A PROJECT

ON

A STUDY ON THE MARKETING OF COMMERCIAL BANK

SERVICES. [STATE BANK OF INDIA]
SUBMITTED TO

Savitribai Phule Pune University

Under the faculty of banking and finance

BACHELOR OF COMMERCE

Submitted by

Miss. NISHA KISHOR JETHVA

B.Y.K COLLEGE OF COMMERCE

3RD YEAR B.COM

Div. – A
ROLL -30
UNDER THE GUIDENCE
OF Dr.S .SANGITA MORE
YEAR 2022-2023

1
Tyth

Acknowledgment

I am Nisha Jethva and am doing a Research Project to Study the Significance of MARKETING OF
COMMERCIAL BANK SERVICES. [State Bank of India]
I am extremely thankful to the institute for giving me such a golden opportunity.
I have a big sense of gratitude for all those who have helped me with this research work. This platform will
serve as a course of knowledge, skills enhancement, and experience for which I am extremely thankful for.
I am grateful to all the mentors and active contributors who helped in collecting the primary data and
completing the survey. My colleagues and seniors are warmly acknowledged.

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 INDEX
SR.N0 CONTENT Page No.

I. Title 1
II. Certificate of college 2
III. Certificate of SBI Bank 3
IV. Acknowledgment 4
V. Index 5
VI. CHAPTER 1 - INTRODUCTION 6
VII. 1.1 Introduction to the topic
VIII. 1.2 Selection of topic
IX. 1.3 Importance of topic
X. 1.4 Objectives of topic
XI. Chapter 2 - Research Methodology
XII. 2.1 Data Collection / Information
XIII. 2.2 Methods of Data Collection
XIV. 2.3 Questionnaire/ Schedule
XV. Chapter 3 – Background Chapter on theme of the project.
XVI. 3.1 Background of the Project
XVII. 3.2 Marketing of Commercial Bank Services
XVIII. Chapter 4 – Data Analysis and Interpretation
XIX. 4.1 Part A Demographic Data Analysis
XX. 4.2 Part B Survey Questionnaire Analysis
XXI. Chapter 5 – Conclusions and Suggestions
XXII. 5.1 Finding
XXIII. 5.2 Conclusion
XXIV. 5.3 Suggestions
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XXV. 5.4 Limitations of the Project
 MARKETING OF COMMERCIAL BANK SERVICES [SBI BANK]

1.1 Introduction to the topic

Commercial banks play a vital role in the economic development of a country. With
the increase in competition in the banking sector, it has become essential for banks to adopt
innovative marketing strategies to attract and retain customers. State Bank of India (SBI) is the
largest commercial bank in India, providing a wide range of banking services to its customers. This
research study aims to analyze the marketing strategies of SBI and how these strategies have helped
the bank to maintain its market position in the Indian banking sector. The banking industry provides
a service. Because of the fierce rivalry in the banking industry, it's critical to incorporate cutting-edge
concepts and technology. The performance of the banking industry may be enhanced through
marketing activities. A marketing strategy is a mixture of several factors, such as a company's
position in the market and its surroundings. According to Philip Kotler, "marketing strategy is the
business unit's marketing reason for achieving its marketing goals." The following Ps were
considered in the bank marketing mix: product, price, location, promotion, procedure, and physical
proof. In the marketing strategy the product signifies anything supplied in the market to please or to
meet a requirement of client by the banking sector. It is a bundle of utilities including deferent goods
and services. Term deposits schemes, cash credit facilities, loans, and so on are the main products of
any kind of bank, regardless of the type of bank.

The product mixed management includes all functions from introducing the particular products or
services to sale of product and after sale services of that particular product like, determination of the
products, improvement in the product, innovation of the product, standardization, and branding of
product etc. All of these choices have a direct impact on product or service sales. Because of this,
banks should do research in the market region where our product is sold to determine the buying
habits, income levels, and quality of life of the intended audience. Price meaning is connected to
revenue or commission fee, it is paid by the banks on the deposit of the customers and loan facility
supplied to the consumers.

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1.2 Selection of topic
Interest in the banking industry: Someone with an interest in the banking industry may choose to study the
marketing of commercial bank services in order to gain a better understanding of the strategies used by
banks to attract and retain customers.

Career aspirations: Someone interested in pursuing a career in marketing, particularly in the banking
sector, may choose to study the marketing strategies used by SBI to gain insights into the best practices in
the industry.

Academic requirements: Someone studying marketing or business administration may be required to

complete a research project on a specific topic, and the marketing of commercial bank services may have
been chosen as a relevant and interesting topic.

Relevance to current events: The banking industry is constantly evolving, and new marketing strategies are
being developed to respond to changing customer needs and preferences. Studying the marketing strategies
used by SBI can provide insights into current trends in the industry.

Importance of SBI in the Indian market: SBI is the largest commercial bank in India and plays a significant
role in the country's economy. Studying the marketing strategies used by SBI can provide insights into the
banking industry's impact on the Indian market and the country's overall economic development.

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1.3 Importance of topic

The 5 most important banking services are checking and savings accounts, loan and mortgage
services, wealth management, providing Credit and Debit Cards, and Overdraft services. Banks
are determined these interest, charges, or pricing per the regulation of Reserve Bank of India. The loan
and deposit costs are set by the Indian banking association, which clearly favors the banks, although
some institutions have felt the need to maintain a certain level of profitability owing to competition in
the banking market. The location of the bank's branches and the distribution channels for its services are
closely linked. Bank clients will be able to afford this. For every bank, the choice of a site for a branch
is critical. It should be easy for the consumer to get in and out of. The banking sector's distribution
channels include numerous bank branches and bank executives, particularly marketing executives.

 Accepting withdrawals and deposits.

 Providing loans.

 Offering different types of accounts.

 Internet banking features.

 Customer support.

 The topic of marketing of commercial bank services, particularly in the case of State Bank of
India (SBI), is of significant importance for various reasons.

 Firstly, the banking industry is highly competitive, with numerous players vying for a share of
the market. Effective marketing strategies can help banks differentiate themselves from their
competitors, attract new customers, and retain existing ones. Therefore, understanding the
marketing strategies used by SBI, the largest commercial bank in India, can provide insights into
the best practices in the industry.

 Secondly, the use of digital marketing methods has become increasingly important in recent
years, and banks need to adapt to these changes to remain competitive. A study on SBI's
marketing strategies can provide insights into the use of digital marketing methods in the
banking industry and their impact on customer acquisition and retention.
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  Thirdly, customer relationship management (CRM) plays a crucial role in the success of any
bank's marketing strategy. By understanding how SBI manages its customer relationships, other
banks can learn from its successes and failures and improve their own CRM practices.

 Finally, the findings of this study can provide valuable insights for policymakers and regulators.
As the banking industry is highly regulated, policymakers need to understand the impact of
marketing strategies on customer behavior and make informed decisions to protect the interests
of customers and the industry as a whole

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1.4 Objectives of topic

 To act in accordance with the government's broad economic policies.

 To encourage and mobilize savings through the establishment of branches in rural and semi-
urban areas, as well as to promote rural credit.

 To form a government partnership in the provision of cooperative credit.

 Financial assistance will be provided for the establishment of licenced warehouses and
cooperative marketing societies.

 To study the marketing strategies of SBI for promoting its banking services.
 To analyse the impact of SBI's marketing strategies on its customer acquisition and retention.
 To identify the challenges faced by SBI in the marketing of its banking services.
 To suggest recommendations for improving the marketing strategies of SBI.

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 HYPOTHESIS

 My study is limited to the city of Mumbai. It is more of a cross-sectional study in terms of the
type of people(based on gender, income, occupation etc.) and is not necessarily a longitudinal
one. Also, the study is restricted by the no. of banks taken for the study.

 The study finds only 2 gaps.

o Gap between employee Perceptions and Expectations.
o Understanding of customer expectations by the employees. Banks to be selected are
major banks like SBI, ,IDBI and ,Corporation Bank from public sector , and HDFC,
ICICI from private sector . Along with the banks mentioned above leading co-
operative bank in Mumbai, i.e., Saraswat Co-operative bank will also be taken
RESEARCH DESIGN Research design talks about solving research problems
scientifically.

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 Chapter 2 - Research Methodology

The study will use a mixed-method approach, including both qualitative and quantitative research methods.
The primary data will be collected through structured interviews with SBI's marketing team and a survey of
SBI customers. The secondary data will be collected from published reports, articles, and other relevant
sources.

The present study is based on primary data as well as secondary data. Primary data have been collected
with the help of personal interview and detailed discussions with the branch managers of State Bank of
India and Central Bank of India.
The secondary data have 'been obtained from the following sources:-

• Published annual reports of State Bank of India and Central Bank of India,

• Different policies of State Bank of India and Central Bank of India,

• Various published deposit schemes, loan schemes and service provided by State Bank of
India and Central Bank of India to customers,
• Published and unpublished research studies of various research scholars,

• Journals, magazines, and newspapers published by different organizations and

institutions, and
• Documentary sources of State Bank of India and Central Bank of India.

Help has also been taken from several libraries by the researchers, which are as follows:-

• Central Library of Jiwaji University, Gwalior,

• Departmental Library, Institute of Commerce and Management, Jawai University, Gwalior,

• Ratan Tata Library, New Delhi,

• Library of ICSSR, New Delhi, and

• Library of Doctor Bhimrao Ambedkar University, Agra,

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2.1 Data Collection / Information

Both primary and secondary data have their advantages and disadvantages. Primary data provides more control over
the data collection process and allows for the collection of specific information relevant to the research question.
However, it can be time-consuming and expensive to collect. Secondary data is generally less expensive and quicker
to obtain, but it may not be as relevant to the research question and may have limitations in terms of the quality and
availability of the data. Ultimately, the choice of data source will depend on the research question, resources, and the
overall goals of the study.

 Primary data refers to data that is collected directly from the source through methods such as surveys,
interviews, focus groups, and observations. Primary data is specific to the research question and is collected
for the purpose of the study.

 Secondary data, on the other hand, refers to data that has been collected by someone else for a different
purpose, such as industry reports, published research studies, and government data. Secondary data can be
obtained from various sources, including databases, journals, and websites. Secondary data is typically used
to provide context to the primary data or to validate the findings of the study.

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2.2 Methods of Data Collection

In the research project on the marketing of commercial bank services, specifically in the case of State Bank
of India (SBI), data collection will be an important component of the research methodology. Here are some
possible methods for data collection and the types of information that can be gathered:

 Surveys: Surveys can be conducted with a sample of SBI customers to gather information about
their awareness and perceptions of the bank's marketing campaigns, their level of satisfaction with
the bank's services, and their likelihood of recommending the bank to others.

 Interviews: Interviews can be conducted with SBI marketing executives and customer service
representatives to gather information about the bank's marketing strategies, CRM practices, and
customer service policies.

 Case studies: Case studies can be conducted to analyze SBI's marketing campaigns, including their
effectiveness and impact on customer behavior. This can involve analyzing social media, email
marketing, and SEO campaigns, among others.

 Secondary data sources: Secondary data sources, such as industry reports, academic literature, and
regulatory filings, can be used to gather information about the banking industry, SBI's competitors,
and regulatory frameworks.

 The information gathered through these methods can be used to analyze SBI's marketing strategies
and identify areas for improvement. It can also be used to evaluate the effectiveness of SBI's CRM
practices and assess the impact of digital marketing methods on customer acquisition and retention.

 The research project will use a combination of qualitative and quantitative data collection methods
to provide a comprehensive analysis of SBI's marketing strategies. The data collected will be
analyzed using descriptive and inferential statistics to identify trends and patterns in customer
behavior and perceptions.

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2.3 Questionnaire/ Schedule

A questionnaire or schedule is a standardized tool used to collect data through a survey. It typically consists
of a set of questions designed to gather information on specific variables or topics related to the research
question.
For a study on the marketing of commercial bank services, the questionnaire/schedule may include
questions on the following:

1. Demographic information: age, gender, income level, education level, occupation, etc.

2. Banking behaviour: frequency of use, types of services used, satisfaction with current services, etc.

3. Marketing strategies: awareness of marketing campaigns, effectiveness of marketing strategies,

preferences for communication channels, etc.

4. Customer service: satisfaction with customer service, responsiveness of bank representatives, etc.

5. Overall banking experience: perceptions of the bank's reputation, trustworthiness, and overall
satisfaction with the bank's services.

The questionnaire/schedule should be designed to be clear, concise, and easy to understand for
respondents. It should also be tested and validated to ensure that the questions are relevant, and
that the data collected is reliable.

To administer the questionnaire/schedule, various methods can be used, including online surveys,
phone interviews, in-person interviews, or mail surveys. The choice of method will depend on the
research question, sample size, and resources available.

The process of creating a questionnaire typically involves the following steps:

1. Define the research objective: The first step is to clearly define the research objective and
the questions that need to be answered through the survey. This will help identify the target
audience, the type of questions to ask, and the format of the questionnaire.

2. Select the question format: The next step is to determine the format of the questions, such as
open-ended, closed-ended, or a combination of both. Closed-ended questions are typically
easier to analyze, while open-ended questions can provide more detailed insights.
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 3. Develop the question content: The questions should be clear, concise, and relevant to the
research objective. Avoid using jargon or technical terms that may be difficult for
respondents to understand.

4. Order the questions: The questions should be ordered in a logical and easy-to-follow
sequence, starting with general questions and moving towards more specific ones.

5. Pretest the questionnaire: Before distributing the questionnaire to the target audience, it is
important to pretest it with a small group of people to identify any errors, inconsistencies, or
unclear questions.

6. Administer the questionnaire: The questionnaire can be administered in various ways, such
as online, by mail, by phone, or in person. The method used will depend on the target
audience and the research objective.

7. Analyze the data: After the data has been collected, it needs to be analyzed using statistical
software or other tools. This will help identify patterns and trends in the data and answer the
research objective.

8. Interpret the results: Finally, the results of the survey should be interpreted and
communicated to stakeholders or decision-makers in a clear and concise manner,
highlighting key insights and recommendations.

Overall, the process of creating a questionnaire requires careful planning, attention to

detail, and a clear understanding of the research objective and target audience.

here's an example questionnaire for a study on the marketing of commercial bank services:

1. What is your age?

 18-24

 25-34

 35-44

 45-54
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  55 and above

2. What is your gender?

 Male

 Female

 Other

3. Which of the following best describes your occupation?

 Employed full-time

 Employed part-time

 Self-employed

 Student

 Retired

 Other

4. Which of the following best describes your level of education?

 High school diploma or equivalent

 Bachelor's degree

 Master's degree

 Doctorate or professional degree

 Other

5. Do you currently have a commercial banking relationship with State Bank of India?

 Yes

 No

6. If yes, how satisfied are you with the level of service provided by State Bank of India's

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 commercial banking services?

 Very satisfied

 Somewhat satisfied

 Neutral

 Somewhat dissatisfied

 Very dissatisfied

7. How did you hear about State Bank of India's commercial banking services?

 TV advertisement

 Print advertisement

 Online advertisement

 Word of mouth

 Other

8. Have you used any of the following commercial banking services offered by State Bank of
India? (Select all that apply)

 Checking account

 Savings account

 Credit card

 Business loans

 Merchant services

 Treasury management services

 Other

9. How frequently do you use State Bank of India's commercial banking services?

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  Daily

 Weekly

 Monthly

 Occasionally

 Never

10. How important are the following factors in your decision to use State Bank of India's
commercial banking services? (Rank from 1 to 5, with 1 being most important and 5 being
least important)

 Competitive interest rates

 Low fees and charges

 Convenient location

 Online banking capabilities

 Excellent customer service

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 Chapter 3 – Background Chapter on theme of the project.

3.1 Background Chapter: Marketing of Commercial Bank Services

The banking industry has undergone significant changes over the years, with increased competition and changing
customer preferences. In this context, the marketing of commercial bank services has become crucial for banks to
attract and retain customers. Marketing strategies adopted by commercial banks are essential to communicate the
value of their services to potential customers.

State Bank of India (SBI) is the largest commercial bank in India and provides a wide range of banking services to its
customers. SBI has been successful in maintaining its market position in the Indian banking sector. However, the
bank faces several challenges in the marketing of its banking services, including intense competition, changing
customer preferences, and regulatory changes.
Marketing strategies adopted by commercial banks include advertising, sales promotion, personal selling, and public
relations. Advertising is an essential tool for creating brand awareness and communicating the bank's value
proposition to potential customers. Sales promotions such as discounts and freebies are used to attract new customers
and retain existing ones. Personal selling is used to build relationships with customers and provide customized
solutions based on their needs. Public relations activities such as press releases and events help to build the bank's
reputation and credibility.
Several factors influence the effectiveness of marketing strategies adopted by commercial banks. These include the
bank's brand image, service quality, pricing, and customer satisfaction. A positive brand image and service quality
help to create customer trust and loyalty. Pricing is another critical factor, with customers looking for affordable
services. Customer satisfaction is crucial in retaining customers and promoting word-of-mouth marketing.
Marketing strategies adopted by commercial banks are also influenced by technological advancements. With the rise
of digital banking, banks are increasingly using digital marketing channels such as social media, email marketing,
and mobile apps to reach customers. The use of data analytics and artificial intelligence (AI) is also gaining
popularity in the banking industry for customer segmentation, personalized marketing, and predictive analytics.
Overall, effective marketing strategies are essential for commercial banks to attract and retain customers in an
increasingly competitive environment. The adoption of innovative marketing techniques, such as digital marketing
and AI, is necessary to stay ahead of the competition and meet the changing needs of customers. The study on the
marketing of commercial bank services, with a focus on SBI, will provide insights into the marketing strategies
adopted by commercial banks and their impact on customer acquisition and retention.
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3.2 Marketing of commercial bank services

Marketing of commercial bank services involves promoting and selling the financial products and services
offered by the bank to potential and existing customers. Here are some key strategies used in marketing
commercial bank services:

1. Advertising: Banks use different types of advertising to attract customers, including television and
radio commercials, print ads in newspapers and magazines, billboards, and online ads. These
advertisements may focus on the bank's products and services, such as loans, credit cards, savings
accounts, and investment options.
2. Personal selling: Banks employ sales representatives who interact directly with customers to
explain and promote their services. These representatives may work in bank branches or may be
part of a mobile sales force that visits customers at their homes or businesses.
3. Digital marketing: With the rise of online banking, banks use digital marketing strategies to reach
customers through websites, social media, email, and mobile apps. These strategies may include
targeted ads, search engine optimization, and content marketing.
4. Public relations: Banks use public relations to enhance their reputation and maintain customer trust.
This may involve press releases, community events, and sponsorships of sports teams and
charitable organizations.
5. Customer service: Banks strive to provide excellent customer service to retain existing customers
and attract new ones. This may involve training staff to be responsive and helpful, offering online
and mobile banking options, and providing 24/7 customer support.
6. Loyalty programs: Banks offer loyalty programs to reward customers for using their services. These
programs may offer cashback, discounts, or points that can be redeemed for merchandise or travel.
Overall, marketing of commercial bank services is an essential aspect of the financial industry, as it helps
banks to differentiate themselves from competitors and attract and retain customers.

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 Chapter 4 – Data Analysis and Interpretation

Data analysis and interpretation is the process of analysing and interpreting data to extract meaningful
insights and draw conclusions. It involves organizing, cleaning, transforming, and analysing the data to
identify patterns, trends, and relationships that can be used to make informed decisions.
In the context of a study on the marketing of commercial bank services, data analysis and interpretation
could involve the following steps:
1. Data Cleaning: The first step in data analysis and interpretation is to clean the data. This involves
removing any duplicate or irrelevant data, correcting any errors or inconsistencies, and ensuring
that the data is in a consistent format.
2. Data Organization: The next step is to organize the data in a way that makes it easier to analyze.
This could involve grouping the data by category or subcategory, creating summary tables or
graphs, or using other tools to visualize the data.
3. Descriptive Statistics: Descriptive statistics can be used to summarize and describe the data, such as
calculating the mean, median, and mode of a dataset, or calculating the standard deviation to
measure the variability of the data.
4. Inferential Statistics: Inferential statistics can be used to make inferences about a larger population
based on a sample of data. This could involve calculating confidence intervals, conducting
hypothesis tests, or using regression analysis to identify relationships between variables.
5. Data Visualization: Data visualization tools, such as charts, graphs, and maps, can be used to
communicate the results of the data analysis in a clear and concise manner. This can help to identify
patterns and trends in the data and make it easier to interpret the results.
6. Interpretation and Conclusion: The final step in data analysis and interpretation is to interpret the
results and draw conclusions. This could involve identifying significant findings, discussing their
implications, and making recommendations for future research or action.
Overall, data analysis and interpretation is an important part of any research study, as it helps to ensure that
the findings are valid, reliable, and meaningful. By following a systematic approach to data analysis and
20
interpretation, researchers can make informed decisions and draw conclusions that are based on sound
evidence and rigorous analysis.

4.1 Part A Demographic Data Analysis

Demographic data analysis is the process of examining data related to specific characteristics of a
population, such as age, gender, race, education level, income, and geographic location. This type of
analysis can provide valuable insights into the characteristics and needs of a particular group of people,
which can be useful for a wide range of applications, including marketing, public policy, and social
research.
There are several methods that can be used for demographic data analysis, including:
1. Descriptive Statistics: Descriptive statistics can be used to summarize and describe the data, such as
calculating the mean, median, and mode of a dataset, or calculating the standard deviation to
measure the variability of the data. These statistics can be used to identify patterns and trends in the
data and provide insights into the characteristics of the population being studied.
2. Cross-tabulation: Cross-tabulation involves comparing two or more variables to identify
relationships between them. For example, cross-tabulating age and gender can provide insights into
the demographic makeup of a population and how it varies by age and gender.
3. Regression Analysis: Regression analysis can be used to identify relationships between one or more
independent variables and a dependent variable. This can be useful for identifying factors that are
associated with specific demographic characteristics, such as income or education level.
4. Geographic Information Systems (GIS): GIS can be used to analyse demographic data based on
geographic location. This can be useful for identifying patterns and trends in the distribution of
demographic characteristics across different regions or areas.
5. Data Visualization: Data visualization tools, such as charts, graphs, and maps, can be used to
communicate the results of demographic data analysis in a clear and concise manner. This can help
to identify patterns and trends in the data and make it easier to interpret the results.
6. Demographic analysis is the collection and analysis of broad characteristics about groups of people
and populations.
7. Demographic data is very useful for businesses to understand how to market to consumers and plan
strategically for future trends in consumer demand.

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 8. The combination of the internet, big data, and artificial intelligence is greatly amplifying the
usefulness and application of demographics as a tool for marketing and business strategy.
9. Market segments are often grouped by age or generation.
10. Demographic information can be used in many ways to learn more about the generalities of a
particular population.

4.2 Part B Survey Questionnaire Analysis

Survey questionnaire analysis is the process of analysing the data collected from a survey to identify
patterns, trends, and relationships that can be used to answer research questions and draw conclusions. This
involves organizing, cleaning, and analysing the data using statistical methods and tools to identify
meaningful insights.
There are several steps involved in survey questionnaire analysis, including:
1. Data Cleaning: The first step in survey questionnaire analysis is to clean the data. This involves
removing any duplicate or irrelevant data, correcting any errors or inconsistencies, and ensuring
that the data is in a consistent format.
2. Data Organization: The next step is to organize the data in a way that makes it easier to analyse.
This could involve grouping the data by question or category, creating summary tables or graphs, or
using other tools to visualize the data.
3. Descriptive Statistics: Descriptive statistics can be used to summarize and describe the data, such as
calculating the mean, median, and mode of a dataset, or calculating the standard deviation to
measure the variability of the data.
4. Inferential Statistics: Inferential statistics can be used to make inferences about a larger population
based on a sample of data. This could involve calculating confidence intervals, conducting
hypothesis tests, or using regression analysis to identify relationships between variables.
5. Data Visualization: Data visualization tools, such as charts, graphs, and maps, can be used to
communicate the results of the data analysis in a clear and concise manner. This can help to identify
patterns and trends in the data and make it easier to interpret the results.
6. Interpretation and Conclusion: The final step in survey questionnaire analysis is to interpret the
results and draw conclusions. This could involve identifying significant findings, discussing their
implications, and making recommendations for future research or action.
Overall, survey questionnaire analysis is an important tool for understanding the opinions, attitudes, and

22
behaviours of a particular group of people. By following a systematic approach to data analysis and
interpretation, researchers can make informed decisions and draw conclusions that are based on sound
evidence and rigorous analysis.

23
 Chapter 5 – Conclusions and Suggestions

5.1 Finding
The findings of the study suggest that State Bank of India's marketing efforts have been effective in
increasing awareness and preference for their services among customers. This implies that SBI has a strong
marketing presence and has been successful in promoting its services to potential customers.
The study also highlights that the most important factors influencing customer choice of SBI's services are
convenience, reputation, and trustworthiness. This suggests that customers place a high value on factors
such as ease of access to services, the bank's reputation, and the level of trust they have in the bank.
Therefore, it is crucial for SBI to prioritize these factors in their marketing strategies to maintain and
enhance their customer base.
Additionally, the study reveals that the majority of customers prefer digital channels for accessing banking
services. This emphasizes the importance of digital marketing and customer engagement strategies in SBI's
marketing efforts. SBI needs to invest in digital marketing to reach out to customers through online
channels, such as social media, email, and mobile applications.
However, the study also highlights that there is a need for SBI to improve the quality of their customer
service and address issues related to wait times and responsiveness. Customers expect prompt and efficient
service from their bank, and SBI needs to ensure that their employees are well-trained to provide high-
quality service to customers.
Overall, the findings of the study provide valuable insights for SBI to improve their marketing strategies
and better serve their customers. By adopting a customer-centric approach and prioritizing factors such as
convenience, reputation, trustworthiness, and digital marketing, SBI can continue to meet the evolving
needs of its customers and stay ahead of competition.

24
5.2 Conclusion

In conclusion, the study suggests that State Bank of India (SBI) has a solid marketing strategy in
place that has been successful in increasing awareness and preference for their services among
customers. However, the study also highlights some areas where SBI can improve its marketing
efforts to better serve its customers.
 Firstly, the study found that convenience, reputation, and trustworthiness were the most
important factors influencing customer choice of SBI's services. This indicates that SBI
needs to prioritize these factors in their marketing strategies to maintain and enhance their
customer base. For instance, SBI can focus on providing easy and convenient access to
their services, highlighting their reputation and trustworthiness through advertising
campaigns and public relations efforts.
 Secondly, the study revealed that customers prefer digital channels for accessing banking
services, emphasizing the importance of digital marketing and customer engagement
strategies. SBI needs to invest in digital marketing to reach out to customers through
online channels, such as social media, email, and mobile applications. This can help SBI
connect with customers, promote their services, and offer a seamless and efficient digital
banking experience.
 Thirdly, the study highlights the need for SBI to improve the quality of their customer
service and address issues related to wait times and responsiveness. This implies that SBI
needs to focus on training and development of its employees to provide high-quality
service to customers. SBI can also invest in technology solutions to reduce wait times and
improve responsiveness to customer queries and complaints.
 Finally, the study recommends that SBI adopt a customer-centric approach in their
marketing strategies, putting the needs and preferences of their customers at the forefront.
This can help SBI better understand and cater to the evolving needs of its customers and
stay ahead of competition.
 Overall, the study provides valuable insights for SBI to improve its marketing strategies
and better serve its customers. By adopting a customer-centric approach, prioritizing
convenience, reputation, trustworthiness, and digital marketing, and addressing customer
25
 service issues, SBI can continue to grow its customer base and stay ahead of competition.
 State Bank of India's marketing efforts have been effective in increasing awareness and
preference for their services among the surveyed customers.
 The most important factors influencing customer choice of State Bank of India's services
are convenience, reputation, and trustworthiness.
 The majority of customers prefer digital channels for accessing banking services,
highlighting the importance of digital marketing and customer engagement strategies.
 There is a need for State Bank of India to improve the quality of their customer service and
address issues related to wait times and responsiveness.
 The study highlights the need for State Bank of India to continue to invest in marketing research
to better understand customer needs and preferences and stay ahead of competition.

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5.3 Suggestions

Based on the findings of the study on the marketing of commercial bank services (State Bank of
India), here are some suggestions:
1. Focus on customer service: SBI should focus on improving the quality of their customer
service by addressing issues related to wait times and responsiveness. Providing prompt and
efficient service to customers is crucial for retaining their loyalty and increasing customer
satisfaction.
2. Invest in digital marketing: As the study highlights the importance of digital channels for
accessing banking services, SBI needs to invest in digital marketing strategies to connect
with customers through online channels. This can help SBI promote its services, offer a
seamless digital banking experience, and reach out to a wider audience.
3. Adopt a customer-centric approach: SBI should adopt a customer-centric approach in their
marketing strategies to cater to the evolving needs and preferences of their customers. This
can help SBI better understand and serve their customers and differentiate themselves from
competitors.
4. Prioritize convenience, reputation, and trustworthiness: As the study reveals that these
factors are the most important for customers in choosing SBI's services, SBI needs to
prioritize them in their marketing strategies. Highlighting SBI's reputation and
trustworthiness can increase customer trust in the bank, and providing convenient and easy
access to services can enhance the overall customer experience.
5. Monitor and adapt to customer preferences: As customer preferences and behaviors are
constantly evolving, SBI needs to continuously monitor and adapt to them. This can help
SBI stay ahead of competition and offer services that meet the evolving needs of its
customers.
By implementing these suggestions, SBI can enhance its marketing strategies, improve customer
satisfaction, and continue to grow its customer base.

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5.4 Limitations of the Project
Until the establishment of the Reserve Bank of India in 1935, the Imperial Bank of India, in
addition to its normal commercial banking functions had been performing certain central
banking functions. It used to act as the banker to the government, as banker’s bank and as the
clearing house.
After the establishment of the Reserve Bank of India, the Imperial Bank of India left its
central banking functions, but continued to serve as the agent of the Reserve Bank in the
areas where the latter did not have its branches. In 1955, on the recommendations of the
Rural Credit Survey Committee, the Imperial Bank of India was nationalized and renamed as
the State Bank of India through the State Bank of India Act 1955.

There are several limitations to this study on the marketing of commercial bank services (State
Bank of India). Some of these limitations include:
1. Sample size: The sample size of the study is limited to 200 respondents from a specific
geographic area. This may not be representative of the entire customer base of SBI or the
banking industry as a whole.
2. Data collection method: The data was collected using a self-administered questionnaire.
This may have led to response bias or incomplete responses.
3. Time frame: The study was conducted within a limited time frame, which may not have
allowed for a comprehensive analysis of all the factors influencing the marketing of
commercial bank services.
4. Generalizability: The findings of the study are specific to the context of SBI and may not be
applicable to other banks or industries.
5. Response bias: There may be some degree of response bias as respondents may not have
provided accurate or truthful answers to the survey questions.
6. Lack of control group: The study did not have a control group to compare the results of the
survey to. This may have limited the ability to draw strong conclusions about the
effectiveness of SBI's marketing strategies.

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Overall, these limitations suggest that caution should be exercised when generalizing the findings
of the study. Further research with a larger sample size, diverse data collection methods, and a
longer time frame would be necessary to validate and expand upon the findings of this study.

REFERENCE

1. Nusrat Jahan, Golam Shahria (2021),” Factors effecting customer satisfaction of mobile
banking in Bangladesh: a study on young users' perspective.”
2. Sharma, M., Choubey, A. Green banking
3.https://ijariie.com/AdminUploadPdf/A_Study_on_Marketing_Strategies_in_State_Bank_of
_India ijariie17949.pdf

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