Commonwealth Bank Marketing Strategy

This assignment analyzes the marketing strategy employed by the Commonwealth Bank (CBA). It delves into various aspects of their marketing mix including product offerings (e.g., mastercards, visa cards), pricing strategies (markup pricing, penetration pricing, price skimming), distribution channels (branches, ATMs, online presence), promotional activities (radio, television, newspaper ads, direct mail), and the importance of process innovation in banking operations. The analysis aims to understand how CBA effectively utilizes these elements to achieve its market share and customer engagement goals.

Running head: Common Wealth Bank marketing strategy
Common Wealth Bank marketing strategy
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1Common Wealth Bank marketing strategy
Marketing strategy for Common Wealth bank
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 market. 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

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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 tax return
claims and different gift and donations schemes for their company can be useful for overall
relationship building.

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Process
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).

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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).