Ping An Marketing Strategy & Marketing Mix (4Ps)
Marketing Strategy of Ping An analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on Ping An marketing mix, help the brand succeed in the market. Let us start the Ping An Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Quick Glance:
Ping An Product Strategy:
The product strategy and mix in Ping An marketing strategy can be explained as follows:
Ping An is one of the leading financial institutions in China. Ping An provides insurance, banking, investment and internet finance services in its marketing mix to around 90 million customers.
These financial services offered are listed as follows:
|
Service |
Subsidiaries |
|
Insurance |
Ping An Life Ping An Property & Casualty Ping An Health |
|
Banking |
Ping An Bank Ping An Leasing |
|
Investment |
Ping An Trust Ping An Asset Management Ping An Securities |
|
Internet Finance |
Wanlitong Lufax PA Crowed-funding Qianhai Credit Reference Ping An Pay PAHaofang |
|
Shared Platform |
Ping An Technology Ping An Financial Services Ping An Financial Technology |
Image: Wikimedia
Ping An Price/Pricing Strategy:
Below is the pricing strategy in Ping An marketing strategy:
Ping An is a public entity so it maintains the prices baselining the customer prices in mind and prices vary from service to service. Every good thing comes with a price.
The prices are then regulated by the Chinese government and it provides marginal profits as compared to the competing banks. Its values are mainly focused towards the benefit the people of the country, that’s why all services are offered at an affordable price to them.
Ping An Place & Distribution Strategy:
Following is the distribution strategy in the Ping An marketing mix:
Started in China, Ping An has grown as the leading insurance company in the country. It was the first company to adopt shareholding structure in China. It has a well-structured website and has its services offered in People’s Republic of China, Hong Kong and Macau.
Apart from these major cities the agents/representatives/offices are located in 150 countries.
Ping An Promotion & Advertising Strategy:
The promotional and advertising strategy in the Ping An marketing strategy is as follows:
Ping An is an organization which focusses a lot on its culture and believes in building and maintain its values on the foundation of those values and traditions. Energy, unity, learning and innovation plays key role in the success of the company. Ping An provides various opportunities to groom the employees and believes in giving back to the society. It helped the company to get awarded by various accolades like- Forbes Global 2000, FT Global 500, the best managed company of Asia award by Financial Times, etc.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Ping An.
People:
Ping An has always maintained a high standard in terms of its employees and management. It always believes in giving back to the society and maintaining the cultural beliefs, which is clearly visible from its business model.
Physical Evidence:
Ping An is not present globally in the same extent as it is in China. In China and other countries where it operates, it makes sure the brand is promoted to the fullest and the stationary, etc. provided to the employees has also got the company name printed on it. The physical evidence includes the branches, offices, transaction app etc.
Process:
Ping An follows a process of high visibility and high customer satisfaction. At the same it does not neglect its employees and follows a coherent process where all aspects are covered properly. The various CSR activities help is maintaining a good image in front of customers and the different perks provided to employees helps in maintaining their loyalty. Hence, this gives an insight in Ping An marketing mix.
About Ping An:
With the concept of “Driven by Technology, Finance can Serve Life better”, Ping An China aims at becoming a world-leading personal financial services provider, which includes insurance, banking and investment. The firm was founded in 1988 by Mr. Ma in Shekou of Shenzhen. It was the first insurance company in China to adopt a shareholding structure. Other strategies of Ping An include “Integrated Finance + Internet” and “Expertise Makes Life Easier” for providing a brand experience to its customers through the business sectors insurance, banking, asset management and internet finance. The subsidiaries of Ping An include Ping An Life, Ping An Property & Casualty, Ping An Annuity, Ping An Health. Ping An Bank falls under the category of its subsidiaries with 58% stakes.
Financially this bank is doing very well, it generated a revenue of CN¥693.2 billion (2015), has operating income worth CN¥93.4 billion (2015), net income worth CN¥54.2 billion (2015), total assets worth CN¥4,765.2 billion (2015) and total equity worth CN¥334.2 billion (2015). HSBC is the biggest shareholder of Ping An and holds 16.8% shares in the company.
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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