Marketing mix of JPMorgan Chase (7Ps of JPMorgan Chase)
This article offers a comprehensive analysis of the marketing mix of JPMorgan Chase (7Ps of JPMorgan Chase). Certainly, the marketing mix is a useful tool for any business looking to introduce new products or services. It outlines seven primary factors that affect the success of the business: product, price, place, promotion, people, process, and physical environment/evidence. This article explains how JPMorgan Chase has implemented the 7Ps as part of its broader marketing strategy to drive growth across the markets.
Products and services of of JPMorgan Chase
JPMorgan Chase offers a wide range of services for its clients. It serves millions of customers in the USA and many of the world’s most prominent corporate, institutional and government clients (JPMorgan Chase, 2022). Its services for business customers include but not limited to consulting, market research, commercial card, cross-border payment, international banking, fraud solutions, credit & financing, commercial real estate, and liquidity management.
Individual consumers can also access a range of products, including credit cards, mortgages, auto financing, personal loans, and student loans. JPMorgan Private Bank provides customers with personalized services and a range of premium banking products. This shows that its services to both consumers and corporate clients are very extensive.
Pricing strategies of JPMorgan Chase
The second element in this marketing mix of JPMorgan Chase (7Ps of JPMorgan) is pricing. Pricing refers to the prices charged for products or services, as well as the various factors that have an impact on these prices. JPMorgan Chase has a variety of pricing plans depending on the needs of customers and the type of products and services they access.
JPMorgan Chase also offers discounts on certain products and services, allowing customers to access favorable rates. For consumers, it does not charge any fees unless they overdraw their account. However, it has increased the annual fee for its popular Chase Sapphire Reserve credit card by $100 (CNBC, 2020).
Place/distribution strategies of JPMorgan Chase
Place strategies help companies determine how and where to sell their products. For example, a company may decide to sell its products through a network of distributors or directly to customers through its website.
JPMorgan Chase has thousands of branches and ATMs located around the world. It also has an online presence, allowing customers to access their services and products regardless of their location. It has recently opened many branches and has brick and mortar presence in 48 U.S. states (Marshall, 2021). However, some analysts question the decision of expanding physical presence, when consumers are using online banking more than visiting a branch.
Promotional strategies of JPMorgan Chase
The fourth element in this marketing mix of JPMorgan Chase (7Ps of JPMorgan Chase) is promotion. Promotional strategies are used to generate interest in a product or service and encourage customers to purchase it. JPMorgan Chase has a wide range of promotional offers, allowing it to attract a variety of customers.
JPMorgan Chase advertises on TV, print media, and online. However, it should increase its social media presence as it has a very limited number of subscribers and followers in its YouTube channel and Facebook account.
People strategies of JPMorgan Chase
People strategies are concerned with the composition of a company’s workforce as well as its approach to human resource management. As a leading financial services company, JPMorgan Chase employs over 250 thousand employees across the world. It places a strong emphasis on nurturing and supporting its employees and provide them with a variety of incentives.
JPMorgan Chase is famous as a diverse and inclusive company. It is considered by business students one of the top 5 most attractive employers in the world. However, it should be mentioned that it was sued by employees several times in the past over different issues. For instance, Brooks (2022) reports that an employee is suing the bank, alleging that executives violated federal employment laws by discriminating against her because she is a woman.
Process strategies of JPMorgan Chase
Process strategies refer to the procedures used by businesses to design, produce, and deliver their products and services. JPMorgan Chase has developed different processes for different operations. For instance, its employee hiring process has four steps: Explore, Apply, Interview, and Decision. The process is very clear to both the prospective applicants and hiring managers/executives.
Physical environment of JPMorgan Chase
The last component in this marketing mix of JPMorgan Chase (7Ps of JPMorgan Chase) is the physical evidence. JPMorgan Chase’s website outlines all the products and services designed to meet the changing needs of its customers. It is a user-friendly website. The company’s logo is nice as well; however, it should be more visible in its marketing literature.
Summary of the marketing mix of JPMorgan Chase (7Ps of JPMorgan Chase)
JPMorgan Chase has implemented the 7Ps as part of its broader marketing strategy. However, there are some areas that need to be reviewed so that the marketing efforts become more effective and help the brand stand out in the market more.
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SWOT analysis of JPMorgan Chase
Last update: 07 September 2022
Brooks, K. (2022) JPMorgan Chase accused of gender discrimination, available at: https://www.cbsnews.com/news/jp-morgan-adviser-lawsuit-gwen-campbell-gender-discrimination/ (accessed 06 September 2022)
CNBC (2020) JPMorgan Chase raises fee on popular Sapphire Reserve credit card, available at: cnbc.com/2020/01/09/jpmorgan-chase-raises-fee-on-popular-sapphire-reserve-credit-card.html (accessed 06 September 2022)
JPMorgan Chase (2022) Who we are, available at: https://www.jpmorganchase.com/news-stories (accessed 05 September 2022)
Marshall, E. (2021) JPMorgan Chase on opening bank branches: 200 down, 200 to go, available at: https://www.reuters.com/business/finance/jpmorgan-chase-opening-bank-branches-200-down-200-go-2021-06-02/ (accessed 07 September 2022)
Author: Joe David
Joe David has years of teaching experience both in the UK and abroad. He writes regularly online on a variety of topics. He has a keen interest in business, hospitality, and tourism management. He holds a Postgraduate Diploma in Management Studies and a Post Graduate Diploma in Marketing Management.