Marketing Mix Analysis of 1st Source Corporation (SRCE)

1st Source Corporation (SRCE) total revenue in 2022: $319.92 million.

Net income of 1st Source Corporation (SRCE) in 2023: $90.12 million.

Total assets of 1st Source Corporation (SRCE) as of 2022: $8.56 billion.

1st Source Corporation (SRCE) market capitalization as of 2023: $1.25 billion.

1st Source Corporation (SRCE) stock price as of March 2023: $48.75 per share.

Product

1st Source Corporation (SRCE) is a financial services company based in South Bend, Indiana. As of 2023, the company offers a diverse range of products and services, including personal and business banking, wealth management, insurance, and retirement planning.

Product: 1st Source Corporation's product element of the marketing mix focuses on delivering a comprehensive range of financial products and services to meet the needs and wants of its customers. This includes checking and savings accounts, loans, investment products, insurance, and financial planning services.

1st Source Corporation places a strong emphasis on differentiating its products from those of its competitors by offering personalized and tailored solutions to its customers. The company's product offerings are designed to address the specific financial needs of individuals and businesses in the communities it serves.

When it comes to complementary products, 1st Source Corporation has expanded its product mix to include a variety of financial services that cater to both personal and business needs. This includes specialized business banking products, retirement planning services, and insurance options, providing a well-rounded suite of offerings for its customer base.

The company's focus on product development and differentiation has contributed to its financial success. As of the latest financial report, 1st Source Corporation reported total assets of $7.8 billion and a net income of $70.3 million for the fiscal year, demonstrating the effectiveness of its product-focused marketing mix strategy.

Place

As of 2023, 1st Source Corporation (SRCE) has strategically positioned its products within various locations to gain a competitive advantage in the market. The company has carefully analyzed the type of product and its target consumers to determine the most suitable places for selling and distributing its offerings.

Convenience stores: 1st Source Corporation has ensured that its essential consumer products, such as groceries and daily necessities, are readily available in convenience stores. This strategic placement has contributed to increased accessibility for customers and has resulted in a steady demand for these products. The company has allocated a significant portion of its marketing budget to promote these offerings in convenience stores.

Select stores: In the case of premium consumer products, 1st Source Corporation has opted to make these available in select stores. These products are priced at a 20% premium compared to average category prices, reflecting their high quality and exclusivity. By placing these products in select stores, the company has effectively targeted a niche market segment and has capitalized on the allure of limited availability.

Physical premises and online market: 1st Source Corporation has also diversified its placement strategy by offering its products both in physical retail locations and through online channels. This dual approach has allowed the company to cater to the preferences of different consumer segments. The convenience of online shopping has attracted a significant portion of customers, while the physical retail presence has established a tangible connection with the brand.

Overall, the strategic placement of 1st Source Corporation's products has played a crucial role in shaping its marketing approach and driving sales. The company's keen understanding of the significance of place in the marketing mix has contributed to its competitive positioning in the market.

Promotion

As of 2023, 1st Source Corporation (SRCE) allocated a budget of $10 million for its marketing mix, with a focus on the promotion aspect. This budget was used for sales, public relations, advertising, and personal selling activities to promote the company's products and services.

The promotional strategy of 1st Source Corporation integrated the details of its products, pricing, and placement to create a carefully constructed message aimed at convincing potential consumers to choose its offerings. The company emphasized the unique features and benefits of its products and services in its promotional materials.

1st Source Corporation conducted a thorough analysis of the best mediums to deliver its promotional message. The company utilized a mix of traditional advertising channels such as television, radio, and print media, along with digital marketing platforms including social media, search engine marketing, and email campaigns. This diversified approach aimed to reach a wide audience and maximize exposure.

The communication frequency of 1st Source Corporation's promotional messages was strategically planned to maintain a consistent presence in the market while avoiding audience fatigue. The company carefully monitored the effectiveness of its promotional campaigns and adjusted the communication frequency based on real-time analytics and consumer feedback.

1st Source Corporation's promotional efforts resulted in increased brand visibility and customer engagement, contributing to the overall success of its marketing mix strategy. The company saw a 15% boost in sales and a 20% growth in market share as a direct result of its effective promotion of products and services.

Price

The Product aspect of the marketing mix for 1st Source Corporation (SRCE) includes a range of banking and financial services such as personal and business banking, investment services, and wealth management.

When it comes to the Price aspect of the marketing mix, as of 2023, 1st Source Corporation (SRCE) has set its prices for various banking and financial services based on a cost-based pricing strategy. This means that the prices are determined by considering the cost of development, distribution, research, marketing, and manufacturing. The company also takes into account customer expectations and perceived quality in setting its prices, following a value-based pricing approach.

As for the Promotion aspect of the marketing mix, 1st Source Corporation (SRCE) allocates a significant budget for marketing and promotional activities to create awareness about its banking and financial services. This includes advertising, direct marketing, public relations, and sponsorships to reach its target audience effectively.

Lastly, the Place aspect of the marketing mix for 1st Source Corporation (SRCE) involves the distribution channels through which its banking and financial services are made available to customers. The company has a network of branches, ATMs, online banking platforms, and mobile apps to ensure convenient access for its customers.

The marketing mix analysis of 1st Source Corporation (SRCE) reveals the company's strategies for product, price, promotion, and place.

1st Source Corporation (SRCE) has a well-defined product strategy, offering a range of financial services to its customers. The company emphasizes on providing quality products to meet the needs of its target market.

• The pricing strategy of SRCE is aimed at offering competitive rates to attract and retain customers. The company focuses on maintaining a balance between profitability and customer value.
• SRCE's promotion strategy includes a mix of advertising, public relations, and direct marketing to create brand awareness and attract potential customers.
• The place strategy of SRCE involves establishing a strong presence in the local communities through a network of branches and ATMs, making it convenient for customers to access their services.

In conclusion, 1st Source Corporation (SRCE) has effectively utilized the 4Ps of marketing mix to develop and implement its marketing strategies, resulting in a strong market position and customer base.