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Introduction Of ICBC Case study

ICBC is mainly an insurance service providing company that aims at working for the road users and the company makes decisions by providing importance to the British Columbian and supporting the drivers. The company works closely with the staff, partners and stakeholders and has provides its commitment towards formation of a system of insurance. The service plans that are offered by the company can fulfil the responsibilities that are mainly related to offering the driver licenses and vehicle registration services. The directors who are a part of the board, the management and the CEO govern the operations of ICBC.

Introduction Of  ICBC Case study

Vision and Mission Statement of ICBC

The vision statement of ICBC states that “ICBC's vision is to build trust with British Columbians to provide consistent, quality auto insurance services when they need them. The ICBC team is committed to meeting the needs of our customers today and into the future.” The mission statement of ICBC states that “To establish long-lasting relations through our high-quality service approach based on knowledge and creativity, To contribute to our country's economy by creating social and economic values, To continuously generate added value for our clients, employees and shareholders.”

Vision and Mission Statement of ICBC

Tencent Strategic

Business Level Strategies

The business strategies of ICBC are mainly based on the e-commerce strategies and the influencer marketing strategies of the company. The e-commerce strategies of the company are mainly based on the ways by which the company aims at attracting the customers by providing them detailed information regarding the types of products and services that are offered to them. The customer relationships that are formed by the company are also related to the business strategies of the company and the position that it has developed in the industry.

Corporate Level Strategies

The corporate strategy of ICBC has been mainly based on the value that has been provided to the company towards formulation and effective implementation of the strategies related to business development. Business transformation has been the core aspect of the strategies of the bank and the position that it has been gained in the financial and insurance industry. The trends related to customer demands and financial development are also important aspects that have an impact on the corporate strategy of the company. The financial and economic environment of the country of its operations have also influenced by the corporate strategy.

SWOT Analysis

Strengths

A major strength of ICBC in the energy sector is the large client base of the organization that also includes its overseas branches operating in different countries. The large network that has been formed by ICBC in the domestic market and in the international markets is mainly based on the 3,50,000 employees who are a part of the employee base. The organization has been able to gain its position as the biggest bank within the world based on overall profit and market capitalization.

Weaknesses

The most significant weakness faced by ICBC is related to the lack of effective global presence in comparison to the other banks that are a part of the Chinese financial and insurance industry.

Opportunities

The opportunities that can be considered and used by ICBC in the financial sector can include the growing forex sector and the management of global assets. The organization also has an opportunity of the expansion of operations to the other countries and thereby increasing the overall revenues that can be gained in the financial industry.

Threats

The stringent economic aspects and policies that have been implemented by the governments of various countries and the highly competitive business environment are considered to be major threats that are being faced by ICBC.

PESTLE Analysis

Political factors – ICBC has its processes in various countries and the government policies and volumes are different based on which the company can aim at developing the strategies. The political unrest in different companies can affect the operations and revenues of the company.

Economic factors –The factors like GDP growth rates and exchange rates can have a huge influence on the abilities of customers to increase their spending on the offered products. The high levels of employment also have an influence on the production costs of an organization like ICBC that operates in the financial industry. The slowdown that has occurred globally has a negative impact on the revenues of ICBC.

Social factors – The changes that are constantly taking place in the demographics that include the aspects like migration trends, aging population and the other socio-economic variables have influenced strategies of ICBC. Social factors that are mainly based on the cultural aspects and norms can influence the types of products that can be offered by ICBC.

Technological factors – The technological advancements in the different countries have increased the importance of social media for marketing and promotional activities of ICBC. Technological innovations can have a huge influence on the transformations that have taken place in the financial industry and quality of services provided to customers.

Environmental factors – ICBC has faced major criticisms along with the other companies like Bank of China, China Construction Bank and Agricultural Bank of China. The growth in concern related to global changes in climate and increase in levels of pollution are considered to be major environmental aspects that influence the strategies of the company.

Legal factors – ICBC aims at collecting huge amounts of personal data from the users and has to maintain the tight security for the purpose of preventing data leak. The laws related to anti-discrimination and human resources influence the strategies of ICBC.

Target Market Analysis of ICBC

Demographic Characteristics of Market

The various demographic characteristics that are a part of the target customers of ICBC include the age, income levels, gender, geographic location and education levels. The customers belonging to high income groups and belonging to various ages are a part of the target market of ICBC.

Demographic Characteristics of Market

The various demographic characteristics that are a part of the target customers of ICBC include the age, income levels, gender, geographic location and education levels. The customers belonging to high income groups and belonging to various ages are a part of the target market of ICBC.

Psychological Characteristics of the Market  

The factors that depict the psychological characteristics of the target customers include personality, lifestyle, social class, interests, behaviours and habits. The behaviours of the affluent customers of ICBC are influenced by the psychological characteristics.

Behaviours of the Target Market

The behavioural aspects that are related to the segmentation of target customers are based on the types of the products that are consumed by them and the interactions that are developed by them with the apps and services offered by ICBC

Strategies Appealing to Market 

The marketing strategy that has been implemented by ICBC has been helpful for the company to develop its position in the financial sector and this has an impact on the ways by which the organization has aimed at achieving the business objectives and goals.

Marketing Mix of Tencent

Product Strategy (Product Mix)

The various products that are offered by ICBC to the customers include personal loans, RMB Instalment Fixed Deposit, ICBC money link card and Personal credibility letters. The corporate banking services like international banking, loan financing, corporate annuity services, investment banking and loan financing are also offered by ICBC. E-banking is also a major service provided by the organization.

Pricing Strategy

The pricing strategy implemented by ICBC is mainly based on market behaviour and the focus that is provided by the company towards quality services being provided at the competitive prices. The deposit rates offered by ICBC are also based on the business volumes being provided by the customers.

Promotional/ Advertising Plan 

The advertising and promotional strategies of ICBC have played an important role in providing a leadership position to the organization within the financial industry. The service and product offerings are also based on extensive levels of promotions that are developed by the organization. 

ICBC Competitive Analysis

4Ps’ comparisons with competitors

The competitors of ICBC can be compared with its products and services based on the marketing mix.

Product –Similar products offered by competitors.

Price – The competitors of ICBC provide their services to customers at lower and competent prices in comparison to the company. Prices of products of competitors are affordable.

Place –Distribution strategies of competitors are effective.

Promotion – The marketing and promotions of the competitors are based on the extensive usage of various social media platforms. Promotional strategies of competitors are efficient.

Strengths’ comparisons with competitors
Research and development are done by competitors.

Weaknesses’ comparison with competitors

Lawsuits are not always faced by other companies.

Organization’s Competitive Advantage

The competitive advantage of ICBC is based on the diverse portfolio of services and products offered to customers.

Key success factors

The large customer base of ICBC is considered to be a major success factor of the company. The financial resources and position being developed by ICBC are also considered to be major success factors that have an impact on the overall revenues and profit margins that are gained by the organization in the sector.

Financial Analysis

The revenues gained by ICBC in the financial industry is around 4.32 CNY in the year 2021.

Conclusion

The success that has been gained by ICBC is mainly based on the diverse types of products that have been offered by the organization to customers in China and the other countries. The financial resources have also been used effectively by ensuring that the promotional activities can be improved.  

Tencent Situation Analysis

The situation analysis of ICBC is mainly based on the goals and objectives that have been set by the company and the activities that are being performed according to the goals. The strategies implemented by ICBC were mainly based on the ways by which the company aimed at increasing value being provided to the users and proper integration of CSR into services and products. The mission and vision statements of the company are considered to be an important aspect of the situation analysis related to ICBC. ICBC also aimed at promoting the aspects of cultural diffusion and technological innovation for developing and transforming other industries and enhancing sustainability of the social development.

Industry Structure and economic feature

The insurance and financial sector consist of companies that aim at offering the risk management for various individuals. The different parties who are a part of the overall insurance arrangement include the party and the insurer who mainly guarantees payments for the uncertain future events. The insurance industry depicts slow growth and is also safe sector that is taken into consideration by the investors. Various types of players are an important part of the insurance sector and they are able to provide different products and services to the customers. 

Competitive Analysis and Advantage in the industry

The competitors of ICBC in the financial and insurance sector are considered to be an important aspect that can influence the strategies of the company and overall revenues gained in the industry. The services and products that are offered by the major competitor of ICBC named Maybank can provide competition to the company. The services of Maybank are considered to that of ICBC and these mainly include personal banking, business banking, investments, loans and deposits. The advantage that has been gained by ICBC in the industry is mainly based on the effective brand name formed by the company and the financial position that it developed in the industry. 

Problems in Tencent Organization

The issues that have been mainly faced by ICBC are related to the lack of its presence in the different countries as compared to the other financial institutions that are a part of the industry. Moreover, the lack of global presence is considered to be a major factor that has reduced the customer base gained by the organization in the industry. 

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