For the practical marketing strategies, an organization must have clarity about its target market. Oriented to the target market, the organization must follow Product, Price, Promotion and Place strategies.
Application of marketing mix to the target market
Following are the practical marketing strategies followed by NAB bank of Australia. For this bank its target market is the Australian people and business with the banking and finance practices.
• Product: Product refers to the physical appearance and tangibility of the product. It also refers to an actual product which is sold to the users of the market. It may be service or may be product which is very important to make its brand image in the industry. The national Australia bank or NAB is the one of the largest financial institute which provide the product that is, financial services. The NAB offers personal as well as business banking services to its customers. The NAB (National Australia bank) is having almost 7,00,000 business clients that helps in running of the company and there are roughly 3 million customers who use NAB’s personal services and there are almost 1,00,000 customers who use NAB bank services. It is also deals with the capital market, derivatives and some project finance etc. it is also providing insurance services also. So there are so many products offered by the company to its customers.
• Price: It refers that the value or the worth of the product which is introduced in the market. It is very difficult to adjust the price of the product which is introduced in the market. So to set up the price the product, company must take steps or strategies.
Price also helps to differentiate and enhance the image of the product in the market.
The NAB (National Australia Bank) is well known to provide their services at affordable rates to their customers. Or they are providing their services at a very economical prices, due to economical price rates they are handling almost 3 Million customers with their pricing strategies. Banks earn commission through number of satisfied customers they are handling by providing services at reasonable rates. So it very important to set the price according to product or service provided by the company.
• Place: Place is the point of sale where all the promotions and choose the target audience for the sale of product or service take place. In most of the industries, it is very difficult to catch the eye or the attention of the customer and make his/her to buy that particular product, with good distribution or place strategy. A service provider or product provider must pay primary attention in choosing the location. In the NAB (National Australia Bank), it is very effective in working in Australia and New Zealand because in both countries, this bank is the most approachable one. National Australia bank is having its own business banking and wholesale divisions in London, New York, Hong Kong, and Tokyo Office these all offices managing all the market risk for business clients. So it is very necessary to adjust where to sell our product or service so that it will get its brand image and effective selling of that particular product or service.
• Promotion: Promotion helps in undertaking activities which lead the products or service known to the user or the trade. This will help in making the product well known in the market, which lead to brand awareness of the product or the service. Promotion can be done through various methods some of the examples are advertising, word of mouth, press report, incentives, commissions and awards to the trade are some of the examples. It also includes direct marketing by personal selling or through price distribution or contests can be done to promote the particular product or service. The NAB bank do promotion according to its audience or the users. They promote their product in different regions by dividing their services according to their popularity of a particular service. The National Australia Bank introduce a campaign which is named as “The Breaking Up”. It is more of an integrated marketing campaign. Which helps the company to earn up to 5$ Million per day and almost 1,00,000+ visitors on their blog, this will lead to almost 80% loans and 50% increase in applications of credit card during the campaign.