US Bank Marketing Mix (4Ps) Strategy

Posted in Services, Total Reads: 714

Marketing Mix of US Bank analyses the brand/company which covers 4Ps (Product, Price,
Place, Promotion) and explains the US Bank marketing strategy. The article elaborates the
pricing, advertising & distribution strategies used by the company.

Let us start the US Bank Marketing Mix:

Product:

The product strategy and mix in US Bank marketing strategy can be explained as follows:

US Bank is one of the most prominent banking institutions in America. US Bank is into
various financial services and provides its customers with a wide variety of banking
services. Apart from retail banking and credit cards, the bank also has a stronghold in the
domains of commercial business and Investment banking services as a part of its
marketing mix. Financial analysis and Private equity are also dealt by the bank which has
got the expertise to cater to every sector of the financial institutions with precision and
seamless process. With operations into banking, investment, mortgage, trust and payment
services, the firm is a complete economic institution. In the middle and the western part of
the united states alone, the bank has more than 3000 branches. With more than 4800 ATMs
US Bank serves to all the needs of its customers. The company owns Elavon, which is a
processor for the credit card payments.
Image: Wikimedia

Price:

Below is the pricing strategy in US Bank marketing strategy:

US Bank always concentrated in building the business and focuses on constant interest
regime. The bank is the seventh largest bank in the United Nations. JP Morgan Chase is at
the top of the list in the US market, which is followed by Bank of America and other banks
like Wells Fargo and Citigroup. With most of the top banks in the nation adding up to the list,
the pricing of the US Bank has been aggressive at the same time very competitive. US being
is one of the prime markets for any financial institution, having a competitive pricing is
always the way to forward. The bank has got good reach in the market as well as it is
technologically advanced in all terms. Hence competitive pricing works in this case.
According to the results of 2016, the net income of the company is US$6 billion, Total
Assets are US$440+ billion, and the bank has a Total equity of 47+ billion.

Place:
Following is the distribution strategy of US Bank:

The mere number of branches and the ATMs that US Bank speaks about the thought
process and foresee in establishing the bank in different places of United States. The US
Bank has got the strategy right when looked in the areas where their service is provided. US
Bank primarily is based in the Midwestern markets of the United States. The bank has been
technologically on par with all the latest developments.

It offers its service on all the platforms including the digital and web services.

Promotion:

The promotional and advertising strategy in the US Bank marketing strategy is as follows:

US Bank uses all media channels to ensure a good brand awareness is there among the
customers. Advertising through TVCs, print ads, online ads, OOH etc boost the presence of
the brand. US Bank also sponsors many events for companies and financial institutions,
which help the brand build a stronger reputation for its customers. Regular updates are
given to customers through emails, SMS alerts etc. All this help create a strong brand
awareness for US Bank.

Since this is a service marketing brand, here are the other three Ps to make it the 7Ps
marketing mix of US Bank.

People:

People involved in the banking industry is the primary source of revenue generation
because the hotel staffs are the service providers to the customers. In this case, US Bank
has maintained the standard to provide world-class services to its customers. It always
recruits staffs and employees by their knowledge and experience and molds them
according to the company guidelines by giving proper training sessions, workshops, and
seminars. Customers are the sole reason for the existence of any banks.
Process:

US Bank has many business processes for its banking solutions. As every service of banks
has shifted online, the customers can access the offer from anywhere at any point in time.
The mobile application for all the mobile devices has a sophisticated process for all the
services offered by the bank be its account information, be it investment services, be it
request for demand draft and many more. The US Bank website also gives an idea about
that how the company works, if a customer wants to purchase any service, how it can be
approached and achieved, the procedure is given on the website as well as on the mobile
application.

Physical Evidence:

US Bank branch offices are its main physical evidence. Apart from this, the documentation,
logo, website etc add to its physical presence. Every area is guided by the sign mark so that
the customers can quickly go wherever he/she wants to go to avail the service at the bank.
The website also gives an idea about that how the company works. The employees are also
well dressed and groomed to provide an excellent visual satisfaction to the customers. This
completes the marketing mix of US Bank.

About US Bank:

US Bank is based out of Minneapolis, Minnesota and the firm is a bank holding company. In
the banking and financial services sector, the firm is a Public Company. It is one of the top
10 ranked banks across the world. The bank is currently ranked seven on the list of largest
banks in the united states regarding total assets. With only a few banks ahead of US Bank,
this is one of the prominent players in banking services in the country of United State of
America. The US Bank has been in service for more than 49 years. The firm was founded in
the year 1968, in September o 9th. The firm has Richard K. Davis as the Executive chairman
and Andrew Cecere as President and CEO of the firm.

Browse 4Ps Analysis of more brands and companies similar to US Bank Marketing Mix. The
Marketing Mix section covers 4Ps and 7Ps of more than 800 brands in 2 categories.