Commonwealth commercial Bank is an Australia-based company. It was started in 1911 by the Australian Regime, its denationalization was concluded in 1996 before ANZ and NAB, the company along with its subordinate firm is betrothed in running different banking and financial services and products mainly to its retail, small corporate companies, business as well as other institutional customers. The company primarily offers services involving financial matters, for example, insurance services and revenue management services. This bank is multinational and has subsidiaries all over Europe and Asia specifically UK, Fiji, New Zealand. It is also believed to have a branch in the US. In the securities exchange market of Australia, it is the biggest company in that list by the year 2015.The headquarters are in the Martin Palace in Australia specifically Sydney city. Not forgetting the several brands that the firm boasts of such as Commonwealth Insurance Company. The firm is the most acknowledged commercial enterprise in Australian financial industry. The company has evolved in about over ten decades with a strong trademark. Commonwealth financial company is greatly trusted and regarded in Australian CITATION Otc06 \l 1033 (Otchere, 2006).
The marketing department in Commonwealth Bank has developed effective marketing strategies making the company one of Australia's prevalent financial service benefactors. Currently, the firm offers a broad range of award credit cards to, both, wholesale, retail as well as corporate business sectors. The marketing strategy resulted in efficient lucrative development in both wholesale and small scale business segments making the bank to acquire more customers. The main difference between the credit cards is fixed on subscription charges, with slight differences between them which are apparent to many clients. The points for the awards can be exchanged for air transport tickets, donations, and gift vouchers. Through this inventiveness, the company set itself apart from other firms by introducing a new credit card, which allowed customers to ascribe their reward points towards gaining more profit. This inventiveness also created a new model within which credit cards are equated by potential customers thus placing the financial company at a fore position in the credit card market.
The cards are unique from other financial firms in Australia making it more marketable to the potential customers. The SWOT marketing analysis shows that there is a high demand for a socially accountable as well as an ethical methodology to banking services. As such, the newly introduced card entreaties to the developing charitable marketplace in the sales and retail open market. On the business sector, it reflects positively on its influence on the nation. In addition, the company utilizes its current market perception, strong trademark, market management capability as well as adequate supply channels to make sure that the credit card commendations suites their customers. These marketing management strategy has resulted in the profitable development of CBA, retention of clients as well as improved share dissemination index arising from the introduction of the new credit card to market.
Marketing strategies of Commonwealth Bank
The company uses mordant marketing like the utilization of the new media as well as the digital media with the aim of finding a publishing sector for their services. Recent methodologies have been made towards sending company marketing memorandums through emails or personal emails. Nevertheless, these approaches cannot be extensive since the market place is evolving and also more contestants are entering the financial market. The company is extensively focused towards confrontations publicity so as it can provide more efficient services to their shareholders and other customers. The marketing team of the company is extremely active in planning their strategic accountabilities focusing into various occurrences of publicizing as well as other marketing principles. But, these approaches are reformed depending on the current marketing situations.
Marketing plan and research
The first phase the marketing plan is to enlighten existing and new customers on the awareness of the newly invented products and educate them on how it will be of importance to the public. The company's message is that it is the right financial services supplier, marketing Australian's chances to help the public. The Bank leads its marketing strategies by example, by offering new products to its organizations and workers at cheap costs. This allows room for company market testing and feedback. The Bank usually communicates various messages to its retail customers through international marketing methodologies, television, broadcasting and commercial ads in different magazines and newspapers that appeal to target customers. The communication made for the company consumer is, however, the same The company relationship executives target prospective clients through corporate development events.
1 Business Product
The company product is sub branded and operates on a MasterCard system. The uses the credit card banking mechanism as it is conventional in about 30 million localities internationally, appealing to the flexibility target of the market desire. With the invention of the awards program, the new credit card has related features and advantages to the current complement awards cards. According to the report issued by the Innovation Bell Curve, the acquaintance of known aspects and benefits will contribute to the early implementation of the marketing strategies. The merchandise will be prevalent with the trendsetters since it is the initial product of its kind.
2 Company marketing Place
Commonwealth's current delivery channels have a significant economic advantage in the banking marketplace. The company has many financial branches Automated teller machine (ATM) and calls centers more than another bank. The firm's website (www.commbank.com) was later voted the most visited web link in Australia in that is according to the report issued by Neilson Consultancy CITATION Zah08 \l 1033 (Zahra, 2008). The report states that the age demographics of the market may leverage its staff into different branches as well as company executives by using an undeviating customer product delivery model.
3 Consumer behavior
Profitable development in marketing and company card fragments is a strategic extent of the bank's scheduled direction for development. The main difference between the cards is only centered on the subscription fees with diminutive modification between them that is deceptive to many customers. Under this inventiveness, the Bank has implemented and set some schemes for launching new credit cards, which allows the customers to allocate their reward points towards the company. The most standard technique of publicizing marketable products and services to the customers is through marketing and creating promotional campaigns for the goods and services offered by the particular company. Consumers will never have any awareness of the kind of products and services offered not unless they are advertised to them. Public relations provides the customers with detailed information regarding the actualities of the company providing any service. CBA uses public relation strategies to create more awareness on the type of banking services offered by the firm.
4 Building strong bands
CBA has strong brand recognition. It is voted number 59 in the 2010 Forbes "world leading companies" Top 500 Brands survey (Forbes Magazine, 2010). The company views its trademark as one of its most valued assets. In spite of the firm possessing a high product image, some of the banks in Australia remain ostracized to the customers. The public and other marketing firms perceive the big four financial companies in Australia as price extorting models CBA inclusive. The company plans to develop the credit card rewards portfolio with innovative products. The card empowers both the retail and enterprise customers to transfer reward points to money donations for government establishments routinely. The bank stands out to gain substantial viable advantages from the new credit card positions which assist the company customers in creating social accountability compulsions.
5. Pricing strategy
The pricing objective of the company's retail division is maximum returns. The company has implemented adequate price marketing strategies on the type of services and products offered, as previously stated the Commonwealth Bank association holds twelve percent of the marketplace products compared to other financial companies which hold a less percentage in comparison to what CBA holds. It uses the markup prices that are utilized in both marketing and advertising services. The innovative marketing products are fashionable to the customers as they are unique and are readily available to the customers for use. These influences the whole marketplace prices making them affordable to the public. The Bank has designated a high-value approach to the wholesale market. It has also made a yearly subscription for the credit at $65. This subscription stands for the average marketing prices for the whole market. The company has also created an interest debt rate on the card at 21.58 % for each year, marginally advanced than the standard credit card marketing average. The corporate retail businesses clients perceive this fee as worthy for them and also affordable for the public. Commonwealth Bank uses a high product value approach for its business customers. The structure of the fee differs faintly from other companies as it charges a fee of $70 and a $12.00 added card subscription fee for each member of staff. However, the withdrawal rate of the interest remains the identical to the retail credit card, thus preventing company customers from exhausting their credit cards.
Commonwealth Bank external market evaluation:
Services offered by the company include business services in nearly every segment of all the markets in Australia such as wholesale or institutional sector, retirement, investment as well as insurance services. The service union is Australia's transnational commercial bank. The peripheral analysis on where the firm operates can be evaluated through the PESTLE evaluation scheme:
Political factors Australia is a centralized regime. It one of the Commonwealth states internationally.
Economic aspects Australia is termed as one of the leading mixed economies supported by CBA. Gross domestic product of the nation is $AUD 1.62 trillion. Its economy is largely controlled by the service division representing 68 percent of total Gross domestic product.
Social 75 percent of the residents belongs to the mid-aged social group. All the citizens are service oriented salaried beings.
Technological The technical development is simply detectible in the level of all the efforts offered. Developments and innovations are accomplished on a systematic basis. People are much dependent on the development of technology.
Environmental factors The nation is naturally rich with the accessibility of natural resources which helps the company to develop.
Integrated Marketing channel
Integrated marketing channel refers to an approach to creating an integrated and unified involvement for customers to network with the enterprise. It tries to blend all phases of publicizing communication like public relations, trade promotion, direct advertising, as well as social broadcasting, using the corresponding assortment of strategies, trading techniques, and networks so that the whole community works together as a united force. It is a development planned to make sure that all communications approaches are rel...
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