Standard Chartered marketing communication strategy and competitive position - Lab Report Example

Download file to see previous pages According to the research findings Standard Chartered discovered marketing as the group expanded its operations from local perspective to a global perspective across diverse-cultural set of markets, Asia, Africa and Middle East for onstance. The bank admits the fact that it serves multiple geographies, different people with diverse values and significant cultures. This has enabled standard chartered to develop a strategy that focus on understanding of its markets’ core values to offer distinguished products and services to consumers with respect to their local requirements. The bank claims that it has developed a ‘consistent marketing strategy’ through constancy of efforts, stanch commitment to miscellaneous values and cultures and focused on relationships with local customers across the target markets. Standard chartered asserts that the bank has an unambiguous straight forward strategy that revolves around the market and consumers it serves. It has classified its marketing strategy on two major areas: standard chartered for consumers and standard chartered as the corporate brand. Amongst consumers there are two set of markets: the individual consumers, who consume bank services for themselves; and second set is of business/commercial consumers, who utilize bank services for commercial purposes. Standard chartered has developed wholesale banking for commercial consumers’ category and consumer banking for individual consumers’ category. Marketing is an ever changing and sprouting discipline of businesses; companies always have a room for development and advancement. (Vanhuele and Wright, 2008). The bank has to broaden the base of its marketing communication strategy to effectively converse the different marketing messages, to different set of consumers it serves, in the most appropriate manner which could influence the target audience and trigger the desired response out of each target group. There are three marketing strategies that fit Standard Chartered intent to serve the market: push, pull and profile strategies. The bank has to adopt these strategies as each meets a separate objective using a separate approach, thus, supporting the overall mission. Push strategy requires the bank to direct marketing activities to propel the products to consumers. It is more a selling concept, supports the sale organization of the bank and helps them design sales programs over push strategy (Kotler, 2009). It requires the bank to encourage and motivate the consumer, direct selling and negotiating with the prospects, emphasize point of sale promotions and advertisements, and performing other promotional activities to forcefully throw the banks’ offers and services to the consumer. It is appropriate for standard chartered as the retail banking structure in its target market: Asia, Africa and Middle East enable the bank to push its offers to consumers. Products/Services Push Consumers Pull strategy involves the bank to design marketing activities in a manner that would fetch the consumers to the products and services themselves by enhancing their visibility (Kotler, 2009). It is more a branding concept for it supports the organization to design more customer-driven marketing programs that would develop strong bank-consumer rapport which is the ultimate objective of Standard chartered bank. It requires the bank to establish consumer associations with the bank through mass communication programs, mass-advertising campaigns, sales incentives and buzz marketing campaigns to create word of mouth influence. Pull strategy supports standard chartered ideology of understanding local consumers and markets, and their respective cultures, consequently, its attractive for effective communication strategy. Products/Services Pull Consumers Finally, the third marketing strategy which encompasses a broader marketing perspective is profile strategy. This strategy reveals the corporate reputation of an organization. It has deep orientation in corporate branding which identifies what an organization is ...Download file to see next pagesRead More