Comparative Marketing Report: Standard Chartered Bank and Competitors

This report offers a comprehensive analysis of Standard Chartered Bank's marketing strategies, focusing on its market positioning, key market segments, and the tools and methodologies employed for market research. The report begins with an introduction to marketing principles, then proceeds to a SWOT analysis of Standard Chartered Bank, comparing its brand positioning with competitors like HSBC. It details the bank's strengths, weaknesses, opportunities, and threats, providing insights into its competitive landscape. The report also articulates the key market segments targeted by Standard Chartered, including individual, corporate, and institutional customers, and discusses various segmentation methods such as geographical, demographic, psychographic, and behavioral segmentation. Furthermore, the report explores the market research tools and methodologies used by the bank, including surveys, interviews, and observations, to evaluate its performance and understand its market position. The interrelation between departments is also discussed. The report concludes by summarizing the key findings and insights into Standard Chartered Bank's marketing approaches.

MARKETING

Table of Contents
INTRODUCTION...........................................................................................................................1
1. Positioning of brand of Standard Chartered Bank against the competitors........................1
2. Articulation of the key market segments............................................................................2
3 Market research tools and methodologies used by the Standard chartered bank to evaluate
their performance as compared to the competitors.................................................................4
4 Interrelation between the departments in the standard chartered bank...............................6
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................8

INTRODUCTION
Marketing is considered as the management of the exchange of relationships. The process
of management deals with the concept of transporting and marketing of products and services.
There are four basic elements of the marketing which includes the product, price, place and
promotions. These factors play very essential in the ways and methods in which the product is to
be identified, selected and then deciding its price, selecting a proper channel that can make the
distribution and sales till the customer's place. It also includes the implementation of the
promotional strategies that can help in maximizing the promotion rate of the product. The
following report includes the positioning of Standard Chartered Bank against its various
competitors. Also, it includes the key market segments and the use of specified tools and
methodologies.
1. Positioning of brand of Standard Chartered Bank against the competitors
The Standard Chartered Bank is a banking and finance sector which has a very strong
presence over the African and Asian markets. It deals with the segment of merchant and personal
banking and it targets the individual investors along with the enterprises. The positioning of the
Standard Chartered Bank can be represented by the help of SWOT analysis which is discussed as
under :
Strengths
The Standard Chartered bank helps in the development, both in terms of environment and
socially and also focuses on the economic growth as well. The organisation has 80,000
employees and the focus of all of them is to satisfy the customers to a huge extent. The bank
provides various services such as debit cards, credit cards, corporate and consumer banking,
money management, insurance etc. There are various sponsors that are connected with the
Standard Chartered Bank which helps the organisation in major events of sports and other
operations.
Weakness
The Standard Chartered Bank has a lesser emphasis on the small and medium enterprises.
Also, the expansion plans are not penetrating as the bank planned to expand its various branches
all over the world but the plan seems to be less penetrating.
Opportunities

The Standard Chartered Bank is growing forex market. Also, can expand in various parts
of the world. It has the powers and financial situation of the bank is also good, so it can expand
globally. The acquisitions and mergers of the bank are from smaller organisations.
Threats
The Standard Chartered Bank has the Stringent economic policies all over its branches.
There are various competitors of the bank that are also running at the same financial conditions
and market shares on the basis of statistics. Various new government policies can cause troubles
for the tax amount etc. of the Standard Chartered Bank. Although there are various competitors
of the Standard Chartered Bank such as ABN AMRO, HSBC, UBS AG, RBS etc. but in this
report, the comparison is being done within the Standard Chartered bank with HSBC.
The comparison of the brand positioning of the Standard Chartered Bank with HSBC is
represented as under :
From the last forty years, the Standard Chartered Bank rolled out for its first brand positioning
campaign. They have decided to promote more financial services so that it can help in promoting
the brand line. The campaign organised involved Standard Chartered commitment for staying a
positive and efficient force where it can continue its business and also provide support for
creating a sustainable and efficient future. The Standard Chartered Bank focuses on the
commitment they give to people and they create values for the stakeholders and for providing
proper support to all the clients and customers so that from their side, a positive contribution can
come as the outcome. The main essentials which they have included in their brand positioning
involves the brand promise on the first number that they give a promise to the customers about
the quality and standard of their brand. Then, their focus is on sustainability. It means that the
bank does not focus on the long term profits, rather it believes the sustainability depends on the
healthy economies.
2. Articulation of the key market segments
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Standard Chartered Bank
Market Segmentation
Standard Chartered Bank divides its customers into two different categories
▪ Individual Customers – This segment includes the services of saving
and accounts, Mortgage , credit cards etc.
▪ Cooperate and institutional customers - This segment refers to the
customers who requires large financial services. For example the
institutions and other cooperate companies . Bank provide wholesale
banking services like treasury, liquidity management etc. to these
customers.
Segmentation is considered as gathering the customers in some smaller groups. Like each bank
does, the Standard Chartered Bank also make use of segmentation to narrow down the
customer’s base. With the help of market intelligence, segments are being derived and the
derivation can be done by internal as well as external sources. When looking as a practical
perspective, the Standard Chartered Bank can include various segmentation methods but it relies
on the strategies that have to be executed. In actual, there are two ways by which the Standard
Chartered Bank can increase its market share, by acquiring a rival or by taking it by various
aggressive marketing strategies. Some very common types of segmentation which can be used by
the Standard Chartered Bank are discussed as under :
Bases of Market segmentation.
1. Geographical Segmentation – This segmentation is beneficial for a large scale
execution or promotion of a product or service. Promotion to attract a diverse
group of customers. This segmentation generally focuses on a centre for example
as a branch. This segmentation is also beneficial when the socio economical status
of an individual in geographic segment is similar. There is a negative aspect of
this segmentation process which is the assumption that people from the same
geographical background have the same behaviour or preferences. There is an
exception to this segmentation that some of the banks that make use of the
geography as a part of SEO/SEM strategies are usually target based.
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2. Demographic Segmentation – One of the most simple and cost effective
segmentation in the marketing segmentation is Demographic segmentation. This
segmentation have its focus on the descriptive nature of the Standard Chartered
Bank. It includes both external and internal elements for example – Age, presence
and balance of product , tenure , service indicators etc. are the internal elements.
The external elements includes income , occupation and family size.
Demographic and socio economic segmentation plays a vital role in purchase
patterns financial assets. In other words there is little understanding of customer
differences if one views demographics only. The biggest advantage that the
Standard chartered bank can receive while using the segmentation is that it is very
simple and easy and along with it, it is cost effective. This type of segmentation
can help the Standard Chartered Bank in purchasing various patterns of the
financial assets but for that the bank must have to understand the benefits of
psychographic attributes for increasing the knowledge of the bank.
3. Psycho-graphic segmentation – This segmentation helps in knowing the
desires on a customers for example what the customers needs to do and why
they needed it to be done. It does not just works according to facts like age or
income. Usually, this segmentation involves the demographics, behaviour of
the product and all the financial assets for producing the clusters of the
consumers who represent it like behaviour and the socio economic status. So,
this part of market segmentation includes demographics etc., so this can be
used by the Standard Chartered bank for narrowing down the customer’s base.
Understanding ones psychology is as important as knowing economical or
geographical background of a customer. Elements such as lifestyle, attitude
and personality changes over time and is not similar always so this should not
be ignored. The use of psycho graphics combined with demographic data ,
provides the bank with the ability to develop the best products and marketing
strategies to gain customer trust.
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4. Behavioural Segmentation – Banking is mature market and there are only two
ways to increase the market one is acquire a competitor second is to take
business from one's competitor. Behavioural segmentation focuses on analysis
credit data, online banking, and propensity models etc. This segmentation
helps in providing opportunity for real time communication across a wide
range of marketing channels including direct mail, email, point of sale devices
etc. There are various types of data and information included in this
segmentation such as the real time analysis at the end of the credit applicants
at various other financial organisations. The purchases that go as large retail
purchases represents various opportunities for the short term credit products.
After the agreement of the segmentation strategy agrees to, it helps in defining
the expectations of the performance. The marketer of the Standard Chartered
bank must stay attentive for the more critical communications and equations.
The use of behavioural data is a superior toll for both in its ability to increase sales with far less
cost than the broad based communication approaches. Armed with this knowledge , The bank
can create specific marketing communications based on recent transaction data . For example -
 Real time analysis of credit applications
 ACH or online bill pay transaction where in payments for loans are made
 large retail purchases
Once the optimal segmentation strategy has been agreed to, and the expectations of performance
have been identified. The banker must turn attention to the next most critical factor of
communication equation. So the Standard Chartered Bank can use any of the following strategies
discussed above for narrowing down their customer base. IT will help the Standard Chartered
bank a lot. The real time analysis and large retail purchases, these features can help the bank in
gaining a large number of satisfied customers and along with it, also can help in narrowing down
the customer base.
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3 Market research tools and methodologies used by the Standard chartered bank to evaluate their
performance as compared to the competitors
Standard chartered bank is the international bank. It provides the financial and online
banking services to the customers. Based on the consumer needs they provide appropriate and
efficient services to the clients. It has good brand image in a world because it provides good
quality services to the consumers. It provides different and innovative offers and schemes to the
customers in different areas to increase the overall performance and profit in the market. They
have good brand identification in the market because they give good services to a client. It has
many bug competitors in the market such as HSBC bank etc. they also provide effective and
advanced services of online banking which helps to increase a performance in an industry.
Standard chartered bank follows different types of tools and methodologies which help to know
the actual condition of the bank in the world (Armstrong and et.al., 2015).
There are different types of tools and techniques which is used by the standard chartered
bank is survey, interviews and observations. These all are the tools and techniques which is used
to identify the current condition of the bank in the world. By applying various technologies of
the research they can easily know the condition of the bank in a market (Belk, Fischer and
Kozinets, 2012). Some of the tools and methodologies that is used by the standard chartered as
follows:
Surveys
There are different types of surveys which helps to now the actual conditions of the entity
in the market. By the market research they can easily innovate their services to increase overall
performance in the world. There are various surveys such as in person, telephone, mail and
online survey. Each of the survey methodology has different criteria to research the market
situation. Standard chartered bank uses these tools to know the accurate market condition.
 In person survey: In this survey the bank take one to one interview from the customers
which is conducted in the different areas or malls (Chan, He and Wang, 2012). This
survey can easily generate response rate of more than 90%.
 Mail survey: The response rate of this survey is 3 to 15%. In this survey the bank can
easily as the appropriate questions to the customers and they will reply back through the
mail.
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 Online surveys: This survey method is used by the standard chartered bank. Bank
prepares the questionnaire for the clients. This method is very easy for the market
research. Bank provides financial and banking services which helps to increase their
performance in the world (Chan and et.al., 2012).
Focused groups
This is the qualitative research method and its provide the way in which the standard
chartered bank can know the actual condition of the competitors in the market. Bank prepares the
questions for the customers to be more specific and targeted. This is the best tool for the market
research. Based on the market research company ca easily innovate their services and products to
the clients. It gives more advantages to an entity and also help to expand their business in a
market (Gellynck and et.al., 2012).
Interviews
This is also the qualitative method which helps to know the market condition of the
specific firm. It is the basic and simple conversation between the interviewer and the
participants. By conducting the market research they can easily know the other competitors in a
market. HSBC is the big competitor of the standard chartered bank in UK. By organizing the
interview methodology they cane easily identify the market condition of the bank in the world
(Gordon, 2012).
Experiments and area trials
This tool is quantitative method of the marking research. In this method the firm can
easily test the data and specific variables which gives accurate results to the company. Based on
the variables and inputs it will test the data for the appropriate research (Hammou, Galib and
Melloul, 2013).
4 Interrelation between the departments in the standard chartered bank
There are different types of departments in the bank which has the interrelation between
them. Coordination and synchronization is most important to get higher performance and
productivity in the world. In standard chartered bank there are well managed coordination
between the departments. All departments have different roles and responsibilities to get desired
objective and target (Kozinets, 2012). They organize the events and market research to get
accurate information of the market. Marketing department relates with each department of the
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firm such as human resource and sales. They are interconnected with each other to get desired
goal.
Marketing department interrelate with the human resource
Both department has different types of roles and responsibilities to get desired goal of the
company. They have various characteristics which helps to get higher performance in the world.
In the standard chartered bank marketing department is interconnected with the human resource
because if marketing deportment need to do promotion of the plans and policies then they need
huge number of human to do. They provide appropriate and efficient resources to the firm that
the department can easily promote their services to the customers. Based on the consumer needs
they need to do promotions in a market (Morosan, Bowen and Atwood, 2014).
Marketing department interrelated with the sales department
Sales department has a responsibility to provide the products and services to the clients.
In standard chartered bank there are well managed sales department because they give their more
contribution to sale and give appropriate services to the consumers. Based on the client need they
produce offers and schemes which helps to increase productivity in the market. Marketing
department has a responsibility to promote their services in a market by applying different types
of strategies and approaches. Sales manager of the standard chartered bank has an ability to sale
and give their financial services to the customers. Based on the client need they produce
appropriate banking services to the consumers (Mudie and Pirrie, 2012).
Marketing department interrelated with the finance
Marketing department is connected with the finance because for the promotion of the
product and services of the bank they need more finance. Finance department manage the budget
based on the condition of the company. They provide appropriate resources to the employees to
get desired objective of the firm.
Marketing department interrelated with research and development department
Research and development department has a responsibility to provide appropriate and
enhanced methods to the employees so that they can easily innovate their services to increase
overall firm performance in a world. In standard chartered bank they provide appropriate and
advanced technologies and tool which helps to innovate their services to satisfy the customer
needs. Marketing department has a responsibility to provide efficient and effective information
about the new products and services which help to increase productivity in the market. By
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provide appropriate information about the innovative services to the customers can easily
increase their productivity and performance in the world. They should apply effective pricing
and promotion policies to sale their services in the market (Negahban and Yilmaz, 2014).
All the departments of the bank is interrelated because each have different roles and
responsibilities to get higher performance and productivity in the market. If one of the
department has not following their responsibility to then that will directly affects the firm
performance. In bank there are various departments which help to get higher performance and
profit in the world. Al these departments has different roles and responsibilities to get desired
objective in the world. Standard chartered bank follows different types of pricing promotion
strategies which help to increase their productivity in a market. It provides online banking
services to the customers which help to increase the client efficiency in the world.
They also provide the effective offers and schemes which help to attract a client and
increase overall company performance in a world. HSBC bank also provides the appropriate and
effective online policies to a client. It is big competitor of standard chartered bank in the world.
It also follows different types of promotion and pricing strategies which help to increase firm
overall performance and profit in the market (Weinstein and Pohlman, 2015).
In standard chartered bank, all the departments follows different types of strategies and
approaches which help to get desired target in a market. If one of the department not following
there responsibility then it will directly affects the company performance in a world. To manage
the departmental functions in the bank HR manager has a responsibility to provide appropriate
and open environment to the employees so that they can easily share their ideas sand opinions to
the leader. They should involve the employees in the decision making procedure which gives
more motivation to an employee.
CONCLUSION
Each department of the firm has a responsibility to give contribution to get desired goal
and higher performance in the world. Standard chartered bank follows different types of
strategies and approaches to maintain the brand image in a market. It provides the online banking
and financial services to the customers. It also gives the offers and schemes to attract a consumer
and satisfy a client in an industry. All departments are interrelated with each other to get desired
objective of the firm in the world. This band follows different types of tools and methodologies
of qualitative and quantitative which help to get accurate information of current market.
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REFERENCES
Books and journals
Armstrong, G. and et.al., 2015. Marketing: an introduction. Pearson Education.
Belk, R., Fischer, E. and Kozinets, R. V., 2012. Qualitative consumer and marketing research.
Sage.
Chan, H. K., He, H. and Wang, W. Y., 2012. Green marketing and its impact on supply chain
management in industrial markets. Industrial Marketing Management. 41(4). pp.557-
562.
Chan, R. Y. and et.al., 2012. Environmental orientation and corporate performance: The
mediation mechanism of green supply chain management and moderating effect of
competitive intensity. Industrial Marketing Management. 41(4). pp.621-630.
Gellynck, X. and et.al., 2012. Market orientation and marketing management of traditional food
producers in the EU. British Food Journal. 114(4). pp.481-499.
Gordon, R., 2012. Re-thinking and re-tooling the social marketing mix. Australasian Marketing
Journal (AMJ). 20(2). pp.122-126.
Hammou, K. A., Galib, M. H. and Melloul, J., 2013. The contributions of neuromarketing in
marketing research. Journal of Management Research. 5(4). p.20.
Kozinets, R. V., 2012. Marketing netnography: Prom/ot (ulgat) ing a new research
method.Methodological Innovations Online. 7(1). pp.37-45.
Morosan, C., T. Bowen, J. and Atwood, M., 2014. The evolution of marketing research.
International Journal of Contemporary Hospitality Management. 26(5). pp.706-726.
Mudie, P. and Pirrie, A., 2012. Services marketing management. Routledge.
Negahban, A. and Yilmaz, L., 2014. Agent-based simulation applications in marketing research:
an integrated review. Journal of Simulation. 8(2). pp.129-142.
Weinstein, A. and Pohlman, R. A., 2015. Customer value: a new paradigm for marketing
management. In Proceedings of the 1997 Academy of Marketing Science (AMS) Annual
Conference (pp. 132-133). Springer, Cham.
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