introduction
The term is derived from the Latin word banca
means a bench or money exchange table.
A bank is a financial intermediary and a
financial institution that accept deposits and
channel those deposit in to lending activities
either directly or through capital market a
bank connects customer with capital deficits
to customer with capital surplus.
Definition
In simple words, we can say that Bank is a financial institution that
undertakes the banking activity ie.it accepts deposits and then lends the
same to earn certain profit.
Any company, which transacts the business of banking defined above is
termed as Banking company
In 1839, some Indian merchants in Calcutta established India's first bank
known as "Union Bank", but it could not survive for long and failed in
1848 due to economic crisis of 1848-49. Similarly, in 1863, "Bank of
Upper India" was formed but it failed in 1913.
In 1865, "Allahabad Bank" was established as a joint stock bank. This
bank has survived till date and is now considered as the oldest surviving
bank in India.
Insurance is a means of protection from financial loss. It is a
form of risk management primarily used to hedge against the
risk of a contingent, uncertain loss.
An entity which provides insurance is known as an insurer,
insurance company, or insurance carrier. A person or entity
who buys insurance is known as an insured or policyholder.
The insurance transaction involves the insured assuming a
guaranteed and known relatively small loss in the form of
payment to the insurer in exchange for the insurer's promise to
compensate the insured in the event of a covered loss. The
loss may or may not be financial, but it must be reducible to
financial terms, and must involve something in which the
insured has an insurable interest established by ownership,
possession, or preexisting relationship.
7 ps of Marketing mix
Product: is your core offering.This is the thing that will fulfill
the needs of your customer. If your product is faulty, every
thing else fails. The attributes of the product, vis-a-vis the
attributes offered by competing products and substitutes, are
important in estimating the competitive scenario for the
marketing strategy formulation.
Price: has a lot of impact on the service buyers satisfaction
level. Often, paying a higher price makes a customer more
satisfied. Price is often considered a proxy for quality and vice-
versa. What is important to note that services being all the
more intangible, the price becomes an important factor for
the actual service consumption to happen, after service
awareness and service acknowledgement.
Place: often offers a different side of value (utility) to the
customer. Who would want to travel 10 miles to have a regular
dinner, even if that is priced very competitively and has a super
quality? Services are often chosen for their place utility. Closer to
the customer means higher probability of purchase. Place utility is
important to evaluate, for strategizing on the other 6 Ps.