Question

What is Bank of Ameria Marketing mix details? Address each "P" (product, place, price, promotion) of the marketing mix separately and explain your choices. This is the heart of your plan.

Answer 1

Bank of America is a financial institution that offers banking services and brokerage products. The marketing strategy of the bank are as below.

Product: The product portfolio of the bank are as below. It consists of consumer banking, credit cards business, mortgage business, insurance business, investment banking, and corporate banking. They have the array of products, so as to cater to all the needs of various customers. This would provide the edge over the other competitors in the business. Having all the basis covered is the backbone any marketing strategy, which Bank of America has been able to do successfully.

Place: The financial institution needs a place to provide its products and services to the customers. Place is another important aspect of marketing. The customer accessibility is very important. The bank has nearly 5100 centers for banking, 16500 ATM's where the customer could access the services physically. In Addition to that they have the online banking services and the call center representatives to provide the services. The bank also a member of Global ATM alliance till the year 2013, by which their customer could use other bank's ATM without and excess fess. Now a minimum fee is being charged for the use of other bank ATM. This is the PLACE proposition that Bank of America provides to its marketing strategy.

Price: The pricing of its products, provides is another important tool to the marketing strategy. Bank of America follows a competitive pricing policy when compared to its peer banks. An example for the competitive pricing is that, the customers are being charged at only 3% for access other bank ATM's, which is the least in the current market. Most of the revenue generated by the bank are in the domestic markets. This enables the bank to buy other business houses in the market, thereby going in for a massive expansion which generates additional revenue.

Promotion: The promotion of the brand is another important factor in the marketing strategy. They have come up with a new tag line, "Life is better when we are connected". The bank focuses on the human aspect in the advertising front. They want their customers to be the brand ambassadors of the bank. Every satisfied customer with the services that the bank has offered, talks about it to the other customers. Hence by the word of mouth the brand of the bank is promoted.

These are the 4P's of the marketing strategy of Bank of America