Marketing Mix of VISA analyses the brand/company which covers 4Ps (Product, Price, Place, Promotion) and explains the VISA marketing strategy. The article elaborates the pricing, advertising & distribution strategies used by the company.
Let us start the VISA Marketing Mix:
Visa is a world famous facilitator for its electronic fund transfer all throughout the world. Visa is one of the most secure mode of fund transfers amongst its competitors. It mainly operates by means of three products, those are prepaid cards, credit card and debit card. Visa as a company does not issue cards but it makes associations with the financial institutions like banks which issue visa branded cards to its customers offering various cash access programs. Credit cards enable users to make purchases at the moment and pay at the later point of time which has enhanced the number of transactions and user experience. This gives an overview on the Visa product mix.
Visa makes contract with banks and charges fees per transaction. This fee varies depending upon the type and region to which the bank belongs. Now these charges are variable and depend upon various factors such as type of card the customer carries for eg. Visa classic, Visa premium etc. Moreover, charges also vary for the type of consumer for i.e. from a regular customer, corporate or government employees.
Visa has a global presence across North America, Asia, Europe and South America. With visa cards, user has access to over 1.9 million ATM’s spread across 200 countries in the world. This has facilitated easy access to the cash especially to the travellers. Visa place strategy in its marketing mix shows the global reach of the brand. For VISA, banks serve as distribution channels for millions of its users.
Visa promotes itself through promotional activities such a sponsoring the international events. In the year 1992, visa sponsored 20 million dollars to Olympic in Barcelona. Visa involves in television advertising campaigns mostly making frontal attacks over its competitors such as American Express. It sponsored jersey of Argentina’s national basketball team in 2015 at FIBA American championship. It also sponsored for Rugby world cup and tournament held in 2007 in France. Visa has special offers for travel, dining and online booking.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Visa.
VISA is a global brand and the company employs more than 11,000 people in the workforce. As of 2016, Joseph Saunders is the Executive Chairman and Charles Scharf is the CEO. As per VISA, they have 14000+ financial institution clients, over 2 billion account-holders and more than 35 million merchant acceptance locations.
Visa has its headquarters at California, in USA. The company also has presence in San Francisco and Texas. VISA as a company has clients and customers all over the world. The presence of VISA on credit cards and debit cards also adds to the physical evidence of the company. More than 35 million merchants accept the VISA service from credit card and debit card holders.
Visa has tied up with leading global financial institutions and provides unparalleled financial transactions to clients and customers. Credit cards, debit cards and prepaid cards are offered to the customers. Since transactions are linked to bank accounts, the security process is of the highest order. The product is directly used by the customers at merchant outlets and hence providing round-the-clock access to transactions is something VISA has excelled at. This covers the entire marketing mix of Visa.
VISA is a US based multinational financial corporation found in 1958. It facilitates electronic fund transfer throughout the world most preferably through VISA branded credit and debit cards. In the year 2015 it was found that Visa’s global network known as VisaNet processed over 100 billion transactions with a total volume of US$6.8 trillion. Visa has its presence across almost all countries worldwide. It has two data centres protected from every possible natural calamity, crime and nearly all the transactions are processed through these two security facilities. Visa have capability to work independent of each other and are technologically most advanced that they can handle up to 30,000 simultaneous transactions and nearly up to 100 billion computations every second. In view of getting accustomed to the changing customer needs in the year. 2013 it launched Visa Checkout, which is an online payment system that discards the need to share card details with retailers for the transaction.
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