Case Study

INTERNATIONAL MARKETING STRATEGY IN THE RETAIL BANKING INDUSTRY: THE CASE OF ICICI BANK IN CANADA

In the past decades retail banks have faced an increasingly dynamic environment that has increasedstandards for attaining customers satisfaction, making it difficult to sustain growth in the existing marketplace. This case study shows how ICICI bank targets home country nationals in a foreignmarket and how its marketing mix adaptation was so successful. ICICI is an Indian bank that has implemented a marketing strategy in Canada due to the increase of South Asian immigrants that needed apersonal credit. ICICI bank implemented the 7 P’s strategy (product, price, place, promotion, participants, physical evidence and process) to create and maintain customers loyalty bringing customerssatisfaction. It also demonstrate that a transnational strategy with an ethnocentric staffing policy were one of the main keys for its success because it allowed control from the headquarter, but at thesame time entering as a subsidiary will permit a local responsiveness.

I think this case study was very complete because it was divided in 3 sections, the theory, the research that include datacollection, the application and the discussion and finally the analysis and suggestions.

The theoretical part was excellent because it gave an introduction of how was the retail banking in thatperiod, the obstacles that had to confront, the changes in the industry and the approaches to customers. After that it also mention the Canadian market and which were the entry opportunities of ICICI. Italso explained how south Asian population was growing and the stages of immigrants. In the same part it showed that ICICI was ahead of the competitors because its strategy was to retain all thosecustomers that couldn’t make an account in another bank. Finally it explained how was done a retail-marketing framework explaining all the 7 P’s.

The second part introduces formally ICICI bank as...