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Brand Positioning Practices in Services Sector: A Study of Banking Brands
Abstract
During 1980s the strategic relevance of brand positioning was recognized and service organisations are now identifying their key market segments and determining how they wish consumers to perceive their company and its products/services. Positioning is of particular significance for services as it places an intangible service within a more tangible frame of reference. This chapter examines and compares the brand positioning practices in services sector with reference to banks. It proposes a model for positioning of brands in services sector. The findings are based on an exploratory study; empirical data is collected from customer respondents (1800) and marketing executives of the banks. Six banks are studied, two each from public, private sectors and foreign banks. The study would help banks to acquire, retain and satisfy their customers by positioning their brand as it suggests a model that concentrates on internal and external facilitators, sources of growth, designing the service offer and differentiating it from competitors and delivering the service successfully.
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