Detailed Comparison: Marketing Mix Strategies of VISA and MasterCard

This report provides a detailed comparative analysis of the marketing mix strategies employed by VISA and MasterCard. It begins with an introduction to the marketing mix, explaining its 7Ps: Product, Price, Place, Promotion, People, Physical Evidence, and Process. The report then compares VISA and MasterCard across these seven elements, examining their approaches to product offerings, pricing strategies, distribution channels, promotional activities, customer service, operational processes, and physical presence. Furthermore, the report evaluates the different strategies adopted by both companies, offering recommendations for MasterCard to consider diversification and targeted promotional efforts. Finally, the report includes a marketing plan for Visa's new product, VisaWear, detailing its organizational overview, vision, mission, strategic objectives, product offerings, market analysis, segmentation, targeting, positioning, marketing mix elements, and a comprehensive marketing budget. The report concludes with a list of references used in its creation.

Marketing Essentials

 Introduction
 Comparison of Application of Marketing Mix of Different Organisations
 Evaluation of Different Strategies Adopted by VISA and Master Card
 Visa's Marketing Plan
 References
Table of content

Marketing Mix can be defined as the set of actions, or tactics which are used by the organisations in order
to promote their brand or product in the marketIn other words, it can also be defined as the process by
which the companies provide their customers with the right product, in right time and at right place. The
adoption of this strategy is important for the companies in order to get success and capture market share
so that they may earn sufficient profit for their survival and growth.
Introduction

Marketing Mix contains 7Ps named as Product, Price,
Place, Promotion, People, Physical Evidence and Process.
These are the 7Ps of Marketing Mix which hare being
discussed below. The comparison in the marketing mix
will be made in between two companies named as VISA
and MasterCard. The explanation of the comparison in
between these two companies are mentioned below:
Comparison of Application of Marketing Mix of Different
Organisations

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Factors Visa Mastercard
Product The company is having its presence globally and is
providing credit, debit and prepaid card facility to their
customers. In addition to this, the company is also
providing their customers with facilities such as
electronic fund transfer throughout the world. The
strategy adopted by the Product Expansion.
MasterCard is a Financial Service provider
which is based in the United States of
America with a global outreach. As
marketing oriented company, it is focused on
adding more value for customers in order to
give them a priceless experience with the
hope of retaining them.

Basis Visa Mastercard
Price In order to set a price for the products
and services offered by the company it
has made contracts with the banks and
along with this it charges fees as per the
transactions done by the customers
MasterCard provides their customers with both the
economical and premium level services and the
prices of the services of the company are directly
proportionate to the features the customers wants
and having in their cards. In addition to this, the
pricing strategy has also been adopted by also
considering the competitors prices
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Basis Visa Mastercard
Place The Place or distribution strategy of the
company depends completely upon the
banks. As the company is having
associations with financial institutions. It
has increased the access of customers to the
services of the company across the world
The distribution strategy adopted by the company is
more focused on the online services. It had made use
of online services as a distribution strategy in order to
connect their customers with the services provided by
the company.
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Basis Visa Mastercard
Promotion The business of VISA is also serving
to a lot of people across the world.
So it also becomes important for the
company to not to depend upon only
one type of promotional strategy, but
to adopt more as per the analysis
done on target customers.
Due to enlarged existing operations of the business, it has
also become difficult for the company to make choice of
the promotional strategies to be used in order to enhance
the knowledge and sales of the products and services of
the company.

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Basis Visa Mastercard
People People can be defined as the personnel required in
order to complete the day to day activities of the
company. It includes the focus created by the
company on different groups of people such as
employees, management, culture and customer
service.
MasterCard has created its focus and adopted
the core strategy to sustain in the competitive
world is by making continuous improvement
and increased commitment of employees
towards the work.

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Basis Visa Mastercard
Process It is important in case of service industries
that they should provide evidence to their
customers about the delivery of the
service. For example, the company is
having its headquarters at California, in
USA. In addition to this, the company has
also its presence in San Francisco and
Texas. The company is having its clients
and customers all over the world.
The company is providing the best in house
facilities and up to date infrastructure in all its
offices. Like VISA, the company has also set up
their offices across the world in order to facilitate
their customers with their issues and also to
provide the employees with the best workplace
so that they could deliver the best service for the
company.

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Basis Visa Mastercard
Physical Evidence The main concern in this part is about
the delivery of services and how they
are delivered. These are mainly
concerned with the service industries.
In case of VISA, the company has
made its associations with other
financial institutions with the help of
which VISA makes the delivery of the
services possible in the best way.
MasterCard is also having some processes in
the place which helps the company in
maintaining good relationship with the
employees, customers and investors. It helps
the company in maintaining long term
sustainability and growth of the company and
also helps in keeping their employees
motivated for a long period of time.

 As the MasterCard is making use of Product Development as product strategy in the marketing mix.
So it is recommended to the company to make use of diversification strategy as well. This will help
the company in increasing their customer base and also the source of income. The already established
brand image of the company will help in the diversification of the company.
Evaluation of Different Strategies Adopted by VISA and Master Card