ING Group Marketing Strategy & Marketing Mix (4Ps)
Marketing Strategy of ING Group analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on ING Group marketing mix, help the brand succeed in the market. Let us start the ING Group Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Quick Glance:
ING Group Product Strategy:
The product strategy and mix in ING Group marketing strategy can be explained as follows:
ING Group offers insurance, commercial banking, direct services as some of the services. The other services of ING include retail banking asset management. But out of these, wholesale and retail services which the group offers are the most primary services. These cover the product strategy in the marketing mix of ING Group. Online banking is also a part of the services that the group offers.
Big business houses and companies are offered with expert assistance and special services which is known as Wholesale services. In the year 1995 when the bearing banks were acquired, the group’s wholesale business was affected the most. The insurance services of ING Group are quite diverse and hence the Insurance sector is wide. The Asian and European sectors were segregated by offering IPOs in the year 2009.
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ING Group Price/Pricing Strategy:
Below is the pricing strategy in ING Group marketing strategy:
ING Group has a varied pricing strategy depending upon the financial products. The year 2012 has been marked as a fortune year for ING Group since it had the largest revenue in the banking sector.
At the global level ING pricing policy aims at the multiple options for generation of revenue, like for eg. through direct banking, insurance and commercial banking. ING Group focuses on extending the economies in order to target economic pricing policy in order to ensure that banking is available to all. The pricing strategy in its marketing mix is designed depending upon the nature of services offered and the diversified markets.
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ING Group Place & Distribution Strategy:
Following is the distribution strategy in the ING Group marketing mix:
ING Group has been providing its services in more than 40 countries in the world. With the basic facilities of banking anytime and anywhere company provides reliable banking solutions to its clients. The insurance sector of ING Group is extremely broad and it carries out its operations across Asia, America and Europe.
Various online platforms available on the internet has bought ease for the company establish itself globally. The widespread channels across the world with simple and centrally planned services adds on to the credits of ING services. ING Group has its highest market share in The Netherlands in terms of retail banking. ING direct is the leading brand of ING Group banking and has its operational centers in Spain, Austria, Italy, Germany, France and Australia. ING also engages itself in the retail banking services in The Netherlands, Thailand, Germany, Poland, Luxembourg, Turkey, Belgium, Czech Republic, Romania, and China.
In the Netherlands, by market share ING is the largest retail bank, and holds 40% of current account deposits.
ING Group Promotion & Advertising Strategy:
The promotional and advertising strategy in the ING Group marketing strategy is as follows:
Providing simplified services to its clients is the basic strategy of ING Group. The marketing strategy of ING nothing but its brand name with the quality, trusted services which has proved its worth over the years. More than anything, the premium services act as the promotional guide for ING Group. Utilizing its capacities to the maximum the company has opted for the maximum reach to customer policy for the effective marketing strategy. They often make use of advertisements in television and print media as the key source with the extension of social media marketing, promotions and advertising reaching out to the targeted crowd in the market.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of ING Group.
People:
One of the reasons why ING Group is doing well is because of the synchronization of the new IT as well as the committed employees who work for the company. Due to the productive employees that the company has, its human resource and IT go hand in hand and thereby benefit the company. ING Group has close to 85,000 employees who ensure the progress of the company. The companies are motivated and inspired by giving incentives and rewards on meeting the targets.
Process:
ING Group follows the guidelines of the respective Federal banks of the country to carry out its processes. There is a standardized process that it follows like any other financial services firm to carry out its functioning. The procedure basically is quite standardized. The schemes and age groups are given special counters and thereby customization is brought in. All the steps and functions are strategically segregated to make the processes simple.
Physical Evidence:
ING Group has its logo of Lion which is an evidence of the physical existence of the company. All the stationery and merchandise given by the company is a proof of the existence of the company. The company employees also wear the jerseys with the color of the symbol orange with the company name and symbol of it for events. There are other tangibles like the uniform, the receipts, forms, the service outlets which are the physical evidences. Hence, this covers the marketing mix of ING Group.
About ING Group:
ING Group was founded in the year 1991 in Amsterdam. ING Group provides advanced banking services to different segments of customers. The company already has its presence in 40 countries and has plans to further expand across countries. ING Group provides its customers with insurance, financial services; customer oriented banking, and thereby caters to a large number of customers which includes institutions, Corporations, individuals, business houses and Governments. The company offers a plethora of businesses. Some of which include insurance services, commercial banking, investment banking, asset management, and retail banking.
ING banking has been successfully competing with just 25 years of its existence. Some of ING Group's prominent competitors are Wells Fargo, JP Morgan & Chase, Prudential Financial.
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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