Identifying Marketing Strategies for HSBC Bank Customer Satisfaction

This research project is a case study focusing on HSBC Bank's marketing strategies to achieve customer satisfaction. The report begins with an overview of the research, including its aims, objectives, and research questions, which center around identifying effective marketing strategies. It delves into the major factors influencing research project selection and provides a comprehensive literature review exploring marketing activities, green marketing strategies, and the banking sector's evolution. The study examines strategies such as free products, credit cards, and the incorporation of technologies, including online banking and green marketing initiatives. The research also covers the research methodology, data sampling, evaluation tools, data analysis, and recommendations for further study, culminating in a discussion of the findings and their implications for HSBC Bank's marketing practices. The project aims to understand the relationship between marketing strategies and customer satisfaction, emphasizing the importance of adapting to customer needs in a competitive market.

RESEARCH PROJECT

TABLE OF CONTENTS
TITLE .............................................................................................................................................1
TASK 1 ...........................................................................................................................................1
1.1 Overview of research........................................................................................................1
1.2 Major factors that contributes to the process of research project selection......................3
1.3 Literature Review ............................................................................................................3
1.4 Structure of the project ....................................................................................................9
1.5 Gantt Chart ......................................................................................................................9
TASK 2 .........................................................................................................................................10
2.1 Research Methodology ..................................................................................................10
2.2 Data Sampling ...............................................................................................................10
TASK 3 .........................................................................................................................................11
3.1 Evaluation tools and techniques ....................................................................................11
3.2 Data Analysis .................................................................................................................12
3.3 Recommendation and area of further study ...................................................................15
TASK 4 .........................................................................................................................................17
4.1 Covered in PPT ............................................................................................................17
REFERENCES .............................................................................................................................18
APPENDIX ...................................................................................................................................21

TITLE
To identify various strategies of marketing that are beneficial in achieving customer’s
satisfaction - A case study on HSBC Bank.
TASK 1
1.1 Overview of research
In this modern era each business organisation is widely concern on providing high quality
products and services to their potential customer in order to satisfying their needs and wants.
Customer’s satisfaction is an essential term in this modern society as there is huge competition
available for a single product or business and buyers are having variety of choices in respect to
fulfilling their basic needs and wants (Baker and Saren, 2016). The preference of each customer
are different from each other as some are concern towards the price of product and some are goes
with the quality of goods and they are not concern about the high and low price of good.
Marketing activities plays an effective role in attaining high position at market place. The present
research is based on the marketing activities of HSBC bank in the United Kingdom., the
activities regarding to the marketing natures and aspects of the firm has to be discussed and
analysed in order to gain the essential information for the accomplishment of the project (Rundh,
2013). The nature of the project is to develop the data and information for the marketing
activities of the bank in the United Kingdom.
Research Aim
This is the most essential part of research as the whole research work is based on the title
of the research and each activities are implemented as per the requirement of project. The
research aims of the project consist of several marketing factors that occur during the marketing
activities of the HSBC Bank. Aim consist as an essential target which are effective in completion
of research work in appropriate manner (Ewing and Hendy Qc, 2012). This provide a significant
direction to the researcher for in respect to accomplishing research outcomes through moving
forwards towards right direction. For this present research project the aim is to identify the
various strategies of marketing that are beneficial in achieving customers satisfaction. A case
study on HSBC Bank.
Research objectives
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This section of research is directly depend on the aim of the study as objectives are
created in respect to carry out all research activities in well planned and systematic manner.
Objectives are interlinked with the research aim as it helps in providing a significant direction to
researcher for conducting an effective section of literature review (Siu, Zhang and Yau, 2013).
Some effective research objectives are describes as under:
 To ascertain different strategies of marketing that are used by HSBC Bank in order to
attract customers.
 To analyse the importance of customers satisfaction in enhancing performance of firm.
 To determine the relationship between various marketing activities and consumer
satisfaction in HSBC Bank. To recommend various ways by which HSBC Bank can gain higher competitive edge at
market place.
Research Question
This considered as the most valuable part of research project as it helps in conducting the
whole research activities in well planned manner (Finn, 2011). These are directly connected with
the research objectives. The present research is based on the effectiveness of marketing strategies
that are beneficial for creating high customer satisfaction. Effective research questions are
evaluated as below:
 What are the major strategies that are used by HSBC Bank in respect to gaining attention
of customers?
 What are the importance of customer’s satisfaction in enhancing organisational
performance?
 How to determine the relationship between various marketing activities and consumer
satisfaction in HSBC Bank? What are the essential ways by which HSBC Bank can attain higher competitive edge at
market place?
Rationale of the study
The research into consideration helps in determining the purpose of research work and
the manner in which research is going to provide a relevant outcome for completion of research
work. This is an important part of research to analyse the major issue on which researcher need
to conduct various research activities (Borland and Lindgreen, 2013). Customer’s satisfaction
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can be considered as the most essential issue at market place. In this competitive era each
business organisation is focused on offering variety of products and services to their significant
buyers in respect to sustain them for long time. HSBC is concern on satisfying the needs and
wants of customers in order to attaining high competitive edge at market place. HSBC bank
apply various marketing strategies in order to gaining attention of large number of people
towards the offered products and services of firm. The research into consideration helps in
measuring the relationship between marketing strategies and customer’s satisfaction. Each
business firm is focused on adopting various innovative tools and techniques at work place so
that their productivity and performance can be enhanced. This may create value in generating
high consumer satisfaction (Shankar, Carpenter and Farley, 2012).
1.2 Major factors that contributes to the process of research project selection
The marketing activities are to be observed and analysed just to gather the required
information and details in respect to develop the project on the bank. Marketing strategies plays a
vast role in executing various operations at market place. HSBC is a popular bank who is
focused on providing high quality and fast services and products to their potential customers in
terms of attaining high profit and revenue (Balmer, 2011). HSBC follow various marketing
strategies such as promotional campaign, effective offers, high interest accounts, loan on less
interest, conducting CSR activities at work place in respect to satisfying the needs and wants of
customers. Among all the marketing strategy green marketing activities is considered as the most
effective strategy which is significantly performed by HSBC bank in the country of United
Kingdom. The green marketing can demonstrated as the marketing activities that are to be done
according to the need for achieving the level where the marketing activities will be accomplished
without producing any wastage of the resources (Sarin, Challagalla and Kohli, 2012). There are
various sources that contributes to the process of selection of research project. Research aim can
be considered as the most essential element which plays a vast role in carry out the research issue
in specific direction as to gaining proper and relevant outcome for the research work. Research
collect data and information form various sources such as primary and sources as to moving
forward towards right manner.
1.3 Literature Review
Introduction
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This section of research plays a vast role in conducting an in depth research through
applying various resources in order to gathering appropriate data and information which are
required for the research work (Furedi, 2013). This is an effective part of research and helps in
providing appropriate discussion that are connected with the view point of various writers and
authors. The literature review section consists of several key references that is to be identified
and discussed. The aspects of the literature review section consist of the marketing activities,
green marketing strategies and plans. The banking sectors can be stated as the common financial
service providers in the market comparing to other organisations. The HSBC bank is known to
be one the most essential banking sector, which provides different services, and facilities to its
customers, thus it can be stated that the firm has developed its brand image to higher level
comparing to other banking sectors. The concept of green banking will be emphasised in this
literature review and linked with HSBC bank. This section generates a foundation for the
investigator through providing data and information that are based on various perspectives of
authors and writers (Walsh and Bartikowski, 2013). This part of research helps in generating an
effective and valuable outcome for the completion of research work.
The major marketing strategies that are used by HSBC Bank in respect to gaining attention of
customers.
As per the view point of Galbreath and Shum, 2012, banking sector has been going
through different changes from last few years due to merging of large banks and strategic
alliances. Apart from this, the enhancement of legislative deregulation of the market and
reducing amount of state intervention is also the reason for these changes. The banking sector
has introduced different new services that are helpful to capture the wide area of market. In the
United Kingdom, HSBC is one of the largest and popular banks with different service for its
customers. The 150 years old organisation implemented different marketing strategies to serve
its customers better and for this reason, it becomes one of the largest banks in the world.
Marketing is a wide term and plays an effective role in achieving high growth and profit at
market place. Small as well as large business organisations are concern on adopting most
suitable marketing strategies in respect to gaining attention of large number of people towards
their firm and offered products. There are various marketing strategies which are used by HSBC
Bank in respect to providing satisfactory services and products to their potential customers, in
which some are describes as under:
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 Free products and offers: The customers can be attracted by providing free items from
the banks. Some banks offers gift coupons that helps to bring customers from different
other banks. Apart from this, some banks offer a small amount for opening up a new
account with them. In order to reduce the free items given away by the bank, it can
collaborate with different large retail chains or other brands and enter new customer’s
name for gift coupon or lucky draw (Gummesson, Kuusela and Närvänen, 2014).
However, the banks need to analyse its target customers to determine the types of free
items they can distribute. Credit Cards: HSBC design specialised credit card for different people such as for small
business directors, students and others. The credit card with lower interest rate and lesser
fees generally attracts more customers. Any cash back policy or rewards related to card
can be beneficial to get number of customers. Banks can encourage parents to create
accounts for their children to develop them as co-user of their parents’ credit cards. The
teen who already has a bank account are more likely to continue with that bank after
becomes adult or start earning. Incorporation of technologies: A lot of customers emphasised online banking by using
their smartphones or laptops because it saves time and energy. HSBC apply various
innovative tools and techniques at work place as this is effective in attracting large
number of customers. The online banking is helpful for the users to monitor their account
balance and transfer money from different locations. Apart from this, the banks can
provide information about its services to the accounts of the customers and also helps in
taking an effective decision regarding account management (Wu, 2011). Green Marketing: The green marketing is a new concept that refers to selling the
products or services an organisation based on the benefits of the environments. The
products or services developed by an organisation need to consume lesser energy and the
pricing, distribution and other related strategies need to contribute to this process. The
green marketing is a holistic process of management that identify, anticipate and satisfy
the demands of the consumers with a sustainable way (Hautsch, Schaumburg and
Schienle, 2014). The green marketing strategy in banking sector includes introducing
green services that reduces the use of natural resources. As example, the online service
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given by banks helps to reduce the use of papers. Therefore, it is an environment friendly
policy that can be implemented by the banks for sustainable development. CSR Activities: As a most popular and famous bank HSBC perform various CSR
activities at work place. It is more effective in gaining attention of customers and clients
towards their firm and offered products and services. HSBC bank conducts various CSR
activities in which promoting education, environmental sustainability, empowering
women, language and culture understanding are some essential activities. These all are
considered as the most appropriate tool of gaining attention of customers towards the
firm.
The importance of customers satisfaction in enhancing organisational performance
According to the opinion of Khan, 2012, Basically it concerned research with online
banking services in HSBC, UK and the customer satisfaction towards their services and because
of continuous growth of internet banking its main objective to study online banking situation in
HSBC business to see how this effect customer satisfaction and online banking provide platform
to conduct financial transactions on secured website by their retail or virtual banking, credit
union or at the time of building society. Some effective importance of customers satisfaction are
describes as follows: Appropriate security system: In the present era the main thing that need to be focus is the
functionality and usability of websites and proper security system must be installed to
reduce fraudulent conduct. According to an independent market analyst, emerging
primary areas for online banks include web content management that assist in customer
profiling, personnel technologies to develop more customer service so we can say that
internet is only platform that facilitates online service and that become earning source for
banks by adopting online banking facilities and make it more vigilant that ensure safety
and secure customer transactions in all over world which ensure customer loyalty and
increase customer base for HSBC bank. Quick response on consumers request: This is the best way to know the feedback of
customers at the time of availing online banking services and the main objectives behind
it to know the satisfaction level of customers who provide large funds to them and get a
chance to know the weakness of bank that need to be improved so that they can achieved
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their objectives keeping in mind customer as their first priority (Jamil, Ilahi and Kazmi,
2014). Affordable Product and services: Beside general facility provided by every banks but
the uniqueness that enhance the brand value of HSBC is that offer some specialised
product and service according to the customers they served and this bank divided its
customer into two categories I.e. corporate customers and individual customers and
corporates customers are generally large business houses who avail services like availing
loan, funds in bulk and also deal in mutual funds of banks on the other hands individual
customers are daily or routine customers to whom bank provide financial goods and
services according to their paying capacity and advise them to invest on those
instruments which gives more returns and less risk and increase their satisfaction.
The relationship between various marketing activities and consumer satisfaction in HSBC
Bank.
As per the view point of Jeon and Choi, 2012, HSBC is one of the largest bank in the
United Kingdom that provides wide amount of services to its customers. The organisation
segmented its market and implement strategies to reach its target customers. HSBC bank has
mainly segmented its market based on geographic and demographic segmentation and develop
its products and services for individual and corporate customers. The geographic segmentation is
based on the customers resides in urban or rural areas and serves for them are different based on
the demands. In demographic segmentation, the services are based on the customer's’ income,
age, family size, education and more factors. HSBC bank use differentiation targeting strategy in
which it promotes different services for different target market. The organisation designs the
services specifically for its different target market and the promotional campaigns are created
based on those. Apart from this, the HSBC uses value based positioning in order to connect its
different market segmentation (Molyneux, Schaeck and Zhou, 2014). The banks are the most
common financial service providers beside of insurance and saving organisations. In current
scenario, the competition in banking sector is high and customers are more critical due to
increasing number of nationalised and private banks. In order to cope up with the competition
and demand of the customers, the banking sector needs to develop new services and implement
different strategies. The marketing of banks can be termed as marketing for immaterial goods or
services. The services given by banking industry is more complex as compared to other services.
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The main asset of this bank is its employees which is more than 2, 50000 worldwide who
contributes to the profitability of this bank. The bank focused on “Go global act local” strategy to
consolidate its operation and structure its products and services for the customers (Lam and et.
al., 2011). The strategy is helpful for them to develop competitive advantage over different other
financial institutions. In current scenario, HSBC is using green marketing strategies to promote
its products or services to its customers. HSBC has developed its services accordingly and
environment friendly promotional strategies contribute to sustainable development.
Essential ways by which HSBC Bank can attain higher competitive edge at market place.
According to the perception of Lewis and Thornbory, 2012, in this modern era each
business firm is focused on attaining higher competitive advantage at market place through
serving variety of products and services to their potential buyers. Competitive advantage helps in
providing high competition to their rivals as to maintain their position at market place. HSBC
bank use various ways in order to attaining high competitive edge, in which some are describes
as under: One screen solutions: HSBC recently introduced new app known as Beta app for UK
costumers and the USP of this is that it provide banking solutions at one screen only and
its main target are millennial market which is designed to managing the savings of
customers and its main objective is give customers a complete and joined up view of their
financial life and make it easier for them to choose confidently which provide
competitive advantage over rivalry (Lee, Lee and Kang, 2012). CSR Activities: CSR basically doing something good for society and this bank also
contributing in social activity by promoting education and environment sustainability and
specially supporting environmental sustainability by aligning with the HSBC group
flagship programmes and bank also enforce for employee engagement and it related
employment investments in community social, programmes which help in increasing
goodwill and costumer trust (Lusch and Webster Jr, 2011).
Marketing strategies: The main focus under marketing strategy is to maintain the competitive
position in market for which bank focus on either on targeting, segmenting or positioning
strategy of company. HSBC is a global bank its target customers are all the global customer who
fit in their policy and segmenting means segment the market according to customer needs and
positioning means maintaining competitive position in the eye of costumers which increase their
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market share and maintain sustainability and working with top 500 companies has helped the
company in increasing positive word of mouth and visibility and indirectly increase their brand
equity (Li and Zinna, 2014).
1.4 Structure of the project
1.5 Gantt Chart
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TASK 2
2.1 Research Methodology
This can be considered as the most effective part of research as it helps in carry out the
whole research work in right direction. This chapter is based on various applications that are
used by researcher while conducting research work as it is effective in articulate the definite
conclusion on the above subjected topic. In this section of research project the author will outline
all the process that will be used in the research work (Naheem, 2015). It is the major
responsibility of research to select the most suitable methodology in order to providing
assistance to the researcher for moving forward towards right direction. This section has various
components on which the research work is based on, some essential elements are described
which are having a vast importance in completion of research work.
Type of investigation
This section of research methodology has categorise among two major parts such as
qualitative and quantitative research. A research either qualitative or quantitative in nature.
Qualitative research is based on quality of data which are gathered by the researcher for gaining
appropriate outcome. Quantitative research is depend on quality of data. Qualitative method will
suit the descriptive design of the research because this technique is descriptive itself. The
qualitative method will collected data via questionnaires and interview which will be descriptive
in nature (Naheem, 2015). The quantitative method of research will focus on the frequency of the
responds in the survey conduct. The survey will focus on determining the behaviours an
approach off each respondent towards different aspect of the subjected topic. In this present
research project qualitative research has to be taken in to proper action by researcher as it is
effective in accumulating best outcomes for the research work. The advantages of using this
method is that it is descriptive method and will provide in detailed analysis on the subjected
topic.
2.2 Data Sampling
Sampling is one of the most important processes in research project so it is very essential
that the researcher uses a specific sampling methods in the research process to draw a proper
conclusion on the subjected topic. The technique of sampling represents through selecting the
sample which replicates from the original population. In this section researcher either select
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