Marketing Research That Is Mandatory When Developing New Services

From empirical research, HSBC has a very strong marketing function that has helped the company to identify and source successful banking services and by using shrewd promotion techniques, differentiate them from other players in the banking industry. Within the organization, the marketing team is charged with performing various marketing activities envisioned in the company’s marketing function. First, there is a department dedicated to marketing research that is imperative in coming up with new services, especially for small and medium businesses.

Secondly, there is a marketing plan team tasked with selling the company’s banking services in regions of operations such as the United States and Switzerland. Moreover, service development is another strong marketing function at HSBC By utilizing the data gained from market research, the company’s service development team comes up with new services, especially in small and medium businesses.

Lastly, strategic overseeing of the company‘s advertising, promotion, customer service and public relations also forms a strong pillar in HSBC’s marketing functions.

  According to findings, HBSC’s marketing team has numerous strengths. First, it is led by a team of world-class executives with a great deal of experience in marketing banking services. For instance, the marketing team CEO is Samir Assaf who has worked as head of fixed-income trading in Europe giving him great experience in marketing financial services. Secondly, the ability to connect emerging markets with developed markets is another of the company’s marketing team strength. Lastly, the marketing team has adequate financing to carry out the company’s marketing functions.

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Resultantly, the team is able to effectively execute its mandate, result findings indicate that HSBC marketing faces several challenges. First, there has been drastic change in macroeconomic policies in areas of operation such as the United States. Secondly, the marketing CEO, SamirAssaf notes that changes in technology has also brought new marketing strategies. Lastly, integrity issues in the company has also hampered the company’s marketing activities. Increased competitiveness was is one of the major advantages of effective marketing for a leading ban as it helps better sell its services. Secondly, effective marketing also helped reinforce customer’s trust in the company after integrity issues plagued it. Lastly, effective marketing results to increased market share in banking services as HSBC has witnessed.