TD Bank Marketing Strategy & Marketing Mix (4Ps)
Marketing Strategy of TD Bank analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on TD Bank marketing mix, help the brand succeed in the market. Let us start the TD Bank Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Quick Glance:
TD Bank Product Strategy:
The product strategy and mix in TD Bank marketing strategy can be explained as follows:
Toronto Dominion Financial Group or TD Bank is one of the largest financial and banking services company in Canada. The company provide banking services, financial solutions, wealth management, and advisory as a part of its marketing mix product portfolio. The main target segment of TD Bank are the millennial which belong to the group of small, medium loan takers, corporations, and clients.
There is an online banking system too which showcases various services and offers provided by the Toronto Dominion bank like home loans, checking, Savings, CDs, credit cards, Home equity, loans and mortgages.
Image: Wikimedia
TD Bank Price/Pricing Strategy:
Below is the pricing strategy in TD Bank marketing strategy:
Toronto Dominion bank has priced the services, based on their competitors and the customer segment, they have targeted. The company provides savings, special offers and other services which makes it affordable for the customers to access the benefits.
The service charges of TD Bank services are nominal as it helps the company retain and acquire new customer vis-a-vis its competitors.
TD Bank Place & Distribution Strategy:
Following is the distribution strategy in the TD Bank marketing mix:
TD bank is present in 1300+ locations which include Connecticut, New Jersey, New Hampshire, North Carolina, Pennsylvania, Rhode Island, Vermont, and Washington. Moreover, the Toronto Dominion bank is present online which has all the services and a bank location finder through which a client can access the bank services at the comfort of their homes.
The company puts customers first and thus, it is step taken to provide convenience.
TD Bank Promotion & Advertising Strategy:
The promotional and advertising strategy in the TD Bank marketing strategy is as follows:
TD financial group provides convenience to the customers and hence is regarded as the most convenient bank in America. The market position of the bank is strong and has a loyal customer base. The Toronto Dominion company generates good revenue due to strong marketing. The taglines like #TDThanksYou and providing automated banking machines are promotional strategies to build customer trust. The online banking service also acts as a bridge between customers and the bank.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Toronto Dominion Financial Group.
People:
Toronto Dominion Company has a strong customer bond and it has more than 79000 employees. It has customer base of more than 19 million. TD Bank has always put customer first and thus, the services provided by the bank are mainly focused on customer wellbeing, providing intelligent solutions and convenience. There are schemes like ‘No monthly fee’ and this is a step towards making the transactions hassle free for their clients.
Physical Evidence:
TD bank is located in various locations which include Connecticut, Washington DC, and New York, Delaware. The bank also has an online presence and there is a portal for learning, checking credit scores and understanding them. The logo of TD Bank is green coloured with the tagline “America’s most trusted Bank”.
Process:
Toronto Dominion bank makes efforts to make the transactions and implementation of the financial solutions as seamlessly as possible. The customer can find a bank branch and the employees will assist them in finding the right solution for them. Otherwise, the customer can access the online portal and use the selector tool to find the right solution for their problem. Hence this completes the marketing mix of Toronto Dominion Financial Group (TD Bank).
About Toronto Dominion Financial Group:
Toronto Dominion Financial bank is the subsidiary of TD bank group. It belongs to category of banking and financial services. It is claimed as one of the most trusted bank in Canada.
The bank’s headquarter is in Cherry Hill, New Jersey, US. It is present in 1301 locations and mostly dominant in Connecticut, New York, Delaware.
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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