Marketing Systems Theory of Westpac

Running head: MARKETING SYSTEMS THEORY OF WESTPAC
MARKETING SYSTEMS THEORY OF WESTPAC
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MARKETING SYSTEMS THEORY OF WESTPAC
Introduction
Westpac Banking Corporation is a bank in Australia that provides economic services to
the customers. The headquarters were established in the year 1982 and is located in Sydney,
Australia. It was created when the two banks namely the Bank of New South Wales and the
Commercial Bank of Australia merged together and created a single banking organization. It is
the fourth largest bank in the country of Australia.
Problems in Marketing Activities
It was the question on the integrity of the company, Westpac who are being marked in the
Banking Royal Commission has already sacked some of the employees of their service as they
have set up accounts on people’s name without the proper knowledge of the customer’s identity
and without exact credentials. This was done to achieve the bonus between the years 2013-2016
(Hutchens 2018). The staffs were in simulation to show deposit and withdrawal and that the
accounts were active
In the bank, there are a number of brokers for mortgage who provide the bank with all
sorts of fake knowledge and information at the time of submission of the home loan applications
like the fake account credentials or documents relation to the valid information which is related
to the foreign incomes, employment and accounts in the banking accounts (Tanzer,
Commissioner and Tanzer 2016). Westpac has an institutional business which did a blunder by
sending several statements of account serially. It did a mistake out of which a total number of
44,992 statements of clients from corporates were sent to the other cardholders’ address (Lees,
Winchester and De Silva 2016).
The marketing systems theory that are related to the Westpac and are affected by the
recent Banking Royal Commission are as follows,

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MARKETING SYSTEMS THEORY OF WESTPAC
Exchange logics
The exchange of logistics in the Westpac has been damaged after it was involved in the
scam which was announced by Banking Royal Commission. The company has compromised
with it suppliers and the buyers who existed in the external environment (McDONALD 2016).
The logistics flow has been hampered and therefore the company is facing the financial crisis
during the recent times. This has initially decreased the level of business by reducing the rate of
profit that came through the exchange of logics.
Flows roles
The business flows open ended structure and after it has been involved in Banking Royal
Commission after which the flow has become reluctant and the business model has attained a
slow pace. The flow has changed due to the rough impression created by all the blunders in the
work place and works assigned (Harmeling et al. 2017). The roles have changed within the
company. As per, the marketing systems theory the roles that the people who were in the
possession of authority committed the discrepancies.
Network
The networking seems to be the most important factor of the marketing in a company.
The network should be strong and the flow of information should be continuous and concrete in
the networking channels. Nowadays companies are solely depends on the factors of networking.
But after this incident, Westpac has lost many of the external stakeholders who have earlier
proved themselves to be some of the greatest networks ever in the marketing system of the
company (Harmeling et al. 2017). The suppliers seems to be so abrupt of increasing their prices
and even they show less interest towards taking orders from the company. This has led to a
serious problem for the company as they have not been able to speed the functions and