China CITIC Bank Marketing Mix (4Ps) Strategy

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Marketing Mix of China CITIC Bank analyses the brand/company which covers 4Ps (Product, Price, Place, Promotion) and explains the China CITIC Bank marketing strategy. The article elaborates the pricing, advertising & distribution strategies used by the company.

Let us start the China CITIC Bank Marketing Mix:

Product:

China CITIC bank is active in multiple economies and offers many banking services and products in its marketing mix to individuals, corporates, Small businesses, group customers. In personal banking, it offers classical products like deposits, ATM cards, e-banking, personal loans, going abroad finance, mortgages, insurance and cross-border banking services. Services for corporate and institutional clients include integrated financial solutions in corporate banking business, international business, financial market business, factoring business and custody business. It also has a large pool of wealth management account managers to provide personalized service to 30,000+ VIP customers. The personal deposit services offered include RMB Savings, Personal large deposit list, Foreign currency saving and personal settlement account. Interbank services offered by China CITIC bank include interbank deposits, store with peers, interbank borrowing, interbank investment, asset transfer, paper money management and many more. In private banking there is a range of product offering with the aim of building and dynamically managing customer product portfolio.


Image: Wikimedia


Price:

China CITIC bank is seventh largest bank in China mainland. In 2007 it was listed on Shanghai Stock exchange. It has total assets more than 12000 billion Hong Kong dollars. In 2015 bank introduced ‘online bank transfer free’ policy. China CITIC Bank launched free online Huimin service for personal online transfer. Under this scheme, all the customers can carry out domestic transfer business through personal online banking with no additional charges for off-site and inter-bank transfer. The bank is exempted from small account management fee and annual fee, thereby putting lower burden on its customers. China CITIC Bank has indicated double dip of non-performing loans and non-performing loan ratio for three consecutive years. As shown below in the bank offers promising returns to the shareholders. The pricing for host of services of bank is given on the bank website for user ease and comparison with other institutions.


Place:

China CITIC bank is in 120+ countries with headquarter in Beijing Honk Kong, China. The bank was initiated with the philosophy of national comprehensive services with international orientation in commercial banking. In mainland, it has 70+ branches and 600+ sub branches in economically developed region. The total count of branch offices in China has passed 1300+. The bank acquired CITIC International Financial Holding Corporation Ltd. (CIFH). Its London representative office was working immediately with Sydney office in developmental stage. CITIC Bank International Ltd. Is fully owned subsidiary of China CITIC bank and present in Hong Cong, Macao, New York, Los Angeles, China and Singapore with over 41 outlets together. The bank has four subsidiaries, Zhejiang Linan CITIC Township Bank Ltd. and CITIC Financing Company Ltd. In mainland China and Shinco (Hong Kong) Investment Co and CITIC Bank International Co. in Hong Kong. CITIC Bank International Ltd., Hong Kong, Macau, New York, Los Angeles and Singapore has total of 1700 employees working in 40 outlets.


Promotion:

China CITIC Bank has informative, interactive website detailing all the products and services provided. Although the website is in Chinese language, there is translation facility for it, with upgradation of some of the content. To establish and maintain the long-term relationship with the customers, the bank has different programs. One of it is CIVIC-first. Under this program, customer is required to maintain the relationship balance of HK$ 1000,000 or more in their account to access the special services and privileges. Under this program, market experts give the relevant information to the customer ahead of time to make informed investment decision. It provides access to market news, insights and stock pics provided by CITIC Securities Brokerage (HK) Ltd. Linked to its credit cards, the bank has dedicated online portal wherein range of merchandise like electronic gadgets, accessories, lifestyle and beauty products are on sale. It has also given strategic press releases for some of the policies.


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


People:

China CITIC bank has separate website dedicated to recruitment. It also recruits from various campuses across China. There is rigorous process for this recruitment to accommodate the best talent available. The candidates must comply with the criteria specified by the organization which include good health, good character, no illegal record of violations of law and discipline as well as requisite educational qualifications and age limits. For continuation of corporate governance in China CITIC Bank, directors were dedicated to their duties and performed their due diligence. In 2015, reform in human resource system was carried out for refining duties and performance management system giving vitality to the organization and incentives to the employees. During three-year strategy, different competitions for the employees were organized for encouraging them to become role models and make greater contributions. Providing recreational sport facilities and housing to the employees was initiated enriching their lives and building up of better interactions.


Process:

China CITIC Bank services can be availed through website as well as the branch of it. The bank is active in various specific sections. In 2015, the bank started Going Global strategy. The capital resources of the bank were increased by offering additional shares to China Tobacco Corporation. To be at par with global competition, restructuring of credit card and asset management business were operated towards corporate mode. Risk management is one of the key areas of focus by China CITIC Bank. The process for establishing risk management control was rapid, also earmarked policies were formed with update of related rules and regulations. Due to these efforts, it became comprehensive, futuristic and instructive. Operations of the bank were compliant with government policies and regulatory criteria leading to corporate governance. Rapid formulation of e-channels carried out leading to mobile bank, WeChat bank and online bank. This improved customer experience and competitiveness. The core banking system was successfully switched to online mode due to which efficiency of business processing increased.


Physical Evidence:

In addition to financial services, China CITIC Bank also deals in precious metals. It offers commemorative coins, gold and deals rooster and zodiac. It was the first bank in China to have core banking system. It was implemented by IBM and achieved complete data integration of hardware and software. In 2015, bank build up the strategy of developing ‘small, smart and multi business model’ outlets wherein the existing outlets of the bank were transformed. For proper implementation of three-year plan, the Handbook of CITIC Bank on corporate culture was released. The bank took initiative to provide housing and recreational facilities to its employees. China CITIC bank offers Credit card facility to its customers. The issue of card makes customer eligible to many service, promotional activities and discounts on different merchandise and services. The brand of the organization stands for integrity, nobility and steady development. The logo of the brand is originated from Chinese and Indian cultures. They are known as Xi, symbols of power and dignity. Hence this completes the marketing mix of China CITIC Bank.


About China CITIC Bank:

China CITIC bank was established in 1987 and since then is active in global as well as domestic financial sector. The bank is based out of China and has a strong presence in places like New York, Singapore, Macau, Los Angeles etc. The company has more than 700+ branches spread all across China.

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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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