Marketing Strategy (Stp Analysis and Marketing Mix) of Islami Bank Bangladesh Limited (Mohammadpur Branch)

Abstract

The banking sector in Bangladesh is constantly expanding into new financial services. The banking industry as a whole performs better since the banking process is being streamlined made easier and more accessible at the same time. As clients and customers continually demand better services and more amenities, banks are creating fresh, creative ideas for concepts, products, and facilities that will make banking easier and more user-friendly. To survive in the increasingly competitive banking sector, all banks in Bangladesh are looking for methods to offer their clients better service. As a result, in order to manage daily operations involving banks, it has become essential for everyone to have some awareness of banks and banking processes. The expansion of technology and globalization is to blame for the quick changes in the global banking industry. Bangladeshi banking must constantly modernize its fundamental banking activities to keep up with the pace of global development. In order to survive in the cutthroat local and international market, private commercial banks must maintain "Professionalism" in the sense of creating the appropriate staff and its abilities and expertise to minimize the risk element. Marketing in the banking sector is one of the most important obstacles to Bangladesh's development of a strong economy. The essential market transparency is provided to the bank's financial reporting through marketing analysis and management. This market analysis and management illustrates how skillfully banks can respond to undesirable situations and outcomes. The marketing predicament that the banks are in is a result of both external and internal factors. Due to aggressive banking methods used to gain a competitive edge, both public and commercial banks in Bangladesh are subject to marketing concerns. Marketing risk, on the other hand, is the ambiguity surrounding the likelihood of specific activities. As a result, marketing management is housed in a mandated unit in several Bangladeshi banks known as the Market Management Unit (MMU).