Define Marketing Mix. Explain what do you understand by unethical issues concerning Marketing Mix in the context of banking.

Marketing mix is the set of marketing tools that a firm uses to pursue its marketing objectives in the target market. There are several marketing mix tools. Popularized a four factor classification of these tools called the "Four Ps" of Marketing mix are place, Product, Price and Promotion. The details of each of them are as under: Place: Place is the link between the customer and the producer, through appropriate delivery channels. Convenient locations play a crucial role in increase the sale of the products. As regards banking, the term "Place" represents their delivery channel, i.e. branch network, e-banking channels like ATMs, Internet Banking, Core Banking Solutions, etc. For the convenience of customers ATMs are also available at off site locations. The place acts as an important factor of the marketing mix, and ensures good customer relationship management. Product: Product is one of the important components of marketing mix. Product can be in the form of goods or an article or an instrument (in case of financial services), for which the consumer pays a value(price) and expects to get satisfaction/comfort. Price: Price is another component of a marketing mix. It is the costs levied/ charged to customer for the services provided. Promotion: Reaching out to the customers through effective network and attractive communication is the major role of the marketing mix called as "Promotion". Advertising is the main component of promoting products. Unethical Practices Place: Unethical practices on account of "place" as part of marketing mix arises in the following situations: (a) if a branch of a Bank is relocated to another area without sufficient notice and time; (b) A customer who uses ATMs, Internet Banking Facility, is denied access to him on account of Bank's failure to provide the services and there by the customer is facing inconvenience, loss of money and time. Product: If a bank offers a deposit product offering higher interest and suddenly stops offering such type of deposit products without any prior notice, then from the customers' point of view this could be viewed as unethical practice. Similarly when new loan products with certain features are launched, such value additions are offered only for the new loan customers but not for existing loan customers, such a practice could be viewed as unethical by the existing customers. Price: Price discrimination is labeled as unethical. For example, if a bank, when there is change in the floating interest rates immediately increase the interest rates for loan accounts for the existing borrowers, and on the contrary, in case of rate cut, the bank does not reduce the interest rate immediately, is considered as unethical. Another example of unethical practice is when an increase in charges, fees, etc. is given immediate effect, whereas a reduction in charges, fees, etc., which would benefit the customers, is not passed on to them immediately. Promotion: Examples of unethical practices of promotion can be misleading advertisement to attract the clients; resorting to unsolicited telephone calls, e-mails, etc., which inconvenience the clients.