Mastercard Marketing | Marketing Strategy of Mastercard
Mastercard is a tech-based international payments company. It was established in 1966 and serving governments, businesses, issuers, merchants, and consumers internationally. ICA (Interbank Card Association) is the main architect of this company. It is giving tough competition BankAmericacard and several other cards. In 2016, it was declared as the World’s most ethical company. Today, we will discuss the crucial Mastercard Marketing Strategy.
Important Factors in the Marketing Strategy of Mastercard:
Segmentation, Targeting, and Positioning:
There is no doubt that Mastercard is the biggest international payment company. It uses demographic and psychographic factors like education, class, age, occupation, income, and other similar things for segmentation. In targeting strategy, they use differentiated strategy in order to cater to the needs of users accordingly. It has positioned itself as a holistic company with the approach of providing handiness to customers, merchants, and stakeholders. They are continuously improving and modernizing their offerings for users, that’s why they use value-based positioning strategies. The main tagline of the company is ‘’transforming the way we live’’.
Competitive Advantage | Mastercard Marketing
The product portfolio of Mastercard is really impressive because they have several services and products such as commercial and prepaid services, cards, consumer credit and charge, debit, and various offerings. They also offer loyalty and reward programs in their value-added offerings. These factors give Mastercard a huge competitive advantage.
Strategic Acquisitions and Partnerships:
With 25000+ financial services and institutions, Mastercard is closely working with these institutions globally, which results in the increment of its consumer base. Moreover, they have made several tie-ups and acquisitions in order to increase their reach and access.
Currently, Mastercard is offering its services in more than 210 regions and countries internationally. With this reach, they have created a top-notch TOMA and recognition at different forums and levels.
BCG Matrix | Mastercard Marketing
Mastercard is a technology-driven global payment company with some core offerings such as credit/debit, safety and security, Mastercard Advisors, Loyalty, and rewards. Mastercard Advisors and Loyalty & rewards are in the star category while others are still in the question mark category.
Distribution Strategy | Mastercard Marketing
The company offers digital transaction facilities to merchants and consumers in many ways. They are working closely with different suppliers like human resources, consultants, marketing, telecom, technology, and IT equipment. The main purpose is to provide its services to users of different regions efficiently and effectively.
Brand Equity | Mastercard Marketing
In Forbes’s list of the world’s most valuable brands, Mastercard has been ranked 52nd. On the other hand, the company has secured different ranks and awards at different forums due to its offerings and services. In terms of market capitalization and value, the company’s worth is very high even in the presence of heavyweights like Visa.
Competitive Analysis | Mastercard Marketing
The global payment industry is really dense and highly competitive because of the presence of local and international companies that compete in cash, cheques, credit cards, debit cards, and even crypto-currencies. The major competitors of Mastercard in the relative fields are Fintech firms, Visa, and many others.
Developed markets have different challenges and needs that are continuously affecting the development and growth of Mastercard. Factors like automation in the financial markets, rising literacy rates, and per capita income are some of the crucial things in developing markets. They are adopting digital and convenient ways of transaction with the help of credit/debit cards, Mobile-Pos machines, and several other things. These factors are continuously changing the consumer demands and market dynamics in the industry.
Customer Analysis | Mastercard Marketing
Most of the consumers of the company are tech-savvy who prefer digital ways for their daily transactions and payments. They have mature customers under their consumer base. From private to government organizations and individuals, its customer base is spread across boundaries. It is one of the biggest competitive advantages that the company has over its competitors.
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