Summary of Bank of China Limited

Added on - 24 Sep 2019

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BANK OF CHINA
Table of ContentsBank of China..................................................................................................................................1Executive summary.........................................................................................................................1STP Strategy of BOC:.....................................................................................................................2Segmentation................................................................................................................................2Targeting......................................................................................................................................2Positioning...................................................................................................................................3Factors..............................................................................................................................................4Micro factors................................................................................................................................4Macro factors...............................................................................................................................5Analysis of Consumer Perception...................................................................................................6Marketing mix.................................................................................................................................8Product in the marketing mix of Bank of China..........................................................................8Place in the Marketing Mix of Bank of China.............................................................................9Price in the Marketing Mix of Bank of China...........................................................................10Promotion in the Marketing mix of Bank of China...................................................................10Conclusion.....................................................................................................................................11References......................................................................................................................................111
Executive summaryBank of China Limited is considered as one of the major state-owned commercial bank ofchina which was established in 1912. It replaced Imperial Bank of China with the help ofRepublican Government. It is the ancient bank in china which is still in existence. Till 1942,Bank of China issued banknotes on behalf of the government along with another bank such asCentral Bank of China, Farmers bank of china and Bank of communications. In this report,we will study about the marketing plan of Bank of China and also its success factors. Thiswill help in analyzing the perception of consumers towards the financial services of BSC.Bank of China has many subsidiaries like BOC Hong Kong (Bell, 2013), BOCG Insuranceand other financial institutions, and BOC International. All these subsidiaries of the BOCprovide a broad range of superior financial services to corporate customers and individual aswell as different global financial institutions.From the past few decades, Bank of China has played a significant role in the financialhistory of China. It was established by the approval of DR. Sun Yat-Sen. In its 36 Years, thebank served as the international exchange bank, central bank and specialized foreign tradebank exclusively. During 1948, it was recognized as the state-designated foreign exchangebank. Bank of China builds its strategic positioning in the market by building a new strategicplan which was permitted by its Board of Directors in March 2010 (Chang, 2012). The mainaim of Bank of China behind building strategic positioning is to be a big multinationalbanking group based on combined and varied cross-border business platform, with a centralbusiness of commercial banking. Effective strategic positioning enables the bank to be agrowing internal bank delivering excellence and better quality services to its customers.2
STP Strategy of BOC:SegmentationMarket segmentation is the process of viewing a heterogeneous market and also known as aprocess of dividing a market into similar product needs and smaller groups, for the motive ofchoosing appropriate target markets. Bank of China has segmented its market on the basis ofindividual and institutional clients. Segmentation on the basis of Institutional clients enables acloser match of corporate resources as per the segment requirements. By segmenting it alsohelps in enhancing the customer satisfaction level because it identifies the requirements ofcustomers in an appropriate way. Apart from this it has also adopted the gender-basedsegmentation which helped BOC in adjusting its communications policy to the degree towhich the customers can understand the composite nature of financial services. Recently,men are the target segment of the Bank of China as women are viewed to be less confidenttowards the financial services offered by the Bank of China. Segmentation strategy followedby the BOC enabled it to enhance customer retention because the customers feel like they arethe part of the organization (Hassan, 2012). Large customer satisfaction is provided by BOCthrough which it can easily foresee changes in buying behavior of the target market.TargetingTargeting process is known as a proactive selection of a suitable market segment. The targetmarket of Bank of China is Small and medium corporate clients or private individuals. BOCfollow different targeting strategies to target its potential customers. Overall marketing effortof BOC is concentrated on the multi-market segment. Multi-market segment means Bank ofChina is dealing with different products and services like credit services, deposit services,loan services and various others. This strategy is chosen because it provides increased levelof satisfaction to its customers by satisfying their different needs. Multi-segment market3
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