Question

critically discuss Five (5) out of the seven extended marketing mix strategies the bank can undertake in order to achieve medium to long term positioning and gain competitive advantage amidst COVID-19 pandemic

Answer 1

five extended marketing mix strategy that Bank can undertake in order to achieve medium to long term positioning and gain competitive advantage admist covid-19 pandemic are as follows-

A. Product mix- A bank can change its overall products by introduction of such hybrid products which will help in restructuring various kinds of loan and provide the window to borrower for the long period of time so that it will help in gaining larger market share at the time of crisis

B. People-Bank can also focus on managing the human resources and consumers Better by redressal of their grievances at the times of crisis and being a flexible at this point of time as there would be higher liquidity crunch.

C. Price-Bank can always choose to charge lower rate of interest at such times of crisis in the whole economy as it will be gaining lot of market share

D. Promotion-the bank can adopt various promotional schemes in order to target potential group of customer who are emerging as new leaders in this crisis period.

E. Process-Bank can operate more digitally and change its process drastically in order to adjust to the current scenario and gain a larger market share.