MARKETING

Standard Chartered Group case study

Standard Chartered Group case study

Make recommendations with justification on how Standard Chartered Group can improve its marketing communications strategy

Standard Chartered Group (SCG) was in the financial sector market for a very long time and it had spread in various markets all around the world. Its major revenue streams were generated from Middle East, Africa and Asia. There are many forces which are not under the control of the company such as the external forces, financial services which have become more challenging with the day. An effective marketing strategy for an organization requires that the needs are met with the requirements of the market (Ferrell, 2008). The SCG approach is to modify its products according to the requirements of a particulararea.

They are committed to social responsibility and promote market focused image of the bank.A press release in the Interim Management Statement in 2012, Peter Sands the Chief Executive of the group commented that the group was performing strongly in an environment that stays troubled due to financial setbacks and changing conditions all over the world. He considers that they were in right eastern markets and they will gain momentum in the future. The market diversification of the company makes it useful for the company to spread out its risks and counter tensions in the future in a planned way. The lending and deposits have increased substantially in the last quarter of 2012 with continued support for the customers and clients all around the world. The group controls all of its operations by cost control and manages risk in a better way. The balance sheet itself seems to be a source of competitive advantage which focuses on diversity, high liquidity and strong positions of its assets. The SCG engages itself by reviewing its position with other US markets and checking their compliance. The global economy of the world is decreasing with immense pressures in everyday lives of people, more is saved then spent, and especially Asian markets are showing signs of slow growth. Observing the conditions of the economy, the group delivered a strong performance and good income growth which were well controlled as far as the costs are concerned.

A report published in UK said that Standard Chartered Group advanced by showing to the world their commitment to the environment by executing campaigns like 'living with HIV' to show its support for people who had the disease. This was achieved through establishing non discriminating policies and procedures for them. Further, in Malaysia they planted 11,000 trees as an eco-project, in Kuala Lumpur drive-in banks were introduced for convenience banking and thus it can be said that they are a socially responsible group. The SCG is committed to pay to economic growth in its emerging markets while supporting instantaneously their ethnicallychanged consumers. This is incorporated into their marketing strategy which strives to sustain its global presence.

Marketing Communication Strategy

The proper usage of marketing communication mix is vital to demonstrate how organizations sell their products and services to their target ...