MARKETING CONCEPT IMPLEMENTATION IN LOCAL BANKS’ BUSINESS PRACTICE, WITH SPECIAL EMPHASIS ON VOJVODJANSKA BANKA A.D. NOVI SAD

Expert contributions
Autor: Milena Ilić MSc, Branislav Radnović PhD

Summary: At the hyper-competitive banking markets today (including the market of the Republic of Serbia) the imperative for a bank is to keep its market position and customer base. One of the main ways to do so is the application of marketing concept. Since the Republic of Serbia is in the final stage of the banking system restructuring, which among other things includes the transition to market economy conditions, what is required is active use of marketing as a business concept and business function. By accepting new technologies in business, participants in the banking market face a number of innovations to services and processes, a wide range reflected in the offer of banking and non-banking financial organizations. A good combination of all seven elements of the marketing mix (product, price, place, promotion, people, process and physical evidence) will allow banks to attract clients, and to retain them after the goal has been achieved.

Back to top
Back to top