Ping An Marketing Mix

Posted in Services, Total Reads: 172
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Marketing Mix of Ping An analyses the brand/company which covers 4Ps (Product, Price, Place, Promotion) and explains the Ping An marketing strategy. The article elaborates the pricing, advertising & distribution strategies used by the company.

Let us start the Ping An Marketing Mix:

Product:

Ping An is one of the leading financial institutions in China. Ping An provides insurance, banking, investment and internet finance services in its marketing mix to around 90 million customers. These financial services offered are listed as follows:

Service

Subsidiaries

Insurance

Ping An Life

Ping An Property & Casualty

Ping An Health

Banking

Ping An Bank

Ping An Leasing

Investment

Ping An Trust

Ping An Asset Management

Ping An Securities

Internet Finance

Wanlitong

Lufax

PA Crowed-funding

Qianhai Credit Reference

Ping An Pay

PAHaofang

Shared Platform

Ping An Technology

Ping An Financial Services

Ping An Financial Technology


Image: Wikimedia


Price:

Ping An is a public entity so it maintains the prices baselining the customer prices in mind and prices vary from service to service. Every good thing comes with a price. The prices are then regulated by the Chinese government and it provides marginal profits as compared to the competing banks. Its values are mainly focused towards the benefit the people of the country, that’s why all services are offered at an affordable price to them.


Place:

Started in China, Ping An has grown as the leading insurance company in the country. It was the first company to adopt shareholding structure in China. It has a well-structured website and has its services offered in People’s Republic of China, Hong Kong and Macau. Apart from these major cities the agents/representatives/offices are located in 150 countries.


Promotion:

Ping An is an organization which focusses a lot on its culture and believes in building and maintain its values on the foundation of those values and traditions. Energy, unity, learning and innovation plays key role in the success of the company. Ping An provides various opportunities to groom the employees and believes in giving back to the society. It helped the company to get awarded by various accolades like- Forbes Global 2000, FT Global 500, the best managed company of Asia award by Financial Times, etc.


Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Ping An.


People:

Ping An has always maintained a high standard in terms of its employees and management. It always believes in giving back to the society and maintaining the cultural beliefs, which is clearly visible from its business model.


Physical Evidence:

Ping An is not present globally in the same extent as it is in China. In China and other countries where it operates, it makes sure the brand is promoted to the fullest and the stationary, etc. provided to the employees has also got the company name printed on it. The physical evidence includes the branches, offices, transaction app etc.


Process:

Ping An follows a process of high visibility and high customer satisfaction. At the same it does not neglect its employees and follows a coherent process where all aspects are covered properly. The various CSR activities help is maintaining a good image in front of customers and the different perks provided to employees helps in maintaining their loyalty. Hence, this gives an insight in Ping An marketing mix.


About Ping An:

With the concept of “Driven by Technology, Finance can Serve Life better”, Ping An China aims at becoming a world-leading personal financial services provider, which includes insurance, banking and investment. The firm was founded in 1988 by Mr. Ma in Shekou of Shenzhen. It was the first insurance company in China to adopt a shareholding structure. Other strategies of Ping An include “Integrated Finance + Internet” and “Expertise Makes Life Easier” for providing a brand experience to its customers through the business sectors insurance, banking, asset management and internet finance. The subsidiaries of Ping An include Ping An Life, Ping An Property & Casualty, Ping An Annuity, Ping An Health. Ping An Bank falls under the category of its subsidiaries with 58% stakes. Financially this bank is doing very well, it generated a revenue of CN¥693.2 billion (2015), has operating income worth CN¥93.4 billion (2015), net income worth CN¥54.2 billion (2015), total assets worth CN¥4,765.2 billion (2015) and total equity worth CN¥334.2 billion (2015). HSBC is the biggest shareholder of Ping An and holds 16.8% shares in the company.

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The names and other brand information used in the Marketing Mix section are properties of their respective companies. The companies are not associated with MBASkool in any way. The brand names are used purely for educational/academic purpose only.

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