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Marketing Communication Strategy of Standard Chartered Bank - Essay Example

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The paper "Marketing Communication Strategy of Standard Chartered Bank" suggests launching the agricultural financing by Standard Chartered Bank in Asia and Africa regions with the additional services of communications because Asia and Africa's economies are mostly based on agriculture…
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Marketing Communication Strategy of Standard Chartered Bank
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? MARKETING COMMUNICATION STRATEGY OF STANDARD CHARTERED BANK [School Assignment # May 31, MARKETING COMMUNICATION STRATEGY OF STANDARD CHARTERED BANK Standard Chartered Bank Standard Chartered is the bank providing the services of British Multinational Banking and Financial Services having head quarter in London, United Kingdom. Standard Chartered Bank operating the network of more than 1700 branches in more than 70 countries and working with almost 87,000 employees in all over the world. The bank is dealing in universal banking operations, consumer, corporate, institutional and treasury services to the clients. The revenue of the bank is generated more than 90% from the Middle East, Africa and Asia whereas the bank is United Kingdome based. (About, Standard Chartered Bank) The primary nomination of the Standard Chartered Bank was listed in London Stock Exchange and appears in the FTSE 100 Indexes. Till the 23rd December, 2011, the market capitalization of the Standard Chartered Bank was ?33 billion. This capitalization was entitled to the 13th Largest Primary Listing among all the listed companies in London Stock Exchange. (FTSE All-Share Index Ranking, 2012) The secondary listing of the Standard Chartered Bank was processed in Hong Kong Stock Exchange and then National Stock Exchange (India). The major stock holder of the firm was owned by the Government of Singapore, owned Temasek Holdings. Background The Standard Chartered Bank named after the merger of two original separate banks which was working before this merger with the name of The Standard Bank, based on British South Africa and used to be located at The Chartered Bank of India, Australia and China as well. The Bank titled Standard Chartered Bank was founded in 1969 after merger of two independent banks. (History, Standard Chartered Bank) History of Standard Bank: The Standard Bank was established in Province of South Africa, Cape in 1862. It was the British bank founded by the Scotsman, John Peterson. The Standard Bank was the identical in financing on development of the Diamond Fields at Kimberley on 1867. The network from north to new town at Johannesburg was extended after the discovery of gold in 1885. (History, Standard Chartered Bank) History of Chartered Bank: The Chartered Bank was founded in 1853 by the Scotsman James Wilson by following the grant of Royal Charter through Queen Victoria. This charter was initiated the very first branch from Mumbai, Shanghai and Kolkata in 1858, subsequently, from the Hong Kong and Singapore after one year. The Chartered Bank start issuing the currency notes of Hong Kong Dollars in 1862 with launching of Suez Canal in 1869 and extended the operations towards China. (History, Standard Chartered Bank) Results of Strategies in shape of Awards Achievement The Standard Chartered Bank achieves many awards every year, which is the market recognition in every region of available market. Winning of the awards is the recognition of ideal and streamlined strategies accomplishment. The designing of the strategies was based on the prior research and development of the each region where the branches of the Standard Chartered exists. In the course of research, the management knows the market trend, requirement of the consumers as well as of the corporate and institutional sector. Furthermore, it relies on the market segmentation and providing the easily availability of the innovative financial products which covered the wide range of customers. The employees of the Standard Chartered Bank are well qualified and experts in industry and well diversified employees. The proper training and development provides to each employee after detailed observation and analysis. There is most influential and diversified environment for workers who face the new challenges every day with new dynamic. The strategy planned by the management of the Standard Chartered Bank for the each origin of the focused market separately by considering the culture, religion, language and norms of the countries. In Muslim countries, Standard Chartered Bank planned and initiated the Islamic Banking facilities to the customers to capture the more market share. The team of marketing communication strategies focuses on the development of the innovative policies which affect the customer to start dealing with Standard Chartered. Every year Standard Chartered Bank recognized for the achievement of awards in the industry of banking and finance. Some of the most famous awards are listed below. . (Awards 2011, Standard Chartered Bank) Euro Money, Awards for Excellence in 2011. Islamic Finance Award 2011 The Global Finance Awards The GTR Awards The PFI Awards Such kind of many other awards won by The Standard chartered which symbolize the successfully achievement on the applied strategies as well. All the awards win only due to being the market leader which recognized the name of Standard Chartered Bank in market. (Awards 2011, Standard Chartered Bank) Marketing Strategy of Standard Chartered Bank Standard Chartered Bank practiced many marketing strategies to capture the market share and ultimately achieve the positive results in positive signs against the strategies. The basic and big part of the marketing strategies confined in Marketing Penetration, which consequently enhance market share of the Standard Chartered Bank. Market Penetration Initially Standard and Chartered, two different banks came together and founded Standard Chartered Bank. Subsequently, most of the competitors of the Standard Chartered in different regions become the part of Standard Chartered by Marketing Penetration Strategy which ultimately achieve the market share, good businesses with customers as well as contract the market capacity for competitors. (Women in Business Resources Centre, Standard Chartered Bank) Market Segmentation Furthermore, Standard Chartered Bank applied the market segmentation in different regions of the market where Standard Chartered is working. Initially the research and development department of the Standard Chartered Bank recognize the needs and requirements as per residents of the specific countries by considering their thoughts, language, religion, culture and norms and design the most related, influential policy which attract the consumer of that market. Currently, standard chartered launch the different division of banking operations in Pakistan and rest of the Muslim Countries in the boundaries of the Standard Chartered Markets with the name and style of Islamic Banking. This division of banking operations covers the orthodox Muslims in those regions whereas, the function of the Islamic Banking of Standard Chartered based on the Islamic thoughts and principles. Mostly orthodox Muslim do not deal with conventional banks due to religious obligations which restrain them to deal with interests and mark ups. But standard chartered covered this kind of customers to facilitate with more better services which filled by the requirement of the customers. (Women in Business Resources Centre, Standard Chartered Bank) Geographically Expansion Another factor of the Marketing Strategy is been implemented on Standard Chartered and earn good results in return that is Geographically Expansion of businesses operations. Standard Chartered implemented this policy of Geographic Expansion and earning good profits, goodwill and market reputation as well. Currently Standard Chartered Bank is working with almost 1700 branches in 170 countries. The expansion of the businesses is still in process. In results of the geographic expansion, the bank is earning almost 90% more than the old businesses. The geographically expansion was made the branches in Asia, Europe and Africa which providing the profitability of almost 90% whereas, only 10% profitability is earning from the British and rest of the origins network. This share of profitability clearly shows that geographically expansion provides the exponential returns in shape of profitability, market share, customer satisfaction and rest of the marketing factors by reaching this, the Standard Chartered Bank is receiving more than the region where this organization based. (Women in Business Resources Centre, Standard Chartered Bank) Communication Strategy of Standard Chartered Bank Active Communication at Branches / Outlets Each Branch of the Standard Chartered Bank in all over the world is painted and affixed with Sign Boards and Back Lads for the advertisement of Standard Chartered Bank, Furthermore, brochure regarding all the products and services inside the branch is very common with Standard Chartered Bank. The brochure defines the each and every product, its specifications, requirements and benefits which is easily available in Branches. Information and Messages on Website Standard Chartered Bank maintaining the websites consists on all the products and services providing in different regions. Every country of operations has different websites as per their market segmentation. The websites having the complete information of products, services, brochures, online filling forms, contact numbers and emails of the authorities and representatives, as well as the online options for queries, complaints and feedbacks. Communication through Representative Standard Chartered Bank offers the services through its outdoor representative who provides the complete information and deal with transactions at customer’s door step. Simply in action of query, the representative contacts the customer and visits him to provide the complete information and admire him to start the works with Standard Chartered Bank. Publication of Advertisement Standard Chartered Bank publishes the routine advertisement through Newspapers, Signboards, and Magazines as well as on the Television Commercials. The message through this medium is typically designed by considering the emotional level of the consumers in that region. The TV Advertisement of the Standard Chartered Bank appealed to customers because of that based on the norms and cultures of the customer. People really enjoy and emotionally attract with Standard Chartered Bank through this advertisement which usually changes as per events, seasons and the public norms. (Umair Sheikh, Advertisement of Standard Chartered Bank 2008) New Way of Communication Standard Chartered Bank initialized the different events sponsorship, concerts and races which ultimately influence the customers. In different regions like Asia, Standard Chartered Bank usually arrange the competitions, concerts and some unique way of communication with customers, in which the management gifts to the participants and the visitors as well by which everyone remember the name and relationship of Standard Chartered Bank. Furthermore, Standard Chartered Bank recently launches the mobile banking, internet banking and SMS Alerts for the Asian and Middle East Customers which paves the way for new way of communication with its clients. (Umair Sheikh, Advertisement of Standard Chartered Bank 2008) Marketing Communication Strategy of HSBC Bank Mostly methods of marketing communication strategy we defined in Standard Chartered Bank are also following by the HSBC Bank to the Clients. However, the geographically expansion policy is not so for initiated by the management of the HSBC. Furthermore, the large number of initiatives taken by the Standard Chartered Bank because of its basic businesses through the Asian Market, whereas, HSBC is not such competitive for Standard Chartered in Asian and Middle East region. HSBC do not invest in social events and for the society and community as the Standard Chartered Banks in practice. HSBC Communication strategy is not such appealing as compare to Standard Chartered Bank. The basic reason behind this difference is that Standard Chartered Bank takes special care of social, culture, religious and linguistic factors and always try to adapt those factors in local market of that origin, whereas the HSBC use the same strategically plan for customers in all over the world, do not special care for the typical inhabitants of the country. HSBC not yet launched any regions specific operations like the Standard Chartered did by launching the Islamic Banking Operations. Further, the call centers providing the twenty four hours services to customers is maintain by the Standard Chartered Bank not by the HSBC. Recommendation of Communication Strategies for Standard Chartered Bank Management of Standard Chartered Bank should initiate the more services to the customers which should focus on the specific categories. I suggest launching the agricultural financing by Standard Chartered Bank in Asia and Africa regions with the same additional services of communications, because the Asia and Africa are the agriculture countries and most of the economy based on the agriculture. I believe this action of the Standard Chartered will capture the almost twenty percent more market shares. Reference Umair Sheikh (2008), Advertisement of Standard Chartered Bank, Docstoc, Retrieved on 20th April, 2012. http://www.docstoc.com/docs/12164002/Standard-Charter-Bank-Advertising Market Penetration (2012), Standard Chartered Bank, Retrieved on 20th April, 2012. http://www.standardchartered.com/sme-banking/resourcecentre/en/strategies_for_penetrating_new_markets.html Market Segmentation (2012), Standard Chartered Bank, Retrieved on 20th April, 2012. http://www.standardchartered.com/sme-banking/resourcecentre/en/strategies_for_penetrating_new_markets.html Geographical Expansion (2012), Standard Chartered Bank, Retrieved on 20th April, 2012. http://www.standardchartered.com/sme-banking/resourcecentre/en/strategies_for_penetrating_new_markets.html "FTSE All-Share Index Ranking". Stockchallenge.co.uk. Retrieved 20th April, 2012. http://www.stockchallenge.co.uk/ftse.php Standard Chartered Bank Bought American Express Bank Unit (Update4)". Bloomberg.com. Retrieved 20th April, 2012. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aOBVUiA74YbE&refer=home Standard Chartered Bank History". Standardchartered.com. Retrieved 20th April 2012. http://www.standardchartered.com/en/about-us/our-history.html Standard Chartered Bank – Media Centre – Press Releases – 2010". Standardchartered.com. 17 June 2010. Retrieved 20 April 2012 http://www.standardchartered.com/en/news-and-media/news/index.html Clark, Andrew (18 September 2007). "Standard Chartered buys American Express Bank". The Guardian (London). Retrieved 20 April 2012. http://www.guardian.co.uk/business/2007/sep/18/9 Awards 2011, Our Awards, Standard Chartered Bank, Retrieved on 20th April, 2012. http://www.standardchartered.com/en/about-us/awards.html Read More
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