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Commonwealth Bank Marketing for Manager

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Federation University Australia

   

Added on  2020-05-28

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Marketing for manager 10 RUNNING HEAD: Marketing for manager0 Commonwealth bank Marketing for manager Contents Service Introduction 2 Product/ Market orientation 2 Value proposition and differentiation 3 Customer’s need, want and demand 4 Factors influencing buying behaviour 6 Nature and level of competition 7 Conclusion 8 References 9 Introduction Commonwealth is an Australian bank having business across US, UK, New Zealand, Fiji and Asia. The bank provides financial services such as funds management, institutional and retail banking, superannuation, investment, insurance, and share bro

Commonwealth Bank Marketing for Manager

   

Federation University Australia

   Added on 2020-05-28

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RUNNING HEAD: Marketing for manager 0COMMONWEALTH BANKMarketing for manager
Commonwealth Bank Marketing for Manager_1
Marketing for manager 1ContentsIntroduction...........................................................................................................................................2Product/ Market orientation...................................................................................................................2Value proposition and differentiation....................................................................................................3Customer’s need, want and demand......................................................................................................4Factors influencing buying behaviour...................................................................................................6Nature and level of competition.............................................................................................................7Conclusion.............................................................................................................................................8References.............................................................................................................................................9
Commonwealth Bank Marketing for Manager_2
Marketing for manager 2IntroductionCommonwealth is an Australian bank having business across US, UK, New Zealand, Fiji andAsia. The bank is one of the recognised brands in Australia. It was established in 1911. The headquarter is situated in Sydney. It is a leading provider of financial services. The bank provides financial services such as funds management, institutional and retail banking, superannuation, investment, insurance, and share broking products (Abeza, O’Reilly & Seguin, 2017). Commonwealth bank listed on the Australian stock exchange in 1991 and is the largest Australian listed company as of 2015. Product/ Market orientationThe Commonwealth Bank offers a huge variety of products and services to customers such assaving accounts, credit accounts, transaction and loans. The bank has a large network of ATMs. It also offers services to people who are planning to shift to Australia. The business banking products offered by bank are: Business accounts: The accounts available by the bank include Business transaction account, Premium business cheque account, Farm management deposit account and business online saver. Business credit cards: The Commonwealth Bank has a large variety of credit cards designed for businesses, Platinum credit card, Interest free rate card, Low rate card and the Business awards. The Platinum credit card allows a business to earn 3 flyer points for every dollar spends on the purchases such as supermarkets, petrol stations and departmental stores. The bank offers corporate credit card especially for large companies (Huang & Sarigöllü, 2014).Business loans: The bank offers loans for reinvestment and expanding business, as per the suitability of business. The range of loans include Better business loan, Bill facility, Business overdraft, Market rate loan, CommSec margin loan and Business line of credit. The bank also offers loan for car equipment and finance, credit cards and bank guarantees (Järvinen & Karjaluoto, 2015).Merchant services: The merchant services are used by the business to accept payments through EFTPOS machines. The bank offers range of portable payment processing machines such as Leo, Albert and Emmy. The bank also offers 24X7 support service.
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Marketing for manager 3Asset finance: The bank makes available car and equipment finance with payment plans. These are designed according to suitability of cash flow of business. A businesscan choose equipment finance, car finance, medical equipment finance and technology equipment finance (Bianchi & Mathews, 2016).Investments: The bank offers short, medium and long term investments which helps a business to cover cash flow shortfalls and to expand business. These investments havegreat role in building wealth for future. International money management: A huge range of services is offered by the bank to deal with international business transactions, like products for importers and exportersand international payment solutions. Insurance: The business insurance products are available by the Commonwealth bank.It includes life insurance, wholesale life insurance, business overheads cover, vehicle insurance and income protection packages (Levy & Cohen, 2016). Superannuation: The bank creates super solutions as per the need of business and has also options of employer superannuation and self-managed super fund. The products include self-managed super fund, essential super and first choice employer super fund. Value proposition and differentiationValue proposition is what a business does and how well is performed. Value proposition is a statement used by bank to explain how their product solves problem of customers and why a customer should buy product or service (Arnett & Wittmann, 2014). Value proposition is a chance to engage with customers. Integrity: The commonwealth bank believes in integrity. It is the most important valueproposition of bank. Integrity means saying and doing what is right for customers, people, community and shareholders. Collaboration: The bank believes in working as one team. The bank has a strong record in delivering value to customers and shareholders. It has more than 52,000 employees working as a team.Excellence: Commonwealth bank believes in excellence which means doing best. It isnot about only having mind set. The bank is constantly trying to do best and deliver world class service.
Commonwealth Bank Marketing for Manager_4

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