Santander Marketing Mix: The Santander Group is of Spanish origin and is commonly called Santander. This publicly traded corporation is associated with the banking sector and deals in financial and financial-related services. Santander was established in 1857, and in the year 2016 May, it was in the 37 the spot as the largest public limited business in the world according to Forbes Global 2000 List.
Marketing Mix Of Santander
The marketing Mix Of Santander is brand-based. In Marketing Mix Of Santander, We will Learn About the four critical elements of Marketing Mix: products, place, price, and Promotions. By paying attention to the following four components of the marketing mix, a business can maximize its chances of a product being recognized and bought by customers. We will be discussing the Santander Marketing Mix. Below is the detailed Marketing Mix Of Santander.
Let’s talk about Santander Marketing Mix.
Santander Main Competitors
- Barclays Bank
- Standard Chartered Bank
Santander’s official website: www.santander.co.uk
Product in the Santander Marketing Mix:
Santander operates through B2C and B2B channels since it focuses on personal Banking and banking with corporate entities. Santander offers a comprehensive range of banking and financial services to its customers. The broad product portfolio comprises
- Credit for debt consolidation as well as home improvements and the purchase of a car
- The insurance includes Life, Travel, and home
- Credit Cards
- Current accounts
- Cards and payments
- Insurance covers surgery insurance, insurance on offices, van insurance, and shop insurance.
- The options for borrowing and financing include assets finance, small-business loans, and working capital loans: business credit cards and overdrafts.
- Current accounts
Commercial and Corporate
- Current accounts
- Deposit accounts
- Online banking
- Business credit
- Commercial mortgage
- Domestic receipts and domestic payments
- Merchant acquisition service
- Overdraft in Cross-Currency
- Agri-related loan
- Asset finance
- Invoice Finance
- Trade finance
- Finance for tooling
- Scooping and sweeping
- Supplier payments
- Human Resources, Health, and Employment solutions
- Zenith Fleet Solutions
- Growth Capital-loan
- Structured finance
- International receipts and international payments
- International desk
Place in the Santander Marketing Mix:
Santander Group began its business out of Santander, situated in Spain, and had its head office with its headquarters in Santander. In time, it expanded its operations by acquiring mergers and subsidiaries throughout Asia, North America, Latin America, Africa, and Europe.
Santander is a significant international presence and includes countries such as the United Kingdom, Hong Kong, Austria, Denmark, Belgium, France, Finland, Germany, Italy, Norway, Poland, Portugal, South Korea, Puerto Rico, Colombia, Peru, Chile, Luxembourg, Isle of Mann, Argentina, China, Australia, Japan, Mexico, Singapore, and the United States. Santander has a robust and broad distribution channel which includes 14,392 branches as well as an efficient and skilled staff of more than 186,000 serving more than 102 million customers.
Price in the Marketing Mix Of Santander:
Santander has targeted individuals and large companies as potential clients. At the close of 2015’s financial year, it had estimated its revenues to be 10.894 billion euros and profits of 1.460 billion euros. The retail banking sector is the primary source of revenue for Santander operations since it earns 74% of the company’s total profit. Santander has implemented long-term and short-term strategies to build and enhance benefits.
Its primary goal is to capitalize on opportunities by enhancing capital to satisfy administrative requirements. It strives to offer good profits that are sustainable to its shareholders by implementing the dividend policy, which pays more in actual dollars and fewer shares. The company has adopted fair and flexible pricing policies based on a customer’s needs and preferences so that a budget is easily kept.
Promotions in the Santander Marketing Mix:
Santander Group has implemented several strategies to increase brand recognition. It has signed partnerships with sponsors and became the corporate sponsor of Formula One Team like McLaren and Ferrari in addition to Recopa Sudamericana, Copa Sudamericana, and Copa Libertadores de America. It also sponsors Rory McIlroy, Lewis Hamilton, and Jenson Button to enhance its visibility as a brand. Santander is the main sponsor of the British Grand Prix, and in the year 2015, it signed a partnership in partnership with Transport for London’s bicycle rental scheme. It also changed the name of its scheme to Santander Cycles.
The company is aware of celebrity power and has chosen Jessica Ennis-Hill, a well-known British athlete, as the brand’s ambassador. The company has received numerous awards and accolades to recognize its efforts. It was honored with Global Brands Magazine Award for the Most Outstanding Banker in Spain in 2016.
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