AXA Marketing Strategy & Marketing Mix (4Ps)
Marketing Strategy of AXA analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on AXA marketing mix, help the brand succeed in the market. Let us start the AXA Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Quick Glance:
AXA Product Strategy:
The product strategy and mix in AXA marketing strategy can be explained as follows:
AXA is one of the leading financial services companies in the world. AXA has been marketing itself as a brand which consumers can rely on and develop a strong bond in future. AXA also strives hard to maintain transparency in its operations and guarantees confidentiality. It has a diverse portfolio of products in its marketing mix which include Life Insurance, Savings, Property Insurance, Health Insurance, Investment Management, Casualty Insurance, Microfinance and Micro insurance. AXA also offers Asset Management Services which involves investing and managing groups assets.
AXA provides expertise for investing in microfinance projects. Casualty Insurance is one other area in which they offer their services. They offer products which encourage and reward environmentally responsible behaviour.
Image: Wikimedia
AXA Price/Pricing Strategy:
Below is the pricing strategy in AXA marketing strategy:
AXA has a wide offering and hence an equally diverse pricing model. Customer friendly pricing policies in its marketing mix have helped AXA building strong bonds with customers and developing loyalty towards the brand.
AXA follows single pricing policy for transactions relating to both redeeming and purchasing. Due to many other policies of AXA, investors have to face less trouble and the process is smooth. It does a great deal of research with respect to prices of competitors and hence keeps competitive prices for its premium products.
Read more about AXA
AXA Place & Distribution Strategy:
Following is the distribution strategy in the AXA marketing mix:
AXA has its services spread all across the world. AXA has an efficient distribution channel. Insurance products are marketed and sold through various exclusive agents which include salaried personnel, brokers, banks and partnerships. Expansion of these channels is extremely important and hence AXA offers incentive to increase the network of agents. It has constantly been focussing on increasing the service providers. Subsidiaries like AXA Corporate Solutions Assurance takes help of international brokers to distribute its products.
AXA also has developed its website which is helping in increasing its customer base.
AXA Promotion & Advertising Strategy:
The promotional and advertising strategy in the AXA marketing strategy is as follows:
AXA is one of the leading brands in the world and has been successful in creating a strong brand image. This has given a AXA a huge competitive advantage. AXA follows an extensive publicizing strategy in its marketing mix to reach the different people all over the world. They basically use the online platform to increase their awareness. They include sites where customers can know about the products and interact for a better idea. AXA carries out various online activities to promote its activities and products. Keeping in mind the change in the trends of the promotion activities the company has started the digital ad campaigns and promotion through emails. AXA also carry out a lot of tv advertisements and other print media to reach the customer base. Hoardings and magazines are also used for promotional activities. Digital banners are also available to increase the brand awareness and visibility of the products.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of AXA.
Physical Evidence:
AXA has its offices located in the countries it is operating in. Their hoardings and online banners are the best way to explain its physical existence. AXA also has a symbol SWITCH which helps people relate themselves to the brand easily and identify. AXA website, offices, agencies etc all add to the physical presence of the brand.
People:
AXA has a strong employees base of around 160000 people working for the company. AXA has been successful in creating a good employment opportunity for the people where it operates. Mr. Thomas Buberi is the Chairman and CEO of the company. They have been providing services to millions of people spread all over the world.
Process:
The main focus of AXA is making the entire process friendly and hassle free. AXA‘s policies are aimed at making the customer happy in terms process. Speedy and accurate payment is of prime importance for AXA. The instalment schemes are streamlined to cater to rising demand of the customers.IT and warehousing services help in reducing the time for processing. All this helps in increasing customer service levels. Hence this concludes the marketing mix of AXA.
About AXA:
AXA is a multinational company started in France in 1917 by Claude Bebear. AXA deals with basically different financial services. The headquarters is located in Paris and its business is spread worldwide.
AXA is a conglomerate of independently run businesses which follow the rules and regulations of the countries in which it is operating. AXA was chosen as the name of the company so that it can be easily pronounced by the people irrespective of the language they speak.
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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