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PART I: STANDARD CHARTERED MARKETING COMMUNICATION STRATEGY Standard chartered discovered marketing as the group expanded its operations from local perspective to a global perspective across diverse-cultural set of markets, Asia, Africa and Middle East for onstance.
The bank claims that it has developed a ‘consistent marketing strategy’ through constancy of efforts, stanch commitment to miscellaneous values and cultures and focused on relationships with local customers across the target markets. Standard chartered asserts that the bank has an unambiguous straight forward strategy that revolves around the market and consumers it serves. It has classified its marketing strategy on two major areas: standard chartered for consumers and standard chartered as the corporate brand. Amongst consumers there are two set of markets: the individual consumers, who consume bank services for themselves; and second set is of business/commercial consumers, who utilize bank services for commercial purposes. Standard chartered has developed wholesale banking for commercial consumers’ category and consumer banking for individual consumers’ category. Marketing is an ever changing and sprouting discipline of businesses; companies always have a room for development and advancement (Vanhuele and Wright, 2008). The bank has to broaden the base of its marketing communication strategy to effectively converse the different marketing messages, to different set of consumers it serves, in the most appropriate manner which could influence the target audience and trigger the desired response out of each target group. ...
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