Service Marketing Mix of AB Bank Limited

Abstract

AB Bank Limited is once of the country’s first-ever private sector bank which was incorporated on 31 December 1981. Arab Bangladesh Bank, as it was formerly known, started operations on 12 April 1982 to become the nation's most efficient bank in the private sector. The main objective of this internship report was to evaluate the marketing marketing mix decisions made my the aforementioned bank. What we usually mean by service marketing mix is that service marketing mix refers to the combination of marketing activities an organization is engaged in to promote and sell intangible services, as opposed to tangible products. In addition to the four Ps of traditional product marketing — product, price, place, and promotion — the services marketing mix includes the three Ps of service marketing: people, process, and physical evidence. As far as the product element of the service marketing is concerned, AB Bank was found to provide all banking and financial services thar are generally provided by the private commercial banks. They were also found to be involved in producing services intended to ensure customer engagement. In terms of price, the details of the prices charged for various services were analyzed and they were found to follow competitive pricing. In terms of distribution (the place element of the service marketing mix) , AB Bank now has 104 branches in 36 districts in Bangladesh. They are also being increasingly involved in digital distribution of their services whenever possible. In terms of promotion, AB Bank was found to use both traditional and digital communication with special emphasis on their CSR activities. Since AB Bank is a service organization, they understand the role of employees (the people element of the service marketing mix) in ensuring the service delivery and customer satisfaction. They have a very rigorous recruitment process and a very elaborate and continuous training program for their recruited employees. As far as the process aspect of the service marketing mix is concerned, AB Bank was found to operate on systems and procedures that are simultaneously user-friendly and effective. AB Bank was also found to understand the importance of physical surroundings in which the services are provided and this is why they take great care in designing the servicescape and other tangibles to ensure customer engagement.