Competitor Analysis of Westpac Bank

Running head: MARKETING
Marketing
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Introduction
In the current business environment, there is high level of competition present in the
market and due to which it affects the growth of the companies in contrast to the competitors.
The main purpose of the competitor analysis is to analyze the strengths as well as weaknesses
of the different competitors within the market along with identification of the strategies
which will be providing the company with distinct competitive advantage. Moreover, the
barriers can be developed for preventing competition in entering in market and the
weaknesses can be exploited. The main purpose of essay is to identify the different
competitors present in market and analyze their impact on Westpac Bank.
Overview of Westpac Bank
Westpac Banking Corporation is one of the Australian banks as well as financial
services provider which is headquartered at Sydney, Australia. The company was
incorporated in year 1817 and the areas served by them is worldwide. The key people
involved in the processing of the different activities in bank includes Brian Hartzer (CEO),
Lindsay Maxsted (Chairman) and Peter King (CFO) of Westpac Bank. There has been
increase in the revenue of the company of A$ 22 billion till the year 2018 and the number of
employees employed at Westpac Bank is 35029 (Westpac.com.au, 2019).
Identification of Competitors of Westpac Bank
As per the different surveys, it can be seen that the major competitors of Westpac
Bank include Commonwealth Bank, National Australia Bank and Australia and New
Zealand Banking Group. As per the analysis of percentage of market share in the Australian
economy, it can be seen that the market share of Commonwealth Bank amounts to 2,600.5
crores AUD till the year 2018, Westpac Bank has 2,200 crores AUD of revenues till the year
2018, National Australia Bank’s share in the market amounts to 1,910.1 crores AUD till the

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year 2018 and Australia and New Zealand Banking Group’s revenue in the market is 2,107.1
crores AUD till 2018.
Analysis of Ways to Find Competitors
For competing in the market, it is essential to analyze and identify the level of
competition that can affect the growth and effectiveness in the market. There are different
ways through which the competitors can be identified which will be playing a suitable role in
understanding their position in market and it can be advantageous in cultivating their
efficacy.
Direct Competitors- It is considered to be the situation in which there are two or more
businesses which offer the similar kind of services which are essentially same in nature and
such businesses are competing in the similar market which is potential (Wu & Li, 2018). The
direct competitors can be identified from different online social media communities, feedback
from the different customer as well as market related research.
Indirect Competitors- It is considered to be the conflict between the various vendors
or the different services are not similar, however it helps in satisfying the same needs of the
customers. It is of huge contrast with the direct competition wherein the different businesses
are selling products or services which are essentially proved to be the same (Patrutiu-Baltes,
2016). The indirect competitors are identified by analyzing the Search Engine Optimization
Results Page along with search through keywords which assists the customers in
understanding the different competitors.
Listing and Ranking Five Direct and Indirect Competitors
Commonwealth Bank- It is the first major competitor of Westpac Bank as the bank
owes different brands such as Bankwest, Commonwealth Securities and Commonwealth
Insurance Limited. There are different products and services offered by the company which

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includes Mortgages, Credit Cards, Investment Management along with Corporate Banking.
The revenue or the market share of the Commonwealth Bank is higher than Westpac Bank
which attracts a greater number of customers in the market (Commbank.com.au, 2019).
National Australia Bank - It is the second main competitor of Westpac Bank as it is
one of the leading financial players with diverse range of products and services and it is
considered to be the Australia’s largest business in terms of assets (Nab.com.au, 2019). The
respective bank offers the customers with different kinds of services that includes
diversification of the portfolios for the different customers which makes them unique in terms
of providing services.
Australia and New Zealand Banking Group- It is the other competitor of Westpac
Bank which is largest business in terms of market capitalization and it helps them in
improving the growth of the same in the market of Australia that encourages them to improve
the market share and attract more investors in comparison to Westpac Banking Corporation
(Australia and New Zealand Banking Group, 2019).
Citi- Citi is one of the indirect competitors of Westpac Bank as the main aim of the
company is to provide affluent services to customers and deliver the different lifestyle related
benefits. There are different kinds of offers and discounts available for the different
customers that enhances the growth of the company in comparison to other competitors
(Citigroup.com, 2019).
Coles and Wesfarmers- These are the two other major indirect competitors of
Westpac Bank that are suitable in offering the customers with no annual fee credit cards and
rewards credit card and the credit cards which are suitable for different kinds of shoppers
(Wesfarmers.com.au, 2019).
Competitor Analysis Grid