Maybank Marketing Strategy & Marketing Mix (4Ps)
Marketing Strategy of Maybank analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on Maybank marketing mix, help the brand succeed in the market. Let us start the Maybank Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Quick Glance:
Maybank Product Strategy:
The product strategy and mix in Maybank marketing strategy can be explained as follows:
Maybank is one of the largest banks based out of Malaysia. Maybank offers a diverse range of banking products under its marketing mix product portfolio. Some of the notable products and services are:
- Commercial Banking
- Investment Banking
- Insurance
As a part of a product, like any other banks, it offers debit and credit cards as well as ATM facilities.
Maybank offers savings accounts, deposits, loans etc to individual customers as well as to corporate clients.
Image: flickr.com/photos/illustrious
Maybank Price/Pricing Strategy:
Below is the pricing strategy in Maybank marketing strategy:
Maybank follow a competitive pricing strategy to stay ahead of the game. Their pricing depends on the product and market fluctuations as well.
The interest rates and pricing is also dependent on the central bank’s rate and goverment policies. Most of the pricing of Maybank services are in line with the leading financial institutions in Malaysia and worldwide.
Read more about Maybank
Maybank Place & Distribution Strategy:
Following is the distribution strategy in the Maybank marketing mix:
Although its primary operation is in Malaysia, Maybank operates in many other countries too with its diverse portfolio. In the commercial banking segment, it operates in countries like Singapore, Vietnam, Cambodia, Pakistan etc. Under the investment banking segment it operates in India and Singapore. The insurance segment is strictly operating in Malaysia as of now.
The visibility of the bank is also through its website, which extends all its service to its retail as well as corporate customers.
Maybank Promotion & Advertising Strategy:
The promotional and advertising strategy in the Maybank marketing strategy is as follows:
Maybank primarily promotes itself through conventional commercials and digital promotions. It has launched its own app and is active in posting ad contents in the social networking websites to connect with its customers. The brand ensures its visibility through TVCs, outdoor media, print ads, social media engagement etc.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Maybank.
People:
Maybank hire the best of the business with knowledge in business, banking, and technology as their employees. The bank people cater to the customer needs with ease and grace. Based on their skill sets, they have been able to attract its customers and has created this brand value.
Process:
Maybank provide their customers an entirely fresh digital experience and hence follows the best industry practices in terms of banking as well as technology. They have recently revamped their app to add new features to cater to the needs of the tech-savvy customers. The business processes of the bank not only focus on profitability but also looks at a good customer service.
Physical Evidence:
Maybank provide ATM facilities for their customers as a part of their customer care to let them experience seamless digital transactions. Their offices, website, customer centres etc all are a part of the physical presence of the brand. Hence this completes the marketing mix of Maybank.
About Maybank:
Malayan Banking Berhad commonly known as Maybank is one of the leading Asian banking services company. It has been adjudged as the most valuable bank brand in Malaysia and among the top most valuable among the ASEAN countries by the Brand Finance report.
Maybank has a strong presence with its banking services and offers a wide range of financial products for retail as well as corporate customers. It provides services for retail customers and enterprise customers as well.
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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