The paper "Strategic Marketing Report: Australia and New Zealand Banking Group" is an outstanding example of a marketing case study. Australia and New Zealand Banking Group (ANZ) is one of the largest banking and financial service providers in Australia and New Zealand. The company was founded in 1935 in Melbourne where its headquarters are located and has grown over the years to become a global brand. In Australia, ANZ currently ranks third and also ranks among the top 100 leading banks (ANZ 2015). The company offers mainly banking and financial services to customers.
ANZ provides a variety of retail banking services in Australia and New Zealand where it operates more than 900 branches and over 1,500 ATMs with a customer base estimated at over 4 million (Letts 2016). Internationally, ANZ operates retail banking services in Asia-Pacific nations, such as Hawaii, Singapore, Philippines, Indonesia, and Hong Kong (ANZ 2015). Like most financial service institutions, the operations of ANZ have been affected by the financial crises and recessions in various countries, where it operates. Despite the challenges, the company has maintained good performance that has seen the company continue to grow its branches in various parts of the world.
In 2015, ANZ reported revenue totaling A$21.071 billion and an after-tax profit of A$7.493 billion. ANZ is also a major employer having a workforce comprising of more than 15,152 people as at the end of 2015 (Letts 2016). Although ANZ has been a success in the Asian market, the performance of the company has become under threat in this region due to the changing nature of the market, such as the financial crisis. Therefore, in order for the firm to continue posting good performance in the Asian region, the company must consider reassessing its marketing strategy to ensure success in the coming years.
This strategic marketing plan with start by conducting a situational analysis of the financial service industry in Asia and come up with a strategic marketing plan that is appropriate for ANZ to adopt in Asia over the next five years. Situational Analysis Industry Overview Asia has emerged as the most lucrative market for multinational businesses and this applies also to financial service providers. The Asian market has been attractive to financial service providers because of the rapid economic growth that has been experienced in the region over the past five years.
Currently, a number of Asian countries, which include China, Singapore, Indonesia, India, Taiwan and Malaysia ranks among the fastest-growing economies in the growth (Walsh 2014, p. 2). The steady growth of the economies of Asian countries has resulted in significant growth of the financial service sector over the past five decades. Reports indicate that the largest banks in Asia have enjoyed double-digit growth in on the return on equity over the last five years, enabling them to stay ahead of American and European counterparts that continue to struggle to come out of the credit crunch.
Chung, Tio and Anthony (2016) report indicate that Asian financial sector accounts for about 40% of the banking and insurance market globally. The growth in the economies of Asian countries has seen the number of people opening bank accounts and making deposits grow significantly in the recent past as shown in figure 1 below.