In order to fully analyze this company accurately, we must first understand who they are and what role they play in the current marketplace. Within their over 200 years of gained experience, it has allow them to cement themselves in the financial industry as a leader and an innovator. Currently they are the head financial asset firm in the world with $2.3 million in assets. They employ more than 240,000 people worldwide, and they are still hiring. Moreover their countless locations are operating in over 60 countries operating in multiple marketplaces using multiple languages. Despite their huge global presence, the public’s perception of Chase could be improved. For this reason we choose to examine Chase and its marketing strategy.
To the public, JPMorgan Chase offers an array of financial services and instruments, all aimed at increasing a person or business’s net worth. Furthermore, they have play a role in many local communities which both help the communities and help their image. Perhaps this is the reason that so many feel that Chase caters to a high income demographic.
Chase is a household name. With all they have accomplished, they seem to be doing a lot right. However, in order to maintain their competitive stance, they need to have a strategy tailored to their specific needs. While the competence of the management influences the success of the company when dealing issues like investments, private banking, and asset management, ensuring that they have the right marketing mix in place will allow them to maintain a competitive edge in the consumer sector. Chase will need to create an image separate from JPMorgan in order to distance them from the assumption that only the affluent bank with Chase.
Since the company is so broad we as a group wondered if they were really able to give quality service to all its customers. Few group members actually used JPMorgan Chase and many believed that those who did, did not have multiple accounts. We decided to look into this further to see why not many people we knew used it regularly. Our hypothesis was that the fees charges were discouraging people in a lower income bracket therefore they are using it more regularly. Many people complain about the monthly service fees, online banking fees, or overdraw fees to name a few. The only way around the fees is to maintain a minimum balance that could be difficult for people with low disposable income. Our group consisted of eight people with various backgrounds, income levels, and ages. This allowed us to test a diverse group of individuals. Our survey uncovered that, in fact, the majority of Chases customers were not wealthy individual. Less then a quarter of the upper to upper-middle class participants actually banked with Chase, yet over 80% of both users and non-users felt that wealthy individuals banked there. This clearly showed the mismatch in perception. In spite of Chase’s success, the public’s valuation is not in line with the actual quality of service they offer. When testing users of Chase it was found that the majority is happy with the services This is in line with our assumptions and our survey data supported it, specifically Part 2 which tested the Functional Value. An overwhelming…