SCOTIA BANK OF CANADA COMPNY PROFILE
Introduction
According to history, this bank was moved into Toronto Ontario in 1900 after it was found in Halifax nova scotia the year 1832. Since it has the better acquisition of the Caribbean and Latin America, it has been granted it is self the Canada most international bank. It also has some branches in Asia and Europe. This bank is among the five banks participating in London gold fixing. Over the past 187 years, scotia bank built a legacy of commitment to its clients all over the world. Globally the company is expanding in the market division, and in global marketing, this means that the business is evolving.
Target market
This company is targeting many foreign countries mostly in all parts of the worlds as of now it is in more than 55 states. It is focusing on region with better political stability and economic stability to avoid inflation. It is among the largest banks in Canada based on market capitalization and deposits. It is serving over 25 million clients offering services and products such as commercial banking, corporate management, investment banking and personal banking. This bank is having approximately 88 0000 employees and assets worth over $999 billion. This bank mostly trades on Toronto and New York exchanges (Frost, 2012). Don't use plagiarised sources.Get your custom essay just from $11/page
Marketing mix
The marketing mix of scotia bank will analyze the company’s products covering 4ps, price, place and promotions.
Product:
The marketing mix of scotia bank
This is a leading financial institution in Canada. This bank is operating in the following business lines when offering services and products. Canadian banking: The Company gives banking solutions and financial advice to small business, retail, commercial and also advise in wealth management. It also provides a solution to tangerine bank customers. To the small business and retailers, the bank offers a solution and recommends products such as cheques, debit card, mortgages, loans insurance, retail industry and insurance as well as providing financial advice. To the commercial banking, the company offers information on depositing, cash management, trade finance solutions and trade finance solution to some clients. International banking: This Company provides some financial products and solutions as well as advising commercial and retail customers in other parts of the world. Global banking and markets it gives corporates, state-owned financial advice to institutional investor clients with several banking solutions.
Price:
The pricing strategy in Scotia bank marketing strategy:
Currently, the commonly has over 25 million customers; the bank offers specialized and unique as well as products to the clients. The scotia bank pricing strategy applied in such features is value-based pricing, and this is what is done by a scotia. The company believes that the quality offered is critical when serving the clients; that is the reason the pricing is done based on the benefit provided by the specified service. The company offers prices that are diversified through the range of price, thus offering high and low rates based on product types and functions (Beyhaghi et al,2014). The real concept is that the use of value that is based on the strategy through prices based on pricing to make prices of the service depending on the benefit the clients perceive from service or product to create more loyal customers.
Place:
Following is the distribution strategy of Scotiabank
According to research, this company is working as an international and global financial service. Scotia bank is operating in over 56 states all over the world. Additionally, there are many branches across different regions of the world apart from Canada. This company offers international banking services in peaceful alliance state including Mexico, Chile, Peru and Latin America. Accordingly, the global market and banking provide its services to investment dealer and wholesale banks in Canada, U.S, Mexico, U.S Latin, Europe, Australia and Asia.
Promotion:
The Banks advertising and promotion strategy in the marketing strategy the scotia bank is said to have roots in Canada, and the company chose the engaging Canadian communities through passion. This company has ever been sponsoring several field events like arts, marathon, hockey as well as several community events to promote itself. The company has some programs including, Scotia bank Giller prize, scotia bank skaters program, scotia hockey club in partnering with Canadian photography institute. In the year 2015, this company established a global campaign which was advertised in over 55 nations. The campaign aimed to promote the Brand name and not based on specific products or services.
SWOT analysis of Scotia bank
This company is among the leading in the industry. Scotia bank keeps dominating the position in the market through analyses of and reviewing of SWOT analysis. It guides the company in finance, management and strategic planning and also marketing operations.
Strengths of Scotiabank
The company has got excellent and successful returns on capital expenditure, meaning that their s probability of building new revenue avenues. The company is also known to have a qualified workforce through the leaning and successful pieces of training. From the recent survey, this company has excellent and superb performance in the new markets its expansion is making it fit in the diversified economy in the countries it operates. Additionally, scotia bank is associated with having a functional and robust Brand portfolio; the organization uses this as it expands to new categories of products. Research also shows that this company is said to have high and successful at going to market strategy while marketing its products; additionally, it has a reliable supplier and strong distribution network in the market.
Weakness of Scotiabank
The scotia bank is also associated with the following areas that need improvement the SWOT analysis will guide the company towards building strategic and competitive marketing positioning. Although the sale of the products can be successful, we don’t have precise positioning and unique proposition, and this is prone to causing attack from the competitor. There is a need for new technologies need more investments which should be added. For the company to meet the potential in the market poisoning, there is a need for money for more integration of technology, and this could not go as per the company vision. For the market to be made to raising much capital for investment in the channel, there could be higher daily inventory as compared to the competitor(Bligh & Ugursal,2012).There is a probability of having limited success outside the core business, which could lead to the organization in its industry. It has faced challenges when moving to other products segment with its present culture. There is a higher attrition rate in the company’s workforce, which could lead company spending a lot than its competitors on offering training on developing the employees. Additionally, there is a gap in the product range sold by the company since there is a room of choices one can give for the sale of new completion in the market.
Opportunities for Scotia bank
According to the recent survey, the economic uptick as well as customer spending increase after a period of recession as well as the slow rate of growth in the industry is an existing opportunity offered to scotia bank this can be utilized in getting increasing the market share and increasing customer network. Additionally, the development of the market can lead to dilution of competitor advantage, making the company increase its level of competition as compared to other companies (Haiss et al, 2017). The company has a stable and free cash flow, which could avail investment opportunities to invest in the adjacent segment, saving cash in the bank can open window of opportunities from the common in their product categories. There are new trends in the organization in building a new revenue stream in diversifying into new products as the scotia bank is associated with the latest trend in consumer behaviour (Bierman et al,2017). The taxation policy would change the significantly new way of doing business and can open ways for the establishment of a key player like increasing the bank’s profitability. Due to the government agreement, there is the possibility of opening new markets and adoption of new technology could grand free trade agreement the government has given to the scotia bank paving the way for new technology standards in the market(Irvine, 2015). The company also has a lower inflation rate meaning that it will have a lower interest.
Threats Scotiabank Facing
Since the company is operational in many states, there is a possibility of currency fluctuation due to political climates there could affect the market.
The highly profitable product have a demand that is seasonal before the season is peak is there the commonly might get loss. In the low markets and the emerging markets, there could be an imitation of the scotia bank products, which could be a significant threat to the company in the market. There is a threat from the local distributors who have growing strengths in the market too they can result in completion.The existing infrastructure can be affected by the fact of changing the customer behaviour to selling online as it affects the chain of the supply model.The trend of American isolation in the economy could also spread to other states, and this could be a more significant threat to scotia bank. The increased and rapid rise of raw material could pose a danger to the company, the scotia bank affecting the way it makes a profit.
Relevant foreign government regulation applied to the products
In the regions of its operation this company focuses on states with free trade regulation and states where there i no much restriction on the revenue .Currently scotia bank has entered into agreement with foreign government of over 55 countries where it operates. It forts of all comply and agree to pay foreign states revenues for it to market its products.
Bibiliography
Beyhaghi, M., D’Souza, C., & Roberts, G. S. (2014). Funding advantage and market discipline in the Canadian banking sector. Journal of Banking & Finance, 48, 396-410.
Frost, J. D. (2012). The” Nationalization” of the Bank of Nova Scotia, 1880-1910. Acadiensis, 12(1), 3-38.
Bligh, D. C., & Ugursal, V. I. (2012). Extended exergy analysis of the economy of Nova Scotia, Canada. Energy, 44(1), 878-890.
Haiss, P., Pichler, A., & Steiner, K. (2017). Internationalization strategies of Austrian and Spanish financial institutions: Continued regional ties. Banken in Mittelosteuropa im Spannungsfeld von Transformation und Innovation. Rainer Hampp Verlag: Munich and Mering, 257-279.
Irvine, A. D. (2015). The Giller Prize (1994-2004) and Scotiabank Giller Prize (2005-2013): A Bibliography (pp 89-105). Papers of the Bibliographical Society of Canada, 53(1).
Bierman, L., Fraser, D. R., & Adkisson, A. (2017). Effects of the Canada-United States Free Trade Agreement on the Equity Values of US and Canadian Banks. Nw. J. Int’l L. & Bus., 10, 268.