HSBC Is The Biggest Banking Services In London Marketing Essay

INTRODUCTION

The HSBC group developed from the Hong Kong and Shanghai Banking Corporation Limited founded in 1865 in Hong Kong with offices in Shanghai, London and an agency in San Francisco, USA. The company flourished mainly through already established offices in the banks name until the mid 1950’s when it commenced to acquire subsidiaries.

HSBC is world’s one of the largest banking and financial services organization with headquartered in London, UK. It has established businesses in Europe, Asia, America, Middle East and Africa. HSBC holdings were incorporated in UK with its head office in London in 1991. The company established its international brand name ensuring that the group’s symbol became well known across the world. HSBC distinguish its brand name from those of its competitors by explaining a unique characteristic which differentiate HSBC, namely being, ‘The world’s local bank.’ As on December 2004, its total asset was valued at 660 billion. HSBC controls a global network of more than 10000 offices in over 79 countries and 82 states. HSBC’s 253000 employees are located mainly in the UK (56000), US (43000), Brazil (28000), Hong Kong (26000), Mexico (20000), and France (14000). The company’s shares are traded on most of the world’s renowned stock exchanges like London, Paris, New York, and Bermuda stock exchange respectively. One of the major tools HSBC uses for functionality on a worldwide scale is its use of information technology. HSBC’s e-business channels include internet, interactive TV, PC banking, and telephone banking. It also maintains its private network like intranet and extranet out of which HSBC’s website attracted 900 million visits in 2004.

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The bank offers a comprehensive range of financial services to personal, commercial, corporate, institutional, investment banking and private banking clients. HSBC has over 100 million personal customers worldwide. HSBC’s main operations are conducted by the Hong Kong and Shanghai Banking Corporation which provides personal, commercial, investment banking and market services in mainland China. HSBC private bank is the brand name for private banking business carried out by the private banking subsidiaries of the HSBC group worldwide. It provides financial services to high net worth individual and families in 70 different locations.

One of the responsibilities of management system is to employ in organisation to be able to accomplish the organisational goals. Primarily the key aim of this essay is to carry out a strategic analysis of an organisation. In this essay, we will use different marketing tools including PESTLE Analysis and Porter’s Five Forces Analysis. This essay will also analyse the competitors of HSBC using SWOT Analysis.

LITERATURE REVIEW

Lin and Hsieh (2009) trust on the I-R framework to a great extent and previous empirical research applying to this framework. According to them, the strength of I-R framework is its clearly defined categories of international strategy alternatives and subsidiary roles which can be distinguished clearly from each other. This approach can be helpful to a manager when clarifying problems related to international strategy however the manager should examine certain questions before using I-R framework like 1) what type of implications can they draw, 2) does it provide better understanding of the research problems addressed etc. Prahalad (1975), Doz (1976) and Prahalad and Doz (1987) set the basis for broad research on international strategy. According to one classical formulation (Prahalad & Doz, 1987), MNE strategies change with two key elements i.e. integration and responsiveness known as I-R framework. Benito, 2005 proposes that the core of integration is to exploit benefits across the nation where as responsiveness concerns the need for local presence and adaptation and hence the two elements work in opposite direction. Similarly, Roth and Morrison, 1990 assumes that the core idea of the I-R framework is that companies operating internationally on one side should balance the need to be responsive to the local demands imposed by government and on the other side, should exploit market imperfections due to company’s multiple country locations.

I-R framework was initially developed when contingency approaches dominated many organisations and management research. Lawrence and Lorsch (1967) proposed that organisational structures and processes should be modified to the specific environmental characteristics the organisation is operating in. Organisations that match their internal structures and process to environmental characteristics can execute much better than those missing this fit between organisational structures, processed and environment. Although the contingency approach has lost much of the impact it had once in organisations and management research, such approaches are still generally used in international business. Conversely, Roth and Morrison (1990) suggested that contingency approach functions as a general conception of how to understand and analyse a phenomenon. The essential part of using such approach is to identify the accurate dimensions or the characteristics that capture the relevant environmental dimensions and simultaneously differentiate between two different categories.

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Moreover there is no logical way of measuring the two dimensions; they have been measured both as forces and responses to forces (Venaik, Midgley & Devinney, 2004). The I-R framework has applications in the study of MNC strategies (e.g. Roth and Morrison, 1990), subsidiary management (e.g. Jarillo and Martinez, 1990) and divestment of foreign subsidiaries (e.g. Benito, 2005) But the major question here is – Is the framework suitable and appropriate in relation to a wide variety of international strategy issues? The literatures rarely discuss this issue. Having an acknowledged framework as a starting point for an empirical study may make things simple in the beginning but on the other hand, a very general framework makes it complicated to contribute to theoretical progress. Lin and Hsieh (2009) claim that: “The I-R framework is the most dominant and robust framework for modelling international strategy at both corporate and subsidiary levels.” But choosing a framework just because it’s well accepted doesn’t ensure that it is suitable for the particular research problem.

ANALYSIS/ DISCUSSION

To accomplish its marketing targets, an organisation should develop a set of marketing strategy. The set of marketing strategies that are carried out and used at the same time is mentioned as the organisation’s marketing programme. Most marketing programmes focus on detailed marketing mix specifications and comprises internal controls and procedures to guarantee that they are executed effectively. During the process of strategic market planning, an organisation can build up marketing strategies that, when appropriately applied, will contribute to the success of its marketing objectives and its overall objectives. However Harris (2002) argues that companies functioning in the financial service market, particularly the big four retail banks viz. HSBC, Barclays, Lloyds TSB and The Royal Bank of Scotland (with its acquisition of Natwest) mainly trust on generic marketing strategies.

Marketing environment forces can leave constraints on an organisation and perhaps regulate its overall goals. They also affect the quantity and nature of resources that a business can obtain. (Dibb et al. 2001)They do generate positive opportunities as well such as internet banking in which HSBC and Merrill Lynch created an online banking and investment facility, which was turned out profitable for both the company’s as a whole. (Eppendorfer et al. 2002) According to Polito (2005), branding in the classic sense is all about creating unique identities and positions for products and services, therefore differentiating the offers from competitors.

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HSBC as said in the end has in recent years gained a huge number of companies across the world and took over them fully under its international corporate brand with grand success and in unexpected short span of time. A strong brand is about building and sustaining strong awareness in the minds of customers. This takes time to set up but in the end no one remembers what the local banks used to be called, and HSBC has controlled to transfer the brand equities from the acquired brands into its own corporate brand equity. Furthermore, HSBC’s brand name has facilitated a number of key mergers and acquisitions (as mentioned above) around the world which has so far reinforced its market presence in the banking world (Brand Finance 2000)

A strong corporate brand is no less or more than the face of the business strategy, representing what the corporation aspires at doing and what it wants to be recognized for in the market place. The corporate brand is the overall umbrella for the corporations’ actions and summarizes its vision, values, personality, positioning and image among many other elements. Like HSBC has effectively implemented a rigorous corporate branding strategy. HSBC apply the same general expression all over the world with a simple advertising strategy based on the slogan ‘The World’s Local Bank’. This innovative platform enables the corporation to link between many cultural difference and to represent many features of the same strategy.

STRATEGIES USED BY HSBC

With the purpose to compete successfully and to achieve competitive advantages, HSBC has been able to employ different strategies. One of the strategies applied by HSBC is ‘Managing for Growth’ strategy (end of 2003). A strategic plan that supplies HSBC with a blueprint for growth and development for next five years. This strategy is evolutionary and not revolutionary. The strategy has been able to establish the strengths of the company and sticks to the areas which are in need of further improvement. HSBC focuses on increasing earnings over the long term at a pace which will position it satisfactorily when evaluated with its peer group. It also concentrates on spending its delivery platforms, technology, people, and its brand to maintain the future value of HSBC as revealed in its comparative stock market rating and total shareholder return (TSR). HSBC stays dedicated to benchmarking its performance by contrasting with a peer group.

HSBC has also been able to employ a strategic human resource management which provides rigorous and comprehensive significance among their employees. Moreover, HSBC also applies customer relationship management approach so as to maintain good relations among the target market in the world. The objective of using CRM is to ensure that the company is always holding the needs and demands of the customers. By the use of information technology, particularly internet, HSBC has been able to reach different customers from all over the world and have provided them quality and satisfactory products and services. HSBC also uses strategic management to make sure that all their business practices will allow them to have a competitive advantage in both local and international market. With this, part of their strategy is to execute a corporate social responsibility which distinguishes its responsibility within the society.

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Under “The Managing for Growth” plan, eight strategic imperatives were recognized as the key marketing and business strategies for 2004 – 2008. They are:

Brand : Build HSBC and its hexagon symbol one of the world’s leading brands for the customer experience and corporate social responsibility

Personal Financial Services : Drive development in key markets and through proper channels to make HSBC the strongest global player in personal financial services

Consumer Finance : Widen the reach of this business to existing customers through a broader product range and enter new markets

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Commercial Banking : Make the most of HSBC’s international customer base through effective relationship management and better product offerings in all the group’s market

Corporate, Investment Banking and Markets : Speed up the growth by enhancing capital markets and advisory abilities centred on client service in determined sectors where HSBC has significant relevance and strength

Private Banking : Serve the group’s premier value personal clients around the world

People : Attract, develop and motivate HSBC’s employees, rewarding success and rejecting weakness

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TSR: Accomplish HSBC’s TSR target by attaining strong competitive performance in earning per share and growth and efficiency.

ANALYSIS USING DIFFERENT MARKETING TOOLS

As discussed above, we can analyse HSBC’s strategy using different marketing tools. In this view, we will analyse HSBC using PESTLE Analysis and Porter’s Five Forces Model.

PESTLE ANALYSIS

Political Factors

HSBC banking has been protected by the regulations and policies developed by different government in different countries. The company has been able to stick to the policies given by each country government. Moreover the company also prepares its own protection strategies against any governmental restrictions and limitations.

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Economic Factors

Being the world’s largest and competitive industry in terms of banking and finance, HSBC is believed to have a constant and flourishing economic stability. Regardless of many dangers that they came across in different parts of the world, the management of HSBC assures that they would be able to exceed such conflicts and attempts to have a superior economic condition.

Social Factors

HSBC is being affected by the circumstances of the culture they are functioning in. Besides, HSBC strives harder to make sure that each culture is given equal opportunities to take benefits of the resources given by the organisation. The company holds on to having excellent reputation in the world that they belong to.

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Technological Factors

The emergence of information technology and internet has an effect on how HSBC has been functioning in the past years. HSBC adopted different IT/IS systems and used internet to reach to their customers all over the world and to find out the latest trends in the global business. Apart from these, HSBC also uses facilities which help them in improving their productions and functions.

Legal Factors

The policies and regulations provided by the government, both local and international permit HSBC to be more careful in their business practice. HSBC considers that all their activities are legal and seeks to highest values.

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Environmental Factors

If an organisation will not be able to consider the environment in their performance, there is a probability of confronting problems within that particular society. In this respect, HSBC builds up environmental protection strategies to stick to this worldwide need. Additionally, HSBC always tries to join in an environmental protection campaign by sponsoring various organisations.

PORTER’S FIVE FORCES ANALYSIS

Porter’s five forces analysis emphasizes the factors in the external environment of an organisation. These factors have the ability to change various organisations in terms of competing. As a result, these factors has been described as factors that force competition by making sure that the competitive business will be produced by the interaction of five different factors in a firm. By simply accepting the perspective of each force, enables the company to include fundamental insight that will make them to execute effective strategies to grow their competitors.

Force 1: The Intensity of Rivalry

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It is said that HSBC has many global rivals viz. Barclays Plc, Citi Group Inc, The Royal Bank of Scotland Plc in the banking and financial segments. The amount of rivalries among these business firms enables HSBC to utilize well-organized strategies to sustain its leadership position in the market. Moreover, HSBC builds up strategic plans to make sure that they can always be the first choice of their customers in banking and finance industries.

Force 2: The Threat of New Entrants

With the possibilities of possessing high profits in industry, HSBC is subject to various threats of market entry. The threats of these new entrants can occasionally make or break the organisation like HSBC. In this regard, HSBC has been able to set up some entry barriers to make sure that their competitive advantage. The company also applies strong brand name to ensure that their customers will remain reliable to them.

Force 3: The Threat of Substitutes

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HSBC is attentive to its competitors who can provide new products and services to the customers in the future. The threat that these substitute products allows the company to work hard and to sustain its position in the market. Throughout the strategy of HSBC in concentrating on four different customer sectors, the company has capable to offer needs of each customer group which minimize the impact of the other substitute products.

Force 4: Buyer Power

The buyer power is observed to be one of the two key forces which affect the activity of the value ascertained by an organisation. The critical determinants of this force contain the size and the customer concentration. It can be said that HSBC has been able to deal with their customer successfully which permits the company to achieve customer loyalty and contentment. The strategy utilized by HSBC enables the company to be the world leader in banking and financial segment.

Force 5: Supplier Power

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The analysis of this force usually focuses on the considerable size and attentiveness of suppliers which is comparative to the competitors as well. It also concentrates on the extent of differentiation in the materials being supplied. HSBC has the ability to charge different prices to its target markets in agreement with the differences in the price developed for each of the buyers. This typically entails that the audience is reported by high supplier power.

COMPETITIORS ANALYSIS (SWOT ANALYSIS)

Strengths

The strengths of HSBC rival companies comprise the capacity to offer the needs and demands of different customers all over the world. By the use of information technology, competitors of HSBC may surpass the company by utilising all its resources to develop new products or services that will be attractive for the customers. Additionally, the association of big organisation may also be regarded as one of the strengths of HSBC’s competitors. The competitors of HSBC may also have strength in terms of having influential brand image and secure market leadership.

Weaknesses

One of the weaknesses of the rival companies of HSBC is its lack for resources to maintain their competitive advantage. Furthermore rival companies of HSBC may lack the ability to attain different customers since the distance barriers. Poor management system can also be believed as one of the weaknesses of competitors of HSBC. The rival companies of HSBC can also have weaknesses in terms of having imperfect marketing approach and brand image. A few rival companies (small enterprises) may have weaknesses in acquiring customers’ commitment.

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Opportunities

The opportunities of the rival companies of HSBC could include:

Key productive and encouraging market conditions

Change in line with regulatory and competitive market environment

Amendments and improvements of technological features and increases buyers- suppliers relationship

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Threats

Rival companies of HSBC are influenced by different market threats. These threats may include:

Main adverse and unfavourable conditions in an industry’s market locations indicating barriers to the company’s desire competition status and benefits

The threats of new entrants (new industries) which will compete successfully in the market

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The slow expansion of the market the industry belongs to

Quick technological modifications and the reality of new improved policies and government regulations

Current Banking Communications

[Bank – Campaign – Key Messages]

Lloyds TSB

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Your life. Your Bank

Cross selling of financial products, the tradition of the bank and its services for small businesses

Royal Bank of Scotland (Natwest)

Another Way

Traditional branch based banking, service and convenience are main themes

Barclays

Fluent in Finance

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Finance experts ( previous campaign emphasized size and internet services)

HSBC

The world’s local bank

Emphasising their global capability and strength

Abbey National

Because life’s complicated enough

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One stop financial service supplier

Halifax

Giving you extra

30x as much interest as ‘big four’ PCA (Personal Current Account’s)

The slab above demonstrates the most recent communication of the largest banks in the UK would appear to point out that HSBC and Barclays are aiming large business customers where as Lloyds TSB is thinking about small customers and PCA holders. Natwest and The Abbey National are the only banks emphasising traditional branch based banking and only Natwest (merged with the Royal Bank of Scotland) is expected to benefit from this, as it is one of the ‘big four’. The Abbey National is unlikely to support change but is promoting the traditional model of banking.

CONCLUSION

All in all, it would be meaningful to conclude that HSBC has done an incredible job in investing in its brand name using the hexagon logo which states ‘The World’s Local Bank.’ It has not only strengthened its customer support and maintained its market share at home, but also abroad. Its reasonable, timely and flexible approach to acquisition abroad has enabled the company to have a superior understanding of global banking, where by as discussed earlier, three quarters of the profit generated for the year 2004, derived from its subsidiaries abroad, (BBC 2004). Even though it spent nearly $2 billion in advertising for the year 2004 worldwide, whereby its market share with view to the banking sector in which it operates, has not improved any broader than the previous years’ market share. We could say that this is a waste of marketing budget, rather than wasting money on advertising, the company could possibly do far better by broadening the funds into the areas of production where it’s estimated as profitable. Areas such as increased loans and reduced interest payments in countries like Brazil, where survival framing is usually practiced would be favourable to the group as a whole.

Being the leader of the banking and financial sectors, HSBC is stated to employ diverse strategies that satisfies market needs and demands. Analysis demonstrates that HSBC has grown its competitors because of the strategies that they applied which stick to the current situation of the market environment. As a whole, it’s said that if the company has been able to decide the most suitable strategy, there is a larger prospect of becoming world leader in any industry.

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