Banking Performance of JP Morgan - Essay Example

Marketing is essential for a company to enable the enhancement of the general sale. This involves putting the right product in the right place, at the right time, and in the right place. JP Morgan uses effective marketing strategies that enable it to penetrate over its competitors.

The marketing mix involves the 4 Ps, i.e. Products, price, place ad promotion.

Price. This is the amount the consumer must exchange to receive the offering. Firms target to reduce costs through improving manufacturing and efficiency and increasing the perceived value of their products and services to the buyer or consumer (Friesner).

Place. This involves the firm’s activities that make the product available to the target consumers. This includes the channel, distribution, and intermediary. This is the mechanism through which goods move from the manufacturer to the consumer (Friesner).

Product. This implies goods and services combination that the company will offer to its target market. Product is simply the tangible, physical item that we buy or sell (Friesner).

Promotion. This entails the vital tools that are available to the marketer for marketing communication. This includes advertisement, sales promotions, public relations, direct marketing, and online (Friesner).

The company has exhibited this mix as shown below (Jerry):

Price.JP Morgan has the goal of providing quality products at a competitive price. The price of their products is set to be acceptable. They offer a trade discount to their customers. This has enabled it to be outstanding in the competitive market.

Place.JP Morgan has endeavored to open branches across the globe. This is to ensure that their products reach their esteemed customers in their vicinity. More branches increase the capital base of the company thus increasing the profitability of the company.

Products. The products are diverse and they include Overdrafts, credit cards, mutual funds, current, savings, and investment accounts. The products are tailored to meets their customers' needs and wants.

Promotions. The company has geared in the promotion of the products. This is done through the advertisement and the usage of CSR.