Marketing Mix and Strategic Analysis

This assignment requires a comprehensive analysis of diverse marketing strategies and concepts. Students must delve into the fundamental elements of the marketing mix (product, price, place, promotion), exploring their individual roles and interrelationships within a strategic framework. The task involves applying these concepts to real-world examples, demonstrating an understanding of how businesses utilize marketing tools to achieve specific objectives.

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Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
INDIVIDUAL RESEARCH REPORT ...........................................................................................1
Company Overview....................................................................................................................1
Segmentation...............................................................................................................................2
Targetting....................................................................................................................................3
Positioning...................................................................................................................................4
Product market orientation..........................................................................................................4
Company's value proposition and differentiation.......................................................................5
Customer needs, wants and demands..........................................................................................5
Factors influence buying behaviours..........................................................................................6
Nature and level of competition..................................................................................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
The present report is based on Maybank (Malayan Banking Berhad) is publicly traded
company which is based on Malaysia. This company has revenue and income in Billion and they
are trading in banking sector at large level. Maybank has main focus on customers need and
wants and they are effective to adopt various measures in this regard. In the present report, there
is an explanation regarding May-bank's product and market orientation, value proposition and
differentiation, needs and desire of its users, factors that have impact over buying behaviour,
competition etc.
TASK 1
INDIVIDUAL RESEARCH REPORT
Company Overview
Maybank is a largest bank of Malaysia and as well as South East Asia, they are having a
net worth of US$165 Billion. It is a public listed company and it was founded by Malaysian
businessman Khoo Teck Puat and this bank had made a huge gro0wth in it's market and had
grew 150 branches with in 3 years (Kim & Ko, (2010)). Now it has approx 2400 branches in all
over world and providing employability to more than 43000 employees. Currently in the
Malaysia they are having three main sector, consumer, business and corporate but they are
having a main focus on personal banking. They have 393 branches in the Malaysia to provide
their services efficiently. So it is a leading bank of this nation and it has ranked in 35 th in top
bankers of world so they are having a proper focus to provide a proper customers satisfaction to
their service users.
Malaysia is a third largest economy of South East Asia and they are managing their
continuous growth at 7% from last 10 years (Chen, Fay & Wang, (2011)). Tourism is main
economic development cause for the country and most of the people are engaged in this sector so
they are having huge need of financial support. So most of the banking sector organisations are
providing their services accordingly.
Segmentation
It is essential for a company to make a market segment by which they can make a better
product for their targeted customers and by which they can provide a better services to improve
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their customers satisfaction level. Objective behind making segmentation is to allow marketing
programmes to focus on a particular area by which a company can increase their sales. By this an
organisation can identify what are the needs of a particular market segment by which they can
develop their products by covering these all needs in their products (Erdoğmuş & Cicek, (2012)).
It is the process to divide market into groups so that the needs and wants of different people can
be fulfilled. This bifurcates the large unit into small portion that has more and less similar
features. There are different ways of market segmentation, Maybank can divide their in these
segments which are;
Geographic: According to this base a company can make their market segments on the basis of
states, city and different geographic conditions (Ernst, Hoyer & Rübsaamen, (2010)).
Psycho graphic: In this section a company can consider life style, values and personality of
targeted people, on the basis of this company can make their market segment.
Behavioural: An organisation can maker their market segment on the basis of the behaviours of
their targeted customers.
Demographic: It is one of the way to segment that market so that organisation can identify the
need of different people.
Maybank has used demographic basis to segment their market and they have make
segment on the basis of age, gender, salary, profession, education, religion, race and family size.
Age is a major factor and on the basis of this bank has made their service packages in insurance
(Kaplan, (2012)). They can make an insurance plan which can cover all type of medical bills for
those people which are around the age group of 45-70.
The Maybank can make their packages on the basis of religion because people has a huge
differentiation in between the needs of the customers regarding to purchase according to
religious festivals. So the bank can use these two approaches which can help to them to make a
better change in to market.
Targetting
It is a section in which a company use media tools to communicate about their products
in their targeted market. So it is essential for the organisation to use those media tools which can
help to make a better promotions and communication about their products and services in 5their
targeted market (MacInnis, (2011)). So it is essential for them to use appropriate medium to
communicate about their different types of services to their targeted market. Targetting contains
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three basic strategy by which an organisation can target their customers which can help to them
to increase their customers data base for their products and services. These are differentiated,
undifferentiated and niche marketing which are described under here:
Undifferentiated: This is a targeting strategy in which a company can target their whole
customers by using a same way of communication, like: Maybank can target their all customers
by using television advertisement.
Differentiated: This is a strategy in which company has to set or use different communication
tool for each and every type of market segment by which they can make a better communication
in their targeted market. By using this strategy company can simply their product according to
suitability of their customers (Farris & et. al. (2010)). Some of the customers of the Maybank
does not know English so they have to promote their products and new service packages in to
their locale language by which they can make a better communication and increase their number
of customers for their segmented products.
Niche: This targeting strategy which is mainly having target on a particular targeted customers,
each segment also has different types of customers so this targetting strategy will target on them,
so by this Maybank can target each of the customer.
Differentiated targetting strategy will be suitable for the Maybank so they have to analyse
that which market can provide them a better profits and revenues. Now it is required for the
Maybank to move from traditional tools of advertisements to smart tools which can provide a
them a better way to communicate with their customers which can help to them to make a better
business in the market (Weinreich, (2010)). As they have created market segment on the basis of
age factor so they have to use to promote their business which can help to promote their banking
plans in older people. They have to use print media for those people which are having banking
needs and mainly for those people which are continuously using the newspaper and other print
media to be aware about informations.
Positioning
It is a final step of this process which is an essential part of this, it has a focus on the
views of the customers about their products and effectiveness of the products as compare to
competitors (Krishna, (2012)). Three main strategies are available in this which are;
Functional: Maybank can use this strategy to provide a proper customers satisfaction by
providing products and services which can full fill consumers desires.
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Symbolic: It is based on the company's value which can full fill customer needs.
Experiential: It is developed on features of the brand which establish an emotional connection
with the product or a service.
Functional positioning strategy will surely help to Maybank to analyse their competitive
advantage which can help to company to make a proper analysis up on their services. By this
company can provide a proper customer satisfaction to each of their customers. By using this
company can communicate in a better way which can help to them to makes a better products
and services.
Product market orientation
Most of the companies are having focus on their market so it is essential for the company
to make their products better which can help to them to interact more and more customers in a
short time of period. Maybank has to use product market orientation by which they can make a
better change in the number of customers. As they are having different types f market segment so
it is essential for the company to make a better segment satisfaction by changing in their services
so they have to make a better communication about their new services to improve their
customers data base (Ho & Dempsey, (2010)). One more thing is that they have to use different
types of communicational tools, most of the companies which are working successfully in their
market are using this approach. Variation in age can be considered by the bank which can help to
them to provide a proper customer satisfaction, they can make a better application for banking
activities for their users which can help to them to make a better and easy transaction of cash.
Most of the old aged people got confused while using this so it is essential for the organisation to
develop this type of application which can help to their targeted customers to use their banking
services in an easy way.
Company's value proposition and differentiation
As cited organisation is making their services as per the customer needs so they are
providing maximum customer satisfaction by this. Maybank is providing their services by which
their customer can use their services easily (Hinz & et. al. (2011)). So they are taking this on
priority that their applications are having a local language which can help to their targeted
customers can use easily their services. One more thing is that the cited organisation has made
their services as per the needs the customers, like; they are providing insurance to their
customers according to age group, for old age of people are having a huge needs of medical
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claim which are included in to their bank accounts (Martin, & Schouten, (2011)). So these are
some basic facilities which are provided by the organisation to it's customers which can help to
them to make a better business. Differentiation can be considered on the customer satisfaction
that another organisation which are working in the same sector are not providing similar services
and communication channel with service provider but Maybank is different from them and they
are having a huge focus on the customer satisfaction by analysing their needs. So this
differentiation in their services can help to company to take a competitive advantage which can
help to them to lean on the market. As Maybank is already a market leader so it is essential for
them to make a proper change and in it's products and services which can help to them to make a
better business retain old customers and as well as to add new customers.
Customer needs, wants and demands
Firstly to identify the differences between need, want and demand:
Need are the fundamental basis of human existence. They can”t live without this factors. Food,
water and other factors are necessity of survival. Drink is the basic fundamental need of human
being. For example when a customer see any advertise relate to drinks they immediately
purchases. There are various needs that a may bank has fulfil of their customers.
Wants: wants are similar to needs but this is not important part of human life. Wants are
changing in every period of time. People want are changing as per culture and environment.
Wants are sometime specify for environment (De Mooij, 2010). This may be culture to culture
basis.
Demand: The demand means when a person at the same time want a particular product and able
to purchase it , then it is known as demand. Companies are consider their customer buying patten
according to that they produce products and service. So Maybank has consider all wants and
need of customers according to that they delivered services.
Factors influence buying behaviours
There are five factors which affects the consumer behaviour:
Internal and psychological factor: The buying behaviour of customers are affected this factor.
These elements are motivation and perception. Motive relater to buying behaviour means
individual enhance their satisfaction level through purchasing something (McDonald & Wilson,
(2016)). In perception, every person have five senses that is smell, touch, hearing, taste ,and
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hearing. Sometime the information exist in brain it does not provide the complete vision of
world.
Social factor: There are various social factor that affect the buying behaviour:
Family: This will create the person attitude, characteristics, and decision making process
involved buying process of goods and services at marketing point of view.
Reference group: A two or more persons who share their beliefs and attitudes , it help to market
their relationship behaviour interdependent (Dávila, 2012). they affect the individual behaviour
directly and indirectly.
Culture factor: Individual are much dependent on their culture values and beliefs. This affect the
consumption pattern and decision making pattern. Culture has change over time , sometime it
tend to be slow, sometime it tend to be high. Buyer behaviour also ascertained on the basis of
society in which they belong.
Economic factors: Economic factors are also affected the buying behaviour of customers in term
of income of people, saving, consumer credit and many other factor.
Personal factor: Personal factors also influenced the buying behaviour of customer in term of
age, occupation and their life style. Individual taste and preferences has changed according to
their lifestyle.
Nature and level of competition
It has been noticed that every sector now a days have to follow some or the other level of
competition in the market. It is because there are so many companies working with same interest
and mission. Theretofore, it is essential for any company to be more aware about the nature and
level of competition in the market (Sheth, (2011)). In context of Maybank, it can be very well
estimated that there are a number of competitors presented in the market. In this regard, it is
necessary for the company to be more specific about nature of competition. This can be defined
as the way by which intensity of competition can be measured. As some point, the level of
competition can be rigid and in the next moment it can become easy to handle competition
(Armstrong & et. al. (2014)). As Maybank is one of the leading brand in the name of banking
sector that is why, it is important for the company to be aware about its major competitors.
For the purpose of determining nature and level of competition, Maybank have to
conduct a detailed market research and in this way it can beat all their competitor with most
effective manner.
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CONCLUSION
The above presented report has been concluded about marketing of Maybank, market
segmentation will be beneficial for them to develop their services for them. Differentiated
targetting support to company to make a better promotions for targeted customers to this report.
Customers needs and wants are essential for a company to make a proper satisfaction of them.
Competition is a process which helped to company to make a better product and take this as an
advantage.
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REFERENCES
Books and Journals
Armstrong, G. & et. al. (2014). Principles of marketing. Pearson Australia.
Chen, Y., Fay, S., & Wang, Q. (2011). The role of marketing in social media: How online
consumer reviews evolve. Journal of Interactive Marketing, 25(2), 85-94.
Dávila, A.M., 2012. Latinos, Inc: The marketing and making of a people. Univ of California
Press.
De Mooij, M., 2010. Consumer behavior and culture: Consequences for global marketing and
advertising. Sage.
Erdoğmuş, İ. E., & Cicek, M. (2012). The impact of social media marketing on brand loyalty.
Procedia-Social and Behavioral Sciences, 58, 1353-1360.
Ernst, H., Hoyer, W. D., & Rübsaamen, C. (2010). Sales, marketing, and research-and-
development cooperation across new product development stages: implications for
success. Journal of Marketing, 74(5), 80-92.
Farris, P. W. & et. al. (2010). Marketing metrics: The definitive guide to measuring marketing
performance. Pearson Education.
Hinz, O. & et. al. (2011). Seeding strategies for viral marketing: An empirical
comparison. Journal of Marketing, 75(6), 55-71.
Ho, J. Y., & Dempsey, M. (2010). Viral marketing: Motivations to forward online content.
Journal of Business research, 63(9), 1000-1006.
Hoffman, D. L., & Fodor, M. (2010). Can you measure the ROI of your social media
marketing?. MIT Sloan Management Review. 52(1). 41.
Kaplan, A. M. (2012). If you love something, let it go mobile: Mobile marketing and mobile
social media 4x4. Business horizons, 55(2), 129-139.
Kim, A. J., & Ko, E. (2010). Impacts of luxury fashion brand’s social media marketing on
customer relationship and purchase intention. Journal of Global Fashion Marketing,
1(3), 164-171.
Kotler, P. & Hansen, T. (2016). Marketing management. Pearson Education Ltd..
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the human spirit. John Wiley & Sons.
Krishna, A. (2012). An integrative review of sensory marketing: Engaging the senses to affect
perception, judgment and behavior. Journal of Consumer Psychology, 22(3), 332-351.
MacInnis, D. J. (2011). A framework for conceptual contributions in marketing. Journal of
Marketing, 75(4), 136-154.
Martin, D. M., & Schouten, J. (2011). Sustainable marketing (p. 264). Pearson Prentice Hall.
McDonald, M., & Wilson, H. (2016). Marketing Plans: How to prepare them, how to profit from
them. John Wiley & Sons.
Shank, M. D., & Lyberger, M. R. (2014). Sports marketing: A strategic perspective. Routledge.
Sheth, J. N. (2011). Impact of emerging markets on marketing: Rethinking existing perspectives
and practices. Journal of Marketing, 75(4), 166-182.
Strauss, J. (2016). E-marketing. Routledge.
Weinreich, N. K. (2010). Hands-on social marketing: a step-by-step guide to designing change
for good. Sage Publications.
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ONLINE
Market Segmentation. 2011. [Online]. Available through: <
https://www.allfreepapers.com/Business/Market-Segmentation/9116.html>. [Accessed
on 1st August 2017].
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