Marketing Analysis and Planning for HSBC in India
This report highlights the market segmentation of the HSBC credit card in India. The organisation segments the market on the basis of geographic locations and in view of income, lifestyle and behavioural traits. The product has been majorly targeted to the existing customers of the bank and the shopaholics at the Westside store. The bank also emphasises on increasing credit card-spends and customer satisfaction by offering distinct product types and elite additional benefits unlike its industry rivals. The brand image and service excellence of the organisation has positioned its credit card at an elevation.
The marketing mix strategy executed by the bank coils strength to the market position of its credit card. HSBC has designed its credit card to satisfy the needs of every individual in the respective market segment by offering six different card types. The demand for credit card is increasing in the country as more people prefer plastic money over hard cash. Hence, they are willing to pay the optimum price for the card usage. The massive presence of the entity gives an advantage over the competitors and provides convenience to the customers. The report also emphasises on the success of cobrand association with the Westside store and the effective marketing strategies implemented by HSBC.
The consumer engages in complex buying behaviour as the buyer has numerous similar product options. The effective and efficient marketing mix implemented by the bank echoes positivity on the buyer’s behaviour towards the credit card. The product satisfies the consumer needs and wants, cost, convenience and communication aspect enhancing the buyer’s inclination towards the product.
Finally, the report critiques the marketing strategy executed by the organisation. It also sketches the key marketing facts and suggests future marketing plans which might help in accelerating growth.
1.1 Description of the Organisation...