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Introduction to Company

The ANZ bank offers banking and financial goods and services to about 8.5 million retail and corporate clients, and functions across nearly 30 markets. The purpose of this bank is to shape a world wherein individuals and communities survive. It is considered as one of the leading bank and financial service groups in Australia and New Zealand. It thrives to develop a balanced, sustainable civilization wherein each one can engage and build a superior life (Goundar et al. 2021). This report is going to review the marketing activities of ANZ bank. This will encompass a marketing audit of the bank's current marketing activities. Further, it will provide four suggestions to refine the bank's current strategy.

Market Analysis: SWOT Analysis

SWOT analysis technique is useful to recognize manners in which a company can refine and surge prospects, while consequently figuring out negative forces which may hamper the success chances. This tool of marketing can put the business in viewpoint using the lenses such as strengths, weaknesses, opportunities, and threats (Benzaghta et al. 2021). This tool with respect to ANZ bank is discussed below:

Strengths : The ANZ bank is considered as the most trustworthy advisor and number one for leading bank and market penetration; entire gratification with its offerings; and relationship manager capacity. It is having its business in above 34 nations around the globe. It can be said that the global network and robust legacy of this bank help it to attain the self-esteem and trust of clients (Alharbi 2020).

Weaknesses: The weaknesses of the ANZ bank include its poor internal models, approach and moves by superiors in all its workplaces. Furthermore, the dependence of ANZ bank on native and offshore wholesale financing is deemed as another weakness (Comino 2021).

Opportunities: The ANZ bank has opportunities to expand to newer markets; new technologies; move towards adopting more sustainable practices, and adopts new contemporary technologies (Parker and Sheedy-Reinhard 2022).

Threats : There exist numerous startup banks in the fintech market of Australia which desire to excel in the area of payments which is considered as an external threat to ANZ bank. There is another threat from changing tastes and preferences of the customers. There can be threat mismatch of culture which can pose complexities in post-merger integration. The changing nature of Australians can be another threat which might impact banking organisations in the nation (Nadu 2023). Cyber-security risks are considered as another threat for ANZ bank which might be dealt with by reinforcing internal cybersecurity practices (Phair and Alavizadeh 2022).

Review of Current Marketing Activities

STP Strategy

  • Segmentation: The ANZ bank has segmented its customers based on factors such as geography; demographics; psychographic; and behavioural. This bank also uses an inter-market segmentation approach also to approach specific sets of clients (Nicoletti 2022).
  • Targeting: The customers of ANZ bank comprise young children as well as senior citizens of the community. The target market of the ANZ bank are young adults ranging from teenagers to millennials who seek better fiscal planning techniques with unique perks. More specifically, its target market customers are individuals of modest means and the extremely wealthy. Moreover, they are diverse in race, education, aspirations, occupation, and gender (Sengupta et al. 2023),
  • Positioning: The ANZ bank emphasises on positioning its offerings to generate distinctive images and providing definite reference aspects for the services. It has positioned it as the leader in technical progressions and innovations in the banking sector to preserve its robust market position (Lodhia and Mitchell 2022).

Marketing Mix Approaches

Marketing mix refers to the components that link to seize and strengthen the unique selling point of a company in relation to its rivals (Hanaysha et al. 2021). The marketing mix element strategy of the ANZ bank is discussed below:

  • Product strategy: The ANZ bank has its exclusive portfolio of special businesses offering a complete set of financial services and goods entailing credit cards, business lending, mortgages, asset finance, and more.
  • Place strategy: This bank offers its services both through online and offline mediums. It is capitalised sufficiently in virtual channels such as websites, introduction of live chats, and others to refine its distribution strategy (Nguyen and Ali 2021).
  • Price strategy: The ANZ bank adopted competitive pricing to attain a competitive edge in the market. This usually helps the bank to maintain its market share.
  • Promotion strategy: The promotion strategy of this bank includes the use of channels such as social media; website; public relations; sponsorship; sales promotion; and more (Goundar et al. 2021).

CSR Obligations

The approach of ANZ bank to CSR (corporate social responsibility) emphasises on the problems and prospects most pertinent to its business. The obligations of CSR for this bank include offering responsible goods and services for its clients; developing a diverse and inclusive working environment; and refining financial know-how and capability in its communities. This bank has demonstrated their social accountability by establishing objectives associated with industry, clients, workforces, and the community. Its intended culture is supported by its motive, values, and code of conduct and being emphasised on providing great client outcomes (Sweeney et al. 2023).

Recommendations for Improvement

In order to improve its marketing strategies, it is advised to ANZ to focus on the following recommendations:

  • SEO Use and Implementation : SEO (search engine optimization) is deemed a set of approaches which assist the banking organisation’s website rank greater in search engine result page. It will be helpful for the ANZ bank to increase its website traffic and entire business performance. It is suggested to banks to initiate audience research and establish a specific keyword approach for how clients may search for the bank. It is considered as the most influential digital marketing approach which can be deployed to refine sales, surge brand awareness, form credibility, and attain a leg up on the rivals (Husin et al. 2022). Moreover, a robust SEO strategy will not just appeal novel clients to ANZ bank but also enable the bank to deepen its business’s associations with those clients due to the trust established with them.
  • Strategic pricing: It is suggested to ANZ bank to adopt strategic pricing which can improve client acquisition, gratification, and retention. This will assist the bank to preserve client stickiness and stay profitable. It is suggested further to ANZ to personalise the fees paid by clients and provide them individualised rates on the basis of their banking profiles in order to make more customised banking experience with tactical pricing (De Toni et al. 2022). It is helpful for ANZ bank to increase savings and develop trustworthiness. Value-based pricing strategy might work for this bank to improve its marketing strategies. It can emphasise on comprehending the clients’ readiness to pay a premium for goods or services on the basis of the value provided. The ANZ bank can optimise its pricing and safeguard a large share of clients’ wallets with an enhanced emphasis on product innovation and client analytics application.
  • Green banking as positioning strategy: It is recommended to ANZ bank to adopt green banking practice as a positioning approach to refine the brand image of the bank. The notion of this strategy assists to make the forthcoming brighter and green since it might have a direct influence on the environment (Prasetyo 2016). The notion of green banking performed by the bank is deemed an approach of green marketing. It must be undertaken by ANZ bank to reinforce brand positioning of the bank. With this strategy, the main focus of the bank must be to refine the image in the mindset of their clients.
  • Humanise the bank brand: It is no doubt that the most catchy advertisements and websites tell a story. It is suggested that the marketing approaches which incorporate storytelling rather than only public relations and promos incline to make sentimental associations. The brand stories and values stimulate audiences and offer them causes other than a base price to purchase. It can be said that storytelling too can humanise ANZ bank brand and form client relations (e (Lima 2022). It is chosen since this strategy is what distinguishes a brand from rivals providing identical solutions while attracting a target market’s exclusive motivators. The bank does not need to restrict storytelling to internal marketing groups. Gratified customers and influencers might be productive sources of content for general campaigns, blogs, videos, and more

Conclusion

From the above discussion, it can be concluded that the SWOT analysis tool was successful in identifying strengths and weaknesses; and opportunities and threats of ANZ bank. It is concluded that the strengths are found as market leader; penetration approach; and so on. The opportunities are found as new technologies; expansion to other markets; adoption of sustainable practices; and more. It can also be inferred that ANZ bank targets individuals ranging from young children to senior citizens and millennials who are digitally aware. Furthermore, it is concluded that the strategies which are suggested to ANZ bank include green banking; humanization of brand; strategic value-based pricing; and SEO technique.

References

Alharbi, S., 2020. How Does Contact With an Artificial Intelligence Avatar Influence Customer Perceptions of Bank Service Quality? (Doctoral dissertation, Auckland University of Technology). Available from https://openrepository.aut.ac.nz/handle/10292/13720 accessed on 16 November 2023

Benzaghta, M.A., Elwalda, A., Mousa, M.M., Erkan, I. & Rahman, M., 2021. SWOT analysis applications: An integrative literature review. Journal of Global Business Insights , 6 (1), pp.55-73.10.5038/2640-6489.6.1.1148

Comino, V., 2021. 'Corporate culture'is the'new black'-its possibilities and limits as a regulatory mechanism for corporations and financial institutions?. TheUNIVERSITY OF NEW SOUTH WALES LAW JOURNAL , 44 (1), pp.295-325. Available at https://search.informit.org/doi/abs/10.3316/agispt.20210421044950 Accessed on 16 November 2023

De Silva, P.M.S.A., 2019. Green banking-The way forward creating sustainable competitive advantage. Association of professional bankers Sri Lanka , pp.259-270. Available at https://apbsrilanka.com/wp-content/uploads/2021/01/2019_31st_conv_a_18_-P.M.Shamalee_Anupa_De_Silva.pdf Accessed on 16 November 2023

De Toni, D., Reche, R.A. & Milan, G.S., 2022. Effects of market orientation, innovation strategies and value-based pricing on market performance. International Journal of Productivity and Performance Management , 71 (8), pp.3556-3580. https://doi.org/10.1108/IJPPM-08-2020-0414

Goundar, S., Singh, A., Robinson, C., Singh, E. & Dass, S., 2021. Analysing The Effectiveness Of Crm In A Bank. Enterprise Systems and Technological Convergence: Research and Practice , 325 .

Hanaysha, J.R., Al Shaikh, M.E. & Alzoubi, H.M., 2021. Importance of marketing mix elements in determining consumer purchase decisions in the retail market. International Journal of Service Science, Management, Engineering, and Technology (IJSSMET) , 12 (6), pp.56-72. 10.4018/IJSSMET.2021110104

Husin, S.N., Edastama, P. & Tambunan, A., 2022. Digital Marketing Strategy using White Hat SEO Techniques. International Journal of Cyber and IT Service Management , 2 (2), pp.171-179. https://doi.org/10.34306/ijcitsm.v2i2.118

Lima, V.W.D., 2022. Humanising B2B during crisis: a case study on Allianz (Doctoral dissertation).

Lodhia, S. & Mitchell, N.A., 2022. Corporate social responsibility disclosures and reputation risk management post the banking royal commission: a study of the big four banks. Qualitative Research in Accounting & Management , 19 (2), pp.162-185. https://doi.org/10.1108/QRAM-07-2020-0120

Nadu, T., 2023. “A study on the investor's preference towards four quadrants return model by working individuals with reference to cockroach portfolio” A Covid-19 wakeup call. Educational Research (IJMCER) , 5 (3), pp.01-14. https://www.researchgate.net/publication/370583975_A_study_on_the_investor%27s_preference_towards_four_quadrants_return_model_by_working_individuals_with reference_to_cockroach_portfolio_A_Covid-19_wakeup_call Accessed on 16 November 2023

Nguyen, N.D.K. & Ali, I., 2021. Implementation of Cloud Customer Relationship Management in Banking Sector: Strategies, Benefits and Challenges. International Journal of Electronics and Communication Engineering , 15 (6), pp.242-247. https://www.researchgate.net/publication/352349071_Implementation_of_Cloud_Customer_Relationship_Management_in_Banking_Sector_Strategies_Benefits_and_Challenges Accessed on 16 November 2023

Nicoletti, B., 2022. Bionic Banking Business Model. In Beyond Fintech: Bionic Banking (pp. 65-121). Cham: Springer International Publishing. Available at https://link.springer.com/chapter/10.1007/978-3-030-96217-3_4 Accessed on 16 November 2023

Parker, C. & Sheedy-Reinhard, L., 2022. Are Banks Responsible for Animal Welfare and Climate Disruption? A Critical Review of Australian Banks’ Due Diligence Policies for Agribusiness Lending. Transnational Environmental Law , pp.1-26. https://doi.org/10.1017/S204710252200022X

Phair, N. & Alavizadeh, H., 2022. Cybersecurity skills of company directors—ASX 100. Journal of Risk Management in Financial Institutions , 15 (4), pp.429-436. Available at https://www.ingentaconnect.com/content/hsp/jrmfi/2022/00000015/00000004/art00008#trendmd-suggestions Accessed on 16 November 2023

Prasetyo, M.H., 2016. Green banking concept as a positioning strategy to gain brand image. Available at http://repository.ekuitas.ac.id/handle/123456789/91 Accessed on 16 November

Sengupta, U., Pramanik, H.S., Datta, S., Dutta, S., Dasgupta, S. & Kirtania, M., 2023. Assessing sustainability focus across global banks. Development Engineering , 8 , p.100114. https://doi.org/10.1016/j.deveng.2023.100114

Sweeney, M.E., Armstrong, A., O’Donovan, G. & Fitzpatrick, M., 2023. Social reporting and Australian banks: endorsement or pretence to the triple bottom line?. In Australasian Perspectives on Corporate Citizenship (pp. 91-108). Routledge.

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