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