Comprehensive Marketing Mix Analysis: Royal Bank of Canada (RBC)

This report provides a comprehensive analysis of the Royal Bank of Canada's (RBC) marketing mix, focusing on the four Ps: product, price, place, and promotion. RBC operates across five major business segments, including personal and commercial banking, wealth management, insurance, capital markets, and investor services. The organization leverages a widespread network of ATMs, online banking, telephone banking, and sales professionals for distribution. Pricing strategies are dynamic and responsive to financial environment changes. Promotional activities include sponsorships of cultural and sports events, such as the Olympic Games, and online advertising. The report concludes that RBC's product offerings are tailored to meet consumer needs, pricing is sensitive to external factors, distribution enhances customer reach, and promotional efforts build brand awareness. The report references academic sources to support its analysis of RBC's marketing strategies.

MARKETING MIX OF THE ROYAL
BANK OF CANADA

Introduction
Marketing mix or 4 Ps of
marketing are analysed in order
to develop the strategies of an
organization in an effective
manner. The 4 Ps of marketing
mainly include, product, price,
place and promotion. The Royal
Bank of Canada will be
considered for proper analysis of
marketing mix (Alon et al., 2016).

About the company
The Royal Bank of Canada or RBC is
a multinational finance based
organization that has its base in
Canada. The organization has
developed its position as the biggest
bank in the country with respect to
the revenues and market based
capitalization. The corporate
headquarters of the organization are
located in Toronto, Ontario
(Rbcroyalbank.com. 2019).

Product
Royal Bank of Canada mainly
operates five major business
segments that include, personal
banking, commercial banking, wealth
management, insurance, capital
markets based products, investor
based services. The services that are
provided to the customers by The
Royal Bank of Canada are based on
huge number of ATMs in different
areas (Eneizan & Obaid, 2016).

Promotion
The financial environment of the
country is able to affect the prices
of different products which are
provided by the organization. The
pricing based policies that have
been developed by the organization
are divergent in nature and the
structure is affected by the changes
that take place in the financial
environment (Saad, Hassan & Shya,
2015).

Place
The banking and personal services are
provided by the organization in Canada,
the US and the Caribbean. The different
services are provided by Royal Bank of
Canada with the help of its branches in
various parts of Toronto, Canada. The
other methods that are used by the
organization in order to provide the
services include, online banking based
networks, telephone banking related
networks and with the help of proprietary
sales based professionals
(Rbcroyalbank.com. 2019).

promotion
The sponsorships that are provided by
the organization for different events
like, cultural festivals, sports events are
also considered to be a major
promotional activity. The organization
has also sponsored the Olympic games
in order to improve the levels of
awareness based on the products.
Online advertising is also considered to
be a process that is used by The Royal
Bank of Canada in order to promote the
products (Saad, Hassan & Shya, 2015).

conclusion
The products of The Royal Bank of Canada have been
formed in such a manner that can fulfil the needs and
demands of the consumers. The prices of different products
which are offered by the organization are based on the
changes that have taken place in the external environment.
The place and distribution of The Royal Bank of Canada is
able to increase the customer base. The promotional
activities of the organization are important for the
development of proper levels of awareness about the
services and products which are offered to consumers.

References
• Alon, I., Jaffe, E., Prange, C., & Vianelli, D. (2016). Global marketing:
contemporary theory, practice, and cases. Routledge.
• Eneizan, B. M., & Obaid, T. F. (2016). Prior Research on Green Marketing
and Green Marketing Strategy: Critical Analysis. Singaporean Journal of
Business, Economics and Management Studies, 51(3965), 1-19.
• Rbcroyalbank.com. 2019. Get the Personal Banking Products and Services
You Need. Retrieved from https://www.rbcroyalbank.com/personal.html
• Saad, N. M., Hassan, S. H., & Shya, L. M. (2015). Revisiting the
relationship between internal marketing and external marketing: The role
of customer orientation. The Journal of Developing Areas, 49(3), 249-262.