China Minsheng Bank Marketing Strategy & Marketing Mix (4Ps)
Published by MBA Skool Team, Last Updated: January 27, 2018
Marketing Strategy of China Minsheng Bank 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 China Minsheng Bank marketing mix, help the brand succeed.
China Minsheng Bank marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the China Minsheng Bank Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
China Minsheng Bank Product Strategy:
The product strategy and mix in China Minsheng Bank marketing strategy can be explained as follows:
China Minsheng Bank is one of the leading banks based out of China and it focuses on customer satisfaction a lot. For China Minsheng Bank the most important thing is customer experience. They want to improve the way a customer interacts with them. Their main focus is to make day-to-day transactions easy and convenient for the customers. The bank offer various banking and financial services as a part of its marketing mix product and service strategy. CMBC works meticulously at investing, using human capital, improving quality and efficiency. The bank has introduced mobile app from a very nascent stage of the banking industry. The bank provides a one-stop solution to all banking services to its customers.
China Minsheng Bank Price/Pricing Strategy:
Below is the pricing strategy in China Minsheng Bank marketing strategy:
China Minsheng Bank follows a competitive pricing for its services.
The prices are a little higher, but given its value proposition, customers freely pay for the services. The bank also follows penetrating pricing for its most basic services. For the high-end customers, the company provides premium services and follows skimming pricing strategy.
China Minsheng Bank Place & Distribution Strategy:
Following is the distribution strategy in the China Minsheng Bank marketing mix:
China Minsheng Bank provides a one-stop solution for all its customers around the world. It hires employees from all around the world so as to get an international mix of talents. It also helps them to efficiently serve the customers from different corners of the world. It focuses on expanding its digital presence throughout the world. For this, it is working with existing and potential partners to establish new sales channels.
By the year 2010, the bank has set up 30 branches in different cities of China.
China Minsheng Bank Promotion & Advertising Strategy:
The promotional and advertising strategy in the China Minsheng Bank marketing strategy is as follows:
In the year 2004, China Minsheng Bank was awarded China’s most vigorous enterprise award. In the year 2010, the bank was awarded the best trade and finance bank by British Times. It has been growing popular since. It has also been featured in the Forbes magazine as 7th in China’s top 10 companies. Its value proposition has spread from people to people by the sheer power of word of mouth. The company enjoys staggering 2.7m followers on Weibo, 10m followers on Wechat and has more than 10m bank members on Minsheng mobile bank. China Minsheng Bank has an active presence on twitter. It promotes itself on finance and business related websites, magazines, and newspapers.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of China Minsheng Bank.
China Minsheng Bank has a very employee-friendly workplace. It has a diverse set of people working for it. It actively tries to absorb talent from all over the world. The bank takes extra care to hire the right talent into the bank. The bank then provides them with intense training to increase their efficiency. The employees are then given their best-fit job.
China Minsheng Bank heavily depends on its efficient value supply chain to get any and every work done. There is a strong value delivery network within the bank which has dedicated channels for different bank activities. The bank functions with the help of major logistical functions to send currency to ATMs.
The company has a large number of branches spread all over China. It has more than 10 million members on its banking mobile app. People take advantage of its services by visiting its branches and also via the website and mobile applications. This completes the marketing mix of China Minsheng Bank.
About China Minsheng Bank:
China Minsheng Bank is the first national commercial bank of China to be established by private capital. It was founded on January 12 1996, in Beijing by Jing Shuping. It was listed on Hong Kong Stock Exchange (HKSE) in 2009.
It is famous for giving loans to Small-Medium Enterprise (SMEs). It was the first national bank in China established with private capital.
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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