Societe Generale Marketing Strategy & Marketing Mix (4Ps)
Published by MBA Skool Team, Last Updated: January 03, 2017
Marketing Strategy of Societe Generale 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 Societe Generale marketing mix, help the brand succeed.
Societe Generale marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the Societe Generale Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Societe Generale Product Strategy:
The product strategy and mix in Societe Generale marketing strategy can be explained as follows:
Societe Generale bank is one of the most famous banks in the world. It not only carters to the need of the banking services needed by the people. Societe Generale also make sure of the other services which they have branched out to. The financial products offered by the company are the products in their marketing mix strategy and they make sure that these services are up to the mark and they make sure that there is customer satisfaction. They have branched out to private banking which is a primary function of the bank. Societe Generale are now into risk management, where they make sure that the investment their client make are worth the risk and the portfolio analysis. Investment banking makes sure that the investments which their customers make are safe and they get the maximum out of the investments. Societe Generale look into the strategic transaction of the customers and whether they are worth the investments. Global financing also helps to look into the capital raising finance, structured finance, commodity, interest rate hedging. Global transactions make sure that the clients can make their transactions safely globally and without any hitch.
Societe Generale Price/Pricing Strategy:
Below is the pricing strategy in Societe Generale marketing strategy:
The quality comes at a price.
We know that Societe Generale bank offers great services. This is quite evident from the areas where they have approached and the branches they have spread all over the world. The basic aim of the bank is to get the customer satisfaction. Societe Generale make sure that their products are serving the people to their fulfilment. They thus concentrate firstly on the satisfaction of the customer then they concentrate on the prices of the products. We find that they are priced high. But the services they provide are of high quality and they are effective. They are good in making the services count and they believe in worth the cost services. We find that these products are of high prices. They have a global service and thus they are charging high for these products. We find that the prices set by this bank is high than the prices set by other banks, but the global network and the high quality services cover up the high price of these products. This covers the marketing mix pricing strategy of Societe Generale bank.
Following is the distribution strategy in the Societe Generale marketing mix:
The Societe Generale bank started off in France. But with the passage of time we find that the company has started breaking the global barriers, they are indulging into a lot of companies and client bases all over the world. Societe Generale make sure that they are not restricted to only France. They have made a huge foothold in the Europe. They are now stretching their company all over the world. They are making their presence felt in the world of competition. Now a days with the amount of reputation they have we find that the company is stretching the boundaries. Societe Generale are making an effort that they can reach areas which were not accessed by them previously. Today we find this bank making inroads in the African nations. This is just to make their reach count. They are not only extending their boundaries. They after doing so make sure that their services all over the world is same. They believe that the services if not same would be difficult to sustain in the competitive world.
Therefore even after spending so much effort in the expansion of the company, breaking the traditional boundaries, we find that they are offering the same kind of efficient services.
Societe Generale Promotion & Advertising Strategy:
The promotional and advertising strategy in the Societe Generale marketing strategy is as follows:
Societe Generale promotes itself rigorously as they believe that they should promote themselves to reach the customer base. They have a promotion through the word of mouth. But that is just because of the services which they are providing. The services are of high quality. Societe Generale promote themselves in such ways that they are cratering to the ways they perceive their customers to expect. They are rigorously promoting themselves through the newspaper, television, internet, etc. Today we find that Societe Generale are marketing rigorously, and are taking online promotions seriously as a part of their marketing mix promotional strategy. They have CSR activities, which are designed to help the society. But indirectly they make sure that’s this platform is good enough to sustain the promotion activities and in due course help the society in some specific ways
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Societe Generale.
All the activities of Societe Generale is governed internationally from the headquarter. It has to follow its regulations and principles. They follows standard formats like any other bank because it has to abide by the rules they set for themselves. Even though the documentation and forms are standardised, Societe Generale bank has customized approach for every customer based on the customer needs. Customer involvement is ensured through ATMs where the employees are not present and only customers are involved in the process. For simplicity, the functions of the bank are carefully segregated based on their inter-connections. There are also e-outlet where the customers are given the options so that they can perform the needed banking activities with the help of the online services. Societe Generale are fully automated and thus the customer involvement is increased.
Societe Generale is directly related to the customers. They make sure that the customers all over the world are well connected and the company crater to their needs with utmost importance. Hence, customers, employees, management, workers, everyone contributes to the prosperity and growth of the bank. Every worker and employee adds to the profitability of the bank. The value added directly or indirectly makes the company grow with time. This is one of the main reasons why Societe Generale can make its presence felt all over the world at such a huge level.
Societe Generale has its physical evidence through websites. The Business cards, paperwork, brochures, furnishings are a source of physical evidence. Banks provide tangibles such as diaries, pens to employees. The passbooks, check books also are a medium of physical evidence. Furnishings, financial reports, signage also reduce intangibility of the services. Hence this covers the marketing mix of Societe Generale.
About Societe Generale:
Societe Generale is a French multinational banking service which also craters to the financial services. Societe Generale has its head quarter in Paris. This is one of the oldest bank in France and was set up during the year 1864. Societe Generale not only cares about the banking services but also global transactions, Private Banking, Security Services, Risk Assessment , Investment Banking, etc. This is considered as the third largest bank in terms of the assets. Now the company has mainly the European coverage and also it is spread over 37 countries with close to 15000 employees. The company has made its presence felt in the countries outside of Europe.
This is a huge landmark for Societe Generale. They have successfully endured the test of time and is a powerful source to be reckoned with in the world market.
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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