CIMB Group Marketing Strategy & Marketing Mix (4Ps)
Marketing Strategy of CIMB Group analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on CIMB Group marketing mix, help the brand succeed in the market. Let us start the CIMB Group Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Quick Glance:
CIMB Group Product Strategy:
The product strategy and mix in CIMB Group marketing strategy can be explained as follows:
CIMB Group mainly consists of banks, their primary business is retail banking which provides services like deposits, loans, credit/debit cards. It also has other banks like investment bank which helps customers in M&A, IPO, corporate advisory, fund and wealth management as a part of its marketing mix product portfolio. CIMB also has a brand called CIMB Islamic which provides shariah compliant financial solutions to its customers.
Apart from this, the group has CIMB Niaga and CIMB Thai providing banking solutions at Indonesia and Thailand.
Image: flickr.com/photos/liewcf/
CIMB Group Price/Pricing Strategy:
Below is the pricing strategy in CIMB Group marketing strategy:
CIMB Group has several financial services and hence a diverse pricing range. The price of the services comes from the interest charged for the loans provided to the customer.
For CIMB retail banking the interest rates for loans starts from 6.8% and increases as per the risk and principle involved. Generally, the transactions for investment bank are in millions and the returns are also high depending on the risk.
Read more about CIMB Group
CIMB Group Place & Distribution Strategy:
Following is the distribution strategy in the CIMB Group marketing mix:
CIMB Bank is present in Cambodia, Malaysia, Singapore, Indonesia, Thailand. In different countries it is present under different names. CIMB Thai has approximately 157 branches and 533 ATMs. CIMB Niaga has more than 1700 branches and 1750 ATMs. CIMB Investment bank has wider presence in ASEAN countries and it also has presence in United Kingdom.
Malaysia is the largest market for CIMB with more than 2200 ATMs.
CIMB Group Promotion & Advertising Strategy:
The promotional and advertising strategy in the CIMB Group marketing strategy is as follows:
One of the main forms of advertising is providing cheap loans to the customers. Due to this, a lot of customers are attracted and try to get the benefits. CIMB also promotes the services through its online site. It partners with online and retailers to provide extra discounts when products are purchased with CIMB credit and debit cards from their stores.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of CIMB Group.
People:
As CIMB is a bank, there are strict policy on hiring the talent due to which the employee is very knowledgeable in nature. The company gives very importance to customer service due to which employees are very empathetic and cordial with them in the branches. With the help of latest technology, CIMB focusses on online banking in which all day to day activities of everyone.
Process:
The process of delivery starts with a customer entering any CIMB branch to open its savings bank account. During that time, all the customer background verification is done. After that the customer can access its account through online banking, ATMs and branch. For taking loans, extensive background check is done to find out any risk or liabilities associated with customer.
Physical Evidence:
After ignoring the online method, CIMB ATMs and branches are located in well known streets with many facilities to enrich customer experience. There has not been much service complaints in the past years. Hence this completes the marketing mix of CIMB Group.
About CIMB Group:
CIMB Group Holding is a Malaysia based bank which provides varieties of banking and investment solutions founded in 2006. It is the fifth largest banking group in South East Asia with more than 37000 employees across 15 countries and headquartered at Kuala Lumpur. It provides various solutions like investment banking, retail banking, corporate banking and strategic investments. The main markets of the bank are Malaysia, Thailand, Indonesia and Singapore.
It has a vision to be the leading ASEAN company. Its core values consist of integrity, customer centricity, high performance, enabling people, strength in diversity.
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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