Revolution in digital market has opened the pavement for electronic payments. MasterCard services are one revolutionary company associated with the easy electronic payment opportunities. Initially started as a small banking group, MasterCard is now one of the biggest financial service providers. It started in the year 1966, i.e. around 46 years back and today the history of MasterCard is worth noticing. A group of banks in California started with the Inter-card association. In the year, 2006 MasterCard was re- named as MasterCard Worldwide and finally n 2010 MasterCard achieved its present status.
Expansion of virtual world and increasing use of the electronic payment gateways have given a new frame to MasterCard and with the increasing virtual space, MasterCard has to face competition from many local and international financial companies. The strong rival of MasterCard is Visa bank card association. Besides, the rival visa, MasterCard is still struggling with the phenomenal structuring of the conventional mode of payments. Struggling against the cultural norms and governmental policies MasterCard is still trying to survive with the best policy.
Product in the marketing mix of MasterCard
MasterCard holds a great leverage over the multiple services and products. It provides for credit, debit and pre – paid cards. When it comes to the services of master card it just does not offer the plastic currency but safe and secure payment options. Also, anywhere you can purchase the product with clicks; you do not have to hold money in physical. The latest App to support the payments has made the use of MasterCard services more viable and reachable to the consumers.
Master launched in 2008 is the first of its type online debit program worldwide. The revolution in the world beyond cash master card provides with the Plastic currency revolution to the people around the globe.
MasterCard is amongst the top 30 innovative companies of the Forbes list. As the MasterCard, each punch line focuses on the experience, they have provided with the experienced services to its consumers with top Notch professionals.
Place in the marketing mix of MasterCard
MasterCard virtually locates itself around the globe. The online presence of MasterCard makes it easily available to the people across the globe. With the online coverage, MasterCard tends to provide services anywhere in the world. Virtual spacing and the need of an hour has made MasterCard a convenient and viable option of payment. With the technological enhancement, MasterCard frequently is coming up with the new products and services for the better experience of the consumers.
Simply, MasterCard establishes itself strongly in the virtual world breaking the conventional notions poof payments. Nothing, but the revolution of plastic money has done well to the consumers.
Price in the marketing mix of MasterCard
Being a financial institution, MasterCard holds the Pricing policy in both economical as well as premium way. The MasterCard comes with lots of perks and benefits. MasterCard holder can with ease use the Master card and get good discounts. Providing services to business, governments and organisation MasterCard is building up a sound and researched pricing policy for its product and services. As they have a variety of services for the Individuals and the Groups, they definitely work and decide on the basis of the Market conditions.
Promotions in the marketing mix of MasterCard
Promotion and marketing form the core of any business group and considering this part MasterCard is quite stringent with the promotion policies it has come up with the innovative campaigns to increase the electronic payments. MasterCard campaign in U.K. was the innovative and successful marketing strategy of MasterCard. To pay and to be paid electronically is the symbolic punch line of MasterCard given its customer scope of the use of plastic cards more.
The different discounts and offers for the exclusive MasterCard users make the promotion strategy more strong. The easy use of MasterCard is an unintentional promotional gimmick for increased use of MasterCard. The team of marketing experts at MasterCard is dedicated to creating the best possible promotional tactics for the customers.
If you liked this article, we bet that you will love the Marketing91 Academy, which provides you free access to 10+ marketing courses and 100s of Case studies.