Standard Chartered Marketing Strategy & Marketing Mix (4Ps)
Published by MBA Skool Team, Last Updated: January 05, 2017
Marketing Strategy of Standard Chartered 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 Standard Chartered marketing mix, help the brand succeed.
Standard Chartered marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the Standard Chartered Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Standard Chartered Product Strategy:
The product strategy and mix in Standard Chartered marketing strategy can be explained as follows:
Standard Chartered is one of the leading financial institutions in the world. Standard Chartered offers following services globally:
• Business Banking: Transaction Banking, Financial markets, Corporate Finance, Renminbi services, SME banking, Islamic banking, Global Research
All these services and related banking products are the marketing mix product strategy of Standard Chartered.
Standard Chartered Price/Pricing Strategy:
Below is the pricing strategy in Standard Chartered marketing strategy:
The banking industry is highly regulated and governed by the central banks and hence the interest rates are set by the central bank and the banks are supposed to follow these guidelines.
Standard chartered gets most of its revenue from basic banking facilities and the costs and risks are balanced well keeping firm grip on liquidity and capital. The multinational clients are enabled to conduct complex business transactions and services. Standard Chartered also partners with various business partners and delivers them the best service at the best prices. Cost cutting is given prior importance to sustain the business in the long run. Hence, this gives an understanding about the pricing strategy in the marketing mix of Standard Chartered.
Standard Chartered Place & Distribution Strategy:
Following is the distribution strategy in the Standard Chartered marketing mix:
Standard Chartered has its branches located across the globe and its head offices located in major cities and towns of various countries in which it operates (Around 1700 offices). The customers can use these branches for day to day banking. Standard Chartered has ATM’s located in cities and towns so that its customers can withdraw cash, check balance and use other facilities with ease and a lot of convenience. It also enables its customers to use net banking allowing them to transfer money through NEFT & RTGS at ease without the need to go to the branches to do the same.
There is a facility for mobile banking for further convenience of transactions.
Standard Chartered Promotion & Advertising Strategy:
The promotional and advertising strategy in the Standard Chartered marketing strategy is as follows:
Standard chartered TV commercial (Here for Good Ad Campaign) focuses on the good brand promise to its customers in the countries in which it operates. The campaign also focuses on asking its customers to visit the campaign webpage and state their queries and issues which they are facing so that the bank can work effectively in rectifying the same. In this way Standard Chartered want to engage with their customers and improve the quality of services. It also gives special offers on credit cards. It has an active Facebook page to engage with its customers. It also engages in digital marketing. Apart from media, the promotional strategy in the marketing mix of Standard Chartered is to sponsor events.
Sponsorship with Liverpool Football Club. Standard Chartered sponsors marathon races spanning four continents. It sponsors youth rugby and football programmes in Singapore, Hong Kong and Korea giving young people to develop new skills. Standard Chartered also indulges in CSR activities across the globe.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Standard Chartered.
Sir John Peace is the chairman. It has a global workforce of around 84000 employees. Quick delivery of services plays an important in the banking industry as it acts as a major differentiating factor. The employees are given proper training and are constantly motivated to get the best out of them. The employees are encouraged to come up with new ideas and innovations which would benefit the bank in the coming future. Standard Chartered has a diverse workforce who work effectively and collectively to best serve their customers.
Standard Chartered has recently invested a lot in the Information Technology to superfast all the processes to avoid long ques at the branches. Most of the processes are automated and the error rate is minimal leading to more satisfied customers. In case of any issues, they are resolved instantly. There is a customer helpline available on the website which the customers can use for any assistance from the bank.
Standard Chartered has state of the art head offices. Its branch offices are very clean and neatly lit up in the modern format with good seating arrangement for its customers. The website is very customer friendly and is easily accessible. Standard Chartered sends regular updates and schemes on registered mobile numbers and email ids of the customers to keep them updated. Finally it gives receipts and invoices for any transactions for further needs. Hence, this concludes the marketing mix of Standard Chartered.
About Standard Chartered:
Standard Chartered is British multinational banking and financial services company. It operates in more than 70 countries across the globe. 90% of its profits come from Asia, Africa and The Middle East. It was founded in 1969 an is headquartered in London.
Standard Chartered's revenue in 2015 was $14.6 billion. Its major competitors are Barclays and Citi Bank.
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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