Marketing Mix of Common Wealth Bank in the time of global financial crisis . Analysis of bank marketing mix in the time of GFC is the main objective of the study. The Theoretical framework presents a glimse of selected theories of marketing and crisis management used. To get empirical data, interview and secondary data research are used.
The global financial crisis has its origin in the US, but its effect was seen all over the world. In fact in last eight decades, it and was the largest economic financial crisis .Thereafter it showed some serious problems which had to be looked after. That’s the only reason faith and trust is always on trustworthy banks ...view middle of the document...
1.2. Problem discussion
The current economic crisis began in 2008 which completely changed the functioning of Australian markets. Because of the origins of the crisis, the financial sectors were specifically hard affected from 2008 all over the world in a new situation. On the other side market competition is another problem: to win back the trust of the consumers.
Banks have to take fast steps to vanish away the negative impact of the crisis on consumer perceptions of the bank. Although according to many authors, marketing is the only key left in overcoming the bad impact of the financial crisis. But still there is no pre define ways about how to make the marketing in this difficult time. Some believes that companies should remain away from making big changes in the marketing mix
A crisis consists of different steps and stages. Therefore it could be assumed that with the changing environment the marketing mix must be changeable with time. However there is also another way that marketers should opt a universal marketing strategy that can be helpful in various times and situations. That’s why, it is interesting to know and examine the nature of marketing mix that appeared at different stages of a crisis in order to learn if, how and why the marketing is changing.
RQ1: How have Common Wealth Banks used the marketing mix to overcome the negative impact of the latest worldwide financial crisis?
2. Marketing mix
This set of tools and terms are frequently used as the 4 ‘P’s: product, price, promotion and place.
The marketing mix helps the companies to increase the demand for its produce. Most banks are providing same products to their customers, therefore it is especially important for them to have unique ideas and make themselves different from competitors in order to maintain their share in the market. A bank can communicate with consumers and build a healthy and deep relation with them, by skilful composing the elements of marketing mix.
The time of financial crisis requires a lot of changes in the marketing mix. ‘Marketing’ is a main tool that is turned to customers and their requirements. In a way, marketing is often the main key in the management. The banking institutions should build up a good bond with the customers in such a way to make them revisit the company even if the market and their requirements will change. These ways can help them to overcome the crisis.
Product can be defined as the sum of all physical and psychological satisfactions that a consumer receives as a result of the buying and using process . In relation to banking, product is any service offered by the banking institutions to the customers, regardless of whether it is offered for a fee or free of charge .
Containment stage Recovery stage
Variety The depth and length of the product ...