Nordea Bank Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Nordea Bank through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Nordea Bank Product Strategy:
Nordea Bank is one of the leading banks in Europe. Nordea bank has maintained a top position through its diverse and elaborate product and service offerings in its marketing mix. Its services and products are listed below briefly:
1. Services for personal customers, small and medium business and corporates and financial institutions are offered by Nordea
2. Asset management services like Multi-boutique strategy, Operating platform and organisation, Solutions and Policies.
3. Bank to bank business like Standard settlement instructions and KYC information are covered by Nordea
4. Cash Management services are provided by Nordea bank.
5. Nordea Finance services include Asset life cycle management, Sales finance, Receivables finance, Wholesale financing and management and Fleet management
Image: Wikimedia
This concludes the product strategy in Nordea Bank marketing mix & strategy.
Nordea Bank Price/Pricing Strategy:
Below is the pricing strategy in Nordea Bank marketing mix strategy:
Nordea bank is a premium priced financial service provider, which is clearly justified through the highest quality of services it provides. Nordea also offers services based on competitor pricing in its marketing mix.
It also believes in giving back to the people and is therefore involved in numerous CSR activities for the benefit of everyone associated with the organisation. “All good things comes at a premium price” – Nordea lives to this statement.
Nordea Bank Place & Distribution Strategy:
Following is the distribution strategy in the Nordea Bank marketing mix:
Nordea believes in making its presence feel in different parts of the world through subsidiaries, offices and full service branches. It is present on 16 countries throughout the globe. Nordea also has a well-developed website which has all the information about the company starting from its history, organisation structure, investors, stakeholders, finances to the different product and service offerings. It has 700 branches, with home markets in 8 locations: Denmark, Finland, Norway, Sweden, Estonia, Latvia, Lithuania and Russia. Apart from these locations it is well present in UK, Germany, Luxembourg, Poland, Brazil, China, Singapore and the US.
In all these places Nordea provides high quality services.
Nordea Bank Promotion & Advertising Strategy:
The promotional and advertising strategy in the Nordea Bank marketing mix is as follows:
Nordea is highly active through social media platforms like Facebook, LinkedIn, Twitter, YouTube, SnapChat and other news channels and blogs. Through Facebook it provides latest news and economy tips and through LinkedIn it provides current news and career options in the organisation. Nordea is actively involved in CSR activities to build trust, increase transparency, increase customer engagement and act with integrity. Nordea bank has various programs for sustainability, society, environment and its employees.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Nordea bank.
People:
Nordea Bank’s mission statement is “Making it possible”. Vision is to be ”A great European, capital markets and investment banking organisation, acknowledged for its people, creating superior value for customers and shareholders”. It constantly maintains its high standards and provides all benefits to its employees so that its activities are properly aligned with its mission and vision statement. This in turn helps in building trust amongst various stakeholders, customers and employees.
Physical Evidence:
Nordea provides best in house facilities with up to date infrastructure and global environment in all its offices. The complete setup helps the employees to experience the best work environment so that they perform as per the organization’s expectations.
Process:
Through the various social activities and best practices Nordea maintains a good relation with its customers and investors, which in turn avoids a bad ‘word of mouth’. All these helps the organisation to grow in long term and motivates its employees to continue being loyal to it and give their best throughout their tenure. The customers are also successfully retained and new ones are attracted. Hence, this concludes the marketing mix of Nordea bank.
About Nordea Bank:
Nordea Bank AB was founded in 2001, by four banks Nordbanken (Sweden), Merita Bank (Finland), Unibank (Denmark) and Christiana Bank og Kreditkasse (Norway). All of these came together as a result of different mergers and acquisitions in 1990s. Nordea operates in Northern Europe and is a financial services organisation. It is headquartered in Stockholm, Sweden. It provides services for corporate and retail banking and asset management. Nordea employees approximately 32000 employees as of December, 2016. In 2017 its legal structure was simplified by changing the subsidiary banks into a common parent structure. The subsidiaries include Nordea Bank Danmark A/S, Finland, Latvia, Lithuania, Norge ASA, Polska SA, Russia and Malta AB.
It is the largest universal financial group in the Nordic region. Its customer base includes 11 million customers, and approximately 700 offices.
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