Westpac Banking Corporation established in 1817 is the first and oldest bank of the four major banks in Australia. The group is the leading institutional bank with a wide range of financial services, commercial and institutional banking insurance and wealth management services including 6.7 million customers in it domestic market. It strong market position is based on a strong distribution network comprising 813 branches and 1,653 ATMs in Australia.
The market is divided into four segments, the upper-class segment, the middle class segment, the working class segment and the lower class segment. The Westpac Altitude Platinum program which includes Altitude Platinum American Express Card and Altitude Platinum MasterCard aims to target a segment of Australian adults or permanent residents who earn more than $65,000 per year. This service will concern the upper-middle class and the upper-class profiles such as white collar professionals, doctors or wealthy people who are over 30 years old mainly.
The main marketing problem is “What are the key factors of successes in order to increase the number of customers on the Altitude Platinum program based on new marketing campaign?” The purpose of this project is to evaluate how to determine the marketing mix and how to vary these seven key variables: product, promotion, price, place, people, process and physical evidence.
The marketing strategy is to position the Westpac Altitude Platinum program as the best of the best offer of benefits for credits card. The promotion is based on the two labels of quality service given by the famous Money’s magazine. The strategy includes aggressive new advertising campaign emphasis on values of prestige and privilege. The goal is to use channels of communication such as internet, business radio and TV program, and business magazine which reach the target segment.
The strategy is focused on increasing benefits and special deals of Westpac Altitude Platinum program by creating...
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