The river immediately upstream

Running head: MARKETING
Westpac
Marketing
Report 2
9/8/2019

MARKETING 1
Table of Contents
Task 2.........................................................................................................................................2
Introduction................................................................................................................................2
Brand Positioning...................................................................................................................2
Perceptual mapping............................................................................................................3
Consumer Adoption Process..................................................................................................3
Marketing Mix.......................................................................................................................6
Conclusion..................................................................................................................................8
References..................................................................................................................................9

MARKETING 2
Task 2
Introduction
The aim of this report is to discuss how Westpac Bank is making efforts to maintain its brand
positioning in the Australian market while dealing with intense competition from other
leading banks in the industry. Besides this, the paper is also presenting a discussion regarding
the customer adoption process in order to identify the steps that a customer takes to finally
adopt or reject the product or service. In addition to this, the paper is also discussing about
the strategies used by Westpac related to product, price and promotion for encouraging
customers to purchase the services.
Brand Positioning
Brand positioning refers to the reason of the target audience to purchase the product of
business in preference to others business products. It confirms that the brand activity holds
the common aim that is directed and delivered by offering reason to purchase the product and
it concentrated at every aspect related to the customer (Da Silveira, Lages and Simões, 2013).
In case of Westpac’s insurance service, it is placed at the fourth position in the list of top
Australian Banks after Commonwealth bank, Australia and New Zealand Banking Group,
and National Australian Bank. However, for the past few years Westpac Bank was lacking
behind from other banks in regards to the consistent brand identity. In order to improve this,
in the year 2012 the company announced its expected new brand positioning and issues its
initial campaign from the DDB Australia, when the agency was hired by the business. This
brand positioning campaign helped in emphasizing on the 196 year history highlighting it as
the first bank and company of Australia (Ma, 2012). The company has introduced an
advertisement of full page in the metropolitan and national newspaper along with promotion

MARKETING 3
with the help of digital marketing and forthcoming cinema advertisement. By focusing on the
brand’s heritage the campaign was designed and represent brand as the “supporting”
Australia from the main infrastructure projects to individual goals. Further, the other
competitors of the company has also selected the banking service as their niche to target
increased customer base, however, their insurance services are also preferred by the
customers in the market.
Perceptual mapping
High Brand
Identity
High
Service
Low Brand
Identity
Low
Service
Commonwealth
ANZ Bank
NAB
Westpac Bank

MARKETING 4
Consumer Adoption Process
The consumer adoption procedure is comprised of 5 stages also known as mental process by
which customer go through by accepting the product from gaining knowledge regarding the
service or product to be a happy and loyal user or to reject the service entirely (Yousafzai and
Yani-de-Soriano, 2012). The five stages from which the customer of Westpac bank moves is
explained below:
Product Awareness Stage –The introduction of the product in the market and making target
market know about the product is said to be the initial stage of the Consumer Adoption
Procedure. Businesses are involved in investing huge amount in informing customer and
consumer (Dijken, Prince, Frey and Mussati, 2012). Generating awareness of the product or
brand is essential for the business’s success. Westpac Bank is one of the leading banks of
Australia which uses several promotional tools for increasing the awareness related to its
insurance services such as videos, advertisement campaigns, television campaigns, images,
banner, etc.
Product Interest Stage – At this second stage of the adoption procedure the customer gets
aware about the service or product, the benefit it offers, its exclusive features, and the main
producer of the service. Maintaining the customer interest in the product is very important for
the business (Nijssen, 2014). Therefore, businesses make use of promotional channels that
can easily target the audience. For instance, Westpac Bank introduced its campaign in the
year 2012 for increasing the brand identity and customer interest to be the leading bank of the
country.
Evaluation Stage – The procedure of customer examination, evaluation and assessment of the
product takes place before taking the decision of purchase. The behaviour of the customer
differs in terms of intensity as per the need, price, and feature of the product and the value

MARKETING 5
that is delivered by the product. The customer conduct research for identifying the
information related to the product and the available brand in the market (Adams, 2019). The
target audience of the Westpac Bank’s insurance evaluate the services by comparing the
insurance services of the competitors to know the benefit they will get from the services. This
stage is very crucial for the customer as well as business. It becomes very important for the
business to convince the customer to purchase its services hence, Westpac make its maximum
efforts such that customer make the purchase decision.
Trail Stage – This stage of the customer adoption procedure, the customer gets involve in
giving a trial to the service. Here, the customer uses the service on the trial basis. Trying the
actual service helps customer in taking a better decision and avail the benefits. The customer
of Westpac insurance service can give a trial by first taking the insurance of their vehicle
which will help them in taking the decision of the adoption or rejection.
Adoption/Rejection Stage – At this stage, the customer takes the decision of adoption or
rejection of the service. This stage is the most vital stage in the entire procedure as businesses
wish the customers to completely accept the service and use it. The customers of Westpac
insurance service get the maximum benefits from the business while availing the service by
taking the decision of purchase.
Marketing Mix
Marketing mix is the set of actions that is adopted by the business for the promotion of its
brand and services (Mintz and Currim, 2013).
Product – Product is something that is offered to the customer by the business to meet their
demand. Westpac is considered to be one of the leading financial institution and bank in the
Australian market. The company is known in the market for offering services in around 3
categories that are Corporate, Business, and Personal. The Personal category is comprised of

MARKETING 6
home loans, insurance, bank accounts, personal loans, Travel Centre, etc. In the category of
business, the company offers bank account, business loans, industry specific banking,
merchant services, Savings, Business credit cards, insurance, etc. Besides this, under the
category of corporate the bank offer transactional banking, trade and supply chain finance,
Corporate & Institutional banking, financial markets, etc. (MBA Skool, 2019). All these three
categories make the product strategy of the Westpac Bank. In consideration to the insurance
service, the company offer different types of insurance like business insurance, vehicle
insurance, general insurance, etc.
Price – The price is the amount or price charged by the enterprise in exchange of the service
or product offered to the customer. As discussed above, Westpac has gained the fourth
leading place in the Australian industry which reflects that it deals with intense competition
from the other three bands that are Commonwealth bank, Australia and New Zealand Bank,
and National Australia Bank Ltd. Hence, Westpac bank has adopted the competitive pricing
strategy for its insurance services under which it charges similar prices from its customers to
the competitors (Noe, Hollenbeck, Gerhart and Wright, 2017). Westpac adopts different
insurance packages and policies that offer huge benefits to the customers.
Place – Place is also called as the point of sale where business offer its services to the
customer. Distribution strategy is also considered under this element of the marketing mix.
Westpac Bank has number of branches in different towns and cities of Australia as well as
New Zealand and even in different regions across the globe. The company holds different
ATM branches in the different regions that can be used by the customer of the company
wherever required (Cameron, 2014). Westpac offer its insurance service on offline as well as
online platform along with other services such as mobile banking, net banking, etc.

MARKETING 7
Promotion – Promotion is the strategy adopted by the business for the marketing of the
services and product to make customer aware and increase brand identity. Westpac is one of
the businesses that give major priority to the marketing of its services. The company uses
promotional mix tools to make people aware of the services. Some of the promotion
strategies used by the Westpac Bank are discussed below:
Offers and Campaigns – The Company is involved in offering different special offers as well
as schemes related to loans and insurance.
The bank also markets its services and products by offering special prize draws to its
customers. The website of the company reflects the name of the winner after each prize draw
(Johnston, 2012).
Television Advertisement – On the regular basis, Westpac is involved in designing different
and creative TV commercials for increasing the knowledge of the customer related to its
services like insurance. The very recent advertisement of the company concentrated on its
200 years history by highlighting that it supports Australia and the resident of the country
(Gouveia, 2019).
Media Centre: The media centre of the company offer Media releases, video, podcasts, latest
releases, insights, and image library
YouTube as the social media platform is used by the Westpac through its personalized
channel where it promotes its services.
Digital Marketing is also used by the ban by getting engage with the Search Engine and
Social Media marketing. Besides this, the company gets involve in the Mobile Application
and Email marketing.

MARKETING 8
Sponsorship is considered to be the major tool of promotion for Westpac Bank for the
promotion of its services like Insurance. Some of the sponsorships are sports sponsorship,
community sponsorship, Arts sponsorships, agriculture sponsorship, and Business
sponsorships, etc.
Conclusion
The above report has discussed about the brand positioning and the strategies that Westpac
Bank adopted for the promotion of its insurance services in the Australian market. From the
above discussion, it could be stated that the Westpac Bank is the fourth leading bank of
Australia by offering its best and effective services to the customers. In addition to this, the
marketing strategies such as promotion strategy has supporter the company in gaining the
leading position through campaign.

MARKETING 9
References
Adams, R. (2019) Practical Customer Success Management: A Best Practice Framework for
Rapid Generation of Customer Success 1st ed. U.S: CRC Press.
Cameron, N. (2014) Westpac customer marketing chief: Social is a great way to start
conversations [Online]. Available from
https://www.cmo.com.au/article/547846/westpac_customer_marketing_chief_social_great_w
ay_start_conversations/ [Accessed 7 September 2019]
Da Silveira, C., Lages, C. and Simões, C. (2013) Reconceptualizing brand identity in a
dynamic environment. Journal of Business Research, 66(1), pp.28-36.
Dijken, K.V., Prince, Y.T.J., Frey, M., and Mussati, G. (2012) Adoption of Environmental
Innovations: The Dynamics of Innovation as Interplay between Business Competence,
Environmental Orientation and Network Involvement 2nd ed. Germany: Springer Science &
Business Media.
Gouveia, M. (2019) Westpac unveils first work since the royal commission [Online].
Available from https://www.adnews.com.au/news/westpac-unveils-first-work-since-the-
royal-commission [Accessed 7 September 2019]
Johnston, E. (2012) Westpac outlines strategy to increase market share [Online]. Available
from https://www.smh.com.au/business/westpac-outlines-strategy-to-increase-market-share-
20120415-1x1nd.html [Accessed 7 September 2019]
Ma, W. (2012) Westpac launches new brand positioning [Online]. Available from
http://www.adnews.com.au/adnews/westpac-launches-new-brand-positioning [Accessed 7
September 2019]

MARKETING 10
MBA Skool (2019) Westpac Marketing Mix (4Ps) Strategy [Online]. Available from
https://www.mbaskool.com/marketing-mix/services/16840-westpac.html [Accessed 7
September 2019]
Mintz, O. and Currim, I.S. (2013) What drives managerial use of marketing and financial
metrics and does metric use affect performance of marketing-mix activities?. Journal of
Marketing, 77(2), pp.17-40.
Nijssen, E.J. (2014) Entrepreneurial Marketing: An effectual approach 1st ed. U.S:
Routledge.
Noe, R.A., Hollenbeck, J.R., Gerhart, B. and Wright, P.M. (2017) Human resource
management: Gaining a competitive advantage 2nd ed. New York: McGraw-Hill Education.