Research On Marketing Strategy Of W Bank Retail Business

In recent years,along with the deepening of the interest rate market and the breakthrough of various technologies such as big data and cloud computing and their application in the financial field,consumers have put forward higher requirements for banks’ retail products,and banks are facing the challenges of gradually narrowing spreads and declining profitability.Against this backdrop,major banks have been making strategic adjustments,and retail business has gradually become the direction of transformation and upgrading for many banks due to its low capital consumption,strong resistance to economic cycles,and more stable income.Due to their scale and stage of development,urban commercial banks are facing both opportunities and challenges in the process of retail business transformation.This thesis takes Bank W,a city commercial bank in Shandong Province,as the object of study,which has been developing steadily in recent years,but in the fierce market competition,there is still a big gap between Bank W’s retail business and its advanced counterparts.Therefore,it is particularly important to develop a retail marketing strategy suitable for W Bank’s own characteristics to increase business income and achieve retail business transformation.Based on the application of marketing theories,analytical models and related studies,this thesis compares the marketing performance of W Bank’s retail business with its peers,followed by a detailed analysis of the key internal and external factors in the development of W Bank’s retail business using the PEST model and Porter’s five forces model.Based on the analysis of the current situation of W Bank’s retail business marketing strategy,many problems in W Bank’s retail business marketing strategy were found,mainly reflected in:serious homogenization of retail products,inflexible pricing mechanism of retail products,weak competitiveness of retail business channels,traditional promotion methods of retail products and customer service level to be improved.To solve the above problems,this thesis uses the STP analysis framework to analyze the target market of W Bank’s retail business,and after determining the target market,it combines the 7Ps theory and integrated marketing communication theory to propose measures to improve the retail business marketing strategy applicable to W Bank.These include providing differentiated product portfolio,changing pricing model,channel integration and optimization of online channels,precise marketing with the help of platforms,improving comprehensive quality of service personnel,and whole process management of marketing process.Finally,to ensure the smooth implementation of W Bank’s retail business marketing strategy,specific promotion measures are proposed in strengthening corporate culture construction,increasing technological capability guarantee,improving talent training mechanism and improving risk prevention and control mechanism.Taking W Bank as a representative,this thesis integrates marketing theory and the background of urban commercial banks,and proposes a marketing strategy applicable to W Bank’s retail business and a corresponding mechanism to ensure the smooth implementation of the strategy,taking into account the specific situation of W Bank’s retail business development at this stage.The proposed measures and mechanisms not only help to expand the depth and breadth of marketing strategy research,but also provide reference values for other urban commercial banks’ retail business marketing strategies.