J.P. Morgan Chase’s Service Marketing Mix
The 8Ps of J.P. Morgan Chase's service marketing mix are the product, price, place, promotion, physical evidence, people, process, and productivity and quality.
J.P. Morgan offers both financial services and investment banking to its clients. The firm advises on business structure and strategies (MBA Skool Team, 2020). J.P. Morgan assists firms to raise capital, and loan origination and syndication. Therefore, Corporations get various creditors who finance loans. The firm provides credit cards, education finance, merchant services, and home loans among other services.
Place and Distribution
J.P. Morgan has numerous service networks that it uses to serve its customers. According to Nguyen (2019), the firm provides personal services at its branch halls and ATMs and has more than 5,000 branches and about 15,000 ATMs. The firm’s other channels include mobile banking and online mode, which allows clients to create accounts and access services in real-time.
J.P. Morgan offers various services with dissimilar prices. MBA Skool Team (2020) asserts that the firm has competitive prices with low-interest rates. Furthermore, the firm charges brokerage fees on its services, hence, makes high profits from big businesses.
Promotion and Advertisement
J.P. Morgan has a long-standing reputation and markets its services through customer relations. Wang (2017) states that the firm has a decent customer relationship and takes care of their financial requirements. J.P. Morgan's workers visit customers and offer them personalized services to improve their relations. Furthermore, the firm uses social media to promote its products.
J.P Morgan has qualified and capable staff members. According to Madhani (2018), the firm appreciates client satisfaction, which it tries to continue improving. Its workers are more than 25000 (Madhani). Therefore, the firm tries to protect its clients from issues such as fraud and makes its services friendly to the clients.
J.P. Morgan's website that helps individuals to access their services is one of its physical evidence. The more than 5,000 branches and about 15,000 ATMs also serve as the firm's physical evidence (Nguyen, 2019). Further signals that show tangibility include the firm's logo, since, it identifies and visualizes the firm.
J.P Morgan aims to make its forms simpler to improve the experience of its customers. Madhani (2018) states that the firm utilizes digital platforms for easy procedures, which results in clients' satisfaction while increasing efficacy. The platforms might help to deliver personalized and innovative services.
Productivity and Quality
Banks stress the importance of perfect implementation. According to Madhani (2018), J. P. Morgan uses the Six Sigma method to improve the efficiency and quality of its products. Whether it is a mortgage or an underwriting, which involves several dollars, the firm aims to execute its services in the right way on its first attempt.
Madhani, P. M. (2018). Lean Six Sigma Deployment in the BFSI Sector: Synthesizing and Developing Customer Value Creation Models. International Journal of Electronic Customer Relationship Management, 11(3).
MBA Skool Team (2020). JP Morgan Chase Marketing Mix (4Ps) Strategy. Available from: https://www.mbaskool.com/marketing-mix/services/16730-jp-morgan-chase.html#:~:text=Marketing%20Mix%20of%20JP%20Morgan,marketing%20investment%2C%20customer%20experience%20etc. [Accessed: 03 November, 2020]
Nguyen, H. L. Q. (2019). Are Credit Markets still Local? Evidence from Bank Branch Closings. American Economic Journal: Applied Economics, 11(1).
Wang, Y., & Li, Y. (2017). Understanding “Native Advertising” from the Perspective of Communication Strategies. Journal of Promotion Management, 23(6).