Westpac Marketing Strategy & Marketing Mix (4Ps)
Marketing Strategy of Westpac analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on Westpac marketing mix, help the brand succeed in the market. Let us start the Westpac Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Quick Glance:
Westpac Product Strategy:
The product strategy and mix in Westpac marketing strategy can be explained as follows:
Westpac is one of the leading banks and financial institutions in Australia. Westpac offers its services in 3 categories namely Personal, Business and Corporate
• Personal: Bank accounts, Home loans, Credit cards, Personal loans, Travel Centre, Insurance etc.
• Business: Bank accounts, Savings, Business credit cards, Business loans, Merchant services, Insurance, FX & International, Industry specific banking etc.
• Corporate: Corporate & Institutional, Transactional banking, Financial markets, Corporate & structures finance, trade & supply chain finance etc.
Hence, these three categories are a part of Westpac's marketing mix product strategy.
Image: Wikimedia
Westpac Price/Pricing Strategy:
Below is the pricing strategy in Westpac marketing strategy:
Westpac is one of Australia’s big four banks. Its major competitors are National Australia Bank Ltd, Australia and New Zealand banking group Ltd, Commonwealth Bank of Australia among others.
Westpac follows competitive pricing strategy as it charges its services similar to its competitors. In the banking industry, you can differentiate through services and not through prices as it is highly regulated. Westpac offers various insurance policies and packages which are beneficial for its customers.
Read more about Westpac
Westpac Place & Distribution Strategy:
Following is the distribution strategy in the Westpac marketing mix:
Westpac has many branches across various cities and towns of Australia and New Zealand and also in other parts of the globe through which it offers its services. It has various ATM branches located in various regions which its customers can use whenever needed. Westpac also offers its services online such as net banking, mobile banking among other services.
Westpac also offers debit and credit cards to its customers which its customers can use while shopping and other related activities.
Westpac Promotion & Advertising Strategy:
The promotional and advertising strategy in the Westpac marketing strategy is as follows:
Westpac puts special attention to its marketing. It uses its marketing mix promotional strategy as a strong tool for creating brand awareness. promotes through the following:
• Campaigns and offers: Special offers and schemes are provided on loans and other services.
• It also promotes by giving its customers special prize draws. The winners are announced on the website after each prize draw.
• TV Commercials: Westpac regularly come up with creative TV commercials. The recent commercial focussed on the 200 years of support Westpac has given to its customers.
• Media Centre: Media releases, latest releases, image library, insights, video and podcasts
• YouTube: Westpac has its own You Tube channel where it promotes itself
• Digital Marketing: Westpac also engages in Search Engine and Social Media marketing. It also engages in Email and Mobile Apps marketing.
• Sponsorships: Community sponsorships, Business and Agribusiness sponsorships, sports sponsorships, Arts sponsorships etc.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Westpac.
People:
Westpac provides a wide range of employee benefits to its employees. The employees have a wide range of financial skills and knowledge. Upon joining the company, Westpac imparts special training to all its employees. Special incentives are offered to its top performing employees. Special emphasis is given to passion and dedication of its employees. The employees give the best to the organisation ultimately leading to more satisfied customers. The employees of Westpac work effectively to deliver quality services to its clients.
Process:
All the processes at Westpac are highly automated right from account creation to providing the services. The delivery time of Westpac services is very less. Upon creating an account with the bank, the customer can avail any of the services offered by the bank. The customer can also use the online services. High importance is given on customer satisfaction to retain existing customers and acquire new customers.
Physical Evidence:
All the Westpac branches are of modern formats with latest technology. Proper seating arrangements are provided to its customers in case of queues. The Westpac branches are located even in smaller towns and villages for the convenience of its customers. The website is user friendly. It also has a mobile app. The employees are well dressed and present themselves in a professional manner. Hence, this concludes the marketing mix of Westpac.
About Westpac:
Westpac is an Australian Bank and Financial Service provider headquartered in Sydney. It has more than 10 million customers with around 1500 branches and a network of more than 3000 ATMs.
Westpac was founded in 1982 and its annual revenue is more than AUD$ 20 billion. Its major competitors are National Australia Bank Ltd, Australia and New Zealand Banking Group, Commonwealth Bank Of Australia.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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