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Part 3 continues the focus on the customer, but in relation to the major components of the marketing mix, or often called the 4Ps (product, price, promotion and place). These are discussed along with the concept of the extended markeitng mix, which includes a consideration of people, physical evidence/physical assets, processes and partnerships. Knowledge of this part of the subject helps you successfully complete assignment 3: The expanded marketing mix.
The final stage of the marketing audit is for you to evaluate how well the marketing mix of the organisation is performing for your chosen organisation. Referring and with the use of secondary research, please provide informed answers to the following questions:
This assignment is the final part of the marketing audit and focuses student learning on the specific of each part of the marketing mix and how well they are being applied in a business or organisational environment. The assignment also introduces the concept of the expanded marketing mix, and how it can be applied to modern organisations. This assignment is intended to show an application of detailed knowledge, analysis and judgment gained from the subject.
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The banking industry has never been more competitive and challenging than what it is today. With the rise of the middle class, changing and developing investment patterns of large masses, wealth creation by increasing number of people and increasing use of the banking facility; the business dynamics of the banking industry is changing rapidly. Thus, even banks are responding by using advanced and latest strategic management, operations management and marketing mix principles. In recent years, even HSBC has changed its way of operating and viewing the world market. It has successfully tried to be a more global and open bank for the world and has been able to convert itself into 'The World's Local Bank'. It has not only expanded but has brought several positive changes in its functioning, policies, and products. It has also successfully expanded to be one of the largest global banks in the world. Today it operates in around 85 nations worldwide with more than 9800 offices and also employs more than 253,000 people. In this report, we will be trying to cover the extended marketing mix of HSBC i.e., people, processes, physical evidence, and partnerships. Prior to that, we will do a detailed discussion on product, pricing, distribution, and promotion. Based on our discussion we will also try to provide certain recommendations.
Existing Products or Services
HSBC provides a number of products and services depending on the nature of the market. The products usually depend on the economic conditions of the nations and customers. While designing a product HSBC takes into consideration the scope and quality of the service, brand name, need analysis and after-sales service (Brooksbank, Kirby, Tompson, & Taylor, 2003). HSBC provides customized services depending on the needs of customers whether it is the retail customers or the institutional customers. For example in Hong Kong, HSBC provides services like loans, personal banking, credit card facility, secured loans, etc. under the Hang Seng Bank. But in Bangladesh where the economy and people are not that wealthy, the services offered by HSBC are pretty limited. In Bangladesh, HSBC provides the basic facilities such as personal banking, financial advice, and few secured loans.
HSBC is one of the leading banks today with a very strong package of several products and services. However, HSBC still has a lot of scope for growth and improvement. It should focus more on further improvements as there is still a lot of ways to go. Some recommendations for their improvements can be:
Standardization of Markets: HSBC should standardize products and services for uniform markets for better provisions of services to customers and price reduction. For example for customers of UK and USA similar kind of products and services should work efficiently. Similarly, for markets such as India and China, a similar kind of product and services should work (Blythe, 2003).