Common Wealth Bank For Marketing Strategy †Myassignmenthelp.Com

Question: Discuss About The Common Wealth Bank For Marketing Strategy? Answer: Introducation The bank gives financial services as well as some products to their customers. The ethics of the company must be remaining intact while the company deals with its customer of Australia. Selling the new product to the community must give the company more strategic advantage. A thorough market research and development can be further help in developing the strategy (Mohanty, 2012). The bank communicates the message to its retail customers through marketing. The media for marketing must be chosen according the target customer segment. The relationship manager can target the potential clients through business development activities. Product The bank has different products like masters, visa cards. Their master card is accepted in different locations all over the world. They can target the market through different loyalty and awards programs. As the bank must focus on the relationship management with the customers more because that what drives the customers to more engage with the company for further relation selling (Tudor et al., 2012). The innovation in the new services offered must be popular among the target marketing. This will also ensure the effectiveness of the popular innovation focused on the Home Loan products related activity. Pricing The pricing for bank products is really ensured to reach maximum profit. Their only 12 % market share must be in the retail corporate markets are based on mark up pricing method. The new products that they are offering must be exclusive and distinctive (Ivens and Valta, 2012).. The available substitutes must not be readily available for that would affect the pricing and the revenue. The high valued strategy must be also backed by strategies that are effective pricing. First it can adapt to penetration pricing but then they can also use price skimming strategy at initial stage as the new innovative products may have some affects in price skimming. Their debit rate interest schemes of CBA are a high valued strategy for their corporate clients. Place The channels, that the company uses gives them a competitive advantage. Improving their channel distribution among all the branches can increase the visibility of their banks, thus their products. Their online presence can be optimised. The demographics of their target market and their can also be developed by developing the customer distribution model (Mokaya et al., 2012). To take more advantage of the location they should increase the number of ATMs, new cards and award points calculators and call centres and also increase training of their staff. Promotion The audiences of CBA and online website are very effective way to reach the website. In addition, the radio advertisements, television and newspaper advertisements are also effective way of approaching the community customers (Tudor et al., 2012). The direct mails and donations schemes are also very good for attracting people to buy their products. The promotion of community credit card can position them in being unique, fair and ethical. The taxation return claims and different gift and donations schemes for their company can be usReferencesess Process is a essential part of the banks operation. Innovation in process is can be done through the technology inclusion as done in the UK banking sector and they can optimise the process in banks operation in radical and incremental change process (Ivens and Valta, 2012). References Ivens, B. and Valta, K.S., 2012. Customer brand personality perception: A taxonomic analysis.Journal of Marketing Management,28(9-10), pp.1062-1093. Mohanty, S., 2012. Indian Shampoo Brand Positioning: Multi Dimensional Scaling Approach.International Journal of Computing and corporate research,2(5). Mokaya, S., Kanyagia, P. and Wagoki, J., 2012. Market positioning and organizational performance in the Airlines industry in Kenya.International Journal of Arts and Commerce,1(4), pp.121-132. Tudor, E.D.U. and Negricea, I.C., 2012. Brand Positioning-a marketing resource and an effective tool for Small and Medium Enterprises.Journal of Knowledge Management, Economics and Information Technology,2(1).