Chase Bank Marketing Strategy & Marketing Mix (4Ps)
Published by MBA Skool Team, Last Updated: December 29, 2016
Marketing Strategy of Chase Bank analyses the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). There are several marketing strategies like product innovation, pricing approach, promotion planning etc. These business strategies, based on Chase Bank marketing mix, help the brand succeed.
Chase Bank marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the Chase Bank Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Chase Bank Product Strategy:
The product strategy and mix in Chase Bank marketing strategy can be explained as follows:
Chase Bank products and services include wide range of credit cards, savings and investing services, home equity, auto loans, mortgage, commercial banking, digital banking, military banking as a part of its marketing mix product strategy. Also, financial services include personalized guidance from financial advisor at any time. Chase Bank’s consumer and community banking covers customer through personal services at branches and ATMs, mobile application and telephone banking services. The company’s investment bank division provides offers for investment and security. Chase Bank’s commercial banking segment offers industry knowledge, expertise opinion, financial solution and treasury services. Asset Management provides retirement product and services, investment and wealth management services, brokerage and banking services, loan, mortgage and deposits.
Chase Bank Price/Pricing Strategy:
Below is the pricing strategy in Chase Bank marketing strategy:
Chase Bank works with a vision to build lifelong relationship with its customers.
Chase Bank offer wide range of services to individuals and organization of different scale, which help customer to achieve their financial goal. Prices are set in a manner that it provides bank a competitive edge, also the bank offers high level of customer services along with a diversified range of product and services. Chase Bank has a lower interest rates so they can target new clients and existing customers choose them above other competitors. Also, bank offers low processing fees for its different services. This covers the Chase Bank's marketing mix pricing strategy.
Chase Bank Place & Distribution Strategy:
Following is the distribution strategy in the Chase Bank marketing mix:
Chase Bank serves nearly half of America’s households with a broad range of financial services offers through there more than 5,100 retail branches, 16000+ ATM's, mobile application and their online presence. As the bank doesn’t offer any physical product, they offer its services directly to customers through online platforms and retail branches.
Chase Bank has approximately 26,00,000 employees and operates in more than 100 countries.
Chase Bank Promotion & Advertising Strategy:
The promotional and advertising strategy in the Chase Bank marketing strategy is as follows:
Social media presence helps the company to make its products and services more visible to its customer at a larger scale. Internet is taking banking and finance industry to a new level by offering wide range of products, product information and product comparison. Online website and mobile platforms have changed the banking system such that the banks can offer wide range of services through Internet. Chase Bank uses print media to reach the maximum audience. Using multimedia stories to build the brand image is also a promotional strategy.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Chase Bank.
Chase Bank gives strong importance on the people associated with it. Jamie Dimon is the Chairman of Board and Chief Executive Officer since 2004. Marianne Lake is the CFO and Executive Vice President of the firm. The Board of Directors consist of 12 members. The company employs more than 26,00,000 people worldwide. For the company, its customers are always its highest priority and ensures maximum customer service.
Chase Bank offers its services through efficient processes in its retail branches which also includes customer satisfaction. The online platforms and ATMs located all across United States make use of the widespread technology. Also, the company has more than 100 offices through the globe for fast and easy processing.
Chase Banks' vision is to create and engage lifelong relationships with its customer. Bank serves 50 states in US and has offices in more than 100 countries at foreign countries. Chase Bank serve half of the American households with a tightly-knit network of 5200 branches and 16000 cash dispensers. Chase bank's headquarters is in New York, United State. The company’s website has all information about the products and services offered. This concludes the Chase Bank marketing mix.
About Chase Bank:
JPMorgan Chase & Company provides financial and investment banking services for consumers, small business and commercial banking. The company offers wide range of products, advisory services and risk management services. Chase Manhattan Bank was founded in 1968 and has its headquarters in New York. Chase Bank is an entirely held subsidiary of J.P. Morgan & Company. The Chase Bank has a strong presence as they serve half of American households through its retail branches which are approximately 5100 along with 16000+ ATMs.
The brand also provides its services through website and mobile application. Chase Bank has more than 100 offices around the world for smooth business processing.
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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