with discounts (i.e., coupons), free items,
or a contest. This method is used to increase the sales of a given product.
Interactions between the brand and the customer are performed by a brand
ambassador or promotional model who represents the product in physical
environments. Brand ambassadors or promotional models are hired by
a marketing company, which in turn is booked by the brand to represent the
product or service. Person-to-person interaction, as opposed to media-to-person
involvement, establishes connections that add another

dimension to promotion. Building a community through promoting goods and

services can lead to brand loyalty.

Traditional media: -

Examples of traditional media include print media such as newspapers

and magazines, electronic media such as radio and television, and outdoor
media such as banner or billboard advertisements. Each of these platforms
provides ways for brands to reach consumers with advertisements.

Digital media:-

Digital media, which includes Internet, social networking and social

media sites, is a modern way for brands to interact with consumers as it releases
news, information and advertising from the technological limits of print and
broadcast infrastructures. Digital media is currently the most effective way for
brands to reach their consumers on a daily basis. Over 2.7 billion people are
online globally, which is about 40% of the world's population. 67% of all
Internet users globally use social media.

Mass communication has led to modern marketing strategies to continue

focusing on brand awareness, large distributions and heavy promotions. The
fast-paced environment of digital media presents new methods for promotion to
utilize new tools now available through technology. With the rise of
technological advances, promotions can be done outside of local contexts and
across geographic borders to reach a greater number of potential consumers.
The goal of a promotion is then to reach the most people possible in a time
efficient and a cost efficient manner.
Social media, as a modern marketing tool, offers opportunities to reach larger
audiences in an interactive way. These interactions allow for conversation rather
thansimplyeducatingthecustomer. Facebook, SnapChat, Instagram, Twitter, Pint
erest, Google Plus, Tumbler, as well as alternate audio and media sites
like Sound Cloud and Mix cloud allow users to interact and promote music
online with little to no cost. You can purchase and buy ad space as well as
potential customer interactions stores as Likes, Followers, and clicks to your
page with the use of third parties. As a participatory media culture, social media
platforms or social networking sites are forms of mass communication that,
through media technologies, allow large amounts of product and distribution of
content to reach

the largest audience possible. However, there are downsides to virtual

promotions as severs, systems, and websites may crash, fail, or become
overloaded with information. You also can stand risk of losing uploaded
information and storage and at a use can also be affected by a number of outside
variables.

Brands can explore different strategies to keep consumers engaged. One popular
tool is branded entertainment, or creating some sort of social game for the user.
The benefits of such a platform include submersing the user in the brand's
content. Users will be more likely to absorb and not grow tired of
advertisements if they are, for example, embedded in the game as opposed to a
bothersome pop-up

Personalizing advertisements is another strategy that can work well for brands,
as it can increase the likelihood that the brand will be anthropomorphized by the
consumer. Personalization increases click-through intentions when data has
been collected about the consumer.
6. PROCESS: -
Process is another element of the services marketing mix or 7Ps.There is a
number of perceptions of the concept of process within the business
and marketing literature. Some see processes as a means to achieve an
outcome, for example – to achieve a 30% market share, a company implements
a marketing planning process.

Process as part of the marketing mix: -

Process is another element of the services marketing mix or 7Ps.There is a

number of perceptions of the concept of process within the business
and marketing literature. Some see processes as a means to achieve an outcome,
for example – to achieve a 30% market share, a company implements
a marketing planning process.

At each stage of the process, marketers:

Deliver value through all elements of the marketing mix. Process, evidence

and people enhance services.
Feedback can be taken and the mix can be altered.
Customers are retained, and other services or products are extended and marked
to them.
The process itself can be tailored to the needs of different individuals,
experiencing a similar service at the same time.
Processes essentially have inputs, throughputs and outputs (or outcomes).
Marketing adds value to each of the stages. Take a look at the lesson on chain
analysis to consider a series of processes at work.

There are a number of types of processes. Technological processes include the

process of manufacturing goods and adapting them for the needs of clients. For
example, Rolls-Royce motor cars will build a Phantom which is adapted to the
requirements of each individual client. There are also electronic processes
which include things like Electronic Point-Of-Sale (EPOS), barcodes
on products which are scanned on phones or by checkout people and other
means such as loyalty cards.
Processes include direct activities and indirect activities. Direct activities add
value at the customer interface as the consumer experiences the service. Many
processes are supported by indirect activities, often known as back-office
activities, which support the service before, during and after it has been
consumed.
Another view is that marketing has a number of processes that integrate together
to create an overall marketing process, for example – telemarketing and Internet
marketing can be integrated. A further view is that marketing processes are used
to control the marketing mix, i.e. processes that measure the achievement of
marketing objectives. All views are understandable, but not particularly
customer focused.
For the purposes of the marketing mix, process is an element of service that sees
the customer experiencing an organization’s offering. It’s best viewed as
something that your customer participates in at different points in time. Here are
some examples to help you build a picture of a marketing process, from the
customer’s point of view.
Going on a cruise – from the moment that you arrive at the dockside, you are
greeted; your baggage is taken to your room. You have two weeks of services
from restaurants and evening entertainment, to casinos and shopping. Finally,
you arrive at your destination, and your baggage is delivered to you.

7. PHYSICAL EVIDENCE: -
The elements of marketing mix which customers can actually see or
experience when they use a service, and which contribute to the perceived
quality of the service, e.g., the physical evidence of a bank could include the
state of the branch premises, as well as the delivery of the banking service ...
If you have read the service marketing mix, then you would know that
physical evidence is one of the additional 3 Ps of the service marketing mix.
This is because it is specifically used for services. The problems with services
are of differentiation. How do you differentiate a premium restaurant from a
regular restaurant? To create such differentiation physical evidence is used.

Physical evidence comprises of the elements which are incorporated into a

service to to make it tangible and somewhat measurable. At the same time,
it also helps in the positioning of the brand and for targeting the right kind of
customers. The best example of Physical evidence in use is the hospitality
industry. Airlines offer premium travel as well as economy classes. Similarly,
restaurants are known to be 3 stars, 4 stars, 5 stars. All such differentiation, and
the target customer that accompanies such differentiation, is because of the use
of physical evidence in marketing.

Role of physical evidence in marketing mix:-

The marketing mix is always made after segmentation, targeting and
positioning. The objective of the marketing mix is to incorporate the right
elements which attract the desired customer profile. Thus, in services, to attract
the right segment and target, and to achieve the right positioning, physical
evidence is used. Off course, in marketing it is not used for services only but
also for products nowadays. This is because products are nowadays sold
through mainly retail and e commerce. Both these areas are services within
themselves. And hence retailers always focus on elements which can make their
services better.

Tools which can be used:-

Ambiance – The look and feel of a restaurant can be described as the ambiance.
For example – the Sofa that the restaurant uses, the music that it plays, the
lighting it has maintained etc.
Layout – Especially applicable in retail, the layout of the showroom contributes
to the role of physical evidence in marketing. For example – in Ikea, the store is
laid out in such a manner that the customer is able to get to his choice of
furniture very fast.
Branding – Although part of promotions, the packaging, branding and use of
corporate communications also plays an important role in physical evidence in
the marketing mix.

How physical evidence effects other P’s in marketing mix :-

Incorporating physical evidence is not free of charge and has an inherent cost
involved. Thus, if you want to establish a premium restaurant, then you need to
invest for plush furniture, promote in premium areas, get the right people, so on
and so forth. The pricing for a premium restaurant will be higher also. Thus,
physical evidence in marketing is dynamic in nature, and a change in physical
evidence factors will bring a change to all other Ps in the marketing mix.
Thus, if you want to succeed in your business endeavor, you need to plan all the
Ps of marketing mix. And if you are in the services sector, then physical
evidence as well as people are two of the most important Ps of the marketing
mix.
Limitation of Marketing Research:-

Marketing research plays a crucial role in excelling marketing performance. In

fact, it is inevitable to understand and treat customers more effectively than
competitors. Marketer can satisfy customers by maintaining close contact with
the target market by marketing research. It is one of the basic tasks of modern
marketing. However, it is not free from limitations. Marketing manager must be
aware of these limitations.

Marketing research plays a crucial role in excelling marketing

performance. In fact, it is inevitable to understand and treat
customers more effectively than competitors. Marketer can satisfy
customers by maintaining close contact with the target market by
marketing research. It is one of the basic tasks of modern
marketing. However, it is not free from limitations. Marketing
manager must be aware of these limitations.

Main limitations or practical problems have been

discussed as under:

1. Effect of Extraneous Factors:

Extraneous means external and uncontrollable factors. In most of
the cases, the extraneous factors affect marketing research results
adversely. Due to impact of such factors, the net impact cannot be
estimated. For example, if marketer wants to study the impact of
10% price rise on demand and he raises price by 10%.
As a result, demand falls by 20%. Here, decrease in demand cannot
be fully attributed to price hike only. Demand might have been
affected by other factors like introduction of new superior product,
attractive offer of competitors, availability of powerful substitutes,
etc., over and above price rise. Whatever degree of precaution is
taken, one cannot eliminate effect of such factors completely, and as
a result, marketing research cannot serve the purpose.

2. Time Gap Makes Research Irrelevant:

Systematic marketing research project needs more time. It takes
weeks, months, even years. When marketing research is carried on
to investigate or solve the problem, final outcomes are available
after considerable time. When outcomes are made available,
situations might have been changed thoroughly or problem for
which research was made might have been solved automatically.
Decision-maker needs information in time. But, practically, it is not
possible. Sometimes, time, money, and efforts contribute nothing.

3. Cost Consideration:
To conduct marketing research systematically is a luxury. A firm
needs money for research design, data collection, data analysis,
interpretation, and report preparation. Statisticians and computer
experts charge heavy fees. When research is conducted regularly, a
company has to maintain a separate well-equipped marketing
research department. Marketing research has become costlier. So, it
is difficult for medium and small companies to afford.
4. Problem of Rapid Change:
Today’s market is characterized by tremendous changes. Whatever
is applicable or relevant today is out-dated tomorrow. Due to rapid
changes, marketing research cannot serve the purpose. Research
results or outcomes available after the specific time period seem
irrelevant or meaningless.

5. Problem of Trust and Accuracy:

Marketing research is based on trust and accuracy. Right from the
identification of problem to the final outcomes, all depends on trust.
Company has to trust on marketing research officer; research officer
has to trust on field officer; and field officer has to rely on response
of respondents. At any stage of marketing research, accuracy is vital
issue. To the extent inaccuracy prevails, marketing research results
suffer.

6. It is not Problem Solving Technique but an Aid to Solve the

Problem:
It is interesting and shocking to state that marketing research does
not solve any problem directly. It is not a problem-solving
technique but can assist to solve it. It is not a magic stick to solve
marketing problems; it is a source of information. To the extent
source is reliable and is used properly, it is useful. Even, an
excellent research project is useless if outcomes are not considered.

7. Subjective or Biased Result:

When human being is involved, a completely bias-free response or
result is not possible. Effect of personal value, prejudice, attitudes,
needs, and other socio-cultural factors affect the objectivity of
research adversely. Subjectivity may lead to utter chaos.
8. It cannot Eliminate Risks Inherent in Decision-making:
In every economic decisions, there exists risk and uncertainly.
Marketing research cannot eliminate risk and uncertainty. It is an
attempt to minimize degree of risk. So, heavy costs on marketing
research don’t guarantee safety and certainty.

9. Applicability or Use:
Contribution of research project depends not only on quality and
reliability alone, but also the proper use of information. Many
times, marketing research reports remain just a formality for top
management. Recommendations are neither considered seriously
nor implemented fully.

10. Difference between Filed Officers, Data Analysts, and Decision-

makers:
Marketing research activity involves a number of people such as
marketing manager, field officer, data analysts, and finally decision-
maker. All these people have different objectives, backgrounds, and
perspectives. Consistency or parity among them is a vital issue.
Unless high degree of integration and intimacy among them exit,
one cannot expect a success. In fact, it is difficult.

Marketing manager and those involved in marketing research

activity must be aware of these limitations/practical problems. Note
that these limiting factors cannot be completely eradicated.
Attempts should be made to minimize adverse impact of these
limiting factors. Careful plan, adequate budget, teamwork, accuracy,
timeliness, proper use and implementation, etc., have a strong
prospect to contribute in successful marketing research.
INTRODUCTION OF BANK OF BARODA: -

The Indian banking sector is growing at a faster rate and among all the Indian
banks, Bank of Baroda is one of the predominant public sector banks that is
known for passing on the smartest banking solutions to their customers.
Bank of Baroda is one of the oldest banks in India. It has been growing
consistently for over a decade now. How the bank has utilized marketing
strategies and implemented them to stay powerful is something worth going
through.
Today, in the Bank of Baroda case study, we shall discuss various aspects of
Bank of Baroda’s marketing outlook by going through the 4Ps and 7Ps of the
marketing mix, its approach towards the market by understanding its marketing
strategies and campaigns, both digital and offline, along with a competitor
analysis.

About Bank of Baroda

Bank of Baroda (BOB) established on July 20, 1908 is an Indian state-owned

banking and financial services organization, headquartered in Vadodara (earlier
known as Baroda), in Gujarat, India. Under the ‘Alternative Mechanism’
scheme, the Government announced the amalgamation of Vijaya Bank and
Dena Bank with Bank of Baroda which came into effect on April 1, 2019. Bank
of Baroda is one of India’s largest banks with a strong domestic presence
spanning 9,449 branches, and 13,153 ATMs and Cash Recyclers supported by
self-service channels as of Sep’19. The Bank has a significant international
presence with a network of 100 branches/ offices subsidiaries, spanning 21
countries. Moreover, Bank of Baroda has a state-of-the- art technology and
offers a wide range of alternate delivery channels such as net banking, mobile
banking, e-lobbies etc. to ensure superior customer convenience. The Bank has
6 wholly owned domestic subsidiaries namely BOB Financial Solutions Limited
(erstwhile BOB Cards Ltd.), BOB Capital Markets Ltd, Baroda Asset
Management India Limited, Baroda Trustee India Private Limited, BarodaSun
Technologies Ltd and Baroda Global Shared Services Limited. Bank of Baroda
also has joint ventures with India First Life Insurance Company Limited for life
insurance and India Infradebt Limited engaged in infrastructure financing. The
Bank owns 98.57% in The Nainital Bank. The Bank has also sponsored three
Regional Rural Banks namely Baroda Uttar Pradesh Gramin Bank, Baroda
Rajasthan Gramin Bank and Baroda Gujarat Gramin Bank. As of end Sep’19,
BOB’s global business touched a level of Rs 15,31,470 crore, of which the
domestic business was Rs 13,16,666 crore and overseas business was Rs
2,14,804 crore.

7 P’S OF Bank of Baroda: -

1. PRODUCT: -

Baroda Advantage Saving Account Features

 As a customer, you can enjoy the many features of a savings account free of cost
or for minimum charges. With a savings account, you will receive a passbook and
chequebook.

 You may also apply for a debit card, mobile banking and net banking on your
savings account, though charges may apply. With net banking, you can access
your bank statements and make payments directly from your savings account.
You can use the debit card linked to your savings account to withdraw cash from
ATMs and to pay merchants.

 Bank of Baroda pays interest on all savings accounts, the interest of which, is
transferred to your savings account every quarter, though it is calculated daily.

Salary and Pension Solutions for Central/ State Govt.

employees for drawing Salary/ Pension Features

Eligibility Criteria

Central Government Employee

State Govt. Employee

PSU Employee

Employees of Local Bodies

Employees of companies with major holding of Govt.

2 KYC documents

Applicable documents for opening Savings account as per extant

guidelines

Employment ID

3 Authorized branches to open SB account under this scheme

code

All domestic branches

4 Min. Quarterly Average Balance(QAB)

Zero

5 Maximum Amount of deposit

No upper limit

6 Minimum Balance Charges for non- maintenance of minimum

QAB

Not applicable
7 Overdraft facility

Available immediately after credit of first salary /Pension, if any other

credit facility is not being availed by the employee. Interest on such
overdraft shall be charged as per Bank’s extant guidelines for Baroda
Pensioners Savings Bank a/c.

Available immediately after first salary credit. Maximum- Rs.3.00

Lakhs (avg. of two months net salary).

Overdraft is to be adjusted in full once in 60 days of availment of the

same.

8 Cheque books

Free 150 cheque leaves per year

9 Remittance

NEFT/RTGS free for online & through branch

10 Demand Draft/Banker's Cheque

Six DD/BC free per quarter for personal use. Maximum Amount Rs
500000/-

11 Internet Banking/Mobile Banking

Free

12 Debit Card

Free Debit Card for lifetime as per Salary Structure

Net monthly salary of Rs 10,000 – Rs 50,000:- RuPay/VISA Classic

Net monthly salary above Rs 50,000 to Rs 1.00 lac:- Master Platinum

Debit Card

Net monthly salary above Rs 1.00 lac to Rs 2.00 lac:- RuPay Platinum
Debit Card

Net monthly salary more than Rs 2.00 lacs:- VISA Platinum Debit
Card

Rupee Linked Foreign Currency Deposit Scheme for

NRIs Features
 Forward contract can be booked on maturity amount.

 Product: Rupee linked foreign currency deposit for NRI.

 Eligibility: Non-resident Indians.

 Period: 12, 24 and 36 months.

 Rate of Interest: As applicable for FCNR (B) Scheme from time to time.

 Pre-mature repayment: Permitted, but no interest shall be payable in case

deposit has remained with bank for less than 12 months. The deposit
receipt needs to be signed by all the depositors irrespective of the
operational instructions "either or survivor", or "anyone of the
survivor/survivors."
  In case of premature payment, besides loss of interest, forward contract
has to be cancelled and exchange loss or gain between exchange rate (on
the date of repayment) and forward exchange rate (quoted at the time of
placement of deposit) shall be passed on to the NRI customer.

Baroda Salary Classic Account Features

 Inbuilt overdraft facility, limits ranging from Rs. 50,000 to Rs. 3 lakhs according to
salary band (application form and guidelines for granting overdraft enclosed)

 Discounts on locker rentals, demat AMC, debit card issuance and renewal fee and
issuance fee of prepaid cards.

 Free remittance facility on RTGS/NEFT/IMPS.

 Waiver on processing charges on retail loans.

 Discounts on the issuance of DD/BC.

 Different variants of debit cards available specific to each scheme with issuance
fee waived for the first year.

 Lifetime free credit cards (Easy/Select/Premier) according to salary bands.

(Branch to super scribe the salary scheme on Credit Card Application form for
customer to avail benefit of fee waiver).

 Free insurance facility linked to credit card.

 RM on call for privilege and premium segment.

Eligibility Baroda Salary Classic

Salary band Net monthly salary credit of less than Rs. 50,000

Suitable for Entry level/trainees

Baroda Super Salary Account Documents Required

List Of Valid KYC Documents for Account Opening

Permanent Account Number (PAN)/ FORM60 is mandatorily to be
obtained while opening of the accounts as per extant Reserve Bank of
India Guidelines.

Officially Valid Documents (OVDs) for Accounts of Individuals

Passport

Driving license with photo

Proof of possession of Aadhaar Number

Voter’s Identity Card issued by Election Commission of India,

Job card issued by NREGA duly signed by an officer of the State

Government.

Letter issued by the National Population Register containing details of

Name and Address.

Deemed Officially Valid Documents, In case OVD does not

contains current/ updated address. (At least one document from
the list is Required.)

Utility bill of any service provider i.e. electricity, telephone, postpaid

mobile phone, piped gas, water bill (not more than two months old)

Property or Municipal Tax receipt;

Pension or family pension payment orders (PPOs) issued to retired
employees by Government Departments or Public Sector
Undertakings, If they contain the address;

 Letter of allotment of accommodation from employer issued by

State or Central Government departments, statutory or regulatory
bodies, and public sector undertakings, scheduled commercial banks,
financial institutions and listed companies. Similarly, leave and
license agreements with such employers allotting official
accommodation

In case of Foreign Students

Copy of Passport and copy of Visa.

An Identity Card issued by college / institution.

An admission letter for the course mentioning duration of course for

which he/ she is admitted by the Institute / College.

An allotment letter on letter head of the institution/ college for

allotment of hostel accommodation duly singed by the authorized
signatory, mentioning detailed address and location of hostel, room
no. etc. and date of allotment of hostel accommodation etc. or a valid
address proof giving local address in form of rent agreement within
30 days of opening of the account.

For NRI / Foreign Tourist For PIO/OCI

Passport

Valid Visa

PAN/FORM60

Address proof mentioning the current overseas address (any one of

the below) Documents issued by Govt. Dept. of foreign jurisdictions
i.e. Driving License, National Identification Card, Social Security
Card, Employee Card and Labour Card, Tax Residency Certificate
etc. having Name and Address of the Applicant Letter Issued by
Foreign Embassies or Mission in India having Name and Address of
the Applicant Utility bill of any service provider i.e. electricity,
telephone, postpaid mobile phone, piped gas, water bill (not more
than two months old) Property/ Municipal Tax Receipt

Letter of allotment of accommodation/ Leave and License agreements

allotting official accommodation from employer issued by State or
Central Govt. departments, statutory or regulatory bodies, public
sector undertakings, scheduled commercial banks, financial
institutions and listed companies.

Baroda Advantage Current Account Benefits

Internet Banking Facility available.

Mobile Banking (for Individual/ Proprietorship accounts only).

Missed Call Facility available.

Value added SMS Alert Facility.

Debit/ATM Card: Baroda Vyapaar Card.

Features:-

 POS, Bharat QR Code & BHIM QR Code: Applicable charges.

 Internet Payment Gateway (IPG) facility available.

 Baroda Cash Management Services: Enjoy the convenience of BCMS

services for bulk payment & collection at competitive rates offered by the
Bank.

 Baroda Payment Gateway: Accept online payments through all modes

through state of art payment gateway of the Bank.

 Baroda Pay Point: Accept online/offline payment through all modes with
Low transaction fee and initial investments.

Types of Loans: -