Anju Lata answered on
Mar 31 2020
Running Head: B2B DIAGNOSTIC REPORT
B2B DIAGNOSTIC REPORT
MKG201- BUSINESS TO BUSINESS MARKETING
(COMMONWEALTH BANK OF AUSTRALIA)
Laureate International University
TABLE OF CONTENTS
1.1 Company History 4
1.2 Mission 4
1.3 Brand 4
1.4 Products and Services 5
2. Situational Analysis
2.1 Environment 6
2.2 Market 6
2.3 Competition 7
2.4 Customers 7
3. Market Segmentation 7
4. Relationships 7
5. Buyers behavior 8
6. Conclusion 8
7. References 8
The report presents marketing strategy of Commonwealth Bank in terms of background, mission,
and, products and services, environment, market, customers and competition. The work also illustrates market segmentation strategy followed by Commonwealth Bank, and situational analysis of different aspects related to the business of the Bank. The report presents an overview of market analysis, strength, weakness, opportunities, and threats pertaining to the business of CBA.
1.1 Company History
Commonwealth Bank of Australia is a largest multinational bank in Australia having its head office in Sydney and
anch offices spread across US, New Zealand, UK, and Asia. The bank has various subsidiary banks associated with namely Bank-west, Commonwealth security, ASB Bank, Aussie, Colonial Ltd., Sovereign Ltd., and many more financial companies providing financial support to various parts in the world. The Company was founded on 22 December 1911, around 107 years back as a government organization by Andrew Fisher Labor Govt. by the implementation of Commonwealth bank Act 1911. Since then the Bank expanded considerably in its function as a central bank, providing the services of general banking, savings, insurance, wealth management, travel, and finance. In 1996, the bank underwent privatization (CBA, 2017).
The CBA aims to provide financial stability and security to its people, communities, and businesses. The Company strives hard to maintain and strengthen the trust of its stakeholders, suppliers, and customers. The core values of CBA include Accountability, integrity, collaboration, service, and excellence (CBA, 2017).
The mission statement of CBA is to offer best available services to its clients, better business values to stakeholders and improved knowledge to its employees. The company aims to attract larger sections of society by implementing values in business practices in a relationship with every client. It is attained by understanding the exact needs of customers and following a multichannel network of distribution in business. The Company offers its services through 24x7 online platform assistance and innovative schemes. For offering quality services, the Company hired best human resource.
1.3 The Brand
CBA is the largest and oldest financial Organization in Australia providing financial assistance to major business companies and subsidiaries. According to Corporate Knights’ 2017 ranking of Global 100 most sustainable corporations, CBA is ranked at 6th position. According to a survey report of Global Finance Agency, CBA is positioned at rank 26, among the top 50 safest banks in the world in 2017 (SyncForce, 2018).
The Company wants to establish a strong
and value in the global market and want to be identified as the most preferential Bank to invest in. The core values of CBA emphasize on strategic adoption of positive behavior by all its employees following a certain code of ethics and conduct in practice. The cu
ent set of values involves the following points:
1. All the workers and directors of the company are expected to follow an efficient code of conduct.
2. All the employees are provided equal opportunities for employment
3. The situations which lead to a conflict of interest must be avoided.
4. Confidentiality must be adopted in all transactions with clients.
5. Honesty must be presented in professional attitude.
ands of CBA involve Bankwest, master trust services First Choice, Brokerage portal Commsec, asset manager Colonial first state, and major banking service partner in New Zealand ‘ASB Bank’. CBA offers services through more than 1100
anches in Australia, and around 3600 offices outside Australia delivering quality services in Asia, UK, US and Europe. CBA also offers the largest number of home loans in Australia along with...